Gates Foundation Revokes Pledge to Review Portfolio

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NewsCloud writes "After the LA Times reported that the Gates Foundation often invests in companies hurting the very communities Bill and Melinda want to help, the Seattle Times reported the foundation planned 'a systematic review of its investments to determine whether it should pull its money out of companies that are doing harm to society'. Shortly after that interview, the Gates Foundation took down their public statement on this and replaced it with a significantly altered version which seems to say that investing responsibly would just be too complex for them and that they need to focus on their core mission: 'There are dozens of factors that could be considered, almost all of which are outside the foundation's areas of expertise. The issues involved are quite complex...Which social and political issues should be on the list? ... Many of the companies mentioned in the Los Angeles Times articles, such as Ford, Kraft, Fannie Mae, Nestle, and General Electric, do a lot of work that some people like, as well as work that some people do not like. Some activities might even be viewed positively by some people and negatively by others.'"</img>


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