Gates Foundation agrees break-up back-up plan

Gates Foundation agrees break-up back-up plan
The couple, pictured here in 2018, have given billions to charity. Source: Getty Images
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Daily US Times: The Gates Foundation has outlined back-up plans in case its co-chairs Bill Gates and Melinda Gates cannot work together in the wake of their divorce.

The deal gives both of them a two-year trial, after which Ms Gates could resign from the organisation.

Under the agreement, Melinda Gates would also receive “personal resources” from her ex-husband Bill Gates for her own charity work.

Ms Gates said in a statement that she was “deeply proud” of what the organisation has achieved.

“I believe deeply in the foundation’s mission and remain fully committed as co-chair to its work,” she added in the statement.

The agreement comes after question marks were raised over the future of the Gates Foundation when the couple announced they were divorcing after 27 years of marriage in May.

The billionaires run the charitable foundation, which has worked on initiatives such as encouraging vaccinations for children and fighting infectious diseases.

During trial period, Ms Gates will remain as a trustee, although on Wednesday, it was announced in a blog post that the foundation will recruit new trustees to oversee its work.

Mark Suzman, the chief executive of the foundation, said the successful candidates will be announced in January next year.

He added that any funds received by Ms Gates in the event of her resignation would be “completely separate from the foundation’s endowment, which would not be affected”.

The Gates’ break-up back-up plan also follows on from billionaire investor Warren Buffett’s recent decision to step back from the foundation’s board.

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