Gates divorce may finally force substantial changes to $50bn philanthropic foundation
They are considering ‘bringing in outside directors’ to the foundation
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Days after Bill Gates and Melinda French Gates announced that they are divorcing, the philanthropic couple are said to be discussing ways to make substantial structural and governance changes to their organisation — one of the world’s largest charities.
The soon to be separated couple, who have led the Bill & Melinda Gates Foundation, broke the news of their divorce on Twitter but said they will “work together at the foundation.”
The charity foundation with nearly $50bn endowments, donating about $5bn annually for various causes, may see changes as the partners are discussing adding a board and bringing outside directors, reported The Wall Street Journal, citing people it didn’t identify.
Mr French Gates has also pushed for governance changes to ensure future stability in decision-making of the foundation.
Mark Suzman, chief executive officer of the Gates Foundation, has told employees that he is actively in talks with Mr Gates and Ms French talks to strengthen “the long-term sustainability and stability of the foundation.”
“No decisions have been made,” Mr Suzman said. “Bill and Melinda have reaffirmed their commitment to the foundation and continue to work together on behalf of our mission. These discussions are part of their prudent planning for the future.”
He said he is actively discussing what steps the two can take along with third and major partner of the foundation, billionaire Warren Buffett.
Mr Buffett brought more than $27bn of his fortune to the foundation as a trustee in over 15 years of their partnership in the philanthropic organisation.
The divorce of one of the richest couples in the world had raised questions over future of the Bill & Melinda Gates Foundation which had made substantial contributions amid the coronavirus pandemic and donated $1bn for vaccine efforts.
The announcement also came with an onslaught of speculations and media reports of an extramarital affair of Mr Gates and his ties to convicted sex offender Jeffrey Epstein.
Bloomberg quoted Maribel Morey, a historian of philanthropy work, as saying that expanding the board would democratise decision-making in the foundation of that big a size.
She said it is a “mutually beneficial decision because, at one level the Gates Foundation is under much more scrutiny.”
“At another level, it makes much more sense to include other people in the room when you’re a divorced couple with only one other person on the board,” she said.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments