Tuesday, 8 July 2008

Vote against Caledonia Investments' Tory donations

One to look out for if you are a pension fund trustee. Caledonia Investments has its AGM on 29th July and is seeking authority to make donations of up to £75,000 to the Conservative Party, with a specific focus on marginal seats.

It is resolution 17 on their proxy card. Here's what they say:

The Board has been concerned for several years by the consistent rise in taxation and public expenditure suffered under the current Government and also by the increasing burden of legislation that it has imposed on UK businesses, with consequent adverse financial and operational impact. These issues contribute towards making businesses in this country less competitive in world markets and have an adverse effect on the performance of Caledonia’s investment portfolio.

The Board believes that a Conservative government would seek to cut government waste, excessive bureaucracy and high borrowing, and bring down spending as a share of national income, which would be of great benefit to business and the economy in general and thus to the Group’s business and Caledonia’s shareholders in particular.

Accordingly, the Board is seeking to renew the approval to make political donations to the Conservative Party given by Ordinary Shareholders at the 2007 AGM. Authority is however now being requested to make donations of up to £75,000 in aggregate, as opposed to the £60,000 approved last year, in order to enable the Company to assist the Conservative Party in building resources in marginal seats in the approach to the next general election.

This approval, if granted, will last until 1 January 2010 or, if earlier, the conclusion of the next annual general meeting of the Company.

This is shareholders' money - don't let them pee it away on partisan political donations. If you are a trustee find out if you have any money in Caledonia (which is an investment trust). If you do find out what your fund manager is planning to do, or even better instruct your manager to vote against it.

No comments: