Future Generation Global’s Expression of Interest for impact partnerships. Find out more in our Frequently Asked Questions below.
What is the Expression of Interest?
In February 2022, Future Generation Global (ASX: FGG) is running an Expression of Interest (EOI) process to establish new partnerships with a group of prevention-focused not-for-profit organisations working to transform mental health and wellbeing with young people.
What does this mean for FGG shareholders and other contributors?
FGG is enormously grateful to its shareholders and pro bono fund managers and service providers for their contribution and enthusiasm for its social investment. In refining our social investment strategy, we remain dedicated to youth mental health and to striving for the best social return for our investment – the best outcomes for young people.
Our model is unchanged, in that we will continue to donate 1.0% of our assets annually towards a range of not-for-profit partners and shareholders will have the opportunity to allocate their portion of the donation annually in August.
With our forward focus on wellbeing and prevention, we will have a number of new partnerships to share with shareholders in August following the conclusion of our Expression of Interest process in the first half of 2022.
Why is FGG changing its social investment strategy?
When we established in 2015, our charity partners proposed particular projects for five years of support from FGG (2016 to 2020). In 2020, conscious of the increasing demand for support from young people and the monumental reform challenges facing the mental health sector and those that support it, we felt compelled to review our strategic focus within youth mental health to ensure we are playing the most useful role we can.
Our observations of the sector suggest the focus on servicing mental health problems will continue as a priority, especially for governments. It opens up the possibility for private sector givers to increase their own impact through finding ways to support organisations working on the next frontier of solutions.
Australia has a long history of philanthropy, pioneering new ways of doing things: Colonial Foundation’s seed funding in 2001 for Prof. Patrick McGorry’s work on early intervention led to global advances in the evidence around efficacy, and subsequent proliferation of early intervention programs for mental health.
More than ever, we’re seeing the chance for considerable change to happen in the wellbeing and prevention space, where initiatives aim to build young people’s resilience and stop mental health issues developing in the first instance. We are excited to continue driving for the best outcomes for young people by supporting partners to build this next frontier of wellbeing and mental ill-health prevention.
Why focus on wellbeing and prevention?
As we see it, our immediate task is to direct our contribution so that it punches above its weight in improving mental health outcomes for young people in the long term. We aim to complement others’ efforts and as private investors, take on risk to accelerate change.
Servicing mental health problems will continue as a priority for governments. We see our greatest opportunity as investing in the next frontier of wellbeing and prevention, aiming to build young people’s resilience and stop mental health issues developing in the first place.
The case for and consensus about the benefits of investing in wellbeing and prevention are overwhelming:
- They have been identified as priorities in national and state policies since the First National Mental Health Plan in 1992. However, the majority of public funding continues to be concentrated on treating mental illness once it has become severe (currently governments spend less than 1% of the mental health budget on prevention)
- Decades of reform in mental healthcare and steady increases in per capita funding have not reduced the prevalence of mental health conditions, which are increasing among young people
- Australia has succeeded in reducing the burden of disease of many health conditions (infectious diseases, cancers, diabetes, heart disease, stroke) by focusing on prevention as well as improving treatments. Primary prevention has largely been neglected in mental health policy and the personal, social and economic impacts of mental ill-health have not decreased in over 25 years
- Treating one individual at a time will not curb the growing burden of mental ill-health
- 70% of young women and 80% of young men who need help do not access treatment services
- There is strong evidence that mental health conditions are not inevitable, and many common conditions can be prevented from occurring, or at least substantially delayed, through a focus on prevention
- Prevention-focused approaches are more cost-effective than treatment approaches
- Investing in wellbeing and prevention of mental ill-health has a positive flow-on effect for a range of services including health care, drug and alcohol services, education, child and family services and the justice system
Sources: Prevention United Consensus Statement, SANE Australia, Everymind
What about FGG’s current partners?
With the support of our valued shareholders and pro bono fund managers and service providers, FGG is enormously proud to have supported a group of leading mental health charities since inception.
Their many achievements and insights generated over the last five years will have ongoing impact for young people, their families, communities and the mental health sector long into the future. Our partners have leveraged our support to raise millions of additional dollars towards their ongoing work in improving youth mental health and preventing suicide. Many have been recognised for advancing the field with significant funding from the Federal and State Governments.
2021 was the fifth and final year of the projects our partners proposed at the beginning of our partnership. In late 2021, FGG provided all current partners an additional year of funding. Current partners whose work aligns with our forward strategy are encouraged to submit an Expression of Interest.
Will this impact my donation voting?
You will be able to allocate your portion of the annual donation to our new Future Generation Global impact partners in our 2022 donation voting. For shareholders who hold over one million shares, you are still able to allocate your donation to any Australian Deductible Gift Recipient.
Can I recommend an organisation for the EOI?
More information is available on our EOI website, including our funding guidelines and eligibility requirements, details on how to apply, as well as key dates and some Frequently Asked Questions. We encourage you to share this website with any organisations that you believe may be interested.
Will Future Generation Australia’s charity partners change?
Currently there are no plans for Future Generation Australia’s charity partners to change.