Update: Gates Foundation to reassess investments
In a significant change, the Bill & Melinda Gates Foundation announced Wednesday that it would review its investments to determine whether its holdings were socially responsible. The David & Lucille Packard Foundation and the William & Flora Hewlett Foundation, both among the nation’s 10 largest, said Wednesday that they too were reevaluating their investments to assess social and environmental effects.
Using the most recent data available, The Times found that hundreds of Gates Foundation investments — totalingP at least $8.7 billion, or 41% of its assets, not including U.S. and foreign government securities — have been in companies that countered the foundation’s charitable goals or socially concerned philosophy.
“When the No. 1 foundation is rethinking something, others are going to look at it more carefully,” “This will cause a seismic shift in the field.”