Overview

Letter to AFR regarding Macquarie Group Foundation

09 July 2009

Mr Glenn Burge
Editor
Australian Financial Review

Via email: edletters@afr.com.au

Dear Sir

Katrina Strickland's 8 July 2009 article titled "No flinching from home truths" reports misleading statements made by ABC board member Michael Lynch and overlooks the significant philanthropic efforts of Macquarie Group and its staff.

Macquarie Group is one of the pioneers of corporate philanthropy in Australia having provided support to community programs for more than 35 years.

The Macquarie Group Foundation, formally established in 1984, supports projects in education, health, welfare, the environment and, contrary to the article's suggestion, in the arts.

The Foundation supports these initiatives around the world and the article's assertion that Macquarie does not support philanthropic activity in London is incorrect. In London, we provide considerable funding to community organisations including The Prince's Trust; East London Business Alliance, the London Philharmonic Orchestra, The Barbican Centre Trust and Streetwize Opera. In addition, Macquarie staff based in the UK, raise many hundreds of thousands of pounds for a diverse range of community organisations, all of which are matched by the Macquarie Group Foundation.

In the year to 31 March 2009, notwithstanding the global financial crisis, the Foundation and Macquarie staff contributed in excess of $A25 million to over 900 community organisations globally. This represents an eight percent increase on our previous year's contribution and reflects Macquarie's standing as one of Australia's leading corporate benefactors.

We wish Mr Lynch well with his role at the ABC.

Yours sincerely

Julie White