On 2 June, Sage launched the Sage Foundation which ‘sets the standard for Corporate Compassionate Capitalism around the world’, according to the press release.
Each of Sage’s 14,000 employees will be able to contribute five days per year in work time to volunteer with any non-profit organization they elect to support. The Sage Foundation will also give grants to create entrepreneurial opportunities for the young and disadvantaged within communities, as well as grants to match employee charitable donations and fundraising.
The Sage Foundation has created a model of ‘2+2+2’: donating 2 per cent of employee time each year (5 days), 2 per cent of free cash flow* and 2 of Sage’s smart technology products for any charity, social enterprise or non-profit organization. This model demonstrates Sage’s commitment to philanthropic leadership in the FTSE 100. Driven by Sage’s ambition to connect its customers, colleagues and communities within an integrated model, the Sage Foundation will be open for business globally from 1 October 2015.
* The Sage Foundation will benefit from Sage revenues from the non-profit sector; notionally ‘2 per cent’ of free cash flow is equivalent to revenue gained from the non-profit sector in FY2014.