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Don't Just [Let It] Sit There; Do Something
Key Excerpts from Article on Website of Forbes Magazine
Posted: January 21st, 2019
https://www.forbes.com/sites/jenniferpryce/2018/12/14/dont-j...
At the end of 2017, U.S. corporations were sitting on a historic amount of cash: $2.1 trillion in total liquid assets ... up over 150% from a decade earlier. What are businesses doing with their new-found wealth? Many are buying back shares or snapping up other companies. And then there is Patagonia. Last month, Patagonia announced that they would donate the $10 million they are saving from a reduced tax obligation to grassroots environmental organizations protecting our natural resources and finding solutions to the climate crisis. In this season of giving, we are giving away this tax cut to the planet, our only home, which needs it now more than ever, CEO Rose Marcario wrote in a blog. Patagonias donation aligns with their unique activist ethos, but a growing number of corporations are joining them in recognizing that businesses not only can be part of the solution to challenges facing our planet, but that they must be; that their responsibilities extend beyond shareholders, to the environment and the communities they serve. Patagonias decision ... is a powerful statement and a demonstration of how to consider all a companys assets in pursuit of better long-term business outcomes. Investing cash responsibly is not the solution to all of our problems. For starters, theres a much larger conversation that needs to be had about the inability of companies to invest for long-term value creation. But for companies who are new to using their assets for impact while still achieving their corporate purpose, investing liquid assets is a good way to begin, and do so quickly. Dont let your cash sit there; put it to work.
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