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New strategic direction for community Trust

Media Release
Monday 17 July

New strategic direction for community Trust
as ASB reaffirms support

Australasia's biggest philanthropic organisation, the ASB Trusts are undergoing a change in direction with a new name, logo and grants strategy. Its founding partner of 18 years, ASB is strengthening its commitment to the community through the Trust to help the Trust to achieve its new direction.

From today the ASB Trusts becomes the ASB Community Trust, Te Kaitiaki Putea o Tamaki o Tai Tokerau ("the guardian of the pool of money for Auckland and Northland). The new composition amalgamates a billion dollars of investment assets into one trust fund which will continue to make grants of $55m a year to Auckland/Northland regions' not-for-profit organisations.

ASB's renewed support together with the new Trust logo and name are all part of a shift in strategic direction for the Trust. Prime Minister Helen Clark will officially launch the Trust's new name and logo at a special function at the Auckland War Memorial Museum tonight where the ASB Community Trust makes its first major grant: $2.5million to complete the Museum's Atrium.

ASB Community Trust CEO Jennifer Gill says its time for the Trust to change its focus.

"Traditionally, the ASB Trust has been seen as the place to go when you have a major building project to fund, or land to buy. Since 1988 we have been a major player in building regional infrastructure, having made more than 11,600 grants, 66 of them over a million dollars.

"While we will still fund major projects, we want to make sure our grants work for the sustainability of the organisations inside the buildings, as well as the external structure. This means ensuring they have the best organisational structure possible to grow their business.

"Trustees and staff have begun to actively identify problems facing the region, such as educational achievement levels in low-decile schools, and look for partners who can help fix them.

"ASB has been a big part of our heritage and now forms an important part of our future direction. Although the Trust and its decisions are entirely independent of the Bank, ASB's significant investment in our future demonstrates their commitment to these communities."

ASB Chairman Gary Judd says Trusts like this are an important part to communities around New Zealand.

"ASB Community Trust is an understated but essential organisation that has helped stitch together much of the fabric that makes up the Auckland and Northland regions.

Few people know that it granted millions of dollars to crucial services such as St Joseph's Mercy Hospice, or gave significant assistance to the Waitangi National Trust.

"The ASB Trust has evolved from a proud tradition of philanthropy, started by one of ASB's founders, Sir John Logan Campbell in the 1800's. From its earliest days the bank made grants to projects that were to become Auckland icons such as the Auckland Museum and the recently renamed ASB Showgrounds. We're delighted to be able to make more of difference to the ASB Community Trust's day to day operations. It's new focus will provide much needed support in the Auckland and Northland regions."

Released on behalf of ASB and the ASB Community Trust by Network PRBackground on the ASB Community Trust:

- The ASB Trust's investments, worth $1 billion, make it the sixth biggest investment fund in New Zealand and the biggest philanthropic organisation in Australasia.

- It is part of a family of community trusts around the country which, together, are worth $2.5 billion and make grants worth more than $100m a year.

- Annual grant values have grown from $13.5m in 1989 to $55m today. The total value of grants is now $516m

- Grants are made every month (except January). They average $5m a month.

- Any not-for-profit organisation in Auckland and Northland can apply for a grant.

- Through the ASB Trust's grants, ASB has helped change the communities of Auckland and Northland. ASB Trust grants include:

- Auckland War Memorial Museum - $18 m
- Telstra Clear Pacific Events Centre - $7.7m
- New Theatre Initiative - $2m
- Waitangi National Trust - $7m
- Chelsea Park Trust - $6m
- Auckland Art Gallery - $6.5m
- The Millennium Institute of Sport and Health - $5.6m.
- Eden Park Trust Board - $4.4m
- Auckland Philharmonia Orchestra - $2m
- Waitakere Trusts Stadium - $3.5m
- North Harbour Stadium - $2.4m
- MOTAT - $2.5m
- Te Araroa Walkway - $1.8m
- Spirit of Adventure - $7m
- Motu Kaikoura Restoration Society - $3m

ENDS

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