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At a time when Facebook Founder Mark Zuckerberg’s move to donate $45 billion worth of his shares to charity has sparked off a global debate on good and bad philanthropy, Tata Group Chairman Emeritus Ratan Tata said that philanthropy should be done without seeking to glorify yourself.
Zuckerberg’s critics have questioned his motives, saying that the charity was actually aimed at saving millions of dollars in tax for the Facebook founder. While Tata declined to get drawn into this debate, he told BusinessLine : “Philanthropy is something that comes from within you. You are providing something that makes a difference, in a selfless mode, without seeking to glorify yourself or enrich yourself.”
Tata said that the decision by the Centre to mandate companies to spend 2 per cent of their revenue on CSR activities will generate a big amount of money, but it can be better utilised if the Centre defines which projects should receive these funds.
“This is a new initiative which needs to be given its time and space to grow and have course corrections,” he said.
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