Employee Share Scheme Dividends to Fund NIB Foundation (Helping or Stealing?)
- June 29, 2020
- Posted by: Grace Williams
- Category: Lost Finances
- Funds sourced from lost shareholder dividends, with transfer to nib foundation approved at 2017 Annual General Meeting
- Will be seeking partnerships with local community groups, including Aboriginal Community Controlled Health Organisations and other experts in this field to trial and deliver specific projects
NIB foundation will donate $1 million to help fund programs aimed specifically at ‘closing the gap’ in health and life expectancy outcomes for Aboriginal and Torres Strait Islander peoples.
The Aboriginal Health initiative will provide $1 million in funding over four years, to support a suite of Indigenous-led programs. The aim will be to work with local communities to tackle the current 10-year life expectancy difference between Indigenous and non-Indigenous Australians, and address other significant gaps in health outcomes.
“Through our foundation we will actively look to partner with local community groups including Aboriginal Community Controlled Health Organisations and other experts in this field as we build our understanding of current community needs and best practice responses to then trial and deliver specific projects,” said nib Chairman, Steve Crane.
Mr Crane said the donation had been made possible after changes to nib’s Constitution. In 2017, nib shareholders voted overwhelmingly to allow nib to transfer lost dividends – unclaimed over five years – to nib foundation.
“The change in our Constitution, which we think is a first for corporate Australia, means lost dividends are put to work directly funding charitable organisations or initiatives that support community focused health and wellbeing programs,” he said.
The Aboriginal Health initiative will leverage nib’s existing partnerships, including the Richmond Football Club, and other programs that help young Aboriginal and Torres Strait Islander peoples lead and thrive.
Over the past five years, nib foundation has committed more than $350,000 in grant funding to seven Aboriginal youth mental health and wellbeing initiatives.
nib foundation Executive Officer, Amy Tribe said the foundation is committed to supporting the health and wellbeing of all Australians.
“Our Aboriginal communities experience disproportionate disadvantage compared to non-Indigenous Australians, across education, employment, health and life expectancy,” Mrs Tribe said. “We believe more needs to be done and we feel we have a responsibility to play our part,” she said.
Organisations and community groups working in this space are encouraged to visit nibfoundation.com.au and submit their interest to keep updated on any future funding opportunities.
- Lost Shareholder Dividends:
Lost Dividends are someones money, who has moved, remarried or simply lost touch with their investment with NIB.
- What Efforts has NIB completed:
Unclaimed Money ACT 1995 – Sect 8A states that Enterprises must first make reasonable efforts to ensure owner is paid money.
- As a NIB Shareholder would you be happy:
To give away your money without knowing? The cause is good, but the principal is its not NIB’s money to give away.
- Unclaimed Money Act 1995
Does this mean all enterprises can make their own decisions where unclaimed shares/dividends go? It would seam so.