Alexa

Bill Gates: Warren Buffett not micromanaging his US$30 billion donation

Microsoft Corp. chairman and co-founder Bill Gates said Saturday that fellow billionaire Warren Buffett is no micro-manager.
Gates and his wife Melinda, who run the philanthropic foundation that bears their names, said that Buffett, the chairman of Berkshire Hathaway Inc., hasn't been pushy about how their foundation should spend the nearly US$30 billion he pledged to donate last year.
"Warren has said to us to 'Do what you've been doing, I believe in what you're doing,'" Melinda Gates told a breakfast gathering on the sidelines of the World Economic Forum's annual meeting. "He really believes in the premise that all lives on the planet are equal."
Buffett is famous for his hands-off style of business management, and Melinda Gates said he taken a similar approach with his big donation.
The Bill & Melinda Gates Foundation funds various global health and education initiatives in the developing world. Its focus hasn't changed, but Buffett's donation "has allowed us to go deeper into areas we're already in," she said.
However, her husband said that despite Buffett's hands-off approach to the massive donation, his expertise won't be disregarded.
Bill Gates said the foundation would seek the Omaha, Nebraska-based business titan's help "a little more than he might have in mind."
Buffett's donation, announced in June 2006, will be in the form of annual gifts of Berkshire Hathaway shares, valued at the time at about US$30 billion. He pledged additional shares to other foundations.
Gates and Buffett are longtime friends and the pair topped Forbes' list of the world's wealthiest people in 2006.
___
Peter Loftus is a correspondent with Dow Jones Newswires in Philadelphia.


Updated : 2021-01-28 18:09 GMT+08:00