Make The Gates Foundation Change

The Los Angeles Times series about the Gates Foundation's investments in companies and industries responsible for death and misery (see Nestle and Ameriquest) caused them to pause for a few seconds.

Then, they promptly flip-flopped back to saying that blind investing is just fine with them. Their CEO's letter to the LA Times is below.

Gates Foundation's defenders cannot possibly persist in supporting their attitude about placing hundreds of millions dollars in the coffers of socially irresponsible companies. Yes, previously they could claim that they never knew that their money was being used the way Nestle and others use it, but the Times' exposure of the issue should have changed everything.

Instead, Patty Stonesipher, representing Bill and Melinda Gates, is incredibly disingenuous in suggesting that the Foundation's multibillion dollar holdings make it just another "individual stockholder." What an insult to our intelligence.

A small but terrible example of formula manufacturers' disregard for babies' lives is found in Togo: "Infant mortality in Togo and Burkina Faso is among the highest in the world. Every year sub-optimal breast feeding is the underlying cause of an estimated 3,300 infant deaths in Togo, 25 per cent of all-cause infant mortality. . . " The research about these infants' deaths caused by Nestle and their colleagues was published in the "British Medical Journal."

Nothing has changed. Nestle was involved in one of the most significant medical scandals of all time when Dr. Ranjit K. Chandra was hired by Nestle to "prove" that their infant formula reduced the risk of allergies. Dr. Chandra's fraud was exposed last year.

I am not suggesting a boycott of Microsoft sending us all back to paper and pen and abacus. I am saying that the collective action of Microsoft users might influence the Gates to keep a closer eye on the way their money is being spent. Write letters and send email.

Email Patty Stonesifer at [e-mail]

JNGMD

A foundation states its case
January 14, 2007

Re "Gates Foundation to reassess investments," Jan. 11

In the recent coverage of the Bill & Melinda Gates Foundation's investments, The Times implies that we have made secret investments. We have always been open about the investments we make. Every corporate stock and bond we invest in is listed on our public tax forms, which are posted on our website going back to 2002.

The stories you told of people who are suffering touched us all. But it is naive to suggest that an individual stockholder can stop that suffering. Changes in our investment practices would have little or no impact on these issues. While shareholder activism has worthwhile goals, we believe a much more direct way to help people is by making grants and working with other donors to improve health, reduce poverty and strengthen education.

Bill and Melinda Gates have always reviewed investments and will continue to do so. To explain our philosophy and clarify how we make decisions, we have posted a statement on our website, gatesfoundation.org.

PATTY STONESIFER

CEO, Bill & Melinda Gates Foundation

Seattle