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Gates Foundation Agrees Break-Up Back-Up Plan In Case Bill And Melinda Gates Cannot Work Together Again

In this photo taken Feb. 1, 2019, Bill and Melinda Gates pose for a photo in Kirkland, Wash. From their perch as the “unofficial deans” of big-ticket philanthropy, it’s business as usual for the Gates amid questions about whether altruism by the wealthy is a force for good. They are speaking out as their annual letter reviewing their work and vision is released. This year’s note focused on 2018’s surprises in the areas where the Bill and Melinda Gates Foundation are involved, including global health and development and U.S. education and poverty. (AP Photo/Elaine Thompson)

 

The Gates Foundation has revealed it has back-up plans in case its co-chairs, Bill and Melinda Gates cannot work together in the wake of their divorce.

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The new arrangement gives Bill and Melinda Gates a two-year trial, after which Ms Gates could resign from the organisation.

Bill and Melinda run the charitable foundation, which has worked on billion dollar initiatives such as fighting infectious diseases and this new agreement comes after question marks were raised over the future of the organisation when the couple announced they were divorcing after 27 years of marriage in May..

In a note to Gates Foundation staff on Tuesday, it was announced that the couple would be donating another $15bn (£10.9bn) of their personal wealth to the foundation.

Under the new agreement announced Wednesday, Ms Gates would also receive “personal resources” from her ex-husband for her own charity work.

Ms Gates said she was “deeply proud” of what the organisation has achieved.

In a statement, she added: “I believe deeply in the foundation’s mission and remain fully committed as co-chair to its work.”

 

Ms Gates will remain as a trustee during the “trial period”, although it was announced in the Wednesday blog post that the foundation will recruit new trustees to oversee its work.

 

The announcement comes after billionaire investor Warren Buffett’s said last week he will be resigning from the foundation’s board.

He previously said his “physical participation is in no way needed” for the foundation to achieve its goals.

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Written by PH

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