Special Funds Promote Finland’s Well-Being

When Algol’s owners consider their annual donation targets, the quality and impact of the recipients weigh heavily in their decisions. The Group wishes to provide broad-based support not only for science and culture, but also for social and humanitarian causes.

To support research and education in business studies, Algol Ltd established its own named fund within the Foundation for Economic Education in 1994, when the company celebrated its 100th anniversary. At the time, the owner, Magnus Bargum, was familiar with the organisation and its way of operating through his work on the Foundation’s Board and Grants Committee. He knew that donations made to the Foundation would be channelled into grants that could genuinely promote business education and, through that, benefit the wider business community.

“The donation system based on special funds is extremely effective. Donors can later make further contributions to their own fund. That is what we have done as well. Over the years, the capital of the fund has been increased,” says Magnus Bargum, Honorary Doctor of Business Administration and honorary member of the Foundation for Economic Education.

Donating constitutes a socially responsible act

Through its donations, Algol wishes to bear social responsibility and to be involved where the field is developing. The current owner, Alexander Bargum, is following in his father’s footsteps, among other things by serving on the Grants Committee.

“The nature of our company’s operations is such that we do not have a need to invest in in-house research and development as such. That is one of the reasons why we find supporting academic work highly meaningful. We expect grants to produce research findings that will benefit Finland as a whole, which of course will ultimately also benefit our own business,” explains Alexander Bargum, Master of Laws.

At Algol, it is also considered important that employees feel their employer is acting responsibly.  

Even a small donation matters

High-quality research and education are essential if Finland is to succeed. Talented young people will go elsewhere if Finland cannot offer them opportunities to develop and thrive. This belief has been shared by every generation of Algol’s owners.

“The Foundation for Economic Education has always emphasised that it seeks research with tangible results. From the donors’ point of view, that is a very important starting point. Even now, Finland is in great need of the kind of research funded by the Foundation for Economic Education,” the Bargums emphasise.

Magnus Bargum reminds us that even a small donation is important. The value of a donation is preserved, and the capital is easy to build up. “The greatest reward for our donation work is when we have the opportunity, at Foundation for Economic Education events, to hear young researchers present their projects and findings. It is inspiring. It gives us faith in the future.”