Gore Mutual Foundation’s Grants Make $42 Million Impact
This year is the 20th anniversary of the Gore Mutual Foundation. To mark the milestone, we decided to measure the impact of our giving over the past two decades.
“This year, to celebrate the 20th anniversary of the Gore Mutual Foundation, we wanted to do something different,” says Heidi Sevcik, President and CEO of Gore Mutual. “We decided to examine the impact of our giving by measuring the social return of our investments for the past 20 years. By identifying and addressing the social problems that intersect our business, we can focus our efforts on creating shared value and addressing important community issues.”
Social return on investment is an approach to understanding the social, environmental and economic influence of capital investments in communities using monetary values to demonstrate impact. The research done shows that our social return on investment for the past 20 years is $42 million.
“We have learned that our charitable grants have yielded on average a $5 return in social good for every $1 we’ve invested,” says Igor Bubic, Director of Marketing and Communications at Gore Mutual. “That places us above the national average of $2, according to figures from external evidence-based research.”
Determining our social return on investment allows us to understand the real impact of our charitable dollars. It also allows us to better focus our future investments in areas where we know it’ll make a real, lasting difference.
As Canada’s oldest P&C insurance company, we have a long history of giving. During the past 179 years, we’ve provided funds to support Canadian efforts in both the First and Second World Wars and we’ve also given grants to countless initiatives ranging from hospitals to various municipal and community services and projects. In 1998, we formalized our giving by creating the Gore Mutual Foundation which supports youth education, community sustainability and environmental safety. We also support initiatives that are important to our broker partners through dollar-matching incentives within our three charitable categories.
“The ethics and values of our business have informed how we operate our foundation and not the other way around,” says Farouk Ahamed, Chair of the Board at Gore Mutual. “It is intrinsically authentic and unique to us as a modern mutual insurance company.”
Next year represents Gore Mutual’s 180th year in business. Stay tuned for more exciting news about how we plan to celebrate this accomplishment through our foundation.