Oireachtas Joint and Select Committees
Wednesday, 10 July 2013
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Invest in Irish Job Scheme: Discussion.
4:05 pm
Mr. Frank Flannery:
It is human nature but we probably got a slight overdose of that characteristic. Our corporate sector is not contributing in this area and, furthermore, it is not even thinking about it. We should incentivise that sector and give it a reason to contribute. If it treated investment in the social economy in the same way as it does investment in research and development, and I use that example as it is the one that comes to mind, there could be an equivalence. That would be an interesting thing to do. We should also focus on high-net-worth individuals. There is a huge movement in the United States where people who are very wealthy are putting half of their total wealth into trusts and foundations and distributing to good causes while they are alive. It is inspired by people like Chuck Feeney whom I mentioned. That movement is taking off. In Canada about 15 years ago philanthropy was almost discovered there and it is now a huge force in its economy and society. We can discover it now in Ireland and in 15 years time it could be a very large force for good in our society and economy. It could help to bring all these wealthy people back into a much more meaningful, creative and dynamic relationship with our country. All our rich people, all our companies in Ireland and all the inward investment companies here could participate and do their share. As was stated in our campaign, the entire citizenry would be involved and therefore it would be very dynamic. All gifts would be equally valued, whether it be a gift of giving of one's time for a day, money that somebody could afford or something very big. They would have an equivalence of value.
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