$20M donated to worthy cause in the region over 16 years
PRESS RELEASE – IN its 16 year history, CIBC FirstCaribbean, through its charitable arm the FirstCaribbeanComTrust Foundation, has donated more than $20M US to worthy causes in the Caribbean.
This was revealed as the foundation welcomed on board a new Chair.
Chief Executive Officer Designate, Colette Delaney, was unanimously elected to chair the foundation’s board of trustees, at a recent meeting of the group in Barbados. That meeting also saw the resignation of current Chair, Gary Brown. Mr. Brown retires from the bank on 31st October 2018.
The outgoing chair noted that the work of the bank’s foundation was one of the more rewarding and enjoyable aspects of his tenure with CIBC FirstCaribbean and added that he relished taking part in the types of projects managed by the foundation, that enriched the communities in which the bank operates.
The FirstCaribbean International ComTrust Foundation was established by the bank in 2003, shortly after the merger that created CIBC FirstCaribbean out of the Caribbean operations of Barclays Bank and CIBC. Established as a registered charity in Barbados, the foundation supports projects in the 17 countries where the bank has a presence, donating not less than $1M US annually.
50% of the funds donated by the foundation goes to pan-Caribbean projects and to support activities under Memoranda of Understanding with various regional institutions, and the remaining 50% is divided among the bank’s various business units for charitable giving in their respective markets.
Among the main regional projects for the foundation are: the Hospital for Sick Children Caribbean Initiative which seeks to improve the diagnosis and care of children in the Caribbean affected by cancer and blood diseases such as Sickle Cell Anaemia; support for young entrepreneurs through the Caribbean Association of Youth Business Programmes; and a long-standing relationship with the University of the West Indies to facilitate research, curriculum development, and scholarships.
The foundation’s flagship programme is its annual Walk for the Cure, which over seven years has contributed over $2M in funds raised in addition to the foundation’s annual budgeted amount, and is specifically for the support of cancer patients around the region.
Of her appointment, Ms. Delaney noted: “to many, charitable giving is an after-thought. To CIBC FirstCaribbean, we consider it to be a key activity on our agenda. Our promise to the region’s governments to give back some of what we earn to help the Caribbean’s people is unwavering. I look forward with great enthusiasm to being able to play my part in shaping the work of the foundation.”
Ms. Delaney’s appointment as chair of the foundation’s Board of Trustees took effect on 4th October; she assumes the role of Chief Executive Officer of CIBC FirstCaribbean on 1st November.