Salford Quays-based investment platform AJ Bell has vowed to shun any government handouts to tackle the coronavirus crisis, and has set up a fund to help charities helping those affected by the pandemic.

Led by founder Andy Bell, the finance firm says many businesses will be judged by how they reacted, once the pandemic has subsided.

And Mr Bell and fellow executives have committed to donating their salaries for April, May and June into the AJ Bell Wage War on COVID Fund, with many of their staff pledging to also make donations.

Mr Bell said: We are seeing individual acts of bravery, selflessness and kindness on a daily basis that should give us hope that the coronavirus will leave behind some positive legacies.

Business leaders and our businesses have their parts to play in taking a socially-responsible approach.

We will all be held accountable as to how we react during the COVID-19 crisis.

Customers, staff, suppliers, investors and wider stakeholders will all make their own judgements and already the court of public opinion is opining on the actions of certain businesses to a positive effect.

He added: The COVID-19 pandemic has affected us all and will impact our society in ways that we can only imagine at this stage. Many people will lose their jobs, their financial independence or, sadly, their loved ones.

Businesses need to have a social conscience if we are to get through this crisis.

In reacting to the crisis, AJ Bell said its priority is to ensure the health, safety and well-being of its staff and their families.

The firm revealed that all its staff have also been assured that their jobs are safe and every member of staff will continue to be paid as normal throughout the crisis.

And Mr Bell said he will not call on any of the Governments financial support packages.

No staff will be furloughed. Whilst we have identified a number of staff who could have been furloughed, we believe that the Governments Job Retention Scheme should be preserved for those companies that need it most.

He added: We will not be claiming benefits from any of the other financial support schemes available to employers eg we will be not be deferring our VAT bill.

In addition, the AJ Bell Wage War on COVID Fund, under the umbrella of the AJ Bell Trust, a UK registered charity, is now open to donations, and all proceeds will be distributed to charities supporting the COVID-19 efforts, or directly to those in need as a result of the virus.

The aim is to distribute all of the funds raised quickly, over the coming months, with a back stop date of the end of this calendar year.

The AJ Bell Trust has kick-started the fund raising by allocating 50,000 of its charitable reserves to the fund.

Mr Bell said: I, along with other board directors and senior management, have donated our April, May and June wages into the fund.

I am immensely proud that a number of our staff have already signalled their intent to donate part of their wages over the same three month period and Im sure many more will donate now the fund has launched.

He explained the reasoning behind the firms stance: Businesses with a social conscience will assess the various support schemes through the lens of need and not entitlement.

Every pound claimed under one of the Governments financial support schemes is a pound that our children and grandchildren will have to pay back.

He acknowledged that many businesses hit hard by the crisis need these support schemes to survive, but he said: Society will not react well to businesses that take Government aid whilst they make large profits, pay out large bonuses to executives or pay dividends to shareholders.

CEOs and business leaders are in a unique position to determine their business approach to the crisis and we should all lead by example.

Click here to donate to theAJ Bell Wage War on COVID Fund.

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Finance firm shuns Government handouts and sets up fund to support charities - The Business Desk