Gates Foundation Revokes Pledge to Review Portfolio

NewsCloud writes "After the LA Times reported that the Gates Foundation often invests in companies hurting the very communities Bill and Melinda want to help, the Seattle Times reported the foundation planned 'a systematic review of its investments to determine whether it should pull its money out of companies that are doing harm to society'. Shortly after that interview, the Gates Foundation took down their public statement on this and replaced it with a significantly altered version which seems to say that investing responsibly would just be too complex for them and that they need to focus on their core mission: 'There are dozens of factors that could be considered, almost all of which are outside the foundation's areas of expertise. The issues involved are quite complex...Which social and political issues should be on the list? ... Many of the companies mentioned in the Los Angeles Times articles, such as Ford, Kraft, Fannie Mae, Nestle, and General Electric, do a lot of work that some people like, as well as work that some people do not like. Some activities might even be viewed positively by some people and negatively by others.'"

Re:SRI

[Life2Short]

Yeah, I hear what you're saying, but come on, that 20% share of Acme Land Mines...

responsibility

[coldsleep]

I hope that the Stephen & Melinda Gates Foundation approaches this issue with a little more responsibility.

Re:SRI

[Chris Mattern]

> Yeah, I hear what you're saying, but come on, that 20% share of Acme Land Mines.

Well, most of happens to that coyote is his own damn fault.

Chris Mattern

Holy cow!

[DoofusOfDeath]

Even their charitable foundation has to backpedal on the previously stated scope of its projects because of complexity.

Re:Watch my left hand...

[Anonymous Coward]

"say that investing responsibly would just be too complex for them and that they need to focus on their core mission"

I love paraphrasing, it doesn't reek of bias or anything...

Re:SRI

[ozbird]

Well, most of happens to that coyote is his own damn fault.

... which is why the Road Runner cartoon could never be remade today. The first minute or so would show Wile E. Coyote doing something sneaky and getting hurt; the rest of the cartoon would show his lawyer suing Acme Corporation, the Road Runner, the truck/train/bus driver and/or society for the harm caused to his client.