Insurers at top of ‘most generous donors’ list
Three general insurers are among Australia’s 10 most generous corporate donors, according to a new report. IAG ranks fourth on the overall list of the top 50 listed companies, and leads the financial services category. The inaugural GivingLarge Report, released today, finds $867 million was invested in community causes by 39 companies in 2016/17. The list, compiled by Melbourne civics group Strive Philanthropy, says nine of the 10 most generous companies – including IAG, QBE and Suncorp – contributed 74% of the $867 million. Wesfarmers ($72 million) and CSL ($52 million) led the way with cash donations, volunteer time and gifts in kind. The top 10 are: Wesfarmers (2.14% of pre-tax profit); CSL (1.97%); Woolworths (1.3%); IAG (0.89%); Stockland (0.81%); GPT Group (0.78%); Macquarie (0.61%); QBE (0.55%); Suncorp (0.55%); and AMP (0.48%). The �materials, finance and consumer sectors made up 76% of the total donated by the top 50 listed companies. Strive Philanthropy founder Jarrod Miles says the GivingLarge list will be compiled annually using information from publicly available reports “to ensure a robust sample not restricted by the need for a membership or survey completion”. It uses standards developed by the London Benchmarking Group and the Global Reporting Initiative, and does not take into account political donations, employee donations or commercial sponsorships.