Publicity-Shy Feeney Steps Into Spotlight
A famously publicity-shy part-time Bermuda resident — who has given most of his multi-billion dollar fortune to charities through his Hamilton-headquartered philanthropic organisation — has briefly stepped into the spotlight to endorse an initiative encouraging the wealthiest people in the United States to donate their money to good causes
Charles Feeney, founder of Bermuda-based Atlantic Philanthropies, this week become the 59th donor to sign the Giving Pledge advanced by billionaire Berkshire Hathaway CEO Warren Buffett and Microsoft founder Bill Gates and his wife Melinda.
Mr. Feeney’s declaration will not result in any additional money for philanthropic causes because he’s already given away nearly all of the fortune he made as co-founder of Duty Free Shoppers Group.
By signing the Giving Pledge, billionaires commit at least half their wealth to charity, either during their lifetimes or upon their deaths.
In a letter posted at the Giving Pledge website this week, Mr. Feeney — who owns a home in Paget – said he’d resisted signing because he had already given most of his money away. But the low-profile businessman and philanthropist said he was joining the initiative now to share with other donors what he has learned from nearly 30 years of involvement in global philanthropy.
New York Mayor Michael Bloomberg — who owns a property in Bermuda — has also signed The Giving Pledge.
Mr. Feeney was one of a handful of philanthropists invited to a 2009 dinner at which Mr. Buffett launched the concept of the Giving Pledge. His Atlantic Philanthropies has donated billions to causes including aging, immigration rights, and access to health care. The foundation, which has a headquarters in Bermuda but maintains an office in New York, intends to spend all its assets by 2017.
“An Irish-American, born in New Jersey in 1931, Mr Feeney made a fortune by co-founding Duty Free Shoppers (DFS) which first sold tax-exempt goods to American soldiers abroad and then tapped into the rise of mass tourism,” said “The Economist” in a 2007 profile titled “The Secretive Do- Gooder”. “When DFS was sold in 1997, it had delivered nearly $8 billion to its four main shareholders, of which Mr Feeney was the joint biggest, with 38.75 percent.
” … Mr. Feeney carefully shunned all outward evidence of wealth. But as soon as DFS became reliably profitable, he started the practice of giving five percent of his pre-tax profits to good causes. In 1982 he created a foundation, the Atlantic Philanthropies, based in Bermuda. Two years later he signed over his fortune to the foundation, except for [modest] sums set aside for his wife and children. His net worth fell below $5 million.”
In his letter, Mr. Feeney encouraged other billionaires to follow his example and give now rather than wait until their deaths.
“Today’s needs are so great and varied that intelligent philanthropic support and positive interventions can have greater value and impact today than if they are delayed when the needs are greater,” he wrote.
The full text of Mr. Feeney’s letter to The Giving Pledge appears below:
Dear Bill,
I greatly appreciated the recent opportunity you provided to update me on the successes and challenges of the Giving Pledge, and to allow me to share my own related thoughts and experience. As you know, shortly after the announcement of the Giving Pledge in June 2010, which followed our meeting at the first exploratory gathering in May 2009, I made an initial decision to withhold participation. Because I had already transferred virtually all of my personal and family assets to The Atlantic Foundation (the precursor to The Atlantic Philanthropies) over 25 years ago, I did not think it appropriate to be among the early signatories of this undertaking. Nevertheless, I have been carefully following the Giving Pledge initiative and am heartened by the great response. Though I cannot pledge that which I already have given – The Atlantic Philanthropies have made over $5.5 billion in grants since inception – I want now to publicly add my enthusiastic support for this effort and celebrate this great accomplishment.
I also want now to add my own personal challenge and encouragement for Giving Pledge donors to fully engage in sustained philanthropic efforts during their lifetimes. I cannot think of a more personally rewarding and appropriate use of wealth than to give while one is living – to personally devote oneself to meaningful efforts to improve the human condition. More importantly, today’s needs are so great and varied that intelligent philanthropic support and positive interventions can have greater value and impact today than if they are delayed when the needs are greater. I urge those who are taking up the Giving Pledge example to invest substantially in philanthropic causes soon and not postpone their giving or personal engagement.
On now approaching my 80th birthday, I am content with my action, in 1982, to establish The Atlantic Foundation. I am convinced this was a sensible means for directing to good purpose a large and increasing wealth that exceeded my and my family’s lifetime needs and which I believe would have become problematic. Reflection on the many worthwhile undertakings that these funds have since made possible always reaffirms for me the prudence of this decision. The process of – and, most importantly, the results from – granting this wealth to good causes has been a rich source of joy and satisfaction for me and for my family. Beginning with little more than a few nascent ideas, the experience of having made a few sizeable donations, and a passionate interest in assisting those whose life circumstances or experience resulted in deficit or vulnerability, I have been fortunate that many others with a wide range of backgrounds and expertise have been willing to participate in and enhance this grant making endeavor over many years.
Our efforts were organized somewhat loosely at first, consistent with my preferred working style and our needs, but over time as the volume of activities expanded, the work was arranged in a more formal organization. Over the course of this journey, and alongside others who contributed enormously, I learned and came to appreciate the challenges and complexities of philanthropy. And, together, much good work has been done. I think often of, and I am truly grateful to, the many people who have contributed in so many ways to the work of The Atlantic Philanthropies over the years.
While my approach to philanthropy has surely developed and matured through experience, fundamental guides for me have always been the same methods of working and values that served me well in my business career. Key among these, I believe, is the dynamism, vigilance and informed risk taking inherent in entrepreneurial work, together with priority on good relationships and personal engagement. In business, as in philanthropy, I have always sought an independent, strategic edge where potential is often greatest, as well as opportunities that I can understand and to which perhaps I can contribute personally.
A lot is expected from us in philanthropic endeavors – and not all good initiatives will be met with universal positive acclaim – but this challenge should not divert each of us from making philanthropic investments in what we thoughtfully believe to be the highest and best use of our resources. The challenges, even set backs, I have experienced in my decades of personal engagement in philanthropy pale in comparison to the impact and deep personal satisfaction we have realized.
As I indicated at our recent meeting, I don’t pretend to have the answers to the many challenges facing those who choose to contribute their wealth to philanthropic activities. But I do have almost 30 years of personal and institutional experience engaging with the wide range of philanthropic issues and choices, and I would like to contribute this experience to the Giving Pledge effort.
Fundamental to all philanthropic efforts are choices about grant making focus and strategy, which naturally are strongly influenced by one’s passions and interests, as well as one’s perception of how best to achieve good value and lasting impact with the intended grant funds. This typically is a frequently-revisited process as one learns and gains perspective from experience and granting opportunities evolve. Another key element is the myriad decisions associated with how to conduct grant making, such as the nature, size and cost of support staff and operations. Critically, one must also navigate the complexities inherent in establishing an appropriate governance and long-term leadership structure to carry out one’s philanthropic intentions. This incorporates many aspects, such as whether or not to institutionalize a set of guiding principles; the size, role and scope of authority of an outside board, if any; the involvement of children and other family members; and the participation and function of outside advisors – and the approach decided upon must stand the test of time.
Thoughtful and effective philanthropy requires that the above issues, and more, be addressed with the same acumen, creativity and tenacity that many of us learned and applied in our business careers. Philanthropy, though, also brings with it a different set of complexities, attractions and distractions. I welcomed our initial discussions on these important issues and hope to have the opportunity to follow up on them with you and others.
My deepest thanks to you, Melinda and Warren for leading this transformative effort – and, again, congratulations on this historic achievement.
With best regards,
Charles F. Feeney
I am happy that many other people in the world have the same vision as me. I know if I was to ever become a billionare I know that I would donate money to charities. I mean, why does one person need billions. Save enough so you can buy a house and a car and pay off debt and help your family and save some for the future and give a good bit to charities. Give to the people that do not have. God bless to these people.
I love this and feel exactly the same way!!! @ Ray if I had the opportunity to becme a Millionaire/Billionaire I wouldn’t have any money left over because I would always be giving it away!! My goal WHEN I become a miilionaire is to open a Group Home for young people between 19-24. Too many of our young people in this age bracket are homeless where their families and society have given up on them..My goal is to present them with another opportunity to get it together!! This is such a great idea and I hope that it pens out…..Enjoyed the video as well!