Tuesday, January 12, 2010

Should Canadian Companies Follow the Lead of Goldman Sachs?

An editorial in the Globe and Mail, a Canadian paper, talks about the Goldman Sachs story we blogged yesterday.  While noting that it is unfortunate to have to mandate charitable giving for executives making huge salaries, the comment concludes that "if that is what it takes to have people fulfill their responsibilities to society, it is a message that should be heard around the world."

The article notes that in Canada charitable giving has dropped and that of those earning $80,000 or more only one quarter make any charitable gifts.  The article also notes that charitable giving is in the best interests of companies that employ the most highly paid people and that the "recession has amplified the need for a company to demonstrate its social purpose as well as its business purpose" (citing Paul Klein, a CSR consultant at Impakt.

Perhaps the idea of enforced charitable giving will spread.



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