Only 45% of companies listed on the Tel Aviv Stock Exchange made philanthropic donations in 2025, according to a recent market study conducted by ZOOOZ, which manages a philanthropic database for Israel’s business sector.

The study defined philanthropic donations as contributions exceeding NIS 100,000 to the community.

According to ZOOOZ CEO Shlomi Turgeman, philanthropic donations made by Israel’s public companies totaled approximately NIS 800 million in 2025, representing only 10% of all charitable donations in Israel.

“The main reasons why only 45% of public companies donate to the community are that, unlike in various countries around the world, Israel has no regulatory requirement for corporate giving, no official CSR rating on the stock exchange, and no soft penalties for the absence of charitable contributions,” Turgeman said.

The study found that executives of companies listed on the Tel Aviv Stock Exchange still largely adhere to economist Milton Friedman’s conservative management philosophy that “the only role of a business is to maximize profits for shareholders.”

Accordingly, many executives believe shareholders should decide independently how to use their dividends and that companies should not engage in philanthropy at shareholders’ expense, Turgeman said.

ZOOOZ also found that some companies are interested in donating but are uncertain about which causes to support or how to structure donations in a way that aligns with their brand values.

The report noted that philanthropic donations made by public companies in 2025 were effectively based on corporate performance in 2024, which was marked by economic uncertainty and slower business activity.

An analysis conducted by ZOOOZ found that Israel’s major banks reduced their donations in 2025, while other companies significantly increased their contributions. Overall, however, there was no significant decline in philanthropic giving compared to 2024.

The study said the substantial gains recorded on the stock market during 2025 are expected to positively affect donations in 2026, meaning that growth in corporate value and profitability has not yet translated into philanthropy.

Among the public companies that most significantly increased their philanthropic contributions in 2025, Energix raised its donations by 78% compared to 2024, reaching NIS 5.5 million.

Phoenix Holdings increased donations by 145% to NIS 27 million, while El Al increased donations by 114% to NIS 45 million.

Delek Group raised its contributions by 107% to NIS 7.5 million, and Yochananof increased donations by 105% to NIS 7 million.

The study also noted that many countries, including Israel, the United States, and members of the European Union, are increasingly shifting from voluntary donations toward transparent ESG reporting obligations, requiring companies to publicly disclose their social and environmental activities to investors and stakeholders.