Westpac launches new charitable initiative for shareholders - the Westpac Dividend Donation Plan
13 December 2012
Westpac today launched a major charitable initiative enabling its shareholders to donate a percentage of their dividends that will benefit hundreds of charitable organisations across Australia.
Westpac hopes that over time millions of dollars will be raised for the most disadvantaged members of the community.
Westpac Chairman, Lindsay Maxsted, said: “With more than 560,000 shareholders the power of one shouldn’t be underestimated. If shareholders choose to donate even 1% of their dividends, together they can make a significant difference to people’s lives.”
Details of the plan, which will operate from the issue of the interim dividend in July 2013, will be sent to shareholders next week. Shareholders who wish to participate just have to specify what percentage of each dividend per share they would like to donate and it is automatically deducted.
Donations over $2 are tax deductible and shareholders will retain any available franking credits.
“Westpac is focused on providing a good return to our shareholders, most of whom are Australian. We understand many of our shareholders already donate generously to charities but we are pleased to offer this additional and alternative avenue for them to contribute to the community,” Mr Maxsted said.
Money raised will benefit hundreds of charities and grass roots organisations supported by the following charitable funds:
- Westpac Foundation – supporting entrepreneurial solutions that tackle major issues such as poverty, homelessness, mental health, long-term unemployment and living with disability
- St.George Foundation – helping small community organisations assisting children who are physically, socially or economically disadvantaged
- Bank of Melbourne Neighbourhood Fund – giving local charities the means to solve community problems at grassroots levels
- BankSA & Staff Charitable Fund – supporting communities in need in South Australia and the Northern Territory.