Community and Charity Policy
Community Investment explained
Our community investment activity is financed through a discretionary cash budget approved annually by the Prudential board. This is enhanced through support we also provide via the expertise of our people, and other in kind donations. We look for long term strategic involvement with community partnerships to address local issues key to the interests of the communities we serve and to enhance our reputation as a responsible company. Many of our employees are actively involved in their local communities as volunteers and we have a volunteering policy in place to support them.
Community Programme Objectives
- Contribute to overall business strategy.
- To make a positive difference to retirement in the communities around us.
- Enhance our reputation as a responsible company with external stakeholders at local, regional and national level.
- Encourage volunteering participation from our employees, to contribute to employees personal and professional development and enhance employee engagement.
- Encourage charitable giving.
Community Policy Focus
Any scheme must involve our employees and our priority will be to make a positive difference to retirement through our focus areas:
- Education - raising levels of literacy and developing people to be the best they can be.
- Employee Volunteering and personal development - Encouraging our people to get involved in their local communities and at the same time developing their skills.
- Making a Difference to retirement - Focusing on volunteering schemes that make a difference to people's lives in retirement.
- Giving to Charity - Making it easy and tax efficient for employees to donate through our Payroll Giving scheme.
Community Investment and Involvement
This policy clarifies the criteria we apply when making our decisions about community investment and how we measure the effectiveness of our involvement.
We do not:
- Make donations to political parties or religious organisations.
- Support sponsorship requests for individuals, including our own employees.
- Support requests to buy sports equipment for our employees who take part in local sports competitions on behalf of the organisation.
- Support requests for charitable contributions outside of our Payroll Giving policy.
Our charity involvement will focus on our Payroll Giving scheme and our fundraising teams. Our fund raising teams at each site organise all fund raising activities and, from these funds, donations will be made to charities doing work locally. Requests will be considered directly from employees for the benefit of local charities.
We operate under a proper and effective governance structure to protect our contribution to our purpose, brand and to our relationships with regulators and other lawmakers, as well as our partners. The Head of Corporate Responsibility is accountable for successfully delivering the Community Policy, managing internal and external relationships in the community and charity sector, and for the prudent control of the budget. Decision-making powers will rest with the Corporate Responsibility (CR) Committee.
Measures of Success
Key Performance Indicators (KPIs) will be put in place to measure the performance against the agreed objectives. These will be reviewed regularly and recommendations will be made to the CR Committee based on the performance against these measures. The Head of Corporate Responsibility will be accountable for setting the KPIs and reporting the performance against objectives to the CR Committee. KPIs will also be developed with each community partner and will be the basis for an evaluation for each community project.
Finding out more
For more information, please contact the Community team.