From a business standpoint (for a publicly held company at least), the only consideration should be: “can this charitable donation/investment bring us increased profits from the marketing, exposure and good press we can get from it?”
That’s it. If you can’t answer that question with a “yes”, then it’s negligence.
RE: can this charitable donation/investment bring us increased profits from the marketing, exposure and good press we can get from it?”
This criteria is hard to determine today.
EFor instance, if Disney decides to support a gay pride parade in a community, the mainstream press will praise them for their progressivism. However, they get backlash from conservative parents, churches, Muslims and others who disapprove of the LGBT lifestyle. You get good press from one group, but bad press from another.
And what if Chick-Fil-A decides to support a pro-life initiative? The same thing will occur.
You win some customers and lose others.