Corporate giving 2024: the FTSE 100 and beyond

GSK gives away each year what some FTSE 100 companies would be happy to report as annual pre-tax profits.

Once again, it is the largest corporate giver by sum donated, spending £304m charitably in the past year - £80m in cash, £198m in in-kind donations, £3m in employee volunteering time and £23m in programme management costs. The total donated amounts to just under one-sixth of the total given by all FTSE-100 combined.
Nearly two-thirds of this year’s total is made up of in-kind donations, primarily medicines and vaccines provided through the company’s Patient Assistance Programs Foundation, which brings healthcare to people who would otherwise be unable to afford it in the United States.

“We are very proud,” says Becki Lynch, head of charitable investments at GSK. “Coming top is a by-product of what we do – not why we do it – and something we are very happy with, but where we get most support from our company leadership and employees is when we are able to demonstrate the impact that our investments make in the community.”

Last year, the company introduced a STEM (Science Technology Engineering and Maths) mentoring programme to increase participation in the subject among groups currently under-represented, in particular girls and women, and people from lower socio-economic backgrounds and black communities. With a £6m investment over the next decade, GSK hopes to inspire a new generation of scientists, technologists, engineers and mathematicians by providing mentoring opportunities to people from these under-represented groups.

There is also a near-30-year partnership with Crisis, the homelessness charity, which is a source of particular pride among GSK employees. The partnership has seen many GSK employees volunteer for the charity. Initiatives that have heavily involved the company include providing training to Crisis clients for job interviews and offering mental health support to both clients and Crisis employees.

Katie Pinnock, director of GSK’s UK charitable investments says: “Giving is really embedded in the company; it’s been an important part of the company for a long time. For some of our partners, we are their longest standing corporate funder.”

The culture of giving is evident in GSK at all levels – from senior management who are actively involved in determining the corporate giving strategy through to rank and file employees, who get involved in many of the programmes through raising funds, volunteering and helping with the selection of selection processes to identify beneficiaries.

Last June, GSK ramped up its employee volunteering policy, allowing employees more time – four days a year now – to volunteer, often for some of the charities into which the company is putting financial resources. Currently, 6.5% of the company’s 71,000 strong workforce volunteer, and the target of 8% participation looks like being achieved this year, too. The company is always looking for more ways of getting employees involved with charity partners.

Lynch, who has worked in this area at GSK in a variety of roles for the past 15 years, has this advice for companies seeking to build a sustainable and impactful giving programme.  “Focus is the most important component; that is something we have found as we’ve refocused our charitable giving. Plus making it make sense for the purpose of the company – and for employees, investors, and others to see the alignment.”