While somewhat self-serving and tooting his own horn, Benioff, CEO of salesforce.com writes about what he calls The End of Philanthropy. He provides a framework for corporate giving which is more integrated with corporate life than something that is treated like an add-on designed for PR purposes. Here’s more about salesforce.com’s foundation approach.
I think this is a good and reasonable starting point for corporations to start from. Getting employees more engaged in giving back to their communities (on the company nickel) will likely inspire some to do more.