Everything about David Sainsbury Baron Sainsbury Of Turville totally explained
David John Sainsbury, Baron Sainsbury of Turville FRS (born
24 October 1940) is a
British businessman, politician and
peer in the
Labour Party.
He is the son of
Sir Robert Sainsbury and the nephew of
Lord Sainsbury. His cousin is the Conservative peer
Lord Sainsbury of Preston Candover.
Sainsbury retains a large shareholding in his family's
Sainsbury's supermarket chain (estimated at 18%). He was the group's Finance Director from
1975 to
1992 and Chairman from
1992 to
1998. In the
Sunday Times Rich List 2006 his family fortune was estimated at £1.6 billion.
He holds a BA degree in History and Psychology from
King's College, Cambridge and an MBA from
Columbia University. On 10 September 2007, he was awarded an honorary degree in Science at the University College London.
Before that he attended
Eton College.
Sainsbury was a supporter of the
Social Democratic Party, including significant financial support, and changed allegiance to the
Labour Party following the failure of the SDP to make substantial progress. He has donated millions of pounds to the Labour Party, and has been associated with the
Institute for Public Policy Research.
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, for 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 is a noted philanthropist and founded the
Gatsby Charitable Foundation in 1967. The foundation has given £500m to a range of charitable causes. In 1993 he donated a further £200m in shares to the Foundation's assets.
He was made a Fellow of the
Royal Society in May 2008 .
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