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In a sharp break from the past, major charitable foundations are harmonizing the social and environmental impact of their endowment investments with their philanthropic goals. Last year’s Los Angeles Times investigative series about the Bill & Melinda Gates Foundation sent shock waves through the foundation world. The Gates Foundation’s $35 billion portfolio was reported to be invested in companies whose poor records on environmental stewardship, governance, or human rights—in some cases involving the exploitation of child slaves—countered the foundation’s charitable goals. Today, the $6.1 billion John D. and Catherine R. MacArthur Foundation votes shareholder proxies “to reduce or eliminate a substantial social injury caused by a company’s actions.” The $8.5 billion William and Flora Hewlett Foundation now votes to reflect its charitable aims. The $7.8 billion W.K. Kellogg Foundation has established a $100 million fund for social and mission-related investing. |
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