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Peregrine is committed to advancing local communities through socio-economic development and empowerment programs, with a long-term and sustainable focus. The Group has a long-term strategy to empower communities and employees through its empowerment vehicle, Nala, and the three underlying trusts, the Peregrine Educational Trust, the Peregrine Community Development Trust and the Employee Portfolio Investment Trust. In addition to this the Citadel Philanthropy Fund (CPF), has been created as a platform for donor advised funding of community projects.
The CPF creates a platform and opportunity for companies, as well as individuals to allocate SED spend and to contribute to projects that have met all the regulatory and compliance criteria. The CPF encapsulates the Group’s strategic thinking around SED from a broad based and sustainable perspective, utilising resources and skills within the Group to create opportunities for the Group’s client community. From a beneficiaries’ perspective, the CPF enables broader participation and exposure to a variety of projects. The CPF further provides exposure of projects to a wider investment pool and is not limited to the Peregrine Group.
The Group remains committed in the medium to long-term to education, health and community upliftment, which will be more easily attained once Nala has repaid its debt and can distribute the dividends it will receive from Peregrine SA Holdings to its shareholders, the majority of which are the three Trusts mentioned above.
On an annual basis the Group aspires to dedicate 1% of its South African subsidiaries’ net profit after tax to initiatives that benefit societies in which most of its employees reside and operate in. To this end the Group allocated funds to various initiatives as detailed here.
To date the Group’s initiatives have focused on South Africa and particularly favoured education centred projects as the Group concurs with the sentiments expressed by BB King when he said “The beautiful thing about learning is no one can take it away from you”. Beneficiaries and allocation to such beneficiaries are decided upon by the Group SED Forum which comprises representation from Peregrine SA Holdings and all major subsidiaries. The SED Forum has developed a matrix to enable a fair selection of projects and the establishment of this forum has further brought collaboration and extended engagement enabling with passion and commitment the opportunity to share a vision and to make a difference.