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Financial Standard

Finance sector in top three for giving: Report

An inaugural report shining a light on Australia’s most philanthropic corporations shows 39 companies
collectively invested $867 million in community causes in the 2016/17 financial year, with the finance sector
highlighted for its contribution.

The GivingLarge report, analysed community investments made by Australia’s top 50 publicly listed companies,
revealing Wesfarmers and CSL lead the way for Australian corporate philanthropy by way of cash donations, time
volunteering and gifts in kind.

The report recognised insurer IAG as the fourth most giving corporate donor, with 0.89% of its pre-tax profit
donated. Financial services giants Macquarie (0.61%), QBE Insurance (0.55%), Suncorp (0.55%) and AMP (0.48)
all also figured in the report’s top 10 corporate donors.

The report is an initiative of Strive Philanthropy, a new organisation which says it is dedicated to highlighting the
remarkable philanthropic efforts of corporate Australia.

In a release, Strive said the showcasing of corporate generosity was an attempt to drive social change and increase
community contributions.
The organisation’s founder Jarrod Miles said interest in corporate generosity was on the rise.
“From the boardroom to the battler, from the suits to the streets – there is a clear and growing need and
responsibility for the companies around us to give back to the communities they operate in,” Miles said.
“Distinct from other corporate social rankings, the GivingLarge Report examines publicly available reports to ensure
a robust sample not restricted by the need for a membership or survey completion. This approach creates a best
practice environment that looks to not only increase corporate contributions, but also the public disclosure of those
contributions.”

Philanthropy Australia chief executive Sarah Davies said those named in the report should be encouraged to
continue their giving and the reporting of their philanthropic efforts.
“Everyone benefits. We know how influential responsible, community and social investment and partnership is on
positive employee attraction and retention, social license to operate and on broader customer, market and supplier
engagement. The GivingLarge Report helps shine a light on good practice and inspires others to follow suit,”
Davies said.

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