Silicon Valley Bank (SVB), a subsidiary of SVB Financial Group and a US-based innovation economy bank. SVB is a corporate tenant of Embassy REIT and has partnered and invested in various community development initiatives under the REIT’s Corporate Connect Program. Since the 1st Wave of the COVID 19 pandemic, SVB has invested over Rs. 7.5 crores towards the community COVID relief efforts and public-private partnerships identified by Embassy REIT. This financial assistance is in continuation of SVB’s comprehensive suite of CSR programs to ensure food security, rehabilitation and support for the underprivileged. Dimple Martin – Associate Director – Workplace Services & CSR Lead, India shares details with India CSR on various CSR programs and Community COVID-19 efforts. Excerpts of an interview:
What are some key challenges that you face as the CSR Lead—internally while strategizing and externally while implementing the programs?
The pandemic has restructured the priorities of CSR at SVB. The critical circumstances of the pandemic have demanded urgent action that can be very tactical. What ensues is the planning of activities and initiatives, while dealing with acute supply chain disruptions, logistic hassles, lockdown restrictions, etc.
While being involved in critical and urgent COVID-related CSR, the focus on our long-term CSR programs, especially in the spectrums of DE&I, education, environmental sustainability measures, community upliftment programs, etc., have taken a slight backseat, though they are just as important as our COVID-response CSR programs.
Another challenge is that our pool of CSR causes is constantly expanding, as the ‘SVB in the Community’ team is primarily employee-driven. Strategizing to choose the most deserving and impactful ones is often a debate. All of SVB’s CSR initiatives also have to undergo a stringent due diligence process, as well.
Tell us about some of the covid-19 relief activities undertaken by SVB?
SVB has donated over INR 8.5 crores for COVID-relief in Bangalore and Tamil Nadu. This includes investments in healthcare infrastructure with the donation of oxygen plants, concentrators, ventilators, lab equipment, ambulance, etc., worth over INR 3 crores.
Front line support with the donation of PPEs and Endurance Kits to healthcare workers, police and traffic police, janitorial and housekeeping support staff, etc., worth over INR 3 crores. We have also invested Rs. 75 lakhs for community vaccination efforts.
Apart from these, meals and rations distributions have also been undertaken independently and in collaboration with partner organizations.
How has SVB been contributing to the uplifting of communities around its workplace in Bangalore?
The investments made by SVB in healthcare infrastructure are specifically designed to cater to vulnerable communities affected by the pandemic and to also provide healthcare stability in the long term in these geographical pockets.
In addition, SVB has also donated Endurance Kits containing PPEs and nutrition bars, worth INR 31 lakhs, to all the support staff at Embassy Manyata Business Park, Nagavara, Bangalore, where SVB is an occupier.
How did Embassy REITs corporate connect program helped SVB in creating civic awareness and providing covid-19 relief in Karnataka?
The association of SVB with Embassy REIT goes back a long way but has come to significant prominence in the pandemic. During the first wave, SVB partnered with Embassy REIT to donate rations and essentials to school students and their families. In the second wave, Embassy REIT presented SVB with a few opportunities to engage with healthcare donations and frontline support.
In the long term, SVB is also planning to partner with Embassy REIT with their impactful social outreach initiatives for community development that align with the values of SVB.
What has been your CSR spend per employee and how have you managed to align that?
As of Aug 2021, the ratio of CSR spend against the headcount at SVB India is INR 1,01,090 per employee – significantly higher than industry standards.
Considering that SVB is an LLP entity, the statutory obligation of CSR does not apply to the organization. However, as an organization, we have always been actively involved in community service.
How has CSR planning impacted due to covid-19 do you see an increased focus towards campaigns directed to covid-19 bound activities?
The pandemic has brought in a quantum shift in CSR planning at SVB. The ‘SVB in the Community’ team is extremely cognizant of the circumstances and the ground realities of the pandemic and is being agile, adaptive, and responsive to urgent and pressing needs, directed towards COVID-relief efforts.
For employee-participative CSR efforts, SVB has been exploring virtual volunteering opportunities, to ensure employee safety. In addition, all CSR activities have been planned and executed based on logistic constraints brought about by the pandemic.
Highlight some campaigns by SVB which have had a major impact on the lives of the beneficiaries.
All of SVB’s efforts for community COVID-relief efforts have been very impactful for the beneficiaries. Especially, the donations of PPEs and Endurance Kits have perpetuated safety and wellbeing directly among frontline workers – our COVID warriors.
In addition, SVB has also been sponsoring education and medical expenses of individuals in dire need. Notable investments include fees paid for students, surgery expenses for a road accident survivor and medical treatment for a brain stroke patient.
What will be the focus of SVB’s CSR activities for 2022?
The focus will largely be dependent on the social and environmental conditions of the communities we serve.
As part of SVB’s global Sustainability Charter, there are 17 Sustainable Development Goals. India’s Sustainability Charter emulates the global goals in essence but is customised to local needs, ground realities, focus areas and objectives, in the areas of environmental conservation, education, DE&I, etc. As an organization, we strive to find ways to personally engage employees in day-to-day sustainability efforts. From ensuring that we perpetuate a culture of the minimum food and water wastage to hosting fun challenges for energy conservation, recycling, waste management, etc., to regular awareness and briefing programs on ESG – a socially conscious and responsible behavior is embedded into the culture of the organization.
