Despite best efforts by "corporate social responsibility" activists, business is not philanthropic by nature. By contrast, philanthropic bodies, charities and non-governmental organisations are, indeed, businesses in the eyes of the law. Yet, perversely, today's FTSE or Nasdaq companies are far more transparent, accountable and responsibly governed than the typical wealthy foundation or charity. More damning, corporate results are measured in the marketplace while philanthropic results are not. That invites mischief and mismanagement.

As grant-making institutions seek greater influence on public perception, policies and practices worldwide, their need for greater openness and technical assessment has intensified. Good in- tentions should not excuse poor ac-countability. Philanthropic reform - not just new philanthropy - is essential. The trustees and directors should be every bit as accountable and liable as - if not more so than - their for-profit counterparts. UK shareholders, for ex-ample, have the right to vote on executive pay and perks; charitable donors to "good causes" typically do not.