CITI’S APPROACH TO CORPORATE CITIZENSHIP
Our approach to corporate citizenship is defined by Citi’s Mission and Value Proposition of Enabling Growth and Progress.
We strive to embed corporate citizenship across the breadth and depth of our businesses and operations. This integrated approach of thinking about Citi’s impact, as a company, on clients, communities and our people, guides our actions and decisions.
Through focused and consistent stakeholder engagements that champion collaborative problem-solving, coupled with Citi’s vast resources and expertise, we hope to create better and more sustainable solutions for the long-term.
CORPORATE CITIZENSHIP IN SINGAPORE
Citi Foundation, through grants and stakeholder collaborations, works to promote economic progress and improve the lives of low-income communities around the world. In Singapore, the Citi Foundation has provided grants to local partners since 2002 to support projects that addresses gaps in the community. Up till 2020, more than S$21 million has been invested to promote financial inclusion and programmes under the ‘Pathways to Progress’ theme to impart skillsets amongst youth to enable their future employability. The Citi Foundation’s “More than Philanthropy” approach also leverages the expertise of Citi and its people through volunteerism to fulfill the firm’s mission and to make a positive impact on the community.
Citi Singapore has six Citi Foundation programmes under the two core pillars that drive our key philanthropy efforts – Financial Inclusion and Pathways to Progress. We believe that targeted initiatives under these pillars in partnership with universities and community organisations to enhance financial literacy, as well as youth empowerment and employability, will strengthen the well-being and upward economic mobility of the local community, and ensure the sustained growth of our society.
Through these programmes, we have imparted financial literacy knowledge to over 340,000 secondary and primary level students, 50,000 tertiary students and 6,000 mature women, as well as coached over 13,000 teachers, 1,400 social workers, and 830 tertiary students as financial literacy trainers and mobilised over 170,000 volunteers for over 150 social service agencies in the process.
- Financial Inclusion
- Citi-SMU Financial Literacy Programme for Young Adults (2012 – Current) equips youth and young adults (aged 15-30) with essential personal finance knowledge and skills to give them a firm foundation in managing their money. It also trains tertiary students as financial literacy coaches to enable multiplier impact amongst young adults.
Partner: Singapore Management University
Impact to-date (as of 2020): More than 830 student trainers from SMU, the five polytechnics, and three ITE colleges have engaged over 50,000 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: Post-programme findings (2019) revealed that 60% of the participants grew in their basic understanding of personal finance and financial literacy, while 44% respondents started a regular savings account within six months after the end of the Programme
- Citi-NUS NAI Financial Capability and Asset Building (FCAB) Initiative for Social Workers in Singapore (2016 – Current) equips both pre-service and in-service social work practitioners with Financial Capability and Asset Building (FCAB) knowledge and skills. With FCAB becoming an integrated part of social work practice, disadvantaged families can be guided on household financial matters and given access to appropriate services that help improve their financial circumstances.
Partner: National University of Singapore (NUS) Department of Social Work
Impact to-date (as of 2020): 140 Year-3 & Year-4 Social Work undergraduates and at least 650 social workers will be trained to apply FCAB practice by end of 2020.
- Citi-Tsao Foundation Financial Education Programme for Mature Women (2008-2018) is a financial literacy programme that equipped low-income, mature women with the essential financial knowledge and skills for their silver years.
Partner: Tsao Foundation
Impact assessment: Over 8,500 women benefited from the programme. A sample survey of 1,360 women (2013) who attended the programme showed that 94% of them had savings and 85% of them had established an emergency fund by the end of the programme. The programme was adopted by People’s Association Women’s Integration Network in 2012, making it easily accessible through the Women Executive Committees and in every community clubs across Singapore.
- Pathways to Progress (Youth Economic Opportunities)
- Citi-South East CDC Build Your Tomorrow Programme (2018 – Current) provides Singaporean youth, aged 14-17, with the opportunity to discover their potential career path. BYT consists of 5 career exposure components that include Career Talks, Workplace Visits, Career Exploration Workshops, Career Simulation Exercises, and Skill Development Workshops, designed to provide insight into different industries, as well as to allow under-performing students to learn skills and discover alternative career paths based on their interests and skills. Citi volunteers are also involved to share during career talks and host workplace visits.
Partner: South East Community Development Council
Impact-to-date (as of 2020): Over 2,000 youth have benefitted from the Programme since its launch.
- Citi-YMCA Youth for Causes (2003 – Current) was launched by Citi and the YMCA of Singapore to be a catalyst in promoting social entrepreneurship and developing community leadership amongst youth in Singapore. It provides youths aged 15 to 25 years of age with seed funding under the guidance of mentors to execute creative ideas that they believe will benefit and support Social Service Organisations (SSOs). For 16 consecutive years (2005-2020), YFC also received the endorsement of the President of the Republic of Singapore to be an event under the President’s Challenge.
Partner: YMCA Singapore
Impact to-date (as of 2020): More than 5,560 youth mobilised over 150,000 volunteers to raise more S$10 million in funds for over 150 local Social Service Agencies (SSAs) under the guidance of some 800 Citi mentors through YFC. The Programme has been part of the President’s Challenge, a movement under the President’s patronage, to help those who are less fortunate since 2005. In 2019 alone, it engaged more than 10,000 volunteers to raise over $640,000 for 45 charities.
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 (2016 – Current) is hosted at the A.p.t.i.t.u.d.e Centre at the Institute of Education (ITE) College East, and it reaches out to students aged 17 to 19 to enhance improve their employability prospects by engaging them in structured interest-based skills training and hands-on work experiences through the approaches of mentoring, structured programmes, and community. Upon completion of skills-based training, the youth will also obtain industry-recognised certification.
Partner: Touch Community Services Limited
Impact to-date (as of 2020): Over 7,600 youths have been engaged through the programme and more than 1,800 students have been trained, with over 60 students offered either part-time or full-time employment. The programme is led with full-time mentors and centre supervisors from TOUCH Youth, a division of TOUCH Community Services.
- Citi-Halogen Network For Teaching Entrepreneurship (2019 – Current) equips underserved and disadvantaged Singaporean youth, ages 15-19, with employability skills and entrepreneurial mindset through work sessions, soft skills training, business visit sessions, mentorship and internships that covered topics ranging from social responsibility of a business to how to deliver business presentations.
Partner: Halogen Foundation
Impact to-date (as of 2020): 777 students have been engaged through the programme, and another 600 students will be equpped through the programme by end of 2020 programme.
Impact assessment: A 2019 post-programme survey found that over 84% of the participants were able to comprehend and retain the knowledge learnt, and more than 70% gained a more positive outlook of their future. 98.8% of participants have also demonstrated improvement in academic outcomes (calculated by Academic progression report).
- Citi Singapore seeks to create meaningful partnerships with stakeholders to enhance the livelihood of the underprivileged in Singapore. Since 2002, Citi Singapore has raised over S$6.45 million (as of 2020) in support of The Straits Times School Pocket Money Fund (STSPMF) and The Business Times Budding Artists Fund (BTBAF) to help build brighter futures for underprivileged children. In 2019, Citi helped raise more than S$652,000 in support of ChildAid, which is a charity concert with proceeds going towards these two funds. Funds are raised mainly through various fundraising campaigns organised or contributed by employees.
- We have various ongoing initiatives in support of the two charities:
- Donate-as-you-drink (ongoing) – For every drink purchase made from the vending machines located across Citi’s premises, S$0.10 will be set aside from these staff contributions to be used for charitable causes. An average of S$5,000 was collected from the machines every month through this “Donate-as-you-drink” initiative, from 50,000 cups of beverages drank by staff, which translates to nearly $60,000 raised every year through this simple yet powerful fund-raising model.
- Citi & Partners Charity Golf (2002 – Current) has been a highly successful annual fund raising event that has raised over S$7 million for various adopted charities. More than S$4.7 million was raised for STSPMF and BTBAF when the 2 Funds were adopted for 9 consecutive years from 2011 to 2019. The funds consist of generous donations from Citi’s IT partners by the sponsorship of Citi-hosted golf flights.
- Employee Volunteerism
- Citi’s philanthropy efforts are further supported by our talented employees, who contribute their time and skills in benefiting the communities in Singapore. Our active pool of volunteers helps ensure that Citi’s citizenship efforts continue to positively impact the people around us. In 2019 alone, over 6,000 Citi Singapore volunteers committed almost 20,000 hours to serve the beneficiaries from Social Service Organisations (SSAs) under the President’s Challenge – a strong testament to our culture as an inclusive organization. Citi encourages year-round employee volunteerism through our employee networks, paid volunteer leave, and Global Community Day, amongst many other platforms.
- Global Community Day (GCD) - Global Community Day serves as an annual opportunity for Citi employees, alumni, family and friends around the world to gather as one to demonstrate a shared commitment to its communities – a commitment that is carried out year-round by many employees who regularly volunteer their time.
- Citi Singapore announced in June 2020 its three key initiatives in supporting COVID-19-related community relief efforts; these initiatives mark Citi’s 15th Global Community Day (GCD) and demonstrate its ongoing commitment to giving back to the communities where we live and work:
- 1. Food for marginalized communities - Philanthropic support from Citi Foundation amounting to US$ 150,000 to provide over 45,000 complimentary meals and grocery packs for low-income families, students, vulnerable elderly, persons with special needs, and migrant workers over a three-month period through the Food For Good programme in partnership with YMCA of Singapore;
- 2. Supporting students from disadvantaged background - Committing S$ 150,000 to support students from disadvantaged background with daily allowance through the Straits Times School Pocket Money Fund (STSPMF), and access to education through Business Times Budding Artists Fund (BTBAF);
- 3. Support for migrant workers - Over S$ 176,000 was raised through a one-month organisation-wide fundraising campaign for Humanitarian Organization for Migration Economics (HOME) in support of migrant workers in areas such as immediate basic needs, medical and counselling assistance to shelter residents, and supplementing hygiene supplies like masks and hand sanitisers;
As part of Citi’s continued support of the Paris Agreement and our own efforts to protect the environment, we are making notable progress on our $100 Billion Environmental Finance Goal, which is to lend, invest and facilitate $100 billion over 10 years (2014–2023) to activities that reduce the impacts of climate change and create environmental solutions.
Citi Singapore continues to be a champion for sustainability by supporting Ministry of the Environment and Water Resources’ (MEWR) “Year of Singapore Food Story 2020”, “Year of Zero Waste 2019” and “Year of Climate Action 2018” initiatives; it launched a green campaign revolving around food waste and e-waste recycling, and organized a Go Green Bazaar in conjunction with Earth Day to engage Citi colleagues in Citi Singapore’s sustainability journey.
Our initiatives saw us commit to and exceeded our targets on reducing our 2019 environmental footprint by 2% in energy use for our main office buildings, 1% in water use, and 25% diversion rate in waste management, on top of exceeding our 2018 targets on reducing our energy use by 5%, water use by 3%, and waste generation by 2%.
Citi Singapore formed its Green & Sustainability Committee to provide focus and insights into Citi’s sustainability activities, organized under three primary pillars: Environmental Finance, Environmental & Social Risk Management, and Operations & Supply Chain. Our work across these pillars is interrelated, and we look for innovations and best practices that can drive cross-functional progress.
- Citizenship Accolades
- In 2020, Citi has been recognized by Euromoney with the Excellence in Leadership award in Asia Pacific for its support of colleagues, clients and communities during the ongoing COVID-19 pandemic. The firm embarked on three key COVID-19 community response initiatives in Singapore, and it involved its employees in giving and volunteerism alongside the firm's philanthropic efforts to make a positive difference to those in need.
- Citi Singapore is proud to be one of the Founding Members of Company of Good programme in 2016, serving as a trailblazer in championing and driving corporate giving in Singapore. Developed by the National Volunteer & Philanthropy Centre (NVPC) in partnership with the Singapore Business Federation Foundation (SBFF), the programme empowers businesses to give better and more holistically. As the programme develops, Citi Singapore was subsequently named Champion of Good by NPVC in 2018. In 2017, Citi Singapore was awarded the Best Bank for Corporate Social Responsibility (CSR) in Singapore by Asiamoney.
- Citi Singapore was conferred the prestigious 2018 President’s Award for Volunteerism & Philanthropy in the Corporate, Large Enterprise category. The President’s Volunteerism and Philanthropy Awards (PVPA) presents the highest honor for those who have set benchmarks of excellence in the spirit of giving in the arts, environment, social services, sports, education, healthcare and other worthy causes in Singapore, and aims to encourage and inspire others to bring about a higher level of volunteerism and philanthropy.
- In 2019, Citi Singapore received the OpenGov Recognition of Excellence Award for implementing green initiatives that combat climate change and contribute to Singapore's Sustainable Future goals. In the same year, Citi Singapore was recognized with the People’s Association Community Spirit (PACS) – Partnership Excellence Award for outstanding contributions to the community. Citi also received the accolade in 2016 and 2017. The PACS Award honors organizations that have reached out to the community and for bringing people together to build greater social capital.