Q & A (QUESTIONS & ANSWERS)
PROJECT LAUNCH AND MANAGEMENT
Q) When and How do we intend to launch this idea
Immediately. We have already had a “soft launch” with a meeting of the Steering Group Chaired by Fr Marc in October 2019 and followed up shortly thereafter, with a Presentation at College on Friday 22nd November 2019 to the OBA Update Meeting with Warden, Fr Marc Billimoria in the Chair.
We intend to get this Initial Information out to all relevant stakeholders, so they are notified of the formal launch planned for the Royal Thomian Match in March 2020
Q) Who are These relevant Stakeholders?
ALL THOMIANS IN SRI LANKA AND OVERSEAS.
The initial communication will be through the Country / State OBAS and Class Groups and in parallel of course, our Sri Lankan OBA and Class Groups as well.
Q) There are various Strategic & Planning Groups with the OBA & Class Groups looking at initiatives for Funding but may not be on the same scale and coverage proposed.
We will match ideas on a “mutually inclusive basis” but all initiatives will continue independently.
We will jointly review the progress made so far by the various Strategic Planning Groups under Wardens direction. This way we can draw in some ideas from their Plans and strategies that has relevance and will support the principles and objectives of the STC 2020 GFF as well.
Q) How are we taking this Forward from here?
Consequent to this covering approval obtained by Warden from the Board of governors, Warden has set up a Steering Group comprising the following initial members to give “Traction” to the Project Launch – targeted for the March 2020 Royal Thomian match.
|Fr Marc Billimoria||Warden||Chairman|
|Asanka Perera||Sub Warden||Member (Deputy to Warden)|
|Rajkumar Renganathan||Manager||Member (Board of Governors Member)|
|Arasu Saravanamuttu||Member (Founder)|
|Dr Rajan Saravanamuttu||Member (Founder)|
|Dr Pakiasothy Saravanamuttu||Member (Founder)|
|Randil Boteju||Member (Founder)|
|Ishan de Lanerolle||Member (Founder)|
|Senaka de Fonseka||Member|
HOW DO WE SPREAD THIS GOOD NEWS AMONGST ALL THOMIANS?
We have already started with the first meeting of the OBA / Class Groups at the 22nd November 2019 meeting at College. Warden has circulated his year-end Newsletter to give ALL THOMIANS a first notification of this Project and its benefits for College
Q) Is there a more detailed Plan at this stage to spread the Good News
Yes, the Steering Group will work with ALL OBA’s and Class Groups overseas as well as Nationally and co-opt their membership to launch in those countries / states. We will shortly be Appointing the actual National and International Working Group Officials to support the PROJECT LAUNCH plan – to coincide with the 2020 Royal Thomian Match.
Q) Has the Board of Governors been notified of this Project?
Yes, Warden has already tabled the outline Project proposal at a Board of Governors meeting in June 2019 and got an “in-principle approval” to go ahead and keep the Board updated/informed.
FUND TARGET AND FINANCIAL FOCUS
Q) What are the targeted collections planned for this Fund over a 10 Year period?
In Launching the “5 PRINCIPLES FUND” we are TARGETING RS 1.2 BILLION COLLECTIONS OVER 10 YEARS, to provide additional incomes of Rs 10.0 million monthly to college.
Q) How do we channel / collect funds for this STC GFF initiative?
Monthly contributions Nationally and Internationally – by Direct Debit
- Each Thomian to contribute a minimum 5 Units each month (or Qtly or bi-annually as appropriate), to the STC 2020 Global Foundation Fund (GFF), through a Bankers standing Order / Direct Debit
- Contributions in Sri Lanka to be Rs 500.00,
- Contributions in UK L5.00, in US, Canada & Australia – $5.00 and in other international Territories, the equivalent of $5.00 as a monthly contribution
- For Silver and Gold Levels, a higher contribution threshold will be established.
- For Lump Sum Contributions (once off or Endowments), a similar analogy will be applied.
- Consideration of Non Thomian contributors also permitted, as contributors to the 5 Principles Fund, under the STC 2020 GFF Initiative.
Q) Endowment Approach – To consider an Endowment type approach for Families to BEQUEATH Properties (especially close to college), Family Fortunes and / or Inheritances, or other Lump Sum Investments of any Type, to Bolster the STC Global 2020 Fund
GOVERNANCE MODEL & TRUST DEED
Q) How will we have world class Governance applying to this Project
Exactly the same way International companies and Government agencies operate and manage their Businesses – a strict code of conduct incorporated into a Master Trust Deed
Q) As this is to be a Large and Permanent Fund-Raising vehicle, what is the nature and extent of the Governance Model perceived at this stage for this STC 2020 GFF (Global Foundation Fund)
Transparency, Accountability and strict Internationally based Fund Management rules will be incorporated into a robust Master Trust Deed which will be the anchor point for providing Governance and ethical operation of this Funding Vehicle under the STC 2020 GFF
Arittha Wikramanayake (Principal – Nithya Partners, Colombo) will lead and develop all Legal and other matters concerning the Master Trust deed (Umbrella Trust deed) and the relevant sub Trust Deeds for each country / state where collections are being targeted.
Accordingly, a Similar Trust Deed and the same stringent rules of engagement will apply for each Country / State where the STC 2020 GFF will be launched and become Operative.
Q) Can you elaborate on some of these aspects of the International Governance Model Proposed for the STC 2020 GFF.
- Management under a New Steering Group (Directed by Warden), and Independent of BoG, OBA, etc., providing Full Transparency & Accountability
- World Class Mater Trust Deed giving a strong backbone to Governance whilst promoting performance
- Appointment of Internationally Reputed Trustees by Warden and Sub-Warden (Thomians & Others if needed) to supervise, guide and advice National and International Operations
Q) What are the Key Governance issues at “Grass Root level” for the STC 2020 GFF
- Vision and Objectives to be agreed upfront and incorporated into the Master Trust Deed
- Annual, 5 Year & 10 Year “Rolling Plan” all approved and published in advance
- Strategic Objectives incorporated into Master Plan for Financial Sustainability
- Qtly Reporting & International Auditing
- Asset Management by Bankers supporting Global collections as well.
Q) International Banker
To work with a Global Banker (HSBC etc.) to undertake this operation & support College and ensure “reach out” to Thomians overseas. Creation of International Trust Funds (ITF’s) across the Globe in each GEO territory, to facilitate contributions from that country & Qtly remittances to College.
Development of Investment activities that could further sustain profit contributions to college (3/4 Star Hotel complex in Mt Lavinia area, Property acquisitions, etc.), could also be considered as part of the Banking support.
A FIXED AMOUNT MONTHLY