When Heinz Kerry assumed control of the various Heinz philanthropies, she did not simply step in as a caretaker; she aggressively revamped their operations. She consolidated some activities and added others, and she became a leader in what has become known as "strategic philanthropy," which stresses accountability and results.

Richard Pratt … notes that philanthropy may be in a company's self-interest (it may improve employee morale). Both Pratt and Allan Fels, former chairman of the Australian Competition and Consumer Commission, have cited business guru Michael Porter's claim that companies are ignoring such "strategic philanthropy" opportunities — those that benefit both those companies and society. Companies should, of course, pursue such opportunities. Directors/executives have an ethical obligation to maximise shareholder value; if a particular philanthropic activity helps achieve this goal, it should be undertaken. But a company shouldn't donate to a cause simply because it is the chairman's favourite charity or because the CEO's mate puts the hard word on.

Strategic philanthropy.

It sounds like a contradiction in terms.

But observers in the field of corporate social responsibility — which includes philanthropy, volunteerism, and ''social investment'' — are arguing that corporate America gives most effectively when it gives to serve enlightened self-interest.