TCO budgets approximately $1 million annually for Community Investment Program (CIP). TCO has recently updated the CIP to more closely align with the needs and goals of our community and business.
TCO's CIP Strategy
Considering the results of the social baseline, the CIC created a strategic framework that linked TCO business objectives and TCO socio-economic objectives, while at the same time being solidly grounded in community needs and priorities. TCO developed the following vision and focus areas.
We continue to be dedicated to adding value to the communities in which we operate. In this slight modification, we streamlined our focus areas for investment, emphasized a partnership approach and added the same vigor to planning, executing and measuring community investment that we use in other areas of our business.
TCO follows a partnership model for community investments. Public-private partnerships (PPP) bring together business, local institutions, government, non-governmental organizations (NGOs) and development agencies via shared missions, desired outcomes and accountability. In these collaborative relationships, partners plan jointly, share resources and share risks and rewards. The partnerships provide opportunities to build social capital and capacity. Most importantly, PPP investment is more likely to result in sustainable solutions that improve the local socio-economic environment.
TCO new community investment monitoring, evaluation and reporting system ensures that the company maximizes development benefits for our host communities while investing in ways relevant to our business needs. Monitoring involves the systematic and consistent collection of relevant data and information at regular intervals to measure project or program progress and partner performance.
Evaluation involves the systematic, objective and transparent appraisal of a partner or specific project or program design, results and effectiveness at a given point in time. Reporting provides regular feedback on the progress, problems, successes and lessons learned of project or program implementation.