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Corporate social responsibility
Family businesses share their wealth
, Added: 28 August 2008A new survey says that large numbers of high-net-worth business owners in the US involve their family in philanthropic giving.
Seven in ten business owners surveyed participate in charitable activities with their family and two-thirds say their family decides together which causes and organisations to support. Over a third said that their family had supported the same set of causes for more than a generation.
The survey by SunTrust Bank Private Wealth Management was of business owners whose companies have at least $10m in annual revenue.
Dave Johnston, Senior Vice President of SunTrust Private Wealth Management, said, "The business owners we surveyed appear grounded in a circle of trust that influences their philanthropic decisions. Outside of satisfying their own aspirations to do right by the community at large, these business owners want validation from their family.”
The most important factor when considering their giving was the input of a spouse or partner, mentioned by eight out of ten business owners.
Philanthropy UK’s research for Why Rich People Give (2004) showed that for couples major philanthropy was usually a joint decision.
Theresa Lloyd, the book’s author, said in Philanthropy UK’s Women & Philanthropy report (March 2008), “Even if one person appeared to lead on a relationship with the beneficiary, both partners had to feel involved for a commitment to a significant gift.” Heather Maizels, Barclays Wealth Director and Head of Philanthropy, added, “The women seem to be the chief influencers on where the money eventually goes.”
