In inaugural foundation annual letter, CEO Mark Suzman reflects on evolution of foundation’s governance and work to fight poverty, disease, and inequity globally
The Bill & Melinda Gates Foundation appointed a board of trustees, with Strive Masiyiwa, Baroness Nemat (Minouche) Shafik, Thomas J. Tierney, and Gates Foundation CEO Mark Suzman joining co-chairs Bill Gates and Melinda French Gates as members. The board members will work alongside Gates and French Gates, bringing independent and diverse perspectives to help strengthen the foundation’s governance.
Suzman announced the board members in the foundation’s inaugural annual letter. This governance change comes after the death in late 2020 of Bill Gates Sr., Bill Gates’ father, an honorary co-chair, and a long-time guiding voice at the foundation, as well as the decision by Warren Buffett last year to step down as a trustee after nearly 15 years. It also represents an explicit recognition by Gates and French Gates, especially in the wake of their recent divorce, that the foundation will be well served by the addition of independent voices to help shape its work in the future. The board could include up to nine total members, with conversations ongoing about adding to the initial slate to enhance representation across gender, geography, and expertise.
Suzman in his letter emphasises that in its next phase, the foundation will continue to prioritise areas where its resources and expertise will be most catalytic and to invest in higher-risk areas where it’s more difficult to deploy public resources, from funding innovative treatments for malaria to supporting cutting-edge disease modeling.
The new board members will bring their diverse expertise, experience, and perspective to advise the co-chairs and the foundation’s leadership team on budget and strategy. The board will meet three times a year to guide the work of the foundation and approve the annual budget and four-year plan. They will also have the responsibility to review the CEO’s performance and approve the CEO’s compensation. Board members serve three-year terms, with a two-consecutive-term limit.
“Over the past 20 years, the scale and scope of our foundation’s work has evolved to include some of the most complex and urgent challenges the world faces. As we look ahead, I’m excited to welcome our new board members. Their wide-ranging experience and expertise will have enormous impact on our ability to tackle the complexity of these challenges and bring us closer to realising a world where everyone has the chance to lead a healthy and productive life”, said Bill Gates.
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