ONE of the country's most successful businessmen yesterday reinforced Scotland's reputation for philanthropy by establishing a charitable trust to fight poverty in the developing world and help vulnerable young people at home.
Following in the footsteps of Andrew Carnegie and, more recently, Sir Tom Hunter, Sir Ian Wood promised to spend £50 million over the next ten years to help fill what he called "black holes of inequity and despair" across the world.
Speaking in E
dinburgh at the launch of the Wood Family Trust, the Aberdeen tycoon said that because his energy-services company had prospered thanks to globalisation, it would contribute to improving the economic wellbeing of people in poorer nations.
Sir Ian, who is worth an estimated £634 million and sold a stake in his Wood Group company to fund the trust, revealed around 75 per cent of the money will support "self-help and livelihood development schemes" in developing countries.
The remaining 25 per cent of the funds - generated by the investment and likely to be around £7 million a year - will finance projects for young people in the UK.
Half will go to enable youngsters to gain "life-changing experiences" as volunteers in aid projects overseas. The rest will be spent on promoting achievement and education among Scotland's youth, with "a focus on the vulnerable".
Sir Ian said: "There is a huge imbalance between the 'haves' and the 'have-nots' around the world.
"Globalisation, which the Wood Group has embraced, must also mean acceptance of responsibility to improve the economic wellbeing and livelihood of the many very poor nations."
He added: "We would like to encourage the young people in Scotland and the UK to maximise their potential.
"I am greatly concerned at the growing intolerance across the world and the new trust will particularly support programmes which encourage tolerance and wider horizons for young people and the acceptance of responsibility for each other."
Details of the kinds of projects which the new trust will support were released at the launch. The international work will include support for sustainable agriculture and fisheries, enterprise and business development, and employment and training.
The UK projects will concentrate on helping young people who would not normally get the opportunity to volunteer to work overseas and the Scottish work will concentrate on "good citizenship".
Sir Ian refused to comment on whether he thought religious organisations - which the trust has specified it will not fund - were linked to intolerance.
Douglas Alexander, the International Development Secretary, who helped launch the trust, said: "Tackling global poverty is perhaps the greatest challenge of our generation and will require initiatives from governments, businesses and individuals."
PHILANTHROPIC TRADITION
SIR Ian Wood yesterday won praise for setting up his charity from Douglas Alexander, the International Development Secretary.
Mr Alexander said Sir Ian was part of a Scottish tradition which stretched from Andrew Carnegie to modern philanthropists such as retail entrepreneur Sir Tom Hunter, Kwik-Fit founder Sir Tom Farmer and author JK Rowling.
Sir Ian's promise to invest £50 million over five to ten years is a substantial commitment although some of the other "new philanthropists" have invested far greater sums.
Sir Tom has promised to invest £1 billion through the Hunter Foundation to fight poverty in Africa, help young people not in education, employment or training, and develop youngsters' leadership talents.
But even Sir Tom's massive commitment pales by comparison to the foundation set up by Microsoft billionaire Bill Gates, left.
The largest charitable trust in the world, it has an endowment of around £16.3 billion.
