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Suncor Energy Inc
Symbol SU
Shares Issued 1,293,177,274
Close 2024-01-09 C$ 43.81
Market Cap C$ 56,654,096,374
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Globe says Suncor's boss gets that Scrooge feeling

2024-01-10 08:45 ET - In the News

The Globe and Mail reports in its Wednesday edition that the philanthropic arm of Suncor Energy is dialling back its support to non-profits. The Globe's Emma Graney writes that when Rich Kruger took the reins of the company in April, he said Suncor needed to clarify and simplify its operations, and return to its roots as an oil company that focuses on the business of low-cost production and profits. The Suncor Energy Foundation (SEF), which celebrated its 25th anniversary last year, contributed $17.8-million to almost 100 non-profit and charitable organizations in 2022. Its focus was on communities where employees work and live, indigenous organizations and what it calls "social innovation" initiatives, which change society's actions and beliefs over the long term. That is set to change, according to an e-mail the foundation sent on Tuesday to organizations that have received funding in the past. "If we're honest with ourselves, we know SEF has a habit of trying to do too much," the foundation wrote. News of the cuts was both unexpected and worrisome for Eric Campbell, executive director of the Clean Economy Fund, an Ontario-based environmental charity. Mr. Campbell fears his group's climate work will be defunded.

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