To ensure that Richemont’s community investment activity provides optimum benefit for Richemont and wider society.
Richemont and its Maisons seek to contribute to the health, well-being and sustainable economic development of the wider community.
Globally, our customers increasingly expect companies to support social and environmental causes in imaginative ways.
Locally, we depend on the communities around many of our manufacturing plants. Some communities depend on us as a source of employment and tax revenue.
The Group’s approach to community activities is set out in our Corporate Social Responsibility Guidelines. These guidelines provide a framework within which Maisons can select appropriate activities to support. Our Maisons and employees have a long history of supporting a wide range of charitable causes. Similarly, our Maisons embody the essence of arts and crafts and benefit from operating in societies that are culturally rich.
The four broad areas in which we contribute are:
- Charitable involvement;
- Sponsorship activities;
- Fostering new talent by way of training programmes, including apprenticeships;
- Responsible citizenship, e.g. through the payment of local and national taxes.
This year our total community spend was € 22 million (prior year: € 17 million). This equates to 0.9 % of our profit before tax (prior year: 0.7 %). Over 95 % of community spend takes the form of cash donations. The remainder is in the form of donated products and charitable events. The deployment of additional reporting tools during the year has enabled the Maisons to have, for the first time, a consolidated view of their worldwide donations.
The largest single beneficiary of community investments is Fondation Cartier pour l’art contemporain, with arts and museums being among the most important beneficiaries (see ‘Charitable involvement’ section). Other beneficiaries include charities concerned with healthcare, sanitation, women’s welfare and children’s sports.
The Group has not invested in infrastructure projects nor provided services which help the wider community in the areas in which it operates: such projects are financed through the tax contributions by our operating companies. Richemont does not seek to influence public policy through the charitable donations it makes. Due to the relatively small scale of operations associated with the manufacture of high quality goods in Western Europe, no assessments of the impact on communities of entering and operating are carried out.
Examples of our commitment to local employment are addressed in the Employees section of this report. Examples of how Richemont is supporting the local communities in which it operates, from Switzerland to China, are in the case studies section of this report.
As a Group, we continue to review the systems we use to gather information about charitable activities and other community investments. The year ahead will see the implementation of metrics and reporting tools better suited to the Group’s level of donations. We expect those tools to follow the recommendations of LBG (formerly the London Benchmarking Group).
In the year ahead, linked to the CSR three-year plan, Richemont will communicate its policies internally and support them with a ‘community investment toolkit’. The Group will encourage and monitor employee engagement, including volunteering, at its Maisons and shared service platforms as appropriate.