As a range of actors respond to poverty in the cost of living crisis, this paper addresses a long‐standing blind spot in social policy analysis by examining the role that corporations are playing in voluntary responses in the UK. To do this the paper introduces theories of corporate power to extend approaches to researching mixed economies of welfare, which have traditionally looked at the role of commercial entities principally in terms of their role alongside other actors in the welfare state. Building on existing food charity research, which has explored the dynamics and implications of corporate‐food charity relationships, this paper applies theories of corporate power to an analysis of the food charity related activities of the top 20 leading food retailers and casual dining brands in the UK. The analysis reveals how UK corporations exercised instrumental, structural and discursive forms of power to influence policy, set agendas and norms within food and charity systems and frame issues of food charity and hunger. The paper illustrates how a corporate power framework can add important layers to social policy analyses of mixed economies of welfare, by introducing a focus not just on operational aspects of corporate involvement, but also on the impact these corporations might be having on policy, how they are shaping the structure of welfare and the drivers of poverty through agenda setting in their markets, and the ways in which corporations influence public perceptions of social policy issues and how best to respond to them.