Legal and General: Developing long-term strategic charity partnerships

Legal & General’s (L&G) approach to charitable giving has changed during the last few years. The increased spend in this year’s report in part reflects that change in approach, which sees L&G focusing greater resources on fewer strategic initiatives.

Historically, L&G’s approach to giving was based on empowering employees to give to causes they care about. The events of the pandemic gave L&G an opportunity to review its approach, which led to the company placing more emphasis on developing long term strategic partnerships to support specific outcomes (for example, health care, through a long-term partnership with the University of Edinburgh which looked at the interaction of longevity and mortality risks). But alongside that, L&G wanted to build on its legacy of employee giving focusing that activity on supporting local or small charities who had been impacted by the pandemic through a special pandemic fund.

In the wake of the crisis, L&G re-examined its overall sustainability strategy. This was an opportunity to map where there were gaps in the company’s provision from a social impact perspective and align its not-for-profit partnerships to complement the Group’s commercial objectives.
Jack Roper, Group Head of Sustainability, remarked:

“The role L&G plays in society means we’re often purpose-led in what we do commercially. The sustainability strategy review in 2022 was a case of applying the same strategic structure and rigour in the development of the strategy to our selection of charitable and philanthropic endeavours’. 

The new strategy has given L&G criteria for articulating the value and impact of their partnerships, which has resulted in additional spend to drive outcomes which are better aligned with the commercial objectives of the Group. During 2024 and 2025, in the light of an updated commercial strategy announced to the market, further work will be done to define focus for the years to come.  

The culture of giving at L&G is strong and employee led. While the company has social outcomes it wants to drive, it also knows that employees, too, know what is needed in their communities. Jack says: “There is something about the culture at L&G which means people want come and work here not only for a fulfilling and rewarding career but also because they want to work for a purposeful business which seeks, where it can, to create social and environmental good.”

Looking to the future, L&G has already announced a new grant making programme focused on Health Equity. It’s also looking to launch new partnerships in 2025, taking into consideration the refreshed commercial strategy.

L&G has an established programme which is constantly evolving and adapting to the needs of communities, the business itself and employees. If Jack were to provide advice to somebody who is about to shape a new programme he would say:

“It is essential that you are clear on what it is you are looking to achieve and how it fits with the good your company is trying to deliver in the world. It is also important to take advice from the people who are in the know, whether that’s from the third sector, independent experts, or your peers. Be certain that you bring the business on the journey with you by being clear about how not-for-profit partnerships can reinforce the business’s mission. And finally, be brave enough to take risks: when you’re making decisions in good faith, and with clear and aligned intentions, sometimes the final piece of the puzzle is to take a leap of faith.”