An event at BT Tower earlier this week saw ifs ProShare Gold Members BT, HBOS and Lloyds TSB give cheques totalling £45, 000 to a number of charities.
ifs ProShare Gold Member BT teamed up with fellow Gold members HBOS Employee Equity Solutions and Lloyds TSB Registrars to promote the BT Shareholder Services Initiative. The initiative involves donations being made to charities chosen by BT employees.
The BT cash was generated from residues totaling £15,000 from two BT share plans maturing in 2006-07. The BT Employee Share Ownership scheme links a savings plan with an option for employees to buy BT shares at a discount using the proceeds of savings contracts with the Halifax. A small amount - up to the price of a single share - is often left over when an option is exercised. It is not cost-effective to repay such a small sum.
HBOS Employee Equity Solutions, which administers the plan, gave a further £15,000, as did Lloyds TSB Registrars who provide BT shareholders with a share dealing service.
BT Director of Corporate Governance Alan Scott said; "BT is delighted to be able to make these generous donations to charities that genuinely reflect the interests of our employees."
Head of Employee Share Ownership at "ifs ProShare, Fiona Downes said, "ifs ProShare are naturally very pleased that some of our Gold members have come together to make such a generous donation to so many worthwhile causes. Well over £700,000 has been distributed to dozens of charities since the BT Shareholder Services Initiative was established in 1992 and we hope the initiative will continue for many years to come."
The charities that received donations of £5,000 each were:
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