INTHEBLACK November 2021 - Magazine - Page 61
Right: Carol Schwartz AO,
Trawalla Foundation
“The whole tenor of philanthropy has
changed. It’s become as important an
investment in social and impactful
outcomes as any other investment a
business would make.”
CAROL SCHWARTZ AO, TRAWALLA FOUNDATION
Rather than diverting a percentage of
profit in dollar terms only, many companies
are now investing in partnerships and
programs that work to address social
and economic disadvantage. Look at any
major corporation’s website, and there is
likely to be a community partnerships link
highlighting the programs they support.
Surin Segar FCPA is Maybank’s
group head of tax and CFO of Maybank
Foundation, which engages in corporate
social responsibility for the Maybank
Group in ASEAN to effect change in the
communities where the bank operates. The
Maybank Foundation was set up in the early
1960s and has evolved to focus on a wide
range of sustainability initiatives.
“I think it’s very important for
corporations to look at sustainability going
forward,” says Segar. “It’s no longer just
about corporate responsibility or setting
aside an amount of money for a tax
deduction and trying to get some branding
mileage out of it. Those days have gone, and
more and more corporations are moving
away from that and going into sustainability
in initiatives. That is how we need to help
the communities where we operate.”
Philanthropic evolution is a topic close to
the heart of business leader Carol Schwartz
AO. As chair of the Trawalla Foundation,
the private foundation for the Schwartz
family, she has worked in philanthropy with
the aim of transforming individuals’ lives
and, by extension, the communities around
them.
“One of the conversations that we had
around our trustee table was what can make
a difference to individuals’ lives. Out of that
conversation came a realisation that, very
often, scholarships and opportunities to
develop personally for an individual have
a huge multiplier effect within their own
communities,” says Schwartz.
“For the Trewalla Foundation, a lot of
our work in the beginning revolved around
supporting the arts, ideas, innovation and
scholarship. That has matured as we’ve
developed and is really all about supporting
and partnering with individuals and
organisations who are making a difference
in a meaningful way.”
This sentiment is also reflected in the work
of the Maybank Foundation, says Segar.
“We just don’t want to be in a location
purely to make profits. We want to give
back to people and help them see how
they can improve their livelihoods and
their communities. For example, the
Maybank Women Eco-Weavers program
provides women with employment
opportunities – and you can see housing
has improved, children are starting to
go to schools and healthcare is also
improving, because women are empowered
and can earn an income.”
Schwartz sees the future of philanthropy
in investment terms, adding value to both
business and society in general.
“The whole tenor of philanthropy
has changed. It’s become as important
an investment in social and impactful
outcomes as any other investment a
business would make.
“It has also become democratised through
crowdsource funding, where you can
leverage a small amount of money and be
part of a much bigger pool.
“I think this new view of philanthropic
investment and the potential outcomes
are very exciting and will make a bigger
difference as we focus more on the impact
and the outcomes of philanthropy in a much
more meaningful way,” she says.
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