Philanthropy is not a typical Indian trait. There are myriad billionaires in this country who wouldn?t want to share a pie with anyone else. So when one comes across a giant corporate figure who has committed wholeheartedly to charity, it calls for a salute. Wipro chairman Azim Premji is one such individual from whom other corporate leaders need to learn from and emulate. By becoming the first Indian to sign up for the Giving Pledge, a charity campaign championed by Bill Gates and Warren Buffett, he has undoubtedly raised his stature further.
His latest action of pledging more wealth for social causes is bound to place moral pressure on many other wealthy Indians to think on the same lines. The quality of education, or the lack of it at the primary levels, has always bugged Premji and through his foundation he has been striving to better the system. In 2010, he had donated 8.7% of his personal share holding in Wipro for philanthropy, in a move that defined corporate charity in India in the modern era. And now he has gone a step further by declaring that he will continue to give away his fortune for bettering a faltering educational system.
In an inspiring note he said, ?I strongly believe that those of us who are privileged to have wealth should contribute significantly to try and create a better world for the millions who are far less privileged. I will continue to act on this belief.? High class stuff this.
And on Friday Premji walked that talk when he transferred 295.5 million equity shares, representing 12% of the total Wipro shares, held by certain entities controlled by him to an irrevocable trust, valued at a whopping R12,300 crore. This has taken the trust?s shareholding in Wipro to 19.93%. This trust will utilise the endowment to fund various social initiatives of the foundation. Clearly, Premji is rewriting corporate charity in India.
Back in 2001 when he started the Azim Premji Foundation, people did not have a clue of the extent to which the IT czar would take his philanthropic activities. The Azim Premji University today runs a programme that aims to develop professionals in the field of education and invest in educational research. Such an approach can have a long standing effect on India?s educational system in the future, especially at the elementary level which is often neglected, more so in rural areas.
Premji knows fully well that knowledge is going to be India?s biggest bet this century and is willing to throw all his might behind it. He realised that the quality of primary school teachers did not measure up and help was needed on that front. This is today the focal point of his university?s work.
The man himself is an understated type. Elegant but never flashy, Premji?s tastes are simple. His choice of cars, for example, have always surprised people. For many years he used a Ford Escort. Then he switched to a Toyota Corolla. For a multi-billionaire he can have the best wheels of the world. But he chooses not to display his wealth. Many at Wipro follow his lead. Pratik Kumar, his infrastructure engineering head, drives a Toyota Fortuner all by himself to work every day. Wipro?s DNA hates flashy types and does not particularly enjoy people seeking personal glory.
The philanthropic efforts by Gates and Buffet seem to have greatly influenced him. In August last year Buffett had said that he will hold more dinners in the US to motivate other billionaires to give away a part of their wealth to charity. Buffet had said he will request wealthy Chinese and Indian corporate leaders to give some of their money to the Giving Pledge. Premji seems to be the only Indian reacting to this call at the moment.
The beauty of Premji?s involvement with charity lies in the fact that he is otherwise a very tough customer to deal with. He is a result driven man and does not entertain fools easily. He wants numbers to speak for the company and has little time for fantasy. One would assume that such a character may not be inclined to plough back some of his wealth back to society. But Premji has proved that one?s corporate demeanour has nothing to do with what one wants to do outside it. Gates is a kindred soul in this context.
A great start has been made here. But will Corporate India line up for a follow up act?