Corporate Charity Gets Hit By Economic Woes (KO, MET, XOM, WMT, GE, WFC, CAT, AA)
According to a recent report released by Reuters, Only four out of the top ten philanthropic companies said that the dollar value of their donations increased in 2009. The dollar value remained same for two companies while it dropped for the remaining four corporations.
Coca-Cola (NYSE: KO), Metlife Inc. (NYSE: MET), ExxonMobil (NYSE: XOM) and Wal-Mart Stores Inc. (NYSE: WMT) are the four companies that increased the dollar value of their charity work. Margaret McKenna, president of the Walmart Foundation said, “While we haven't dramatically changed the areas of giving, we have within those areas concentrated on basic human needs, So we have done a great deal more with hunger relief and work force and basic access to education."
General Electric Co. (NYSE: GE), Wells Fargo & Co. (NYSE: WFC), Caterpillar Inc. (NYSE: CAT) and Alcoa (NYSE: AA) reported a 5% to 30% decrease in their philanthropy in 2009.
