u Publication: SALT, pp 14-17 Date: Jan-Feb 2007 Headline: The Quiet Philanthropist The Quiet Philanthropist Famous family fozcndatiom have L been lending a philanthropic is internationally famous for its focus on world health, its relentless hand for dt?cad@s now. But where fight against HIV/AIDS and efforts are the new philanthropists? to improve libraries and high schools in the United States. In 2005 alone, US~S MlCHELLE BONG. it reportedly made grant payments worth US$1.36 billion. he Lees. The Shaws. The Khoos. The Liens. Investor-philanthropist Buffett, who amassed a vast fortune worth some US$44 billion, raised more For decades now, these families than a few eyebrows last June when he committed have been operating foundations linked 85 per cent of his wealth (approximatelyUS$30.7 to all manner of philanthropic work. They are the billion) to the Bill and Melinda Gates Foundation. somewhat faceless forces behind fundraising events, He also pledged smaller sums of money to founda- scholarship endowment funds, arts-related activities, tions headed by his three children, and even allowed environmental awareness projects and so on. himself to be "sold" for US$620,100 at an online Set up by notable sons of Singapore, these foun- eBay auction as a lucky bidder's lunch date. dations are now run by second and third generation Meanwhile, talk show host Winfrey's Oprah philanthropists following in the footsteps of their elders. Winfrey Foundation is her vehicle to empower women, Their good work is public knowledge, and they have children, and families by furthering education and certainly made their presence felt in the people sector. welfare for low-opportunity communities around But this same presence highlights a noticeable paucity the world. To date, hundreds of grants have been case. Microsoft chairman Bill Gates, businessman Angel Network, set up in 1997 to inspire people Warren Buffett and media mogul Oprah Winfrey are make a difference in the lives of others. just three examples of individuals who believe in giving to work now - and enjoying the satisfaction of seeing no Johnny Come Lately when it comes to producing the difference it brings about. high net worth individuals who are more than Gates and his wife set up the Bill and Melinda capable of flying the donor flag - with or d $Gates Foundation, the world's largest philanthropic without a foundation to their name. % organisation, in 2000 to help reduce inequities in 2 over 100 countries around the world. Th 14 . SALT Jan-FebZ007 Source: Reproduced with permission from National Volunteer & Philanthropy Centre (NVPC). This article first appeared in the Jan-Feb 2007 issue of SALT, a publication of NVPC.
Transcript
u Publication: SALT, pp 14-17 Date: Jan-Feb 2007 Headline: The Quiet Philanthropist
The Quiet Philanthropist Famous family fozcndatiom have
L
been lending a philanthropic is internationally famous for its focus on world health, its relentless
hand for dt?cad@s now. But where fight against HIV/AIDS and efforts
are the new philanthropists? to improve libraries and high schools in the United States. In 2005 alone,
U S ~ S MlCHELLE BONG. it reportedly made grant payments worth US$1.36 billion.
he Lees. The Shaws. The Khoos. The Liens. Investor-philanthropist Buffett, who amassed a vast fortune worth some US$44 billion, raised more
For decades now, these families than a few eyebrows last June when he committed have been operating foundations linked 85 per cent of his wealth (approximately US$30.7
to all manner of philanthropic work. They are the billion) to the Bill and Melinda Gates Foundation. somewhat faceless forces behind fundraising events, He also pledged smaller sums of money to founda- scholarship endowment funds, arts-related activities, tions headed by his three children, and even allowed environmental awareness projects and so on. himself to be "sold" for US$620,100 at an online
Set up by notable sons of Singapore, these foun- eBay auction as a lucky bidder's lunch date. dations are now run by second and third generation Meanwhile, talk show host Winfrey's Oprah philanthropists following in the footsteps of their elders. Winfrey Foundation is her vehicle to empower women, Their good work is public knowledge, and they have children, and families by furthering education and certainly made their presence felt in the people sector. welfare for low-opportunity communities around But this same presence highlights a noticeable paucity the world. To date, hundreds of grants have been
case. Microsoft chairman Bill Gates, businessman Angel Network, set up in 1997 to inspire people Warren Buffett and media mogul Oprah Winfrey are make a difference in the lives of others. just three examples of individuals who believe in giving
to work now - and enjoying the satisfaction of seeing no Johnny Come Lately when it comes to producing the difference it brings about. high net worth individuals who are more than
Gates and his wife set up the Bill and Melinda capable of flying the donor flag - with or d $Gates Foundation, the world's largest philanthropic without a foundation to their name. % organisation, in 2000 to help reduce inequities in 2 over 100 countries around the world. Th
14 . SALT Jan-FebZ007
Source: Reproduced with permission from National Volunteer & Philanthropy Centre (NVPC). This article first appeared in the Jan-Feb 2007 issue of SALT, a publication of NVPC.
Singapore was one of the best performing markets in terms of the creation of high net worth individuals despite being a smaller, less developed financial market. Singapore is home to some 55,000 US-dollar millionaires, and is the world's fastest growing market for people who need wealth management services.
Experts agree that there are individual philan- thropists out there doing their bit; however, most request for anonymity, wanting neither press coverage nor acknowledgement for their work.
Education leads the List of social causes supported. Professor Saw Swee Hock, a Professorial Fellow at the Institute of Southeast Asian Studies and an alumnus of the National University of Singapore (NUS) gifted several million dollars to his alma rnater over a number of years. The gifts have Funded, among other things, student bursaries,
Similarly, another NUS alumnus, ophthalmologist Professor Arthur Lim, has raised millions in the name of education through dinner events and private fundraising auctions of his paintings. He also chaired
is a well-known advocate of the importance of educating future generations.
The Singapore Management University (SMU) website lists businessmen Tommie Goh and Dato' Low Tuck Kwong and various professors and associate professors as individual donors who personally contributed sums of money between S$10,000 and S$9,999,999.
Robert Schlesinger, director of SMU's Office of Advancement and Alumni, says he wouldn't know what to do without these benefactors -be they individual or corporate-givers. "I sit on scholarship committees, and I know of students whose parents don't even earn S$500 a month. Financial aid makes a real difference in their lives, and bursaries are
'You hardly hear about such donations because most individuals request for anonymity, which we have to respect. But it doesn't mean [such] giving doesn't happen. We have received many nice gifts in 2006, the most recent being a million dollar donation by businessman Wong Kwok Leong - which received a little press mention because he was alright with the donation being made public knowledge. The money will go towards the Wong Kwok Leong Endowment Scholarship to be awarded to up to three undergrad- uates in 2007/2008 academic year."
Local technopreneur and Creative Technology CEO Sim Wong Hoo, newly hailed by some as Singa- pore's Bill Gates, is another example of an erstwhile quiet philanthropist. He has faithfully made quiet
Source: Reproduced with permission from National Volunteer & Philanthropy Centre (NVPC). This article first appeared in the Jan-Feb 2007 issue of SALT, a publication of NVPC.
contributions over the years to various initiatives; these include the delivery of S$2 million worth of
for an entire year, and half-a-million
School Pocket Money Fund organ- the greatest impact." -Tarry Fan-& ised by the Straits Times.
He also co-funded the Theatre Training & time staff are hired to facilitate personal giving by Research Programme, a division of local arts company others. For instance, SMU's Office of Advancement
Practice Performing Arts Centre. "If you just donate and Alumni was formed to develop relationships to each charity, that will be an easy job. But I am not between the school and the community and invite
one who would do an easy job - charity is good, but a individuals and alumni alike to stake a vested interest good cause is better," he told the Straits Times. Most in the development of SMU into a world-class teaching
recently, he made the news with two sizeable dona- and research institution. Similarly, the NUS'S tions in the form of Creative Technology shares; the Development Office works to inspire gifts that will
first was $20 million to charity followed by another take the university to the next level, and give their
$10 million to the Sim-Tan Siok Kee Foundation, donors a remarkable philanthropic experience whjle named in honour of his mother who passed away on allowing them to make a difference by giving.
Boxing Day last year. To date, the total number of cash, shares and dividends donations he has made is said b &@ Grarmd Up to amount to some $49 million. With this new foun- Now that the proverbial ball has started rolling, dation, the quiet philanthropist has gone public. further measures can be put in place to nurture
more individual giving. Private banks, for one, can
On Ths Bigkt Z!T& help the acceleration process along. Maretta Emery,
Teny Farris, head of Philanthropy Services (Asia Head of Philanthropy Services, Asia at Fortis Private
Pacific) at wealth management company United Banking says those looking to start their own foun- Bank of Switzerland says the tide is turning and the dations will do well to work with a trusted profes- next five years will herald a rise in the number of sional who can advise on the legalities and legwork
local social capitalists and entrepreneurs like Sim. of setting up a foundation. "Today, we are starting to see a new type of UBS also offers high net worth individuals an
philanthropists. Generally aged between 40 and 55, opportunity to network or leverage a mutual vision.
they are looking at how they can make the greatest Farris notes that the bank is able to bring together such
impact with the least amount of funds. They want like-minded individuals "to address issues and make to partner with other organizations or corporations a difference collectively. Such individuals can then
to identify what it takes to make their projects enjoy partner with organisations like NVPC and the National the greatest impact," he says. Council for Social Services to do the kind of work they
"These people come forward because they have want. Think of it as a small cell group that can collec-
reached that phase in their lives where they have tively address the greatest needs of the community." received their education, they've made a good living, Farris adds that the Singapore government too is and they are now Finding a new purpose. doing its own part. "They are already looking at how
Farris adds that "at the same time, older, estab- they can change laws to increase and induce greater lished foundations are bringing in people who under- giving. I have seen great interest on the part of the stand the sector. The second and third generations of government to support the people sector - it's a common
these foundations also want to be more professional; dream that can be shared. The challenge is also getting they want accountability, focus, transparency, and be NPOs to focus on being active and taking the time to able to measure the impact of their actions and deci- cultivate their relationships with their stakeholders. sions and, more importantly, to leverage the giving." Not many NPOs understand how social investors
A larger transformation also exists in that full- work, and need to understand and leverage on that."
Source: Reproduced with permission from National Volunteer & Philanthropy Centre (NVPC). This article first appeared in the Jan-Feb 2007 issue of SALT, a publication of NVPC.
Community foundations, an increasingly active arm of philanthropy overseas, can also play a part. Emery notes that "these independent organisations, founded on trust, can help donors achieve their charitable goals and invest financial capital in their communities - by bringing together people who care about their communities."
Foundations such are these are, in the main, volunteer-driven and Emery explains their aim is to "strengthen their communities by facilitating philan- thropy, by partnering with donors to build permanent endowments and other funds that support commu- nity projects, and by providing leadership on issues of broad community concern. Social scientists call these vital connections 'social capital' and have found that they are linked to many measures of community and individual well-being. Community foundations have a leadership role in building social capital - the glue that holds communities."
Creating Oppomnities In the effort to find ways for all financially-able individuals to embark on their journey of philan- thropy, Singapore will do well to look to its own people first. Although there are many billionaire expatriates who call Singapore home, Farris concedes that, for them, their priority is to their family and home community overseas.
However, there has been a pssroot interest from key individuals and families living and working in Singapore to identify global and regional philanthropic groups and associations to speak in Singapore.
Says Farris, "I also believe that we will see international and regional philanthropic associations bringing in their expertise. For instance, global organ- isation Association of Fundraising Professionals has set up a chapter here in Singapore to help raise fundraising standards and to educate its members on ethical fundraising which also gives them the global connect to learn from others abroad and to network around the world."
Now is the time for individual philanthropists in Singapore and the region to work together to donate generously to worthy causes, and be inspired by their American counterparts whose gestures prove that when it comes to giving, it's never too soon. This new breed of donors can take a leaf from Singapore's key families who have already staked their claim in the arena of generous giving, and by latter day philanthropists like Sim Wong Hoo. $7
PUTTING THEIR TRUST IN THE FUTURE The following family foundations have left a priceless legacy for Singaporeans of today, and tpmorrow.
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LEE FOUNDATION The late Lee W g Chlan klkd the as I lnrn bull& his ww - l thhemurdai~dylSli*CtUdt~)Wyd Wphirr*Ib man ra pmpef; and thew to sudr tong-m prarneriw Ir Irducetkm.And r c ~ dw phnenthmpist and b u h m a n crentad afaunetatma th 1 0 1 2 ( o r t h C U l r ~ @ f d ~ 1 m h mrdl- clM ~ c W I I aellvi#rt. Sbm? 1WU. the Ls+ F- Lm
mlllhsaXddlantrr w a r b u s u u ~ ~ - f h n percant Nthm binp&watlan. Reside6 Itr ehiqianhhnend Cmrusnnial Prdtsmnhipr st MUSS 61gnMkmtgiFta lndudsd $50 milltm oh an m1M bwninnr nhool a 5Mu md $Bl MlRm tothe NNW to fwlrtthe Lee Koryl ChlPn Mfp~am Llbrwy.Tk3-e l'wSkkm3 ChalIcn~ Slngapo t l ~ ~ f f a& the Dune Ttwdrtm sra amigrPthPm8wather~.1~
SHAW FOUNDPITiUN Basad mthe s t w g Marf'thn WalM Gan- b.rfdflr rihwad brrpanm~~caarmd,~~hawFaundetionvl~lsrtzlp h I$SZ with c d k a l ~ ~ m b WWY PaEus ths eMmi%tlm h6t Yl~o 1strlfwtnd rnUlkra2tr rc l *a lWpWb1 artsenllHadw.
b MkKluBcd tha Naftrnrl Ws b u d * HL& NatiDrial & f@,E im@wi tmtn ImAJ @rod the5lngplxlrc Police f urcw in additian ta rhasl&Iy ne4y h itr annual bm bre ~ V G M pemalty led &Mr 5R&W Vae Mew. Mms r a n d $ t wdes 50tStnUUran c a n f t l b U W ~ w the rebuIldlna dthc hk5howRuihdstl1~n mphory stageatthe thc4inge- pare b t a n i q l lm%m~a~anr. the Found* alsaaWwiddyto scYtablr for bailcling fadlJ.lh~ Uke audWrhcmrand lihnria.
TAN CHIN TUAN FOUNDATION Tan Dr SriTan Sri Tuan has been credited as the man who bulk the Oversea-Chlnese Banking Corporation (OCBC) into one of the world's soundest banks. He was also a legendary philanthropist who founded the Tan Chln Tuan Foundation in 1976 to support educational, medical and voluntary organisa- tions committed to the good of human and social well-being. The foundation has helped more than 2,300 beneficiaries so far Beneficiaries include the National University of Slnga- pore (NUS), the National Cancer Centre, The Salk Institute for Biological Studles and the Needham Library in Cambridge. To give better focus to its giving, the foundation made news recently by hiring a full-time chief executive.
KHOO FOUNDATION Throughout his %uae$rful career on the global business scene, Tan Srl KhooTeck Puat maintained a commitment to giving back to Singapore through numerous donations, mostly quletly. In 1981, he set up the Khoo Foundation with a 5520 million grant. According to the BusinessTlmes, some $2 billion has now been placed in the foundation named after the late tycoon who having built his fortune in banking, hotels and real estate died In February 2004, aged 87. Recently, the Foundation donated to Peking University a sports complex that will be used for the Beljing Olymplcs and S$5 million to the Kidney Dialysls Foundation to starta new dialysis centre in Ghim Moh.
LIEN FOUNDATION Founded in 1980 by emlnent business leader, banker and hotelier Dr Lien Ying Chow, the foundation focuses on education, eldercare and the environment. Most recently, i t spearheaded the launch of the Lien Foundation - Nanyang Technological University Environmental Endeavour, an initia- tive that aims to help global communities embrace technolo- gles that promote hygiene and sanitatlon.There is also the Singapore Management University's Llen Foundation Centre for Social Innovation which plans to raise the professional~sm and capacity of the non-prof~t sector in Singapore.The Lien Foundation is a leader In the professionalizing of grantmaking practices, including its appointment of a full time programme dlrector in 2004.
Source: Reproduced with permission from National Volunteer & Philanthropy Centre (NVPC). This article first appeared in the Jan-Feb 2007 issue of SALT, a publication of NVPC.
