The Giving Pledge
Vladimir Potanin became one of the first businessmen in Russia to join Bill Gates’ and Warren Buffet’s global initiative, and in February 2013 took the Giving Pledge.
Giving Pledge FAQ
What is a Giving Pledge?
- A Giving Pledge is a promise by a businessperson to give at least a half of his wealth to philanthropy at some point in the future.
- The Pledge is a public moral commitment with no legal or financial consequences.
Must a businessperson transfer his funds somewhere once they have given the Pledge?
- No. The Giving Pledge is neither a fund nor a bank account.
- A business person continues his own philanthropic endeavors after he has taken the Pledge.
- A business person is free to choose the time and the format of charitable wealth transfer.
Will Vladimir Potanin introduce changes to his philanthropic work now that he has signed the Giving Pledge?
- No, the work will continue within the current understanding that Vladimir Potanin will direct most of his wealth to philanthropic causes. The mechanisms and formats to ensure long-term effective sustainability of the framework are currently under development.
- The participation in the Giving Pledge initiative does not change any earlier decisions regarding philanthropic use of the capital. The Pledge creates no additional legal or financial obligations on Vladimir Potanin.
- 105 businesspeople from the USA, Russia, Ukraine, Great Britain, Germany, Australia, India, South Africa and Malaysia have taken the Giving Pledge.
- The initiative was founded by Warren Buffett and Bill Gates in June 2010 in order to prompt high net-worth individuals and their families to donate most of their fortunes to philanthropic causes.
- Giving Pledge initiative participants include Michael Bloomberg, David Rockefeller, and George Lucas, who implement a large number of charitable projects in education, healthcare, medical research, social services and the environment, among others.
- The main idea behind making a public announcement about the transfer of most of one’s wealth to charitable causes is to draw more people into philanthropy and to increase funding of charitable programs.
- The initiative fosters an open dialogue about philanthropy without calling for or demanding to collect funds for specific causes or organizations.