Telus Corp. (TSX:T) is set to announce Friday afternoon (October 19) it’s donating $120 million to charity in a bid to help vulnerable youth.
The nine-digit donation is part of the launch of the Telus Friendly Future Foundation, which aims to assist young people in need through its own Telus community boards.
The Vancouver-based telecom giant says it’s the largest donation made by a publicly traded company in Canada and one of the largest on record in North America.
“At Telus, we believe that the challenges faced by vulnerable Canadian youth are unacceptable, which is why we are increasing our support of this important group,” CEO and president Darren Entwistle said in a statement
“The Telus Friendly Future Foundation enables even the smallest grassroots charities that are on the front lines in our communities — yet are often overlooked by large corporate donors — to receive funding grants that will be used to help young Canadians build digital literacy skills, provide basic healthcare and mental health support to the homeless, and open up essential educational opportunities.”
The Telus community boards are based in 18 communities in Canada, Asia, Europe and Latin America.
Since 2005, the boards have given $72 million to registered charities operating within those communities.
Entwistle said over the past two decades Telus and its employees have contributed more than $1 billion through $530 million in financial support and 1.21 million days of volunteerism.
“Working with the Telus Community Boards, the Foundation will help to remove barriers and connect our most vulnerable citizens to the resources they need,” he said.