Decision will come as other key sponsors and donors move absent from WE and in some circumstances forever halt all payments to the firm
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Jul 28, 2020 • • 2 minute examine
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A single of WE Charity’s major supporters, Royal Lender of Canada, confirmed to the Monetary Submit Tuesday that it’s ending its prolonged-standing affiliation with the WE group, after paying out approximately a week “reassessing” its ties to the embattled charity.
The decision will come as other key sponsors and donors to WE Charity these kinds of as KPMG Canada LLP, Telus Corp. and Virgin Atlantic Airways have moved away from WE, in some situations completely halting all payments to the firm.
“After examining our partnership, RBC and WE Charity have reached a mutual arrangement to close all sponsorship and donation programming,” said a assertion from the financial institution. “Enabling youth remains a critical priority for RBC in our motivation to assisting communities prosper. We proceed to concentration on chances that assist youth establish skills, gain do the job experience, and more very easily entry mental well-remaining expert services by way of our wide programming and RBC-developed methods.”
The bank’s ties to WE Charity go back again several years.
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RBC Foundation was 1 of the major annual charity donors to WE Charity, contributing about $two million considering that 2015, in accordance to Canada Income Company filings. RBC also sponsors the WE RBC Digital Visa Debit card, donating a specific quantity to WE every time a person makes an online transaction using the card.
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Past year, RBC CEO David McKay served as co-chairman of a WE Day party in Toronto, and the bank’s chief administrative officer, Jennifer Tory, was stated as just one of 5 significant donors to the WE Worldwide Learning Centre, the charity’s $30 million flagship headquarters in downtown Toronto.
Soon after reviewing our partnership, RBC and WE Charity have arrived at a mutual settlement to end all sponsorship and donation programming
In the span of a week, the charity has dropped some of its most well known donors and sponsors. Virgin Atlantic Airways halted payments to the charity right after contributing additional than $10 million in excess of the earlier decade. Telus, which along with RBC has been a single of the major sponsors of the now-defunct WE Working day events, also dropped its multi-12 months sponsorship to WE, one that has seen it give more than $20 million to the corporation considering the fact that 2007.
While WE Charity owns tens of tens of millions of dollars in real estate in a reserve fund that can be employed by the charity in times of disaster, its most significant source of income continues to be donations and sponsorships. The charity’s monetary statements exhibit that it been given $46 million in donations and sponsorships for the fiscal year ending Aug. 31, 2019 — two thirds of its revenue.
Later Tuesday, WE co-founders Craig and Marc Kielburger will testify in front of the Household Finance Committee about their function in securing a $900-million contract from the Liberal federal government to administer the now-cancelled Canada University student Assistance Grant application. Primary Minister Justin Trudeau and his prime aide, main of staff Katie Telford, will look in front of the committee on Thursday, to reply thoughts about the offer.