IAG proposes donation to charity by shareholders

  • Business
  • Tuesday, 03 Aug 2004

MELBOURNE: Shareholders in IAG Insurance would have to donate 2% of the company's annual profits to charity under a new proposal put forward by former director Richard Talbot. 

Talbot said that no other insurance company in Australia had such a provision. “The proposal makes good commercial sense because many people will be drawn to insuring with a company in the knowledge that part of their premiums will end up going to charity,” Talbot said. 

“I'd much prefer to see some of the profits donated to charitable causes rather than spent on corporate extravagance and corporate boxes at the football.” 

Under the plan, IAG Insurance – formerly known as NRMA Insurance – would be forced to donate the money within the financial year, although Talbot said he had no specific charities in mind. 

IAG has over 1.1 million shareholders nationwide, making it the most widely owned publicly listed company in Australia behind telco giant Telstra. – Bernama 

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