THE SOCIAL CAPITALISM COMPANY
As the leading social capitalism company, we are using our technology to resolve critical economic inequities facing Canadians and to address our most pressing social challenges.
THE SOCIAL CAPITALISM COMPANY
TELUS, your Company, leads the world in respect of social capitalism. Companies that embrace social capitalism do so by using their core business to serve a greater social purpose that benefits all of their stakeholders, from shareholders and customers to our most vulnerable citizens. At TELUS, social capitalism is not supplemental to our strategy, but rather the central thesis of what we do, why we do it and what we stand for as a culture. The value we create for our stakeholders is a direct result of our collective focus on putting our communities first in our hearts, minds and actions.
Inspired by our passionate social purpose, the TELUS team is helping to improve the social, economic and health outcomes of Canadians and simultaneously driving value for our shareholders. As we work to change the paradigm on health, education, the environment and social inequities, we are creating a friendlier future – one where technology breaks down barriers, keeps us safe and empowers us all to achieve our full potential.
We know that technology is a great equalizer, but only if we all have access to it equally. Unequal access to technology is exacerbating the unacceptable social barriers facing Canadians: 40 per cent of low-income families lack consistent Internet access, putting kids at risk of falling behind in school; 350,000 young people are in government care, often experiencing an isolating transition to adulthood, unable to participate in our digital world; and 35,000 Canadians are homeless on any given night, many disconnected from the basic right in Canada to healthcare.
Our TELUS team has stepped up to address these pressing social issues, making unprecedented investments in technology to bridge geographic and socio-economic divides and support more vibrant and sustainable communities. Indeed, since 2000 your Company has invested $175 billion to connect Canadians to the people, resources and information that make their lives better. Moreover, TELUS has an enviable track record of rolling out new technology and infrastructure to the breadth of our Canadian population, enabling a symmetrical urban and rural experience, ensuring all citizens have access to the digital tools to drive improved health, social and economic outcomes in their communities.
These investments are helping to remedy many of the critical inequities facing Canadians through solutions like TELUS’ portfolio of Connecting for Good initiatives. Our life-changing programs provide TELUS-subsidized access to the technologies that underpin the success of so many Canadians at risk of being left behind in our increasingly digital society.
Notably, TELUS Internet for Good offers 50,000 low-income families access to low-cost, high-speed Internet service and a computer, free online music education programming from The Royal Conservatory, as well as digital literacy training and TELUS Wise support to help them participate safely in our digital world. These resources will connect underserved families to their community and to the tools that characterize today’s learning experience. Internet for Good will provide children with opportunities such as learning a new language online, taking virtual journeys to see the Wonders of the World or learning how to play an instrument – all from the comfort of their home. We will not rest until we reach every single one of the 40 per cent of families in Canada who are lacking this fundamental resource and until all children have the same access to digital resources, social connections and educational information as their classmates.
Through TELUS Mobility for Good, today, we are offering 10,000 young people aging out of foster care a free smartphone and data plan for two years. This program is empowering vulnerable youth with a vital lifeline to the tools needed to stay in touch with social workers offering support; to contact prospective employers, post-secondary institutions and healthcare providers; to access educational mobile apps and websites; and to remain connected with friends through their social networks. We will not rest until every one of the 350,000 young people currently in government care is able to begin their independent life feeling safer, more confident and connected, and better prepared for their future.
Lastly, TELUS Health for Good is removing many of the barriers Canadians living on the streets face in receiving medical care and re-connecting thousands of patients to the public healthcare system. TELUS mobile health clinics provide essential primary medical care, including electronic health records, to these marginalized Canadians, generating 11,500 patient visits since the program’s inception in 2014. We will not rest until all 35,000 of these at-risk Canadians have access to the health and social care they need and deserve, including vital support for mental health. I am positive that the “universal” in healthcare is supposed to mean all of our citizens, not just those of us lucky enough to have an address.
Connecting for Good
invested to connect Canadians since 2000
low-income families offered access to low-cost high-speed Internet
young people aging out of foster care offered a free smartphone and data plan for two years
patient visits to our mobile health clinics since 2014
Whilst connecting to technology is an essential part of our daily lives, resolving inequities through programs like Connecting for Good can only be considered successful if that technology is also being used responsibly. Unfortunately, this is not always the case. At TELUS, we understand the power of technology and all the good it can help us achieve. We also understand that technology has the potential to enable negative and cruel behaviour, such as cyberbullying and the subsequent anguish it can cause our families. Heartbreakingly, more than one million kids are cyberbullied each month, sometimes with tragic repercussions. This statistic represents an unacceptable and devastating reality that demands action.
Indeed, we are holding ourselves responsible for helping address this major social issue. By way of our TELUS Wise program, we are encouraging young Canadians to become digital citizens, whilst simultaneously protecting our youth online. Through TELUS Wise, we have engaged with more than seven million Canadians, providing the tools and knowledge to stay safe online. Moreover, as part of our mission to #EndBullying, in 2018, we motivated 1.7 million Canadians to take our TELUS Wise digital pledge and join us in rising above cyberbullying. Together, with the support of Canadians from coast to coast, we will not consider our efforts successful until every young person can safely engage online and the nefarious practice of cyberbullying has been eradicated for good.
At TELUS, we know there is much more that needs to be done. We want to also keep our kids safe online by stopping negative feelings before they start and by promoting happiness, kindness and respect in both the virtual and real worlds. In this regard, we recently introduced our TELUS Wise Happiness workshops. Our TELUS Wise ambassadors are providing young Canadians with valuable tools to help them cope with negative online behaviour, encouraging them to focus on the positive and productive aspects of our digital society. Happiness workshops are one more way we are helping youth across Canada realise their potential and navigate our digital world successfully.
Canadians are standing with us as we look to create a more positive, friendly world online. Help make our digital space safer by taking the TELUS Wise Digital Pledge.
Investing in leading-edge technology is imperative to prevent the next pandemic, preserve our planet and deliver on the promise of a thriving digital economy. In this regard, your Company’s technology innovation is addressing one of the most pressing social issues of our lifetime: healthcare effectiveness and efficiency. Indeed, with as much as half of all provincial budgets being invested into healthcare, Canada’s spending is one of the highest in the world and growing due to our aging population and the prevalence of chronic diseases.
At TELUS, we believe that by building a primary healthcare ecosystem that places the patient at the centre, we can deliver better health outcomes for our fellow Canadians, for less money spent. Importantly, using technology, we can also shift the focus from the remediation of disease to the prevention of illness. In this regard, our technology innovations are enabling better access to vital healthcare information leveraging our broadband wireless and fibre networks that are the best in the world in respect of speed, coverage and quality. By way of example, we are the leading provider of the electronic medical records that are helping physicians and pharmacists provide better care across the healthcare continuum, through secure access to patient files that detail medical history and ensure continuity of care.
TELUS is also focusing our innovation on improving the flow of information in the primary healthcare sector. Our ePrescribe technology is evolving our health system away from handwritten prescriptions and reducing the associated errors and sad outcomes they can entail. The digitization of prescription fulfilment not only leads to improved medication adherence but will also help to track medication misuse, which is critical in the battle against opioid addiction. In this regard, complementing the efforts of our Health for Good mobile health clinics, we are bringing critical insight into the opioid crisis plaguing our communities by means of a TELUS Health Original documentary, Painkiller: Inside the Opioid Crisis. This enlightening video, which has already been viewed one million times, strives to raise awareness about this heartbreaking social tragedy and, ultimately, save lives through education. This documentary is available through our unique TELUS Healthy Living Network, which provides customers with hundreds of curated health-themed programs through TELUS Optik on Demand.
TELUS is driving employer-based support of health and wellness as a major thrust in answering the national healthcare burden. Employers can play a significant role in optimizing the health of their teams, leading to reduced absenteeism and elevated employee engagement that will, in turn, drive any organization’s success. Through our Medisys-on-Demand virtual care service, as well as our investment in BEACON, a digital mental health support service, we are helping employers support the physical and mental well-being of their employees and their families by way of a digital platform that provides personalized care from a health professional.
Your Company is committed to providing all Canadians with the tools, information and support to enable them to live healthier and happier lives. Across Canada, there are five million people who do not have a family physician and many struggle to find urgent care after hours. In an effort to address healthcare accessibility challenges, our Babylon by TELUS Health service empowers Canadians with immediate and reliable medical knowledge and support. Our smartphone application offers an expansive symptom checker powered by an extensively researched artificial intelligence engine, as well as a one-on-one virtual consultation feature, allowing patients to speak directly with a doctor within a couple of hours from the comfort of their homes or on the move. In addition, the TELUS LivingWell Companion service supports elderly Canadians in sustaining their independence by providing a constant connection to loved ones. In the case of an accident or a fall, customers simply push a button to activate a two-way conversation, or an automatic fall detection feature will be initiated.
TELUS’ technology will continue transforming healthcare in ways that were unimaginable only a few years ago. Your Company is enabling a future where access to healthcare will be personal, precise, predictive, preventative and amazingly universal. Indeed, with new capabilities to capture and analyze data, healthcare will be transformed through a detailed understanding of how outcomes are influenced by genetics, environment, diet, lifestyle and medication on an individual basis. We are working toward a digital future in which healthcare professionals can readily leverage artificial intelligence alongside the insights provided through genomics, bio-analysis and imaging in order to deliver optimized preventative wellness protocols as well as disease treatments for each patient on a customized basis.
We know that delivering information digitally across the healthcare continuum can only be effective if the networks carrying the information are reliable, fast, secure and expansive. In 2018, TELUS earned global recognition in network excellence from OpenSignal, J.D. Power, PCMag, Tutela and the consumer-initiated Ookla Speedtest. These leading rankings, each received consecutively for two years or more, reinforce the superiority of our network, whether assessed on speed and availability or customer experience. Thanks to our award-winning network, supported by the expertise of our talented Canadian engineers and technologists, we have the infrastructure and thought leadership to deliver on our promise of connected healthcare for all Canadians.
Keeping our kids safe online by eradicating cyberbullying
In 2018, we expanded our public stance against bullying, engaging 1.7 million Canadians to take our TELUS Wise Digital Pledge and help #EndBullying. In keeping with our commitment to donate $1 for the first one million pledges received, TELUS contributed $1 million to support #EndBullying programs for youth in Canada.
We are equally focused on the health of our planet. Our investments are building a more sustainable world for our future generations. By way of example, despite our country’s dispersed population and vast and rugged geography, broadband networks, ubiquitously deployed, are bridging time and distance, allowing us to live and work in the areas of our choosing without compromising productivity. Indeed, in a world of powerful wireless and fibre technology, you do not have to live in Vancouver, with its associated cost of living, to work in Vancouver.
TELUS’ innovative Work Styles program is one way we are allowing people to work where and when it is most convenient and productive. Through this program, we have decreased our environmental footprint by eliminating 18,500 tonnes of carbon dioxide emissions and reducing 2.9 million hours of commuting time in 2018 alone – time that can be spent on more precious endeavours, like engaging with loved ones. Importantly, we are able to recognize our high-performing team members by endorsing their participation in our Work Styles program, thereby driving enhanced team member engagement. We are further reducing our carbon footprint by using super high-definition video-conferencing technology that mimics a face-to-face meeting, which has contributed to more than $40 million in team member travel savings since 2007, whilst increasing team collaboration across the country. Reflecting our commitment to creating workplaces built to the highest leadership in energy and environmental design (LEED) standards, our team members and operations occupy one of the largest LEED platinum footprints in all of North America.
tonnes of carbon dioxide eliminated in 2018
in team member travel savings since 2007
hours of commuting time saved through Work Styles in 2018
As part of our efforts to promote sustainability and wellness, we are expanding our reach in the emerging agriculture technology sector. By leveraging technology innovation and artificial intelligence, we will help farmers and ranchers produce food for the world’s ever-expanding population more efficiently, safely and in a more environmentally friendly manner. Our efforts to optimize food production are contributing to a better yield of food supply to meet the ever-growing requirements of our planet and our fellow citizens. In addition, through our technology, we will help to answer the challenge of food traceability to ensure retailers and consumers can trust the health and responsible production of their food, from the farm or ranch all the way to the fork. Importantly, we are striving to provide innovative solutions to advance the agriculture sector on a worldwide basis, whilst positioning Canada as a preferred global supplier of safe, sustainable food.
"Our efforts to optimize food production are contributing to a better yield of food supply to meet the ever-growing requirements of our planet and our fellow citizens."
Your Company is also leveraging our investments in technology innovation to advance economic diversity and empowering our nation to drive the kind of sustainable innovation that elevates the competitiveness of our private sector. By offering the infrastructure necessary to promote innovation across the country, we are able to attract new industries and innovators, supporting the jobs of today and those that have yet to be imagined. The advantage our networks provide Canadians cannot be overstated. We cannot have a vibrant private sector without powerful, world-leading technology and robust infrastructure that is widely deployed. Indeed, by connecting Canadians to the opportunities that underpin our success, we are supporting growth and skilled job creation for Canada. Moreover, through our best-in-class networks, we are providing start-ups and home-based businesses with access to the same Internet speeds, functionality, reliability and security that large enterprises currently enjoy.
Our broadband network investments, coupled with next-generation services for businesses, such as unified communications, cloud computing and network security, are enabling Canadian organizations of all sizes to increase their productivity and enhance their contributions to our nation. We are partnering with businesses to enable their digital transformations and thereby strengthen the engagement and effectiveness of their teams, enhance the experiences they offer to their customers, increase the efficiency of their supply chain and sales channels, better leverage data insights and ultimately, increase revenue whilst rationalizing costs.
By leveraging technology innovation, including machine-to-machine communications and artificial intelligence, we are helping our business clients be more efficient and productive in terms of risk management. For example, we are enabling organizations across Canada to support the safety of their field workers and long-haul drivers, secure the transmission of sensitive financial data and access vital healthcare information at the point of care. In this vein, we take to heart the undeniable fact that our networks, platforms, devices and applications enable the successful operation of every sector of our economy and thereby fuel job creation, as well as our country’s competitiveness.
Throughout 2018, we continued to evolve our wireless network toward the 5G ecosystem that is foundational to democratizing access to the transformative technology of today and tomorrow. Moreover, your Company increased its active fibre connections by 34 per cent last year, well exceeding the Organization for Economic Co-operation and Development average, and connected our 100th fibre community along the way. Our near-ubiquitous wireless network, together with the fibre backbone that underpins it, will cost-effectively support the transformative 5G technology that will drive innovation whilst fuelling economic growth for generations to come. Indeed, in concert with the emerging artificial intelligence economy, this new ecosystem will power our smart homes, vehicles, businesses and intelligent cities, as well as the applications, devices and services that improve educational outcomes, support environmental sustainability, enable our entrepreneurial spirit and unleash human productivity.
Perhaps most meaningfully, our social purpose is animated by a deeply human side – the TELUS team. Our unparalleled and collective commitment to being a leader in social capitalism has earned us recognition as the most philanthropic company on a global basis. It has also helped to drive world-leading engagement across our team, placing your Company within the top one per cent of employers globally, when compared against companies of similar size and composition.
Our highly engaged, high-performing team is inspired by a sense of purpose borne from our commitment to doing good in our communities. This passion for putting our communities first motivates us to also put our customers first and earn their trust and loyalty. There is truly a synergistic relationship between what we do in business in terms of driving positive outcomes for our customers relative to the competition, and what we do socially to drive positive outcomes for our communities to ensure they are healthier, more sustainable and more vibrant. This, in turn, fuels heightened business performance and value for our shareholders, ultimately enabling us to reinvest in our communities.
"We are a team that fosters inclusion; recognizes and celebrates every team member’s unique talents, voice and abilities; and encourages our team members to always bring their whole selves to work."
Embedded within the globally admired culture we have built together is our belief that diversity creates a whole that is so much stronger than the sum of its parts. We are a team that fosters inclusion; recognizes and celebrates every team member’s unique talents, voice and abilities; and encourages our team members to always bring their whole selves to work. Our diverse and inclusive work environment facilitates a broader and more creative exchange of ideas, promotes better talent acquisition and retention, and sparks innovation. These critical attributes foster elasticity of thought, skills, knowledge and perspectives, which help us to better understand and support the needs of our diverse communities and customer base. Much of our Company’s progress with respect to diversity and inclusiveness is driven by our team members themselves. Notably, 7,100 team members volunteer in five groups that celebrate diversity and inclusiveness in Canada and in the global communities where we operate. Our groups provide support, mentorship and camaraderie for team members and their families: Abilities supports colleagues living with varied abilities; Connections links women professionals at TELUS; Eagles provides support for Aboriginal team members; Mosaic welcomes newcomers to Canada; and Spectrum connects LGBTQ team members around the globe. Our team’s commitment to inclusion extends to our TELUS Board of Directors, and by the end of 2019, we will exceed the objectives we set for ourselves regarding Board diversity, with 50 per cent of our independent directors reflecting our overall diversity objective and 42 per cent being women.
Our award-winning culture of caring underpins our passion for giving. The spirited volunteerism of our 85,000 team members and retirees worldwide reinforces TELUS’ position as the most giving company in the world. Indeed, thanks to the extraordinary generosity of our TELUS family, since 2000, we have contributed $1.2 billion, through $682 million in financial support and 1.3 million days of volunteerism, to create stronger, healthier communities.
Throughout 2018, the TELUS team continued to give with our hearts and our hands, including the 36,000 volunteers who participated in our hallmark TELUS Days of Giving events across the country. These dedicated members of our TELUS family supported their communities through nearly 2,000 initiatives in the year, including sorting 68,000 pounds of food at food banks, filling 13,500 backpacks with school supplies for children in need and serving 27,000 healthy meals to feed the hungry. Through our TELUS Days of Giving, we are inspiring hope and improving the circumstances of tens of thousands of our fellow citizens.
TELUS Days of Giving
pounds of food sorted at food banks
backpacks of school supplies provided to children in need
healthy meals served to feed the hungry
The impact of our team’s commitment to giving back is also felt in our communities around the globe, with thousands of team members volunteering their time each year. For example, in the Philippines, where our team members have been giving back for a decade, 2,800 volunteers refurbished an underfunded and overpopulated elementary school in 2018, improving educational outcomes for the 6,000 students who attend Kamuning Elementary School and Quezon City High School. Similarly, at our 2018 TELUS Days of Giving in Quetzaltenango, Guatemala, more than 400 team members helped to build a health centre – the first in the history of TELUS Days of Giving – benefitting more than 19,000 citizens in the community. Across Europe, team member volunteers have improved educational outcomes for tens of thousands of young people, building, renovating and revitalizing schools around the region, including the Louis Braille school for visually impaired children in Sofia, Bulgaria. For three consecutive years, during our TELUS Days of Giving, our team from TELUS International Bulgaria worked with the school to improve the living and educational facilities – including a completely new library – ensuring all students have access to the tools and support to help them realize their full potential. From promoting inclusion through our Pride initiatives in the Philippines, to holding a “cyclo-thon” in support of children’s rights in India, to building two classrooms and a computer lab for 600 underserved children living in the El Progreso Community, Santa Tecla, El Salvador, we are focused on growing our business around the world, while at the same time, making a positive contribution to the communities where our teams members live and serve. The increased team member engagement engendered by our commitment to community is a key factor in our ability to recruit, retain and inspire our team, who ultimately drive the success of our business, enabling us to reinvest in our global communities and generate meaningful change across our TELUS International footprint.
Darren Entwistle volunteered alongside 800 dedicated members of our TELUS family for our annual TELUS Days of Giving in Sofia, Bulgaria, where they planted 12,000 trees in the newly minted TELUS International Forest, reversing the destruction caused by severe insect damage in this previously lush environment.
Passion for giving
in financial support since 2000
volunteers participated in TELUS Days of Giving events in 2018
days of volunteerism since 2000
This passionate commitment to giving is further epitomized by our TELUS Community Boards. Our 18 Boards worldwide exemplify an innovative approach to charitable giving – one that puts decision-making in the hands of local leaders who know their communities best to ensure our resources are accessible to local grassroots organizations and yielding the desired social outcome. From the launch of our first TELUS Community Board in Edmonton in 2005, to building a much-needed school for children and their families living on the outskirts of a landfill in Guatemala City with our TELUS International team, this concept has transformed into a critical funding model focused on improving social and health outcomes for youth around the world, whether it be in education, the performing arts, science, technology, social entrepreneurship or environmental conservation. Since that first life-changing discussion in 2005, our amazing TELUS Community Boards have contributed $72 million to 7,000 grassroots programs, helping two million youth each year.
"As the national sponsor of WE Day since 2007, we have introduced millions of young people to the importance of volunteerism and the desire to generate lasting social change."
Building on the incredible work being done by our Community Boards, our TELUS family is also helping to enable the success of our young people in a challenging world. Through our technology innovation, we are connecting youth to the enormous educational, social and philanthropic opportunities surfaced by our digital society. Moreover, by embracing critical partnerships like those with WE Charity, we are providing our future leaders with the tools and inspiration to engage as agents of change. Indeed, as the national sponsor of WE Day since 2007, we have introduced millions of young people to the importance of volunteerism and the desire to generate lasting social change.
As the capstone of the good we have done in our communities over the past two decades, your Company created the TELUS Friendly Future Foundation following the sale of TELUS Garden, our corporate home in Vancouver. Enabled through an unprecedented $120 million gift from TELUS – the largest donation made by a publicly traded Canadian company in history and one of the largest ever in North America – the Foundation exemplifies our connection to both our communities and our customers and will build on the meaningful work being done by our TELUS Community Boards. Indeed, by reinvesting the profit from the monetization of TELUS Garden into creating a sustainable funding model to support our crucial social endeavours in perpetuity, our team is demonstrating that social capitalism is very much at the heart of our social and economic purpose. This seminal event in the history of corporate giving is a reflection of our enduring commitment to fuse technology, social innovation and human compassion to provide a friendlier future for vulnerable young Canadians.
Enabled through an unprecedented $120 million gift from TELUS – the largest donation made by a publicly traded Canadian company in history and one of the largest ever in North America – the Foundation exemplifies our connection to both our communities and our customers and will build on the meaningful work being done by our TELUS Community Boards.
To us, doing well in business and doing good in our communities are mutually inclusive. Our leadership in social capitalism is reflective of our world-leading results in respect of team engagement, customer outcomes, financial results and shareholder value creation.
Once again, in 2018, your Company achieved industry-leading customer growth, with 474,000 total net client additions across our wireless and wireline businesses, establishing a leadership margin of 111,000, or more than 30 per cent, as compared to our closest national peer. In addition, we realized industry-leading customer loyalty, inclusive of achieving the best combined retention levels on record across all of postpaid wireless, high-speed Internet and best-in-class Optik TV. Moreover, 2018 marked the fifth consecutive year in which TELUS achieved postpaid wireless churn below one per cent – a globally leading accomplishment. Indeed, our unsurpassed customer loyalty is the product of a highly engaged team, motivated by a social purpose that reflects our dual focus on putting our communities and our customers first. When customers choose to do business with TELUS, they understand it is reciprocated by the positive social outcomes we support in their communities.
Your Company also delivered a strong financial performance, as reflected in our healthy revenue and EBITDA expansion. Additionally, our free cash flow grew by 24 per cent in 2018, which led the Canadian industry. Our leading wireline revenue contributed to wireline EBITDA growth that led the industry for the second consecutive year. Notably, 2018 marked our sixth year of wireline EBITDA growth, a performance unrivalled among our global incumbent peers.
total net client additions
growth in free cash flow in 2018
shareholder return globally versus our incumbent peers since 2000
consecutive year of EBITDA growth
Thanks to our consistently strong and industry-leading operational and financial results, TELUS continues to return significant capital to our shareholders whilst maintaining a robust balance sheet and simultaneously making significant capital investments in advanced broadband technologies. In 2018, we announced two more dividend increases, in line with our current dividend growth program, which is targeting annual growth of between seven and 10 per cent through 2019. Since we established our first three-year dividend growth program in 2011, our cash dividend to shareholders has more than doubled. We have now returned $16 billion to shareholders since 2004, including $11 billion in dividends, representing over $27 per share. This is the most attractive, long-standing and consistent dividend growth program in the private sector.
Your Company continues to be the unparalleled leader in shareholder returns over the long term. Since the beginning of 2000 through the end of 2018, your Company has generated a total shareholder return of 429 per cent, more than 250 points higher than the return for the Toronto Stock Exchange’s S&P/TSX Composite Index of 173 per cent and dramatically overshadowing the MSCI World Telecom Services Index return of negative seven per cent over the same period. During the 15 multi-year time periods since 2000, for the years ending from 2004 until today, TELUS’ total shareholder return was number one in the world versus its incumbent peers 13 times, surpassing the second place finisher by an average of 48 percentage points over those periods. As of February 22, 2019, our total shareholder return since 2000 is 453 per cent, a substantial 111 per cent higher than our closest global peer and better than the TSX by 247 per cent.
Our long-running global leadership in giving back, team member engagement, customer service excellence and total shareholder return is no coincidence, but rather, empirical proof of our social capitalism thesis and the inextricable link between the economic vibrancy of your Company and the welfare of the communities we serve. Importantly, these returns support the retirement and other savings of our more than 600,000 shareholders, as well as the millions who own TELUS shares in pension and mutual funds in Canada and around the world.
returned to shareholders since 2004
in total tax remittances since 2000
brand value according to Brand Finance
total shareholder return since 2000
A reflection of your Company’s enduring belief in the profound connection between the success of our business and the welfare of our communities is our commitment to tax morality. Since 2000, we have contributed $39.1 billion in total tax remittances, including payroll taxes and spectrum renewal and purchase fees, to our federal, provincial and municipal governments. Last year alone, we supported our communities through tax remittances totalling $2.6 billion, inclusive of remitting $586 million in payroll income taxes on behalf of our middle-class Canadian team members. By paying our taxes transparently and fairly, TELUS is supporting economic, educational, cultural, environmental and health opportunities for our fellow citizens.
Clearly, TELUS is establishing a leadership example in the holistic economics of what it means to conduct good business. In the same way that social capitalism is aligned with our strategy, technology investments and culture, it is also explicitly aligned with our brand and the promise it represents. Your Company remains an industry leader in brand resonance, having increased the value of the TELUS brand from a few hundred million dollars in 2000 to nearly $10 billion in 2018, as assessed by Brand Finance. Our brand value is a symbol of the trust Canadians have placed in your Company and the affinity they hold for an organization that shares their values – a company that delivers on their brand promise of a friendly future.
Inspired by our social and business leadership over the past two decades, we are approaching 2019 with our typical sense of purpose, as reflected in the financial, community giving and social impact targets we have set for the year. This includes underlying growth in revenue of up to five per cent, EBITDA of up to six per cent and earnings per share of up to 10 per cent. In addition, our 2019 outlook for free cash flow, before income taxes, dividends and spectrum payments, is robust, at up to 29 per cent growth.
Our 2019 goals for community giving and social impact include: inspiring 40,000 members of our TELUS family to volunteer for TELUS Days of Giving and contributing 1.1 million volunteer hours for the year – both increases of 10 per cent – as well as connecting a cumulative total of 60,000 vulnerable Canadians with our world-leading technology through our TELUS Internet for Good, TELUS Mobility for Good and TELUS Health for Good programs by year-end. Also, our total giving target is to contribute $50 million to charitable organizations, and to fundraise over $4 million for the TELUS Friendly Future Foundation. In addition, having surpassed our 2020 goals in energy and greenhouse gas reduction, in 2019 we will focus on making additional progress in achieving our 90 per cent waste diversion target by 2020, further reducing our environmental footprint.
Our unwavering commitment to leveraging our technology to improve outcomes for our fellow citizens, combined with our track record of generating world-leading operating financial and shareholder results, defines TELUS as the leader in social capitalism – perhaps the only sustainable form of capitalism in our world today. By continuing to deliver exceptional experiences and value for our communities, customers, team members and shareholders, we will make the economic and social investments necessary to deliver on our promise of a friendly future for all.
Thank you for helping advance our social purpose.
Member of the TELUS team since 2000
February 22, 2019
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volunteers at TELUS Days of Giving events
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vulnerable Canadians connected through our for good programs
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2019 corporate priorities
Our corporate priorities help guide our actions as we execute on our national growth strategy.