12 December 2013
The New York State Attorney General has reached a settlement agreement with the Pearson Charitable Foundation and Pearson, Inc., concluding his office’s investigation into the Foundation’s governance, administration, and relationship with Pearson. We cooperated fully with the investigation.
Pearson and the Foundation maintain we have always acted with the best intentions and complied with the law. However, we recognize there were times when the governance of the Foundation and its relationship with Pearson could have been clearer and more transparent. Over the past two years, the Foundation has taken several steps to strengthen its governance, beginning with the addition of independent directors to the board and the adoption of stronger operational systems. Under the settlement, these efforts will be further enhanced by the creation of a three-person audit committee.
The Foundation will also pay $7.5 million into a fund managed by the Attorney General that will support the work of 100Kin10, an organization committed to placing 100,000 science and math teachers into U.S. schools in the next ten years. The work of 100Kin10 aligns with the charitable mission of the Foundation—supporting non-profits working to expand access to great teaching and learning in the United States and around the world.
The Pearson Foundation is an independent 501(c)(3) nonprofit organization that aims to make a difference by promoting literacy, learning and great teaching. The Pearson Foundation collaborates with leading businesses, nonprofits and education experts to share good practice; foster innovation; and find workable solutions to the educational disadvantages facing young people and adults across the globe. More information on the Pearson Foundation can be found at www.pearsonfoundation.org.
Pearson is the world’s leading learning company, providing educational materials and services, and business information through the Financial Times Group. Pearson serves learners of all ages around the globe, employing more than 40,000 people across more than 70 countries. For more information, visit www.pearson.com.