Wal-Mart Stores, Inc. (NYSE: WMT) has done a lot to improve its image in recent months, but this latest bit of news might not help. In 2007, the Bentonville, Arkansas company increased its charitable giving 8% to $296.2 million. The company's giving grew 10% in 2006 compared with 19% in 2005, a spike inspired by Hurricane Katrina.

I'm sure Wal-Mart critics -- whom I frequently agree with -- will criticize the slowing growth, but I disagree. The problem with corporate philanthropy is that it's the shareholders' money. It would be far better, I think, if companies did little in the way of charitable giving, and focused on providing shareholders with strong returns, letting them decide what to do with their money.

Too often, philanthropy by public companies focuses on the pet causes of executives. To Wal-Mart's credit, the USA Today reports that "Most donations were made locally by the more than 4,000 Wal-Mart and Sam's Club stores to charities they pick. Wal-Mart said U.S. donations went to organizations including the National Teacher of the Year program, hospital aid group Children's Miracle Network, The Salvation Army, United Way and food bank America's Second Harvest."