11 December 2003

Michael Howard Launches The Conservative Party Foundation 

Michael Howard today established the new Conservative Party Foundation. 

The purpose of the Foundation is to put Conservative Party finances on a sound footing for the long term.  

The Foundation will be responsible both for raising money for the Party's general election campaign and for building a Conservative Endowment Fund. The Foundation will receive, as a founding endowment gift, the proceeds of the disposal of the Party's Smith Square headquarters. Michael Howard wishes to see the capital, realised by the disposal, invested in the Party's future - not spent on the day to day costs of Central Office. 

Michael Howard said: "The asset of the freehold of 32 Smith Square is a great legacy from previous generations of Conservative leaders to our generation. I want the Foundation to ensure that my successors also receive a long lasting bequest". 

The Chairman of the Foundation will be Lord Hesketh. Jonathan Marland will be the Chief Executive, overseeing the day to day management of the Foundation. 

Six Trustees of the Foundation have been appointed: Dame Vivien Duffield, George Magan, The Marquess of Salisbury, Lord Sainsbury of Preston Candover, Lord Strathclyde and Galen Weston. 

The present Deputy Treasurers will all become Vice Chairmen of the Foundation and the present Treasurers will be members of its Board. The current Senior Deputy Treasurer will become Deputy Chairman. 

Financial control over Central Office will be tightened by the appointment of Raymond Monbiot, Chairman of the National Convention, as Chairman of the new Finance Committee of the Party Board.  

The Chairman of the Foundation will report directly to Michael Howard.