Page 57 - Forbes - India (January 2020)

jack ma

Mustafa Yalcin / anadolu agencY / gettY iMages
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 To date, some 20,000 mothers
richest people in China, have got free training and funding
but I don’t think it is to become online entrepreneurs.
my money,” says Jack The company made a major
P Ma. “It is money that commitment in 2010, when Alibaba
people have entrusted to you, and you started to earmark 0.3 percent
want to spend it in a better, smarter of its revenues to philanthropy.
way.” Ma is explaining his new focus, Two years later, it established the
philanthropy, in an exclusive interview Alibaba Foundation to manage
with Forbes Asia in October. Having its philanthropic efforts. With
spent the last two decades building $56 billion in revenues for the
Alibaba Group, the Hangzhou, China- 2019 fiscal, 0.3 percent would
based internet giant, Ma announced be $168 million (Alibaba doesn’t 57
just over a year ago he would step disclose the actual figure).
aside and give his executive chairman Ma’s personal philanthropy started
title to Alibaba CEO Daniel Zhang. in 2014, when he set up the Jack Ma
“I will devote more time and Foundation. In April that year, about
effort to education, philanthropy six months before Alibaba’s IPO on
and the environment,” he wrote in the New York Stock Exchange, Ma set
an open letter to shareholders (and aside options representing 35 million
the world). It was a transition that shares to be put into his foundation.
Ma had planned for a decade. “When Today the Jack Ma Foundation has
Alibaba had its 10-year anniversary, 23 million Alibaba shares,
on that day I started to think I should worth about $4.6 billion.
prepare for my retirement. That day, Since its founding, the Jack Ma
I decided on the day of the 20-year Foundation has distributed or pledged
anniversary, September 10, 2019, will at least $300 million, according to
be the day I leave,” he said during figures from Alibaba. This year, the
the Forbes Global CEO Conference foundation pledged about $14 million
held in Singapore in October, just to protect wetlands in Hangzhou.
after receiving the Malcolm S Forbes The majority of funding for its
Lifetime Achievement award. projects comes from the foundation,
Now, having turned 55, Ma is however, it does accept small outside
entering a new chapter in his career— donations to help in some projects.
but one in which he has considerable In addition, it also joined in July
experience. Alibaba, for example, with the Alipay Foundation and
has long had CSR programmes. Joe Tsai Foundation in a ten-year,
In 2006, Alibaba launched its first $143 million pledge to support the
organised philanthropy to help development of women’s soccer
underprivileged mothers in China, in China (the Alipay Foundation
dubbed the model mother programme. is part of Alibaba’s affiliated

january 31, 2020 • forbes india