CITI’S APPROACH TO CORPORATE CITIZENSHIP
Citizenship is core to Citi and is deeply embedded in our mission of enabling growth and progress around the world. It is a responsibility shared by our employees, businesses, clients, suppliers and communities.
CORPORATE CITIZENSHIP IN SINGAPORE
With support from the Citi Foundation, Citi Singapore has been a strong advocate of Financial Inclusion and Youth Economic Opportunities since 2002 with S$17 million to date. Citi’s commitment to the key focus areas of Financial Inclusion and Youth Economic Opportunities stems from the belief that the efforts will enhance the financial well-being and upward economic mobility of individuals and communities, which in turn strengthens the demand for financial products and services that enable the sustained growth of cities and economies.
Funding goes towards programmes organised in partnership with NGOs, government organizations and educational institutions. The initiatives have benefited students, the young, teachers, mature women and the general public, reaching more than 425,000 students from over 80% of schools in Singapore and more than 6,000 low-income mature women who are amongst the most financially vulnerable in Singapore.
The Citi Foundation’s “More than Philanthropy” approach also leverages the expertise of Citi and its people to volunteer and contribute meaningfully to a wide range of community initiatives organised around the annual Global Community Day and volunteer opportunities held throughout the year. The spirit of volunteerism amongst Citi employees is also consistently strong. Over 8 years from 2010 to 2017, the annual number of volunteers exceeds 4,500.
Citi Singapore has also been a keen supporter of The Straits Times School Pocket Money Fund and The Business Times Budding Artists Fund with over S$4.9 million to help build brighter futures for underprivileged children since 2002. The funds are mainly raised through various fundraising campaigns organised or contributed by employees.
- Financial Inclusion
- Citi-Tsao Foundation Financial Education Programme for Mature Women is a financial literacy programme that aims to equip low-income, mature women with the essential financial knowledge and skills for their silver years.
Partner: Tsao Foundation & People’s Association Women’s Integration Network (PA WIN)
Reach-to-date (as of December 2017): >8,500 women benefited from the programme (>2,500 women attending the full programme and others through introductory workshops), >40 active trainers
Impact assessment: After attending the programme, 50.4% of the participants started a financial plan for retirement and 32.8% of them started to build an emergency fund.
- Citi-South East CDC MoneyWise Matched Savings Programme seeks to achieve the twin objectives of financial education and asset building by inculcating the habit of saving amongst students from low-income families who are attending primary school.
Partner: South East Community Development Council
Reach-to-date (as of December 2017): Nearly 1,000 students have attended the programme
Impact assessment: 44% of programme participants saved regularly during the 8-month programme while 30% of programme participants continued to save after the programme.
- Citi-SMU Financial Literacy Programme for Young Adults seeks to equip young adults with essential personal finance knowledge and skills to give them a firm foundation in managing their money and a financial head-start early in their working lives.
Partner: Singapore Management University
Reach-to-date (as of December 2017): >210 SMU student trainers and 120 trainers from five polytechnics and three ITE colleges have trained over 18,000 young adults on a wide range of topics including basic money and credit management, financial and retirement planning, home and car ownership as well as principles of investment.
Impact assessment: Impact assessment on a randomly selected sample size of 700 participants has also endorsed the efficacy of the programme. 60% of the participants improved in their basic understanding of concepts of financial literacy. 86% of respondents also strongly agree on the need to start a regular savings plan compared to 66% before attending the programme – an increase of 20%. 40% of the participants have also been able to develop and use a simple personal budget to manage their expenditure and increase their savings by 10%. Furthermore, the programme saw a 20% increase in the number of students who were now investing more prudently.
- Citi-NUS NAI Financial Capability and Asset Building (FCAB) Initiative for Social Workers in Singapore aims to equip social workers and social work students with knowledge and skills to help low-income vulnerable individuals and families enhance their financial capabilities to achieve better life outcomes.
Partner: National University of Singapore (NUS) Next Age Institute (NAI)
Key Milestone: In February 2017, NUS NAI launched a new financial capability training curriculum to empower social workers with know-how to improve financial well-being of low-income vulnerable families. The programme is in its pilot training phase and the impact on the end-beneficiaries will be measured when the social workers are deployed with their enhanced capabilities.
- Youth Economic Opportunities
- Citi-YMCA Youth for Causes aims to promote social entrepreneurship and develop community leadership among the young in Singapore.
Partner: YMCA Singapore
Reach-to-date (as of December 2017): >5560 youth and >160,000 volunteers with >690 Citi mentors raised >$9 million in funds for >150 local VWOs.
Impact assessment: 60% of 400 youths (240 people) achieved 22% increase in their pre-post programme scores across the 12 specific and measurable skills that could improve their future employment or higher education prospects. The skills include Creative Thinking, Research & Decision Making, Goal setting & Organisational skills, Communication (Oral) & (Writing), Sales and Marketing, Leadership and Teambuilding.
- Citi-TOUCH Community Services Aspire Programme seeks to engage ITE students in structured interest-based activities and equip them with soft and occupational skills through hands-on work experiences so as to improve their employability.
Partner: Touch Community Services Limited
Since: August 2016
Impact assessment: More than 200 youths have obtained employability skills and industry-recognised certification through the completion of the skills-based training. Of the 202 students, 42 also secured part time employment or internship that adds to their work experience.
- Our preferred charities are The Straits Times School Pocket Money Fund (SPMF) and The Business Times Budding Artists Fund (BT BAF). Since 2002, Citi Singapore has committed over S$4.9 million in support of SPMF and BT BAF to help build brighter futures for needy children.
- We have various ongoing initiatives in support of the two charities:
- Donate-as-you-drink – Citi encourages staff to donate S$0.10 for every drink obtained from the drink dispensers located across Citi’s offices.
- Every month, an average of $5,000 was collected from the machines for this “drink and donate” drive, from 50,000 cups of coffee, tea and soft drinks drank by staff every month. It translates to nearly $60,000 raised every year through this simple yet powerful fund-raising model.
- Citi IT and Partners Charity Golf – Started since 2002, this charity golf tournament has been a highly successful annual fund raising event that has raised over S$5.9 million for various adopted charities. More than S$3.6 million was raised for SPMF and BT BAF when the 2 Funds were adopted for seven consecutive years from 2011 to 2017. The funds consist of generous donations from Citi’s IT partners by the sponsorship of Citi-hosted golf flights.
- Employee Volunteerism
- In 2017, we have more than 6,000 volunteers who participated in close to 100 events throughout the year and around Global Community Day (GCD). Citibankers, friends and family have contributed more than 19,817 volunteer hours, with 15,574 hours clocked during the month of Citi’s annual Global Community Day and 4,243 hours for the community initiatives in the rest of the year.
- Global Community Day (GCD) – Global Community Day serves as an annual opportunity for Citi employees, alumni, family and friends around the world to gather as one to demonstrate a shared commitment to its communities – a commitment that is carried out year-round by many employees who regularly volunteer their time.
- In 2017, more than 5,300 Citi employees, family and friends volunteered their time and expertise across a series of 37 events held over a month from June 10 to July 8. It included volunteer events, skills-based workshops, donation drives, advocacy campaign and a bank-wide fundraiser. Many of the key events supported the President’s Challenge’s (PC) social service organisations serving a wide range of beneficiaries, marking Citi’s partnership with PC on its GCD efforts for the third consecutive year. More than 2,050 volunteers supported the initiatives, while another 3,250 Citibankers, family and friends participated in the finale event on July 8. It is the 8th consecutive year that Citi Singapore has rallied the highest number of volunteers for GCD in Citi Asia Pacific.
- More than S$138,000 was also raised for PC, in support of New Life Community Services’ skills-based mentoring programme for disadvantaged youth. It was a combination of S$128,000 raised through an Inter-Department Fundraising Challenge held across nine participating teams and S$10,000 through the SG Cares paper-heart folding campaign in which Citi pledged S$5 donation for every folded paper-heart. It is the highest amount of funds raised for GCD since it started in 2006.
In support of Citi's Mission and Value Proposition in enabling growth and progress for clients and communities around the world, we see sustainability as a critical part of how we do business to support progress and growth.
In support of Singapore’s Year of Climate Action, Citi Singapore pledged to:
- Organise activities or events to educate employees on the importance of taking climate action
- An awareness campaign on March 26 2018 was held to educate employees on climate issues and sustainable practices.
- Starting from April 2 2018, lighting in non-critical work space areas will be turned off during the lunch hour from 12pm to 2pm.
- By the end of April, the “Edible Rooftop Garden” project that turns part of the roof area of Changi Citi Service Centre building into a garden for edible fruits and vegetation will be launched. The project will also engage employees for the care and maintenance of the garden.
- Green committee will be tasked with the sustained engagement and education of employees around climate action, especially around recycling efforts to utilise the existing recycling bins on every floor at Asia Square and Changi Citi Service Centre.
- Logo signage at Asia Square building were turned off in that hour
- Logo signage at Changi Citi Service Centre were turned off in that hour
- Logo signage at retail banking branches including Macdonald House, Capital Square, CPF Jurong, Holland Village and Parkway Parade were turned off in that hour
- Non-critical lighting will be turned off (including workspaces, pantries and walkways, excluding areas for security labs and employees on shift work) via the timer in the building control system at 7.30pm for Asia Square and Changi Citi Service Centre. Occupancy sensors will be activated in the walkways, pantries and washrooms. Lighting in the workspaces have to be manually turned on.
- Non-critical air-conditioning will be turned off (including workspaces, pantries and walkways, excluding areas for security labs, servers and employees on shift work) via the timer in the building control system at 7pm for Asia Square and Changi Citi Service Centre.
- Occupancy sensors will be installed in more quiet rooms and meeting rooms.
- All electronic appliances (including fridges and microwaves in the pantries) are energy efficient products.
- All equipment requiring end-of-life replacement will be replaced with energy efficient models.
- 100% LEED certification for main office buildings and office space at Asia Square and Changi Citi Service Centre will be maintained.
We organise our sustainability efforts within the framework of the Sustainable Progress Strategy, which holds us accountable to specific goals within three primary pillars: Environmental Finance; Environmental and Social Risk Management; and Operations and Supply Chain.
- Globally, Citi has committed to a US$100 Billion Environmental Finance Goal to lend, invest and facilitate US$100 billion over 10 years (2014-2023) towards activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities. Citi is working on environmentally positive business opportunities in partnership with our clients, which are developing solutions to some of our most pressing global challenges such as climate change.
- In Singapore, we will look into the potential of green financing opportunities.
- Globally, Citi adheres to internationally recognised environmental and social principles and practices, as well as our own set of sustainability policies, statements and commitments. Citi's Environmental and Social Policy Framework describes Citi's key internal environmental and social policies, programmes and initiatives globally and guides our daily business decisions.
- Citi's ESRM Policy serves as a model of non-traditional risk management, requiring a rigorous review of certain financial transactions where the use of proceeds is known. Each ESRM covered transaction receives the appropriate ESRM risk category, based on the IFC's environmental and social risk categorization criteria. The ESRM Policy covers all sectors with potential environmental and social impacts, and includes specific Sector Standards on forestry, palm oil, shale oil and gas, oil sands, coal mining and nuclear power.
- In Singapore, the ESRM Policy is applied to eligible project-related finance transaction and deals.
- Globally, Citi seeks to manage our global facilities and supply chain to minimise direct impact, reduce costs and increase efficiency. Our global environmental footprint goals for 2020 include a 30% reduction in energy use, a 30% reduction in water use, a 60% reduction in waste, and to have 33% of our global real estate portfolio LEED certified, all against a 2005 baseline. In September 2017, we announced a new goal to become carbon neutral and use 100% renewable energy to power Citi’s global energy needs across our 12,000 facilities by 2020.
- In Singapore, our environmental footprint goals for 2018 is 5% reduction in energy use, 2% reduction in water use and 2% reduction in waste generation, from 2017.
- Outstanding Achievements
- In September 2011, Citi Singapore was awarded the prestigious CSR Award - Best Community Developer by Global Compact Network Singapore (then Singapore Compact). This accolade is a testament to our sustained corporate social responsibility (CSR) efforts in financial literacy and youth development since 2002.
- In 2016 and 2017, Citi Singapore was recognised with the People’s Association Community Spirit Awards (Community Partnership - Excellence Award) for outstanding contributions to the community. The annual award honours organisations that have supported the People’s Association and its grassroots organisations, Community Development Councils and grassroots leaders in reaching out to the community and bringing people together to build greater social capital. In 2017, Citi Singapore was also awarded the Best Bank for CSR in Singapore by Asiamoney.
- Citi Singapore is also proud to be one of the founding members of Company of Good, serving as Singapore’s trailblazers in championing and driving corporate giving in Singapore. The Company of Good is a programme that empowers businesses to give better and more holistically. Launched in June 2016, the programme is developed by the National Volunteer & Philanthropy Centre (NVPC), in partnership with the Singapore Business Federation Foundation (SBFF).