Wellcome Trust charity criticised over £11m in payouts to investment team | Executive pay and bonuses

Wellcome Trust charity criticised over £11m in payouts to investment team | Executive pay and bonuses

The wellcome Trust, a‍ leading UK health ‍research charity, ⁢has⁣ recently faced scrutiny over its‌ compensation practices. In the ‌past​ year, its investment executives received ⁣over⁣ £11 million in pay, a figure ⁢considerably higher than ⁣the remuneration ⁣of ⁢its governors.

The ample pay packets, wich included £5 million for ⁢the chief investment officer, Nick ‍Moakes, were awarded following a notable increase in the value of the charity’s investment portfolio.This growth has ​bolstered the Trust’s ability to address health inequalities,a core part ‍of its mission.

By the end of ⁤September, the portfolio had returned 5.2%, ⁢or 3.5% after inflation, and its value ​had risen ‌to £37.6 billion from £36.8 billion the previous ​year. moakes, ‌who is set to step ⁤down ⁢in March, ranks among the ‍highest-paid charity⁢ workers in the UK, with much of his compensation ‌tied ​to long-term ⁢bonuses based on future portfolio​ performance.


Former Australian PM Julia Gillard is paid £142,108 ‌as chair of the board of governors.

The senior investment team’s total compensation reached⁢ £11.1⁣ million last year, ⁣distributed among ​44 staff members. this amount overshadowed the governors’ remuneration of £803,665, which included £142,108 for Julia Gillard, the former Australian prime minister who chairs the board.

andrew Speke,from‍ the High Pay Center,a UK thinktank,highlighted the “huge gap” in ​pay between the investment staff and the ⁢lowest-paid workers at Wellcome,questioning the moral‍ justification of‌ such disparities. “Those leading‌ major nonprofit organisations⁣ deserve to be ⁤paid well, as like with their counterparts in the private or public sector, these roles come with great duty,” ‌he‍ stated. “That said,⁤ a figure of ​£5m⁢ is likely⁤ to be more than 100 if not 200 times the pay of Wellcome’s lowest-paid workers, and it’s tough to see ​how such a huge⁤ gap in pay can be morally justified or ⁣necessary in order ⁤to ​attract competent leaders.”

Wellcome ‌defended its compensation strategy, stating that much of the⁤ pay‌ is‍ deferred and contingent on ⁤the future performance‌ of the‍ investment portfolio. “Having an in-house investment team rather‍ than outsourcing to external investment managers saves us hundreds of millions a​ year which we can spend on science⁣ to solve urgent health⁤ challenges,” the Trust⁤ explained.

Moakes added, ‍“Wellcome is in an excellent financial position to fund the vital ⁣work of our mission. Returns are at all-time highs,​ and​ we have ample liquidity⁤ to take​ advantage of any opportunities market volatility ‍might produce.”

In a significant leadership shift,⁤ moakes will step down from his ‌role, making way for two seasoned professionals from the existing team, Lisha Patel and Fabian Thehos, who will now ⁣serve as co-chief ⁢investment officers. This strategic move aims to bring fresh perspectives and‌ collaborative decision-making to the forefront.

An‍ Aedes Aegypti mosquito, known for transmitting viruses such‌ as Zika, ​Chikungunya, Dengue, and yellow Fever.

Photograph: Luis⁤ Robayo/AFP/Getty Images

Wellcome, one of the⁢ world’s leading charitable foundations, reported a slight decrease in its charitable spending ⁤last year, ⁣allocating £1.6 billion compared to £1.7 billion the‍ previous year. Despite⁢ this dip, the organization remains steadfast in its ambitious plan‌ to distribute‍ £16 billion by ‍2032, reaffirming its commitment to ‍supporting global health and⁤ scientific research.

In a groundbreaking advancement, Wellcome has thrown its weight behind⁤ the world’s first-ever vaccine for ​chikungunya, a ⁤mosquito-borne ‌disease ⁢that has plagued tropical and subtropical⁤ regions. This initiative underscores the foundation’s dedication to combating infectious diseases‍ and improving public health worldwide.

As⁣ part of its broader mission, Wellcome continues ⁢to prioritize innovative solutions ​to pressing global health challenges. The foundation’s support‍ for the chikungunya vaccine marks a pivotal step in addressing a disease ​that‍ has long evaded⁣ effective prevention ‍and​ treatment.

With Patel and thehos at⁢ the helm ⁣of its investment strategy, ‌Wellcome is poised to drive impactful ⁤initiatives that align with its long-term vision.Their leadership is expected to further the⁣ foundation’s efforts​ in funding groundbreaking⁤ research ‌and fostering advancements in global health.

Wellcome’s unwavering commitment to ‍its decade-long plan highlights its ⁢role as a key player in ‍the fight against some of the world’s most pressing health issues.⁢ As the foundation navigates this new chapter, its focus remains on delivering tangible benefits to communities worldwide through⁣ strategic investments and innovative‍ solutions.

Breakthroughs in Health: Wellcome’s Contributions to Global Wellness

In the ever-evolving world of medical research, few organizations ​have made as⁢ significant an⁤ impact as Wellcome. Established in 1936 by Henry wellcome, the pharmaceutical pioneer behind Burroughs​ Wellcome—a precursor to the global giant GSK—this charity has been at the forefront of funding groundbreaking health initiatives. From tackling infectious diseases to ‍advancing mental health treatments, Wellcome’s contributions⁤ continue to shape the future of healthcare.

Revolutionizing Schizophrenia treatment

One of Wellcome’s ⁣most notable achievements in recent years is its role in developing Cobenfy, the first new drug for schizophrenia in half a century. This​ breakthrough offers hope ⁢to millions ⁣worldwide, providing a fresh approach to​ managing a condition that ⁤has⁣ long challenged medical professionals. Early trials for ⁤Cobenfy were⁤ funded by Wellcome, underscoring the organization’s commitment to addressing mental health with ⁣innovative‍ solutions.

A Milestone in Vaccine Development

Wellcome‌ has also⁤ played a pivotal role in combating infectious diseases. In 2023, the organization celebrated the approval of the ‌first-ever vaccine for chikungunya, a debilitating‍ mosquito-borne viral ‌disease. This vaccine, which gained⁢ regulatory approval in Europe ​in May 2023 and in the United States⁤ later that year, marks a significant step⁢ forward in global health security. Wellcome’s support for⁤ this initiative was channeled through the ​Coalition for Epidemic Preparedness Innovations ⁣(CEPI), a partnership it co-founded​ in 2017.

“This⁣ year,impacts⁣ from Wellcome’s work include a ‍new treatment for schizophrenia,the⁤ first ever vaccine for the infectious disease chikungunya,and our new funding scheme for⁣ researchers from ⁤under-represented backgrounds in ⁤UK research to progress their careers,” said Gillard.

Empowering Underrepresented researchers

Beyond its scientific breakthroughs, Wellcome is ​dedicated to fostering diversity in research. ‌The organization has introduced a funding​ scheme aimed at​ supporting researchers ‍from underrepresented ⁣backgrounds in ⁤the UK. this initiative not only promotes inclusivity but also ensures that a wider range of perspectives contributes to ⁢solving​ the world’s⁢ most pressing health challenges.

A⁣ Legacy‍ of Innovation

Since its inception, Wellcome has ⁤remained‍ steadfast in ⁤its mission to improve global health through research and innovation. ​From its early⁣ days under Henry Wellcome’s vision to⁢ its current role as a ‍leader in medical advancements, ⁤the organization continues to push boundaries. Weather⁤ it’s developing life-saving vaccines or pioneering treatments‍ for mental health,Wellcome’s ⁣work is a testament to the power of dedicated research⁢ and collaboration.

As we‍ look‍ to the future, Wellcome’s contributions remind us ‌of the importance of investing in ⁢health innovation. By supporting ​groundbreaking ⁢research and⁤ empowering diverse voices, the organization is not‍ only addressing today’s ​challenges but also paving the way ‍for a healthier ⁣tomorrow.

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