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Innovative share scheme applauded

Media Release
For Immediate Release

13 July 2006

Innovative share scheme applauded

The launch of Shares for Good, New Zealand’s first share donation programme for charitable organisations, will create a welcome alternative funding opportunity for many Tangata Whenua, community and voluntary sector groups.

The scheme, announced by Goldman Sachs JB Were, will allow small, unmarketable share parcels to be donated to Shares for Good. The programme will collect individual company shares until there are enough to create a marketable parcel, which will then be sold. Proceeds will go to registered New Zealand charities.

“Forward-thinking initiatives like this help alleviate some of the funding and sustainability problems faced by many Tangata Whenua, community and voluntary sector organisations. Alternative funding sources are always welcomed by organisations in the sector, as are schemes which promote generosity and giving,” says Claire Szabo, CEO of the National Association of ESOL Home Tutors Scheme.

Many organisations only receive part-funding for the vital services they provide to the community, which can be unsustainable over a long period of time. Alternative sources of funding are crucial to organisations’ ability to not only deliver services effectively but also to build their capacity for the future.

“Tangata Whenua, community and voluntary sector groups deliver exceptional value for money and provide vital services that would be difficult to replace. By donating to schemes like Shares for Good individuals can make a direct contribution to their communities by donating small share parcels that would be expensive for them to sell otherwise,” says Andrea Goble, Chief Executive of Social Services Waikato.

“We always encourage and celebrate the act of giving – no matter the size of the donation. The establishment of Shares for Good reinforces the fact that philanthropy is not just for the rich. All levels of giving make a valuable contribution to our communities and innovative methods of giving such as this should be encouraged,” says Robyn Scott, Executive Director of Philanthropy New Zealand.


ENDS

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