Corporate Philanthropy Day

Yesterday was corporate Philanthropy Day. I was glad to see PNC Bank won an award for their Grow Up Great campaign. I wrote about PNC in my book, noting that their CEO has been both visionary and strategic in steering external affairs. Grow Up Great addresses lots of issues from education to health care for kids. It helps PNC employees feel proud and gives the bank a point of view about the quality of life.

Also of noteworthy, Wal-Mart gave the most in 2007. The mega-retailer gave away more than $296 million in donations to more than 4,000 U.S. communities in 2007. It outpaced Target’s philanthropy, yet Target owns brand cred. for its generosity. Can it be that the low-low prices and the management culture leaves consumers with the impression that Sam and Company are tight wads?

Hot trend: Corporate giving and sponsorship are now entering into Wall Street assessments for buy/sell advice. Get this from a Wall Street advisory’s newsletter:

“Dominion Resources Inc. was trading up $0.02 with a trading volume nearing 600,000. Monday February 25, 2008, Dominion is ranked 11th among the “100 Best Corporate Citizens” for 2008 by CRO (Corporate Responsibility Officer) magazine. ”

Companies spending on green initiatives are also seeing their stock values rise. It makes you wonder. How long before sponsoring NASCAR becomes a liability given its colossal carbon footprint and stratospheric fees?