October 21st, 2014
A dozen wealthy Australian families will meet a high-profile line-up of US philanthropists including the Rockefeller family, hedge fund manager David Einhorn and Warren Buffett’s son Peter, to learn how better to give away their millions.
The touring philanthropists, who include members of the Myer Foundation, the Vincent Fairfax Family Foundation and the English Family Foundation, will spend four days in meetings in New York and Washington gaining insight into some of the world’s most successful foundations.
Australian philanthropy has taken off in recent years with some massive donations from business leaders and professionals such as Andrew Forrest, John Grill, Harold Mitchell, Graeme Wood and Allan Myers. The increase in giving has prompted a demand for greater governance and scrutiny over the efficient allocation of wealth.
Philanthropy Australia chief executive Louise Walsh will lead the private foundations’ tour, which is the first of its kind. “The whole idea behind this is to choose the right location for where there is best practice in the field of philanthropy and the United States offers that,” she said.
“There is a need to improve the innovation around grant-making as well. I also think there is a need for philanthropists who have been under the radar to understand the importance of going public.”
By Matthew Cranston
Read more: AFR
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