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Foreword

Published online by Cambridge University Press:  20 January 2022

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Summary

Friends Provident was founded in 1832 and is now a major financial institution. When it changed its status from a mutual society to a public limited company in 2001, the Board decided to create a charitable foundation for existing community support and developing new ways to contribute towards a better world.

The new Foundation has an endowment of £20 million to fund work of benefit to the community, continuing a tradition of almost two centuries of community involvement by the company and its staff. We therefore commissioned this book to help inform us about some of the issues we should consider in our management of the endowment and to stimulate creative thought on the part of those applying for funds. We also hope that it will contribute to a wider national debate on ‘the right use of money’ as society continues to become more and more affluent.

Careful thought about the use of money and resources has been a traditional concern of the company since its inception by members of the Religious Society of Friends (Quakers). In conducting its business, it has always embraced Quaker values – recognising the significance of each individual and striving for social justice, peace, equality, simplicity, truth and integrity – and, in the business context, fair dealing. Two practical examples have been the lead that Friends Provident took in developing concepts of stewardship and responsible engagement when conducting business.

In 1984, when there was widespread concern over apartheid in South Africa and, nearer home, unemployment, urban decay and poverty, Friends Provident considered how a financial services company could use its resources – financial and human – to contribute towards a more harmonious society. The result was the UK's first unit trust that invested in companies whose products and services contributed towards a more peaceful and harmonious world: the Stewardship Trust. This worked through advice from an independent panel that assessed the positive and negative features of companies. The stewardship concept has flourished since then and been replicated by other companies recognising that many people wish their money to be used for well-being rather than harming people and the environment. The implication is that money management means more than maximising financial returns – there is also a real issue about how and where money is invested and used, and from where profits are generated.

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Publisher: Bristol University Press
Print publication year: 2004

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