Allan Gray, the founder of Cape Town-based investment management firm Allan Gray Limited, is giving away his entire controlling stake in the company to charity. Gray said in a newsletter that he had stepped down as chairman and control of the business has already been transferred to the Allan & Gill Gray Foundation where dividends will be used for philanthropic purposes. The equity value of the stake is estimated to be worth billions.
Gray went on to mention that the Allan & Gill Gray Foundation’s mandate
“is to ensure that the fruits from its controlling interests in Orbis and Allan Gray are ultimately devoted entirely and exclusively to philanthropy in keeping with the family’s long-held intentions,”
“We consider this both the right thing to do and a small but necessary contribution toward a society full of hope for all humanity.” [Bloomberg]
Well played Mr Gray.