12/4/2019
Hedge Fund Boss Pays Himself £200 Million Despite Fund's Profits Falling
The Guardian (United Kingdom) (12/04/19) Neate, Rupert
Billionaire hedge fund manager Sir Chris Hohn paid himself £200 million last year, which is just slightly more than his Children's Investment (TCI) fund made in profit. Hohn collected $261 million (£200 million) in dividend payments in 2018 from TCI. The pay is less than the $274 million he collected in 2017 and the $364 million he paid himself in 2016, but it amounts to £548,000 per day and is 1,333 times that collected by the prime minister. One of the more generous U.K. philanthropists, Hohn gave away $232 million (£177 million) last year through his personal charity, the Children's Investment Fund Foundation. This week, he announced plans to engage directors of companies that fail to disclose their carbon emissions. Hohn has written to companies such as Airbus (EADSY), Moody's (MCO), and Google parent Alphabet (GOOGL) warning them to improve their pollution disclosures or his fund would vote against reappointing their directors. "TCI believes that climate change-related risks, in particular a company's greenhouse gas emissions, will have a material effect on a company's long-term profitability, sustainability, and investor returns," said the letters. "These risks include regulation, taxation, competitive disadvantage, brand impairment, financing, physical asset impairment, and litigation."
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