The Chronicle of Philanthropy, a newspaper representing the non-profit world, launched a survey about America’s most generous companies. Though the survey contains the results of more than 300 companies, dozens of the most profitable firms such as Apple or Google refused to provide information about their giving. Despite the economic crisis, most of America’s largest companies continued donating. However, when corporate profits were recovering, many businesses tightened their belts on cash donations. For the first time since 2003, cash and product donations declined. More than half of the largest American businesses cut back on cash giving and only 16% of them gave about the same amount as they did the year before.
A remarkable thing is that the pharmaceutical sector is outshining when it comes to donating. Pfizer, the largest pharmaceutical company in the world, ranked number 1 on the list of most generous companies. They gave $2.3 billion, representing 24.2% of its 2008 profits while companies on average gave an amount equal to 1.2% of their 2008 profits. Also other pharmaceutical giants duped 5 of the top 10 spots on that list. The question is: will they be able to keep their position or will they soon be repudiated by other upcoming companies?
Source: http://www.forbes.com/2010/10/28/most-generous-companies-leadership-corporate-citizenship-philanthropy.html
Tim Van den Berghe
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