Dow Chemical sets aside $100 million for charity
Published: February 1, 2006 | 3411th good news item since 2003
Dow Chemical Co. has set aside $100 million for charitable giving following its return to profitability.
The money set aside from fourth-quarter earnings announced last week is going to the Dow Chemical Company Foundation.
“The company’s ability to present itself as a good corporate citizen is multifaceted. Corporate giving is one of them,” Bo Miller, Dow’s director of corporate citizenship and global contribution, told the Midland Daily News.
The larger-than-usual gift is intended to provide long-term stability.
“Nothing is particularly new, but we’re taking advantage of strong business,” said Miller, who is also president and chief executive of the Dow Foundation. “It has really been put into place to restore flexibility to our giving program.”
In the past, Dow has funded its giving on a pay-as-you-go basis. Gifts shrank when the economy was slow and the company struggled financially a few years ago. The current gift will help establish a reserve that won’t be subject to the whims of the economy or depleted by unexpected world disasters, such as Hurricane Katrina or the tsunami in Southeast Asia, causes to which Dow contributed millions.