Big firms still pay social donations

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Big firms still pay social donations

While the revenue and profits of Korea’s major corporations decreased in 2013 and 2014 their spending on corporate social responsibility remained at similar levels in proportion to their profit, a poll by the Federation of Korean Industries, a business lobby group, revealed on Sunday.

The survey of 231 large companies showed that they earmarked 3.5 percent of their pre-tax profits for social contributions last year, similar to the 3.48 percent in 2013. Their average pre-tax profits shrank 4.2 percent year-on-year in 2014, by comparison.

The numbers show companies remained committed to supporting culture and related infrastructure despite worsened performance and to helping the underprivileged, said the group.

As demand from the public for exhibitions and cultural events picked up, companies have consistently raised the portion of their expenditure in related fields. Last year, their share of contributions to cultural activities out of total corporate social responsibility-related activities tallied 15.3 percent, the highest level since 2004.

Over 30 percent of respondents said all of their employees participated in some type of voluntary work.

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