Family businesses are leaders in corporate social responsibility

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A study conducted by PricewaterhouseCoopers
https://www.pwc.com/gx/en/news-room/press-releases/2021/global-family-
business-survey.html among 2,801 owners of family-run companies around
the world shows that 80% of them take an active role in corporate social
responsibility by participating in donation campaigns, different forms of relief
programmes and grants for people in need, while 71% of the family-based
companies are doing their best to minimise lay-offs and to keep their staff on
during the pandemic. Good deeds of this scale are not reported by other forms
of corporate governance where the main focus is still on profits, became clear
from the statements of the participants in the study. A good example of how
family entrepreneurship can support local communities during unprecedented
social and health catastrophes is given by the philanthropist and founder of
the Family Business Network – Bulgaria, Petar Mandjoukov. He ranks among
the leading European donators in the fight against COVID-19, investing in a
state-of-the-art molecular genetics laboratory for the needs of the Faculty of
Biology at the oldest higher learning institution in Bulgaria. Thanks to this
incredibly generous gesture, today the scientific community in his home
country is on the verge of a major breakthrough related to the genome of the
virus which could make possible the precise prognosis of the course of the
disease in different individuals in the future.

‘Empathy with the problems of society and with individual suffering is the basis
on which I am building my business and raising my three sons’, commented
the entrepreneur. ‘Our family business is founded on intransient values. We
care deeply about our legacy to the next generations. Never before has
humankind witnessed such a vicious and ubiquitous crisis as Covid-19. This is
why our new role models must be leaders with high morals, whose horizons
reach beyond fast profits. Look at Bill Gates whose foundation is redirecting a
large part of his personal riches to projects of benefit for society. The more
successful people realise that giving is our moral obligation, the less painful
our way out of the crisis will be, said the Bulgarian businessman. And in full
support of his words, in the first months of 2020 he set aside more than EUR 1
million of his personal wealth to provide ambulances and life-saving medical
equipment for the Bulgarian Military Medical Academy. This gracious act

helped save millions of lives in the height of the COVID-19 crisis, according to
healthcare professionals working at the medical facility.

Family businesses worldwide are fully focused on their social role, concluded
Peter English from PricewaterhouseCooper, and added that for the most part
participants in the survey reported stable growth in the companies they run
and had an optimistic view of the future in spite of the pandemic.

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