firstrand foundation
The FirstRand Foundation (FRF) was established in 1998 as the legal vehicle through which the FirstRand group and its customer-facing businesses (FNB, RMB and WesBank) direct their individual and collective corporate social investment. Since inception, the FirstRand Foundation has received 1% of the annual net profit after tax of the FirstRand group excluding Aldermore and broader Africa.
Legally, there are two disbursing structures:
- the FirstRand Foundation Trust, through which donations are made to public benefit organisations (PBOs) performing public benefit activities (PBAs) under Part I of the ninth schedule of the Income Tax Act; and
- the FirstRand Trust, for payments to projects and institutions that do qualify for section 18A(1)(a) tax status.
All disbursement decisions are made in line with criteria and processes agreed on by the trustees.
Strategy
FRF’s strategy over the past 20 years has been to be the foremost corporate social investor and knowledge collaborator in the country, committed to contributing to the development of a better South Africa. FRF did this by building capacity, leveraging partnerships, sharing knowledge and mainstreaming disability. Following a review of its 20-year experience and impact, the foundation plans to align its work with the FirstRand group’s business strategy more effectively.
Focus areas
FRF’s vision is to create a society where everyone has fair access to economic opportunities and can contribute to the overall growth of South Africa. The foundation works to enable communities to take part in the wider economy and has identified the strategic focus areas outlined below.
Building thriving and resilient communities
Enable communities to use the resources they have and access opportunities that can help them become self-sufficient and resilient. This includes supporting initiatives related to the creative economy, sports, the green economy, disaster relief and social cohesion.
Quality education: early childhood development centres (ECD) and primary schools
Enhance the reading, writing, math and digital abilities of children from ages 4 to 13 by training teachers and ECD practitioners, facilitating access to educational materials, and promoting the use of mother tongue instruction.
Capacity building
Enhance the capacity of the development sector by supporting individuals, organisations and institutions. This will also advance other FRF focus areas.
Financial inclusion and well-being
Promote financial literacy and improved decision-making to reach the ultimate goal of financial wellbeing.
The FirstRand Foundation celebrated 20 years of CSI in 2019 and to commemorate this milestone the group published a book that describes the Foundation’s work.
