Change in Donation Plans After Divorce
"Donations to Various Charitable Activities"
[Asia Economy Reporter Cho Hyun-ui] Melinda Gates, the ex-wife of Microsoft founder Bill Gates, has announced that she will no longer commit to donating most of her wealth to the Bill & Melinda Gates Foundation. Instead, she plans to contribute to various charitable activities.
The Wall Street Journal (WSJ) reported on the 2nd (local time), citing sources, that "Melinda formalized this decision by releasing her first personal donation pledge since their divorce last November."
At that time, Melinda stated, "I recognize the unfairness of so much wealth being concentrated in the hands of one person," adding, "The only way to responsibly manage this level of wealth is through giving." She also said, "I will continue to seek new partners, ideas, and perspectives at the Gates Foundation and Pivotal Ventures." Pivotal Ventures is an investment company Melinda established in 2015 to promote women's economic empowerment.
Previously, Bill and Melinda had pledged most of their wealth to the Gates Foundation when they launched the voluntary giving campaign Giving Pledge with Warren Buffett, chairman of Berkshire Hathaway, in 2010. Since the foundation's inception, the two have donated $50 billion (approximately 57 trillion KRW).
However, it appears Melinda will not completely stop donating to the Gates Foundation. A source familiar with the matter told WSJ, "Although the amounts may be smaller than before, she could still donate to the Gates Foundation as she does to other charities."
Meanwhile, Bill Gates recently reiterated in a letter that most of his wealth will be donated to the Gates Foundation. He stated, "My top philanthropic priorities are climate change mitigation and solving Alzheimer's disease."
The Gates Foundation, one of the world's largest charitable organizations, has undergone changes following Bill and Melinda's divorce. At the end of last month, four external board members were recruited to strengthen governance due to their divorce.
Since its establishment in 2000, the Gates Foundation had not included external members on its board. The board was composed of family and friends, including Bill Gates' father, William Gates Sr.
The reason for the foundation's large-scale recruitment of external board members after more than 20 years is due to concerns that various scandals during the couple's divorce, as well as the division of assets and alimony payments, might affect the foundation's future.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
