SOURCE: T. Rowe PriceDESCRIPTION:
As the coronavirus pandemic continues to upend daily life around the globe, T. Rowe Price remains committed to supporting our associates, clients, and communities. One of the greatest strengths of our culture has always been our associates’ passion and dedication to giving back to those most in need.
“Our associates have a long history of generosity, and the past several months have been no exception,” says Renee Christoff, head of Global Associate Engagement + Corporate Responsibility.
The T. Rowe Price Foundation was quick to respond with a grant of $540,000 to support relief efforts around the globe—and that was just the beginning. From late February through May 31, associates gave a total of $2.5 million (includes company match funds) for relief efforts in our communities.
Associate Giving Around the World
Living and working in one of the first locations to experience the effects of the coronavirus, associates in Hong Kong immediately recognized the need to support their local food bank as it responded to the increased demand for services. Associates created a giving opportunity and rallied around Feeding Hong Kong, raising funds to help provide over 1,500 meals to the vulnerable in the community.
At our Milan office, associates started a partnership with a local nonprofit, Fondazione di Comunità Milano, donating their specially allocated Corporate Responsibility (CR) budget to support its Zumbimbi project. Zumbimbi hosts children between 6 and 14 years old whose parents are in the hospital due to the coronavirus and who don’t have relatives or others who can take care of them.
The team in Milan also spent social time with their clients playing a general knowledge quiz hosted by country head Donato Savatteri, who said, “As T. Rowe Price associates, we extend our core set of values into our local community and among our clients with the desire and the commitment to bring positive change.
“During this terrible pandemic, which created dramatic situations, we immediately looked for opportunities to help. We had the privilege to support the Zumbimbi project as, in this difficult time, children are our hope and our positive change drivers.”
In Australia, AUD 5,000 in immediate assistance was provided to South Sydney High School to purchase internet access for students and desktop resources for teachers. They shared a touching video prepared for the students at the beginning of the crisis. A survey was conducted asking associates how they would like T. Rowe Price to respond locally during the pandemic, and, based on their responses, corporate donations will be made to charities that work in the areas of homelessness, mental health, the isolated elderly, and the prevention of domestic violence.
Our London office hosted a quiz night for associates and encouraged donations to three local charities: National Health Service Charities Together, The Funding Network, and City Harvest. The local CR team also helped The Funding Network raise GBP 25,000 by supporting their small film project, and the London Pride Committee sponsored Digifest, an all-day online festival hosted by LGBT youth charity Mermaids.
In the U.S., each of our locations is supporting multiple community organizations that are addressing the critical needs the coronavirus has created in our communities. From providing meals to health care workers in Colorado Springs, Maryland, New York City, and San Francisco to supporting local food banks and donating to community organizations working to fill the gap left by school closures, our associates are sustaining our firm’s values from their homes.
In an effort to reinforce the passion and dedication our associates have shown, Corporate Responsibility launched the GivingTuesdayNOW campaign on May 5, raising over $43,700 for the community in a single day (including the corporate match). Recognizing that giving and volunteering looks a bit different in a pandemic, associates who supported their communities of neighbors, small businesses, and friends and family through large or small acts of kindness were entered to win $1,000 to support their preferred nonprofit organization. Associates participated by telling their stories on TRPConnects, a social networking website where associates post videos, photos, or personal reflections from their home offices. 10 winners were chosen and supported a wide-range of impactful organizations from education, youth programming, racial justice and hunger relief.
KEYWORDS: NASDAQ:TROW, T. Rowe Price, COVID-19, pandemic, CSR