Giving Pledge Interview: Warren Buffett, Bill & Melinda Gates on Philanthropy

Giving Pledge created 2010 by Warren Buffett, Bill and Melinda Gates - 'request for the very wealthy to pledge to give away at least 50 percent of their wealth to charitable causes before they die...grown to include 137 contributors from 14 countries.' Origin: 'Grew out of Warren's idea that we should meet with other people who'd been serious about philanthropy and learned from them.' First dinner David Rockefeller hosted with '15 or so people' where they 'asked people to explain where their giving philosophy came from not to make a pitch to anybody...talked about their families...their parents influence...took at least two hours to get around the table.' Key discovery: emotional connection - 'they didn't feel awkward in talking about themselves...first couple their degree of candor I think was contagious...nobody engaged in any posturing...we got this very candid discussion by really everyone there and they talked about their children sometimes and sometimes their disappointments.'

Annual gatherings create unique environment: 'First night that you sit down at dinner you realize you're amongst friends...they look forward to the event I think because of the candor of the conversations we can have about what do you do about your children what about the next generation how do you think about a leader how do you even start a foundation if you're just beginning those are conversations you want to have in private in a small group.' Buffett adds: 'There's no one-upsmanship or anything like that...it brings out the best in everybody and they're not trying to impress the other person...they're genuinely interested in successes failures...family situations whatever it may be...there's a level of candor that's really impressive.'

Bill Gates on US leadership: 'One of the things the US should be proud of is that it is the leader the most engaged philanthropy and most of the really strong historical examples Rockefeller Carnegie Ford Foundation were American foundations...philanthropy has proven even though it's a small part even of the US economy it's been a very innovative part where people show new pilot programs that then really influence a lot of other activity.' Melinda adds: 'Most of our members are from the United States...the international piece is going to grow and we'd like to see philanthropy strengthen on a global basis we always like to see people getting involved when they're younger a bit more collaboratively and hopefully with even more of their resources...think about this early in your life rather than think about it at the end of your life because you're better equipped to make decisions.'

Warren's approach: 'I usually send them some material on it first because there might be some misconceptions...I ask them whether they've gotten the material whether they've got any questions...you want to get them talking...I've been amazed frankly how well it's gone I would have said if we had 50 by now and we have 137.' Transaction: 'They write a letter explaining making a pledge to give at least 50 percent although a lot of them name a larger number...during their lifetime or at death...and then I encourage them to explain how they got to that decision...from their parents...examples around them and why they're doing it.' Purpose: 'The letters are enormously important because somebody 10 20 50 years from now is going to read that like maybe Bill or Melinda or I've read about Carnegie or Rockefeller...you never know what's going to strike a chord.' Melinda on dinners: 'Invite people to a dinner...about philanthropy...you have anywhere from 6 to as many as 15...talk about philanthropy and then afterwards if you get a sense that it might be fit for them...follow up.'

On resistances, Warren jokes some say 'I'm actually planning to have all my money put in my coffin with me...I do not have much of a chance' and 'I tell them there's no forklifts in the graveyard.' On passing to family: 'If they want to pass it all then they're not a fit for the group we particularly see that if the bulk of it was passed down to them...why should they break the chain...first generation fortunes tend to be more philanthropic than inherited fortunes.' Family dynamics: 'Sometimes they'll have to have a family conversation...we're in favor of it...but we've never committed like this so give us some time...they'll call you back in three months or four months...the neat thing is if they'll share with you sometimes the conversations they had with their kids because they're so proud of how their kids responded.' One case 'kids actually talked one of the parents into doing it when that parent was initially not inclined.' Young members: 'Youngest 31 years old...35 coming' to next generation group meeting in Omaha. Bill excited about Mark Zuckerberg and Priscilla Chan: 'They will totally inspire a group of people.'

Gates Foundation origin: 'Talked about it even before we got married...about six years into our marriage...I turned the CEO title over just that year and we made it a pretty big set of gifts $20 billion that particular year and that kind of forced you to get going.' Founding principle from Melinda: 'All lives have equal value no matter where they are lived on the planet and yet as Bill and I would travel and read and look out you'd realize we don't treat all lives as if they're equal what we spend for instance the United States to save one adult or one child from death...it takes $30 to save a child's life with basic packets of vaccines in the developing world and yet we weren't doing that we weren't making those investments as a world.' Bill notes early days: 'That was the start of a learning curve...we did a lot of reproductive health we learned about that...we thought okay let's do some science we weren't working with governments as much we've learned that's super important.'