Page 16 - Forbes - Asia (December 2019 - January 2020)
P. 16
WAKING UP
KINDNESS
With a new focus on philanthropy, Jack Ma builds on a substantial base.
BY JUSTIN DOEBELE
“ eople say I am one of the richest peo- mothers have gotten free training and funding to
ple in China, but I don’t think it is
become online entrepreneurs.
my money,” says Jack Ma. “It is money The company made a major commitment in
Pthat people have entrusted to you, and 2010, when Alibaba started to earmark 0.3% of its
you want to spend it in a better, smarter way.” Ma revenues to philanthropy. Two years later, it estab-
is explaining his new focus, philanthropy, in an lished the Alibaba Foundation to manage its phil-
exclusive interview with Forbes Asia in October. anthropic efforts. With $56 billion in revenues for
Having spent the last two decades building Ali- the 2019 fiscal year, 0.3% would be $168 million
baba Group, the Hangzhou, China-based inter- (Alibaba doesn’t disclose the actual figure).
net giant, Ma announced just over a year ago he Ma’s personal philanthropy started in 2014,
would step aside and give his executive chairman when he set up the Jack Ma Foundation. In April
title to Alibaba CEO Daniel Zhang. that year, about six months before Alibaba’s IPO on
“I will devote more time and effort to educa- the New York Stock Exchange, Ma set aside options
tion, philanthropy and the environment,” he wrote representing 35 million shares to be put into his
in an open letter to shareholders (and the world). foundation. Today the Jack Ma Foundation has
It was a transition that Ma had planned for a de- 23 million Alibaba shares, worth about $4.6 billion.
cade. “When Alibaba had its ten-year anniversary, Since its founding, the Jack Ma Foundation by
on that day I started to think I should prepare for itself has already distributed or pledged at least
my retirement. That day, I decided on the day of $300 million, according to figures from Alibaba.
the 20-year anniversary, September 10, 2019, will This year, for example, the foundation pledged
be the day I leave,” he said to Steve Forbes during about $14 million to protect wetlands in Hangzhou.
the Forbes Global CEO Conference held in Singa- The majority of funding for its projects comes from
pore in October, just after receiving the Malcolm the foundation, however, it does accept small out-
S. Forbes Lifetime Achievement award. side donations to help in some projects.
Now, having just turned 55, Ma is entering a In addition, it also joined in July with the
new chapter in his career—but one in which he Alipay Foundation and Joe Tsai Foundation in
already has considerable experience. Alibaba, for a ten-year, $143 million pledge to support the
example, has long had CSR programs. In 2006, development of women’s soccer in China (the RUSSEL WONG FOR FORBES ASIA
Alibaba launched its first organized philanthropy Alipay Foundation is part of Alibaba’s affiliated
to help underprivileged mothers in China, dubbed Ant Financial and the Joe Tsai Foundation is
the model mother program. To date, some 20,000 funded by Alibaba Group cofounder Joe Tsai).
14 | FORBES ASIA DECEMBER 2019 / JANUARY 2020
