Word: bertelsmann
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...Tschira, a co-founder of the German software firm SAP, which funds science competitions and antismoking campaigns, and a $250 million foundation set up in 2000 by Shell, the Anglo-Dutch oil giant. In Germany some newer foundations are following the example of Reinhard Mohn, who built Germany's Bertelsmann into a media powerhouse after World War II and in 1993 transferred the company's ownership to a foundation that now has about €735 million in assets. In Belgium Luc Tayart de Borms oversees the €227 million King Baudouin Foundation, which was set up by the former Belgian...
...Tschira, a co-founder of the German software firm SAP, that funds science competitions and antismoking campaigns, and a $250 million foundation set up in 2000 by Shell, the Anglo-Dutch oil giant. In Germany some newer foundations are following the example of Reinhard Mohn, who built Germany's Bertelsmann into a media powerhouse after World War II and in 1993 transferred the company's ownership to a foundation that now has about $900 million in assets. In Belgium Luc Tayart de Borms oversees the $250 million King Baudouin Foundation, which was set up by the Belgian head of state...
...just pragmatism. A generational change in Europe's wealthy families has contributed to new charitable attitudes. As the entrepreneurs who rebuilt postwar Europe retire, many want to give back some of the bounty they have enjoyed. In a survey of 1,600 of the newest German foundations, the Bertelsmann Foundation found that more than 60% of them were set up by people over 60 years old--42% of whom don't have children...
...Bertelsmann's Reinhard Mohn, 83, does have children, including a daughter who is active in the foundation and a son who works at the company. And the way he set up his foundation as the firm's major shareholder means the family will continue to have an influence in the business even after his death. That's controversial. Some managers at the company have criticized the role played by his wife Liz, 63, in the recent ousters of two top executives. But Mohn is committed to his vision of improving society and he wanted the Bertelsmann Foundation--unlike many...
...first two years. That was on top of a $1.68 million salary and stock options as well as a hefty exit package. Moberg, a Swede who formerly ran Ikea, eventually agreed to take a lower salary and link his bonus to the firm's performance. At Germany's Bertelsmann, one of the first moves by Gunter Thielen when he took over in August 2002 was to abolish the office of the chairman and the post of chief operating officer. Both had been created by predecessor Thomas Middelhoff in an attempt to consolidate power at the firm. "Thielen came...