Call to invest 4% in social causes

IRISH firms have been urged to substantially increase their investment in social causes from 1% to 4%.

Major companies such as Johnson & Johnson and Pfizer are currently contributing an average of 1% of their pre-tax profits to community groups and social causes according to corporate responsibility advisory group, Businessin the Community Ireland. However, this rate needs to increase, says newly established charity United For Children, adding firms need to ensure their level of growth in profits is matched by a parallel growth in support of social causes.

Debbie Deegan of United for Children said: “Entrepreneur Denis O’Brien recently suggested companies should give 2%-3% of their profits back to the community but we’re asking companies to raise the bar and commit to 4%.