This is where Keppel plans to spend a whopping $50m in 10 years

Cheques worth $6.7m have been released initially.

In a release, Keppel Corporation announced the launch of Keppel Care Foundation Limited (the Foundation), a registered charity under the Charities Act, that will provide assistance for the needy and under-privileged, promote education and encourage eco-friendly mindsets and initiatives.

The Keppel Group of Companies (Keppel) will commit up to S$50 million over the next ten years to the Foundation.

In line with Keppel's key thrusts of Sustaining Growth, Empowering Lives and Nurturing Communities, the Foundation will support organisations which have been conferred Institutions of Public Character status, and reach out to support worthy causes with the following key objectives:

- Advance and improve the well-being of the poor, needy, aged or underprivileged and promote and foster community spirit;
- Advance the cause of education, whether general, professional or technical;
- Promote, foster and support efforts to improve and protect the environment;
- Provide relief from human suffering and improve the standard of human life by the prevention, combating and treatment of sickness and disease.

Former President of the Republic of Singapore, Mr S R Nathan, launched the Keppel Care Foundation today at a fundraising concert to celebrate Keppel Offshore & Marine's 10th anniversary. At the launch, President Nathan also witnessed the presentation of cheques from the Foundation totalling S$6.7 million to three organisations - National University of Singapore (NUS), Singapore University of Technology and Design and Singapore Polytechnic, in support of new and current programmes advancing education and supporting the underprivileged (see Appendix A).

In his speech at the launch of the Foundation, Dr Lee Boon Yang, Chairman of Keppel Corporation, said, "Over the years, the Keppel Group has actively engaged our community in Singapore and abroad where we do business. We have contributed to many charitable activities.

"With the Group's growing businesses and presence around the world, there is a need to sharpen our focus and organise the efforts and contributions to worthy causes. Hence, we decided to establish a foundation to provide a more structured and sustainable framework for the Group's Corporate Social Responsibility work at home and abroad."

The Foundation is governed by a Board comprising founding directors - Dr Lee Boon Yang, Mr Choo Chiau Beng, CEO of Keppel Corporation and Mr Teo Soon Hoe, Senior Executive Director of Keppel Corporation. Mr Chee Jin Kiong, Keppel Corporation's Director of Group Human Resources, will concurrently helm the Foundation as its Chief Executive Officer.

Held at the NUS University Cultural Centre, the fundraising concert was put together by Keppel employees from various business units in the Keppel Group in aid of the Straits Times Pocket Money Fund and the Association for Persons with Special Needs.