Lord David Sainsbury
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David is a well known politician and former chairman of the grocers, Sainsburys.
Summary:
As Science Minister from 1998 to 2006, Lord Sainsbury has played a leading role in promoting the UK’s world-class science and innovation, and highlighting the new Knowledge Economy as being of central importance to the UK’s sustainable economic success. Lord Sainsbury began his career with J Sainsbury in 1973 as Finance Director before becoming Deputy Chairman and Chairman. David is also an active philanthropist, being the founder of the Gatsby Charitable Foundation. In in 2003 David received, on behalf of the Sainsbury family, the Andrew Carnegie Medal for Philanthropy.
Biography:
David Sainsbury began his professional career when he joined J Sainsbury plc in 1963. He gained an MBA from the Columbia Graduate School of Business in New York in 1971 before becoming J Sainsbury’s Finance Director in 1973, holding the position for 17 years. He was appointed as the company’s Deputy Chairman in 1988 and became Chairman in 1992.
An invitation to join the government came in July 1998. Lord Sainsbury accepted and transferred control of his business interests to a blind trust. Even after Lord Sainsbury relinquished direct control of his assets he still managed to be named as the UK company director with the biggest annual equity earnings.
He was made a life peer as Baron Sainsbury of Turville, of Turville in the County of Buckinghamshire in 1997, following Labour's election victory. From July 1998 to November 2006 he held the post of Parliamentary Under-Secretary of State at the Department for Trade and Industry with responsibility for Science and Innovation in the House of Lords, an unpaid government position. In July 2006 he was questioned by police in the "Cash for Peerages" inquiry. He made a £2m loan to the Labour Party. On 10 November 2006 he resigned as science minister stating that he wanted to focus on business and charity work.
David Sainsbury was born into a strong family tradition of philanthropy. He set up the Gatsby Charitable Foundation as an endowed grant-making trust in 1967, just four years after graduating from King’s College, Cambridge, having read History and Psychology.
All Gatsby’s funds have come from David Sainsbury, and he and the Gatsby Trustees set our strategic direction and approve all activities. This active involvement of the Foundation’s settlor means Gatsby operates in areas that David Sainsbury is particularly passionate about, and where he believes charitable funding can make a real difference.
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