Mining companies topped the poll with the top 20 corporate givers increasing their giving by almost 10% to just over $1 billion.
Australian corporates are increasing their philanthropy in an effort to appeal to younger workers and provide staff with a sense of purpose, says an article in AFR Boss magazine.Mining companies top the list of corporate givers
Rio Tinto topped the inaugural list of Australia’s top 50 corporate givers with community investment at $256 million. CEO told the AFR that the organisation is focused on partnerships for communities, employees and shareholders, pointing to its partnership with the Royal Flying Doctor Service in WA.
BHP came second followed by Coles, biotechnology company CSL and the Commonwealth Bank.
The top 50 accounted for $1.25 billion of the total $4 billion contributed by the business sector in 2019.
The list of Australia’s top 50 corporate givers was compiled by John McLeod, co-founder of the JBWere Philanthropic Services Division with Strive Philanthropy. Corporate giving includes cash as well as in-kind support and volunteering, with pure philanthropy and cash donations making up just 10%.
Australia’s Top 5 Corporate Givers
- Rio Tinto
- Commonwealth Bank
Impact of Millennials on corporate giving
With the number of Millennials expected to comprise more than 50% of the workforce in the next few years, their belief system will have a significant impact on corporate culture.
The article cited studies such as the Deloitte Global Millennial Survey 2019, recent Gallup polls and the Edelman Trust Barometer to suggest that Millennials are more concerned with purpose than money.
According to the Deloitte study only 16% believe corporates are trying to make society better but 32% think it should be a priority.
Scandals and declining trust
The list was also released at time when some the biggest corporate givers are dealing with scandals that have further eroded public trust.
According to the article, in the wake of its money-laundering scandal, Westpac (eighth on the list) has committed $18 million to International Justice Mission over three years and $6 million over six years to its SaferKidsPH partnership with UNICEF, Save the Children and The Asia Foundation.
Woolworths (sixth on the list) may have significantly upped its philanthropy from $31milion in 2018 to 44 million in 2019, but this generosity has been overshadowed revelations that the supermarket chain has underpaid its own staff.