Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Philanthropists need to get 'uncomfortable' to change sector, Ford Foundation president says

Published 01/13/2021, 03:26 PM
Updated 01/13/2021, 03:50 PM
© Reuters. FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto

(Reuters) - Philanthropists should get "uncomfortable" and acknowledge the benefits some of them have reaped from a system of social and economic inequality exacerbated by the coronavirus pandemic if philanthropy is to focus on justice rather than charity, Darren Walker, the president of the Ford Foundation said on Wednesday.

"The work of philanthropy should be to pursue justice and dignity, which requires the philanthropists to get uncomfortable because it requires the philanthropists to acknowledge his or her culpability in the conditions that bring about injustice," Walker, who has been at the helm of one of the largest private foundations in the United States since 2013, said during an interview at the Reuters Next conference.

Walker, who grew up in poverty in a small Texas town in the 1960s before ascending to the upper echelons of society, advocated for greater transparency from philanthropic organizations to ensure accountability on how tax-exempt dollars are spent.

He also said philanthropies should provide more unrestricted support to projects.

"I think what we have too much of are investors, philanthropists, who say, 'I know what you need to do so' rather than treating you like the leader of an organization."

Last year forced a reckoning, spurred by the pandemic and nationwide protests against police brutality, over the deep-rooted, historic inequalities experienced by historically marginalized groups, including Black and brown Americans.

Walker said he wants to focus on strengthening democracy.

"We have to talk about the reality that we have a system of white supremacy," Walker said. "The ultimate answer to the question of reparations is democracy because when we are a more democratic America, we won't need reparations. We will have an empowered citizenry where Blacks, whites, brown Americans all participate in the bounty of this country."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

For more coverage from the Reuters Next conference please click here or www.reuters.com/business/reuters-next

To watch Reuters Next live, visit https://www.reutersevents.com/events/next/register.php

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.