Paul Newman

The following article is from Ethics Newsline, from the Institute for Global Ethics, which I have recommended once or twice (or a dozen times) in the past. It's about Paul Newman, my favorite Bleeding-Heart Capitalist. I share it with you because toward the end of the article there is a lead I'm about to follow that will tie in nicely with the Adam Smith Award for Socially Conscious Businesses, which The Naples Institute will be unveiling quite soon. The lead is the Committee Encouraging Corporate Philanthropy. I'll report back when I've learned more.

Wall Street Journal piece recalls Newman’s involvement with activism, urges business leaders to keep giving even in tough times

NEW YORK Last month’s death of Paul Newman at age 83 promoted two proponents of corporate giving to examine the role of ethics and philanthropy in the actor’s career.

Writing in the Wall Street Journal, John C. Whitehead and Peter L. Malkin recalled: “Paul used to joke that he had to keep making movies to support all of his philanthropic projects — and that wasn’t too far from the truth. To millions he’s perhaps better known as the face of Newman’s Own food products than he is for his superb performances in ‘The Hustler,’ ‘Cool Hand Luke,’ ‘The Verdict,’ and scores of other films.”

“What many may not know,” Whitehead and Malkin note, “is that he donated 100 percent of post-tax profits and royalties from the Newman’s Own company to charities worldwide — more than $250 million to date. He was also passionate about the Hole in the Wall Camps he helped found for children with life-threatening illnesses, and he was deeply involved with a variety of other innovative nonprofit organizations including his most recent undertaking, the Safe Water Network.”

Whitehead and Malkin were among the corporate bigwigs Newman approached in 1998 to form the Committee Encouraging Corporate Philanthropy, which has grown to include more than 150 CEO members from 150 corporations and is responsible for more than $10 billion in annual corporate giving.

Whitehead and Malkin concluded the piece by urging business leaders to learn from Newman’s example and maintain or increase corporate giving programs in today’s turbulent economic times.