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ウィキメディア寄付基金

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The purpose of the Wikimedia Endowment is to act as a permanent safekeeping fund to generate income to support the operations and activities of the Wikimedia projects in perpetuity. The Endowment has been established as a Collective Action Fund at Tides Foundation, a public charity with a 40-year track record of holding and managing charitable funds for nonprofit organizations. The Endowment was launched in January 2016 (on the 15th anniversary of Wikipedia) with the initial goal of raising $100 million to support the Wikimedia projects. The funds may be transferred from Tides either to the Wikimedia Foundation or to other charitable organisations selected by the Wikimedia Foundation to further the Wikimedia mission.

Endowment Board Members

An advisory board provides recommendations to Tides about the endowment. Members of the advisory board are nominated by the Wikimedia Foundation and appointed by Tides.

Jimmy Wales

Jimmy Wales, WMF board member, was appointed to the Endowment Board on 14 January 2016.

Annette Campbell-White

Annette Campbell-White was appointed on 11 May 2016

Founder and Senior Managing Partner of MedVenture Associates, a biomedical venture capital firm that invests in life-improving medical devices. Before that, Annette was the first biotechnology analyst on Wall Street and the first female partner at Hambrecht & Quist, a leading international banking firm. Annette has received prominent recognition for her business achievements, including being named on Forbes Midas List from 2005-2007. Annette has also served on the boards of several performing arts associations, including the San Francisco Opera and Cal Performances, a major presenter of the performing arts at the University of California, Berkeley. In 1997, Annette established the Kia Ora Foundation to assist New Zealand students in postgraduate study in the fields of musical performance, science and engineering. Annette is a native of New Zealand. She holds a Bachelor of Science in Chemical Engineering and Master of Science in Physical Chemistry from the University of Cape Town in South Africa.

Peter Baldwin

Peter Baldwin was appointed on 9 September 2016

Co-founded with his wife, Lisbet Rausing, Arcadia to focus on preserving cultural heritage, the environment, and supporting open access resources. Baldwin is the chairman of its Donor and Advisory Boards. A renowned scholar who is interested in the historical development of the modern state––a broad field that has led him in many different directions throughout his career. He has published works on the comparative history of the welfare state, on social policy more broadly, and on public health; his latest book is a transnational political history of copyright from 1710 to the present. He also has projects underway on the historical development of privacy, on the history of honor, and a global history of the state. Baldwin holds a PhD in History from Harvard University and a BA in Philosophy from Yale University.

Niels Christian Nielsen

Niels Christian Nielsen was appointed on 13 February 2017

An international leader in technology, research, and education; Niels was the founder and CEO of Catenas, a venture to create a globally leading professional services corporation. He was part of the team that, through a sequence of mergers, created the Danish Technological Institute (DTI), a technology consultancy and industrial research lab. He has initiated a number of large strategic projects, involving multiple participants and public-private collaboration. He designed the Danish Network Cooperation program, which was subsequently adapted in a number of other countries, often with Niels as strategic advisor. He proposed the creation of the Learning Lab in Denmark and was a member of its Board and briefly its interim CEO, helping to contribute to innovation in education. As Managing Director of World Refugee School he plays a central role in this private sector initiative to leverage technology and bring scalable, affordable quality education to the world’s refugee children. Niels has also been involved in Green Tech initiatives for decades through his work with the Danish Energy Research Council, the Copenhagen Climate Council (which he helped form), the Turkish government’s Sustainable Growth Strategy for South East Anatolia, and large-scale green urban developments.

Funding

Endowment Investment Policy

The purpose of the Wikimedia Endowment is to serve as a permanent safekeeping fund to generate income to support the operations and activities of the Wikimedia projects in perpetuity. This investment policy is meant to guide the Wikimedia Endowment while we are in our initial fundraising period.  This policy will take effect once the fund reaches $10 million in assets and will be revisited once the fund reaches $33 million in assets.

Expected Returns & Risk

During this initial phase, the Wikimedia Endowment seeks to track the performance of a global passive investment market index with the goal of producing returns that match a recognized benchmark for institutional investors. This benchmark will be based on a 65% allocation to global equities, 25% allocation to sovereign and investment-grade US bonds, and 10% allocation to Real Estate Investment Trusts (“REITs”). The Wikimedia Endowment is designed to take principal risk in pursuit of higher returns, but that also may require liquidity.

Liquidity

All investments in the Wikimedia Endowment will be highly liquid. Typical investments will include Exchange Traded Funds (“ETFs”) and mutual funds administered by industry leaders, such as Vanguard. Assets under management, bid-ask spreads, and other liquidity indicators will be considered in selecting appropriate securities. Typically, load funds will be avoided. Cash settlement on these instruments is typically one to three days after trade execution.

Investment Guidelines

The Wikimedia Endowment will target a 75% equity and 25% debt portfolio using low-cost passive index funds, both in mutual fund and ETF format as appropriate to meet liquidity needs.

ベンチマーク

The Wikimedia Endowment is beginning as a passive investment pool and performance will be measured against the benchmarks of the funds in which it is invested, in proportion to its target weights.

Asset Class Benchmark Target Allocation
US Equities CRSP US Total Market Index 33%
Non-US Developed Equities FTSE Developed All Cap ex US 26%
Emerging Market Equities FTSE Emerging Markets All Cap 6%
US Govt & Investment-Grade Debt Barclays US Aggregate 25%
US Real Estate Investment Trusts MSCI USREIT 10%

The Wikimedia Endowment will revisit this allocation periodically to make sure it delivers appropriate risk-adjusted returns.

Rebalancing Limits

The Wikimedia Endowment will rebalance as necessary to maintain an asset allocation that stays within 3% of target allocation (i.e. 33% target would stay between 30% and 36%).

-Adopted January 6, 2017

Meetings

January 6, 2017 - Agenda

10:00 -10:15 am - Introductions and Business Items (Lisa Gruwell, Chief Revenue Officer, Wikimedia Foundation)

  1. Motion to Appoint Niels Nielsen to the Wikimedia Endowment Board
  2. Discussion and Motion to Adopt the Investment Policy

10:15 - 11:45 am -Discussion of Board and Staff Roles (Annette Campbell White, Endowment Board)

Noon - 1:30 pm - Lunch - Discussion of the Challenge and Opportunities of the WIkimedia Movement (Katherine Maher, Executive Director, Wikimedia Foundation)

1:30 - 1:45 pm - Update on Upcoming Fundraising Events (Marc Brent, Wikimedia Foundation)

1:45 - 2:00 pm - Endowment Board Recruitment (Lisa Gruwell)

2:00 - 3:00 pm - Wikimedia Cultural Orientation (Anna Stillwell, Wikimedia Foundation)

背景

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