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Only 40% of TASE-listed firms donated to community in 2024, Zoooz review finds

A recent review by Zoooz, which tracks philanthropy in Israel's business sector, found that only 216 out of 540 companies listed on the Tel Aviv Stock Exchange donated more than NIS 100,000 to the community in 2024. This represents about 40% of public firms, with total giving by these companies estimated at NIS 780 million, or roughly a tenth of all philanthropic donations in the country.

The report highlights a lack of regulation and weak corporate social responsibility reporting as major factors behind the low participation rate. Only 90 companies published a social responsibility report, signaling limited transparency about how firms measure and disclose their social impact. Many executives reportedly still prioritize shareholder interests, viewing philanthropy as a cost rather than a core business value.

Zoooz noted that giving by public companies declined by about 5% compared to the period before October 7, 2023. The review also found that financial institutions and banks were the most active donors, followed by high-tech and industrial firms. Internationally, mandatory corporate giving is rare, with most markets focusing on transparency rather than legal obligations.

Original article source: https://www.jpost.com/business-and-innovation/banking-and-finance/article-886089
Source Id: 9080861978

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