Wednesday, January 17, 2007

Gates Defense of Investment Policies "Appalling"

Jessica Shortall has written an open letter to the Gates Foundation. Her reaction pretty much aligns with mine. An excerpt:

16 January 2007
To: Ms Scott, Ms Stonesifer, Bill & Melinda, et al

"Appalling. I can’t think of another word to describe your organisation’s misguided and arrogant response to public criticism regarding your investment practices. I have in the past admired the Gates Foundation, and having done some work in the area of paediatric ARVs, have had significant reason to applaud your work.

Having an antiquated, double-blind approach to charitable giving vs. investing is one thing. The Foundation could be forgiven for realising it’s behind the times, and for getting up to speed, post haste. But having and then defending, without apology, said approach, says a great deal about your organisation, and none of it good. ...."

You can find Jessica's full letter by clicking here.

You can read the LA Times article about the Gates investments by clicking here.

What do you think?
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1 comment:

  1. keely stevenson12:08 AM

    Thanks, Clara. I appreciate your response. I completely agree that Gates has done a wonderful job as a philanthropist, and I deeply respect that side of the institution's impact on society. I just subscribe to the idea that investment tools can sometimes be more powerful than philanthropy in creating social change. There are a few people in this world who can prove that at scale (and spark a new paradigm for others to think about value creation and their role) and with all that is at stake, why wouldn't they take a few risks and try? The consequences of not trying are perhaps greater.

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