Giving Pledge comes to South Africa
Family foundation to act as conduit for first local signatory.
"We hope that our Giving Pledge will encourage others in South Africa, Africa and other emerging economies to give," said Patrice Motsepe.
The Giving Pledge last week attracted its first African signatory when South African mining tycoon Patrice Motsepe, founder and executive chairman of African Rainbow Minerals (ARM), announced that he and his wife Precious would give half the income generated from family-owned assets to the Motsepe Family Foundation. "I decided quite some time ago to give at least half of the funds generated by our family assets to uplift poor and other disadvantaged and marginalised South Africans," he commented, "but was also duty-bound and committed to ensuring that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors."
The family established the Motsepe Foundation in 1999 to undertake and oversee its various philanthropic initiatives. "Most of our donations have been private, but the need and challenges are great and we hope that our Giving Pledge will encourage others in South Africa, Africa and other emerging economies to give and make the world a better place," Motsepe added. He expressed his gratitude to both Warren Buffet and Bill and Melinda Gates for their advice and support.
"Our culture, religious upbringing and values guided and influenced us in making this commitment and we are proud that our children support our pledge," Motsepe said. "Their future and the future of all South Africans requires us to give hope and build a better and brighter future for all our people."
The Motsepe Foundation will continue to focus on initiatives and projects that assist its beneficiaries to become self-sustaining and independent.