Giving Pledge FAQ
- A Giving Pledge is a promise by a businessperson to give at least a half of his wealth to philanthropy at some point in the future.
- The Pledge is a public moral commitment with no legal or financial consequences.
- No. The Giving Pledge is neither a fund nor a bank account.
- A business person continues his own philanthropic endeavors after he has taken the Pledge.
- A business person is free to choose the time and the format of charitable wealth transfer.
- No, the work will continue within the current understanding that Vladimir Potanin will direct most of his wealth to philanthropic causes. The mechanisms and formats to ensure long-term effective sustainability of the framework are currently under development.
- The participation in the Giving Pledge initiative does not change any earlier decisions regarding philanthropic use of the capital. The Pledge creates no additional legal or financial obligations on Vladimir Potanin.
- More than 90% of Vladimir Potanin’s charitable projects, like 90% of his business ventures, have taken place in Russia, and will continue to do so. The transfer of his wealth to charity will not change that.
- The philanthropy funding mechanism is nothing out of the ordinary. A portion of the profits from business ventures is reinvested, and a portion is used to fund the Vladimir Potanin Foundation’s programs, as well as a number of Vladimir Potanin’s personal philanthropic projects.
- The funding of Foundation’s programs and of the Vladimir Potanin’s personal charitable projects has been increasing steadily.
- 105 businesspeople from the USA, Russia, Ukraine, Great Britain, Germany, Australia, India, South Africa and Malaysia have taken the Giving Pledge.
- The initiative was founded by Warren Buffett and Bill Gates in June 2010 in order to prompt high net-worth individuals and their families to donate most of their fortunes to philanthropic causes.
- Giving Pledge initiative participants include Michael Bloomberg, David Rockefeller, and George Lucas, who implement a large number of charitable projects in education, healthcare, medical research, social services and the environment, among others.
- The main idea behind making a public announcement about the transfer of most of one’s wealth to charitable causes is to draw more people into philanthropy and to increase funding of charitable programs.
- The initiative fosters an open dialogue about philanthropy without calling for or demanding to collect funds for specific causes or organizations.
This year the Foundation received 419 applications from different Russian museums. The expert council selected winners in 18 nominations. In 2016, «Museums and Museum Community» nomination became the most popular category among Russian museum professionals, with almost 160 application received.