Commits Rs 3000 crore in the next 5 years to transformational education and leadership development
The investments will be across existing initiatives and new initiatives of the Shiv Nadar Foundation. This will include VidyaGyan (transforming some of the brightest minds from India's rural heartland into world leaders of tomorrow), SSN Institutions, a top ranked institution in technology and management education; Shiv Nadar University, an international multi-disciplinary university with strong research focus; Shiv Nadar School, a pan-India network of K-12 schools aimed at creating lifelong learners; Kiran Nadar Museum of Art, India’s first and only philanthropic museum of contemporary and modern Indian art and Shiksha, an upcoming initiative in education to eradicate illiteracy. The Shiv Nadar Foundation is one of India’s largest philanthropic institutions and is committed to contributing to nation building by nurturing and developing global leaders of tomorrow through transformational education.
The Foundation also revealed that it had invested over Rs. 1800 crore till March 2013 with an additional expected investment of up to Rs 1220 crore till the end of the current financial year (FY14). The announcement was made today by Shiv Nadar and Roshni Nadar Malhotra on the occasion of the completion of 20 years.
Celebrating the completion of 20 years of its journey, the Foundation also announced the release of its first Annual Report by Shri P Chidambaram, Hon’ble Minister of Finance in the presence of Shri M M Pallam Raju, Minister of Human Resource Development, Shri Montek Singh Ahluwalia, Deputy Chairman, Planning Commission and Shri Sachin Pilot, Minister of State for Corporate Affairs later in the evening. The Shiv Nadar Foundation Annual Report comes with full disclosure and transparency and with the highest governance standards. It includes financials reviewed by Grant Thornton India LLP, a member firm within Grant Thornton International which is one of the world’s leading organizations of independent assurance, tax and advisory firms. The report is reflective of the Foundation’s philosophy that governance and transparency in philanthropy is as critical as in any corporate enterprise and would be vital to create a place for India in the global arena of giving back.
Speaking at the occasion, Shiv Nadar, Founder and Chairman, Shiv Nadar Foundation said, “I firmly believe that philanthropy is most effective and outcome-oriented when you ensure that your pledge actually gets spent. Disclosures further help build an environment of trust and transparency. Good governance is therefore not an added bonus; it is at the heart of what makes philanthropy successful. In its journey of two decades, we have operated on our core values of transparency and robust governance systems. Today the Foundation has achieved significant size and scale and we believe that it is time to formalize our internal systems and processes to enhance both beneficiary and stakeholders impact. The annual report is our first step towards aligning the Foundation with global governance standards in private philanthropy.”
Roshni Nadar Malhotra, Trustee, Shiv Nadar Foundation said, “Our strong conviction in creating institutions that become citadels of leadership development has led the Foundation to adopt the creative philanthropic approach. In the last 20 years of its journey, the Foundation has directly impacted 15,000 students and has created 2000 first generation learners. We believe that these students would become true role models of the country inspiring not just their families and communities but the society at large. We are committing Rs 3000 crore for the next five years towards all Foundation new and expansion of existing activities.”
Pawan K Danwar, Chief Financial Officer, HCL Corporation & Shiv Nadar Foundation said, “It is not enough to merely adopt best practices in philanthropy if governance frameworks do not keep pace. This report brings the financials of the Shiv Nadar Foundation in the most transparent, detailed and simple manner and reflects our commitment to high levels of disclosure, reporting and compliance.”
Rohit Bahadur, Partner, Grant Thornton, said, “Annual reports represent real opportunity for organizations to demonstrate transparency and trust showing how they are governed; what they have achieved and their culture. Grant Thornton conducted a Governance Diagnostic Study for SNF covering Board & Management Committee Structures, Business Ethics & Policies, Compliance Framework, HR Practices, Funds Management and Stakeholder Reporting. I am pleased to share that the Foundation has looked to adopt many of the recommendations and has mirrored the practices of some of the top Charities in the more developed countries. I would like to congratulate the Foundation for championing governance in the unregulated arena of philanthropy and releasing its annual report.”
About Shiv Nadar Foundation
The Shiv Nadar Foundation (www.ShivNadarFoundation.org) has been established by Shiv Nadar, Founder, HCL - a $6.3 billion leading global technology and IT enterprise, with over 90,000 employees across 31 countries. Founded in 1976, HCL is one of India's original IT garage start-ups and offers diverse business aligned technology solutions spanning the entire hardware and software spectrum, to a focused range of industry verticals.
The Foundation is committed to the creation of a more equitable, merit-based society by empowering individuals to bridge the socio-economic divide. To that purpose the Foundation is focused on the underdeveloped disciplinary areas in India related to transformational education, creativity and art.
The Foundation set up the SSN Institutions (www.SSN.edu.in) in 1996, comprising the SSN College of Engineering (already a highly ranked private engineering college in India), in Chennai, Tamil Nadu. The Foundation has also set up VidyaGyan, a residential leadership academy for meritorious rural children, at Bulandshar and Sitapur in Uttar Pradesh. In addition, the Foundation runs the Shiv Nadar University (www.snu.edu.in), an international multi-disciplinary university with strong research orientation located in Greater Noida in India’s National Capital Region and the Shiv Nadar School (www.shivnadarschool.edu.in), a network of progressive urban schools across India aimed to provide children with education that creates lifelong learners. The Foundation has also set up the Kiran Nadar Museum of Art (www.knma.in), India’s largest private philanthropic museum in modern and contemporary art with the vision to take art to the common public.