LSEG pledges new charity contribution aftter protest

David Brocklehurst, retired head of the foundation and of Reuters Australia, messaged The Baron when he learned that LSEG, owner of the former Reuters financial information business, had asked to be paid back A$50,000 seed money loaned to the ASX Reuters Charity Foundation when it was founded in 1998.

 The Australian Securities Exchange (ASX) loaned the same amount and remains an active supporter of the foundation, which has distributed some A$40 million to more than 100 children’s, disability and medical research charities. Funds are raised through a diverse series of financial market and sporting events.

Brocklehurst had asked whether the LSEG decision to have the money repaid was “the height of greed.”

LSEG bought Refinitiv, the former Reuters financial information business in 2021.

“As soon as it contractually could, LSEG withdrew its support for the Foundation and demanded the A$50,000 loan be repaid – even though it has just declared EBITDA of A$8.5 billion” Brocklehurst wrote.

“All I can say is shame on you LSEG and your mean hearted corporate culture sucking every last cent – even from a charity Foundation – from a small loan that has stood on your balance sheet for 28 years.”

After The Baron contacted LSEG for comment, it said it had mutually agreed with ASX to leave the foundation and under financial best practice this involved repayment of the original loan.

But a spokesperson added: “LSEG remains committed to supporting charitable causes in Australia and around the world through the LSEG Foundation.

“Accordingly, an equivalent amount to this loan will be paid by LSEG Foundation directly to an Australian charity supported by both foundations, ensuring that these funds continue to support charitable impact in the community.”

The chosen charity is the Pyjama Foundation, which mentors children in foster care, the spokesperson said, adding that the money would be paid in the coming weeks.

Brocklehurst was awarded the Medal of the Order of Australia (OAM) in 2011 for his work at the foundation. 

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