Chevron Pledges $30M to Global Fund as Part of Corporate Initiative
U.S. energy group Chevron on Monday pledged a $30 million, three-year grant to the Global Fund To Fight AIDS, Tuberculosis and Malaria in an effort to provide corporate support to global health programs, the Financial Times reports. Chevron employees also will provide local assistance to Global Fund-supported programs in six countries in Africa and Asia, according to the Times (Jack, Financial Times, 1/21).
The Chevron grant was announced in conjunction with the launch of the Global Fund Corporate Champions program, which aims to provide global companies with an opportunity to invest in the fight against HIV/AIDS, TB and malaria. Under the program, participating businesses will make contributions to Global Fund programs in countries where they operate, as well as use their employees and other assets to improve health programs (Global Fund release, 1/21).
"This is the biggest single commitment we've made," Chevron Vice-Chair Peter Robertson said, adding, "The Global Fund has got a pretty good record of governance, and this is an opportunity to leverage what we bring with what they bring." According to Global Fund Board Chair Rajat Gupta, who also serves as chair of McKinsey & Company, the organization is in talks with five other corporations. The Global Fund Board this spring also plans to reconsider a ban on in-kind contributions from pharmaceutical companies for drugs and other products.
The Chevron grant was announced ahead of a discussion at the World Economic Forum in Davos, Switzerland, about corporate responsibility, according to the Times (Financial Times. 1/21).