Warren Buffett Steps Down as Trustee of Gates Foundation

The 'Oracle of Omaha' is halfway toward his philanthropy donation goal

Jun 23, 2021

Summary

Buffett donated $4.1 billion worth of Class A Berkshire shares to five foundations.
The Berkshire Hathaway leader said in 2006 he wished to give 99% of his net worth to charity.
Buffett still enjoys his job, yet he has reached 'past the fourth quarter and into overtime.'

On Wednesday, Berkshire Hathaway Inc. (BRK.A, Financial)(BRK.B, Financial) CEO Warren Buffett (Trades, Portfolio) announced that he is stepping down as trustee of Microsoft Inc. (MSFT, Financial) founder Bill Gates (Trades, Portfolio)’ Bill and Melinda Gates Foundation. Buffett also said that he reached the halfway point of his philanthropy donation goal following his plan to donate $4.1 billion worth of Class A Berkshire shares to five foundations.

The “Oracle of Omaha” announced in 2006 that he pledged to distribute all of Berkshire’s Class A shares – representing 99% of Buffett’s net worth – to five foundations: the Gates Foundation, the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and NoVo Foundation. Buffett said that he now owns 238,624 shares, down from his ownership of 474,998 shares in June 2006.

Buffett resigns from trustee post at Gates Foundation

Buffett said that unlike his older sister Doris, who engaged in "retail" philanthropy, he elected to do a "wholesale" philanthropic path. The Berkshire CEO said that the leaders of the five foundations "set [his or her] own course" and that Buffett’s involvement in the foundations are effectively zero.

Buffett also said that he has been an inactive trustee of the Gates Foundation, one recipient of his funds. He announced today that he is resigning from the post, as he has done for all corporate boards instead of Berkshire’s. The Oracle of Omaha also said that Gates Foundation CEO Mark Suzman has full support from Berkshire.

Buffett reiterates his philanthropy pledge yet warns he has reached overtime

The Oracle of Omaha said that “the easiest deed in the world is to give away money that will never be of any real use” to oneself or his or her family, and that the donations are “painless and may well lead to” better lives. Buffett also warned that although he still enjoys his job and deploy the savings of people who trust him, he has reached “past the fourth quarter into overtime.” Despite this, Buffett concluded that he remains optimistic that America’s best days lie ahead and that philanthropy, business and government will continue to pair human talent with financial resources.

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