Famous ‘Giving Pledge’: Well Known Persons Now Signatories, Could Change Relationship between Rich and Poor – Local Philantropist

Since the new mellennium there has been a greater sense of urgency among some of the world’s richest to give to charity as much of their wealth as possible during their lifetime, a sentiment shared by executive chairman of Cool Corporation Joe Issa who, noting he is pleased that more rich people are feeling that way, stated “this could bring about a change in the relationship between the rich and the poor.”

Joseph Issa Founder Cool Group of Companies

Issa, a well known philantropist was speaking against the background of research which shows that more wealthy people are joining the crusade known as the ‘Giving Pledge’ – an initiative that encourages the world’s richest people to give as much as they can to charity during their lifetime.

For it was Andrew Carnegie who once said that no man can become rich without himself enriching others and if he dies rich he dies in disgrace.

“I think what he means is that since you can’t go to the grave with your riches you must try to give as much as possible to enrich the lives of others while you are alive, as without them you could not have been rich.

“So if you give none of your riches away during your lifetime to better the lives of those who are less fortunate, you would have died in disgrace,” said Issa, in an interview rationalizing the wisdom of the Giving Pledge, a term he is no stranger to.

Issa famously developed a pledge of his own for persons seeking political office to sign, committing to implement two or three projects that are of priority to constituents within a specified time upon winning their seat.

He came up with the idea ahead of the October 16, 2002 general election, as part of a move to engender accountability in governance. The idea, which became known as “The Issa Initiative” was supported by both political parties – JLP and PNP – as well as the island’s Chambers of Commerce.

Despite not having been implemented by the political parties, Issa’s idea was praised for its landmark quality. Calling it “a watershed in Jamaica's political culture” The Gleaner newspaper said, “The proposal from Joe Issa of the St. Ann Chamber of Commerce, which was taken up by the island's Chambers of Commerce has the potential of bringing about a change in the relationship between constituents and their elected representatives.”

The Giving Pledge was started by Microsoft’s Bill Gates and Berkshire Hathaway’s Warren Buffett, who in 2006, pleadged to donate 85% of his wealth to the Bill & Melinda Gates Foundation, and to other foundations set up by family members.

Microsoft’s Bill Gates

Bill Gates and Warren Buffett have led the Giving Pledge from the front donating almost equally, a total of some US$50 billion of their wealth so far to charity.

Since then, they have been joined by some of the richest people on earth, including IT guru Azim Premji, who was the first Indian billionaire to sign the pledge. He has so far contributed US$8 billion to charity.

Charles Francis Feeney, the man often called the “James Bond” of philantropy, has also pledged to give away his entire fortune made as co-founder of the Duty-Free Shoppers Group. He has already donated US$6.3 billion so far to a variety of causes.

Carlos Slim, one of the three richest self-made billionaires in the world is also on board, giving US$4 billion so far.

George Kaiser

In 2010, George Kaiser signed the Giving Pledge. He has so far donated US$3.3 billion to charity.

Facebook founder Mark Zuckerberg, one of the youngest self-made billionaires in the world today has since signed the pledge promising to share at least half his wealth in his lifetime. He has so far donated US$1.6 billion to charitable causes.

A surprising no show is Michael Bloomberg, who co-founded Microsoft with Bill Gates. Although he has not signed the Giving Pledge, he has so far given away US$3 billion of his wealth to charity.