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Corporate social investment |
Corporate social investment
As one of the largest corporate donors in South Africa and a leader in CSI in the financial services sector, the FirstRand Foundation has invested more than R700 million in corporate social investment projects since its inception in 1998. The operating companies within the FirstRand Group, FNB, RMB, WesBank and Momentum contribute 1% of after tax profits to the FirstRand Foundation, a stand-alone legal entity, which then channels the funds to a variety of causes. FirstRand takes a programmatic approach to its CSI, focussing on giving more substantial and strategic grants towards fewer organisations. As well as supporting a few flagship initiatives at a national level. In this way the Foundation is able to engage with programmes in a more structured and meaningful way. This also has the added benefit of developing high-quality partnerships and ensures a more meaningful impact on the projects it supports. The Foundation considers support for non-profit organisations and institutions and focuses on the Education, HIV/Aids, Disability, Agricultural Livelyhoods, Arts, Culture and Heritage, Environmental and Community Care sectors. The FirstRand Foundation website is a comprehensive point of reference providing details of our CSI strategy, focus areas and lists all the organisations we support. FirstRand Foundation won the Corporate Social Investment award in the 2010 African Business Awards. www.firstrandfoundation.org.za FirstRand Volunteers As a critical pillar to its CSI strategy, FirstRand introduced the FirstRand Volunteers Programme in 2003, providing employees with innovative and creative opportunities to ‘give back’. Over the past 6 years, employees have donated over R12.3million in both time and money to various charities and this amount was matched with a further R 12.3 million by the FirstRand Foundation. Annually 22% of the 43 000 employees in the FirstRand Group participate in the FirstRand Volunteers Programme.
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