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
In the first article of this three-part series on hybrid cloud security, we discussed the Shared Responsibility Model and examined how the most common attack strategies persist, are amplified, or are mitigated as assets move from data centers to the cloud. Today, we’ll look at some of the unique security challenges that are introduced by public cloud environments. While cloud computing delivers many operational, cost-saving and security benefits, it takes place in a public, shared and on-demand ...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, discussed how a cloud designed for production operations not only helps accelerate developer inno...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...