BP Will Continue Funding London Arts Organizations
(6-18-10) Should BP's arts and other philanthropic programs be reconsidered in light of its post-Deepwater Horizon drop in market value (45 percent) and the $20 billion fund the company is establishing to pay damages to spill victims? For now, the answer is no.
Farah Nayeri, in a story for Bloomberg.com, reports:
The benefits of arts patronage far outweigh its costs, philanthropy professionals said..."If they were spending billions on it, then people might say that it was a waste of shareholders' money, which should be spent on cleaning up beaches," said Colin Tweedy, chief executive of Arts & Business, a nonprofit organization that links arts bodies with corporate and private donors. "Saving that money will not do anything for the coastline of America."
Read more here.