Welcome!

News Feed Item

Alibaba Founders Establish Charitable Trusts

HANGZHOU, China, April 25, 2014 /PRNewswire/ --


  

GIFT OF 2% OF ALIBABA EQUITY TO FOCUS ON  

ENVIRONMENT, MEDICINE, EDUCATION AND CULTURE,  

Jack Ma and Joe Tsai, co-founders of Alibaba Group Holding Limited ("Alibaba" or "the company"), today announced the establishment of personal charitable trusts funded by share options granted by Alibaba to the charitable trusts designated by Jack Ma and Joe Tsai for approximately two percent (2%) of Alibaba's equity. Their philanthropic activities will initially be focused on causes including the environment, medicine, education and culture in China, Hong Kong and abroad.  

Jack Ma and Joe Tsai intend to make philanthropic contributions through their respective personal charitable trusts, in part, alongside Alibaba's corporate charitable foundation, which is managed by volunteer employees of the company and contributes to initiatives in environmental awareness and conservation. Since 2010, Alibaba has earmarked 0.3% of the company's annual revenues to fund the Alibaba corporate charitable foundation, in addition to Jack Ma's previously announced commitment to donate all of his economic interests in a general partner of the Yunfeng Funds to the foundation.

Alibaba and its employees have also dedicated significant time and resources toward disaster relief efforts and other community activities in China and internationally. Recently, Alibaba initiated a program to provide citizens with water testing kits to encourage self-reporting and raise awareness of the water pollution issues across China.

Jack Ma said: "Alibaba was founded 15 years ago with a mission 'to make it easy to do business anywhere' and a set of principles and values that emphasize our responsibility to society. Giving back to society is deeply embedded in Alibaba's culture and I am incredibly proud of the commitment that our employees have shown to improving peoples' lives."

The gifts to the respective charitable trusts of the two founders consist of options granted by Alibaba to the charitable trusts designated by Jack Ma and Joe Tsai to acquire ordinary shares of Alibaba. The option grant, approved by Alibaba's board of directors last year, represents approximately two percent of the equity in Alibaba and will be divided between the two trusts in approximately the same proportion as the equity stakes currently held by the two founders in Alibaba.

"We hope to live in a world with bluer skies, cleaner water and better access to healthcare. I am extremely focused on the environment, medical care and education in China but concern and complaints cannot change the current situation.  I am passionate about actively contributing and helping to solve these problems. We must assume responsibility and take action to improve the environment that our children will inherit, and this is why I strongly support the efforts of The Nature Conservancy and agreed to take on the role of China Chairman last year," Jack Ma continued.

"I hope that by taking this path and drawing attention to these issues, we raise awareness among even more people, and that we inspire and encourage our peers, partners and other entrepreneurs to join us in our philanthropic efforts," said Joe Tsai.

The charitable initiative of Jack Ma and Joe Tsai was unanimously endorsed by the board of directors of Alibaba.  

Masayoshi Son, founder, Chairman and Chief Executive Officer of SoftBank Corp. and a director of Alibaba, said: "I have tremendous respect for this charitable initiative of Jack and Joe. I think it is truly outstanding that the people of Alibaba are contributing to Chinese society in this way, and I fully support the endeavor."

Jackie Reses, Chief Development Officer of Yahoo, Inc. and a director of Alibaba, said: "I am impressed by the thoughtfulness and community spirit behind the establishment of the two personal charity trusts by Alibaba's co-founders and by their strong desire to give back to the community."            

Support from business and philanthropic leaders: 

Michael R. Bloomberg, former Mayor of New York City and Founder of Bloomberg Philanthropies, commented: "Jack Ma and Joe Tsai are both very generous individuals who understand the importance of giving back and helping others, which is reflected in the culture of Alibaba. I've spent time with both of them to discuss their commitment to improving lives.  Their gifts set a new bar for philanthropy in China, and hopefully other entrepreneurs and business leaders around the world will follow in their footsteps."

Bill Gates, Co-Chair of The Bill and Melinda Gates Foundation; Founder and Technology Advisor of Microsoft Corp. commented: "This is terrific news. Jack and Joe's generosity, leadership and example will do an immense amount of good, particularly in this remarkable time in the development of philanthropy in China."

Warren Buffett, Trustee of The Bill and Melinda Gates Foundation; Chairman and Chief Executive Officer of Berkshire Hathaway, commented: "Jack and Joe have been extraordinary leaders in business and have now become leaders in philanthropy.  I admire and applaud them."

About Jack Ma 

Jack Ma is the lead founder of Alibaba Group. Since founding the company in 1999, he served as chairman and chief executive officer for more than a decade. Since May 2013, he has served as executive chairman of Alibaba Group and continues to shape the company's strategic direction and management development.

Mr. Ma, who holds a bachelor's degree in English from Hangzhou Teacher's Institute, serves on the board of SoftBank Corp., a leading digital information company that is publicly traded on the Tokyo Stock Exchange. He is also a director of Huayi Brothers Media Corporation, a media company listed on the Shenzhen Stock Exchange. In 2009, Mr. Ma became a trustee of The Nature Conservancy's China program and joined the global board of directors of the organization in 2010. Since May 2013, he has served as chair of The Nature Conservancy's China board of directors. In September 2013, he joined the Breakthrough Prize in Life Sciences Foundation as a director.  

About Joe Tsai 

Joe Tsai is one of Alibaba Group's founders and has been a member of the company's board of directors since its inception in 1999.  He previously served as the company's chief financial officer and, since May 2013, has served as the company's executive vice-chairman, responsible for strategic investments and acquisitions.  From 1995 to 1999, Mr. Tsai worked in Hong Kong with Investor AB, the main investment vehicle of Sweden's Wallenberg family, where he was responsible for Asian private equity investments. Prior to that, he was vice president and general counsel of Rosecliff, Inc., a management buyout firm based in New York. Mr. Tsai is qualified to practice law in the State of New York and, from 1990 to 1993, was an associate attorney in the tax group of Sullivan & Cromwell LLP, a New York-based international law firm.

Mr. Tsai received his bachelor's degree in Economics and East Asian Studies from Yale University and a juris doctor from Yale Law School. He is a trustee of The Lawrenceville School in New Jersey, United States.

SOURCE Osborne & Partners

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...