Corporate Philanthropy in Israel: Different Strokes for Different Folks
Israel’s big firms take wildly different approaches when it comes to giving back to the community, with the likes of Israel Chemicals and Bezeq bested by Banks Hapoalim and Leumi.
One corporation makes NIS 19 million in annual charitable contributions. On the surface, that appears to be an indication of real generosity that will go a long way supporting nonprofit organizations and, ultimately, the people whom the nonprofits serve. Actually, however, it’s small change for this particular company. That NIS 19 million was the amount contributed last year by Israel Chemicals.
… The level of corporate giving in general in Israel is very low, says Momo Mahadev, the CEO of Maala, a nonprofit that promotes corporate philanthropy. “According to Maala’s figures for 2012, the average corporate contribution is 1.2%, but it is skewed by the companies that give a lot offsetting those that give much less,” he explained.
Food and clothing firms stand out among the companies that have contributed more than 1% of their pretax profits. Strauss was a top giver last year at 2% (a little more than NIS 10 million). Another food manufacturer, Osem, contributed 1.66% of its 2012 profits – NIS 7.9 million.