Working with Visionaries on the

Frontlines of Social Change Worldwide

l[hi_edWj,(&$`f]
Working with Visionaries on the
Frontlines of Social Change Worldwide

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj '
M[X[b_[l[_dj^[
_d^[h[djZ_]d_jo
e\Wbbf[efb[$

( \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
8kjjeecWdo
f[efb[Wh[[nYbkZ[Z
\hecieY_Wb"
feb_j_YWb"[Yedec_Y
WdZYkbjkhWb
_dij_jkj_edij^Wj
W\\[Yjj^[_h
m[bb#X[_d]$$$
\ehZ\ekdZWj_ed(&&.WddkWbh[fehj )
 $$$Z[do_d]j^[cWle_Y[
_dZ[Y_i_edij^WjW\\[Yj
j^[_hb_l[iWdZj^[
effehjkd_jojeWY^_[l[
* \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
j^[_h\kbbfej[dj_Wb$
7dZm^_b[j^[iYWb[e\
j^[fheXb[ci\WY_d]
^kcWda_dZ^Wi]hemd"
ie^WiekhWX_b_joje
cWa[fei_j_l[Y^Wd][$

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj +
, \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
M[mehaje[dikh[
j^WjieY_Wbioij[ciWdZ
_dij_jkj_edi_dYbkZ[
[l[hoed["iej^WjWbb
f[efb[^Wl[Wle_Y[_d
Z[Y_i_edij^WjW\\[Yj
j^[_hb_l[i$

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj -
. \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
EkhWffheWY^jejeZWoÊi
fheXb[ci_i_d\ehc[Z
XoZ[YWZ[ie\[nf[h_[dY[
meha_d]m_j^l_i_edWh_[i
edj^[\hedjb_d[ie\
ieY_WbY^Wd][WhekdZ
j^[mehbZ$

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj /
M[ijh_l[jeX[ijhWj[]_Y
WdZ\eYki[Z_dekh[\\ehji"
ieekhh[iekhY[iWh[fkjje
j^[_hX[ijki[_dmeha_d]
m_j^ekh]hWdj[[ije
Yh[Wj[bWij_d]Y^Wd][j^Wj
jhWdi\ehcif[efb[Êib_l[i$

'& \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
c[iiW][\hecj^[fh[i_Z[dj
Çmeha_d]m_j^l_i_edWh_[iÈ
Ed[o[WhW]e"?mhej[WXekj
Wdkh][dYojWa_d]^ebZ_dekh
dWj_edWdZ_dj^[mehbZ"Wd
kh][dYoYWki[Z_dfWhjXoj^[
]beXWbh[Y[ii_edj^WjZ[Ód[Z
j^[bWijo[Wh"Xkjm^_Y^_i
ceh[\kdZWc[djWbboheej[Z_d
j^[bed]ijWdZ_d]Y^Wbb[d][i
e\]el[hd_d]ioij[cij^Wj
Z_iYekhW][\kbbfWhj_Y_fWj_ed
WdZel[hi_]^jXoY_j_p[di1
_d[ZkYWj_edioij[cij^Wj
h[cW_dlWijbokd[gkWb
WdZ_dWZ[gkWj[jef[efb[Êi
d[[Zi1_d[Yedec_YYedZ_j_edi
j^WjXbeYaeffehjkd_jo1WdZ
_dj^[ed]e_d]Z[d_Wbe\
^kcWdh_]^ji$
7o[WhbWj[h"?YWdh[fehjj^Wjj^[
<ehZ<ekdZWj_ed^Wih[ifedZ[Zje
j^WjÇkh][dYoe\demÈXo\eYki_d]
_jimehaedWi[je\Yeh[_iik[i
j^Wjm[ÆWdZj^[l_i_edWhof[efb[
WdZeh]Wd_pWj_edim[ikffehjÆ
X[b_[l[e\\[hfWj^mWoijebWij_d]
ieY_WbY^Wd][$
J^[i[Yeh[_iik[iW\Óhcekhc_ii_ed
WdZXk_bZedekhfWij$J^[oWbie
h[Ô[Yjefj_c_icWXekjj^[\kjkh[WdZ
WYedl_Yj_edj^Wjl_i_edWhof[efb[
edj^[\hedjb_d[ie\Y^Wd][WhekdZ
j^[mehbZ^Wl[]h[Wj[heffehjkd_j_[i
jeZWoj^Wd[l[hX[\eh[jeXh_d]WXekj
ieY_Wb`kij_Y[$
M[Wh[_dj^[c_Zije\Wd[mYkbjkhWb
cec[dj$J^[_dYh[Wi_d]cel[c[dje\
f[efb["WdZj^[]hem_d]j[Y^debe]o#
Zh_l[dYedd[Yj_ediX[jm[[d
f[efb["Wh[Xh_d]_d]j^[YWfWY_joje
[d]W][m_j^j^[mehbZje[l[dj^[
icWbb[ijYecckd_j_[i_dj^[ceij
h[cej[beYWj_edi$J^_id[m[hWe\
_dj[hYedd[Yj[Zd[ii^WiXhek]^jW
b[l[be\jhWdifWh[dYod[l[hX[\eh[
i[[d$;l[hoY_j_p[d_iWm_jd[iiWdZ
YWdj[ij_\ol_W^_ieh^[hY[bbf^ed[$
J^[]beXWb[Yedec_YYh_i_i_iWbie
Y^Wd]_d]j^[mehbZWhekdZki$
Bed]#^[bZWiikcfj_ediWXekj^em
[Yedec_[i\kdYj_ed^Wl[X[[d
kf[dZ[ZWi\W_bkh[i_dj^[ÓdWdY_Wb
ioij[c^Wl[kdZ[hc_d[Zf[efb[Êi
WX_b_jojec[[jj^[_hXWi_Yd[[Zi"
fkjj_d]j^[i[Ykh_joe\^ec["\eeZ
WdZ^[Wbj^Wjh_ia$J^[[Yedec_Y
Z_ibeYWj_ede\j^[bWijo[Wh^Wi
ceX_b_p[Zf[efb[jegk[ij_edXWi_Y
Wiikcfj_ediWXekjj^[heb[WdZ
[\ÓYWYoe\]el[hdc[dj$
J^[i[[Yedec_YY^Wbb[d][i"
YecX_d[Zm_j^j^[effehjkd_j_[i
J^[i[Wif_hWj_edib_[Wjj^[^[Whje\
j^[<ehZ<ekdZWj_edÊid[m_d_j_Wj_l[i$
j^Wjj[Y^debe]oe\\[hi\ehf[efb[je M[X[b_[l[j^WjekhijhWj[]_Y
Yedd[Yj_dZodWc_YWdZeh_]_dWb
mWoi"Wh[h[i^Wf_d]^em_dZ_l_ZkWbi
f^_bWdj^hef_Y]_l_d]YWd^[bf[dWXb[
f[efb[jejWa[edj^[[djh[dY^[Z
WdZYecckd_j_[i[d]W][m_j^
[WY^ej^[hWdZj^[_dij_jkj_edi
YkbjkhWbXWhh_[hiWdZfem[hijhkYjkh[i
j^Wj^ebZj^[cXWYa\hech[WY^_d]
j^WjW\\[Yjj^[_hb_l[i$?dj^_id[m
[hWe\[d]W][c[djWd[dehceki
j^[_h\kbbfej[dj_Wb$
effehjkd_jo^Wi[c[h][Z\ehj^ei[ I_dY[h[bo"
i[[a_d]]h[Wj[hieY_Wb`kij_Y[$
J^[<ehZ<ekdZWj_edWdZ_ji
]hWdj[[iWh[fh[fWh[ZjeWYjedj^Wj
effehjkd_jo$J^_ih[fehj\eYki[i
edj^[_d_j_Wj_l[ij^WjZ[Ód[ekh Bk_i7$KX_‹Wi
fWj^\ehmWhZWdZh[ifedZjej^[
_iik[i\WY_d]ekhieY_[j_[i$J^[i[
Fh[i_Z[dj
I[fj[cX[h(&&/
_d_j_Wj_l[iWh[]hekdZ[Z_dh[if[Yj
\ehj^[kd_l[hiWb_joe\^kcWd
h_]^jiWdZj^[hkb[e\bWm$J^[oWh[
Wd_cWj[ZXof[efb[m^eX[b_[l[_j
_ij^[h[ifedi_X_b_joe\Y_j_p[dije
^ebZ]el[hdc[djiWYYekdjWXb[$7dZ
j^[oWh[Z[i_]d[Zje^[bfWY^_[l[
ekjYec[ij^Wjh[ifedZjef[efb[Êi
d[[Zi"fhej[Yjj^[\kbbif[Yjhkce\
j^[_hh_]^ji"WdZ[dikh[j^WjgkWb_jo
[ZkYWj_edWdZej^[hfWj^mWoije
effehjkd_joWh[WlW_bWXb[je[l[hoed[$
M[jWa[[dehcekifh_Z[_dekh
Yecc_jc[djjej^[l_i_edWhof[efb[
m^eWh[i[_p_d]j^_icec[djWdZj^[
fhec_i[_jh[fh[i[dji$M_j^h[d[m[Z
\eYkiWdZWi^Wh[Zefj_c_icWXekj
m^Wj_ifeii_Xb["j^[<ehZ<ekdZWj_ed
m_bbX[j^[h[jeikffehjj^[cWi
j^[oWif_h[jej^[\W_hd[ii"\h[[Zec"
effehjkd_jo"WdZ^kcWdZ_]d_jo_d
m^_Y^m[WbbX[b_[l[$
\ehZ\ekdZWj_ed(&&.WddkWbh[fehj ''
'* \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
>KC7DH?=>JI

Edj^[\hedjb_d[ie\
[gkWbh_]^ji\ehWbb
<kbÓbb_d]j^[h_]^jij^WjX[bed]jeWbbf[efb[Xol_hjk[e\
j^[_h^kcWd_joZ[f[dZikfedWd[d]W][ZfefkbWY[WdZ
fkXb_Ye\ÓY_WbiWdZ_dij_jkj_ediYecc_jj[Zjej^[_d^[h[dj
Z_]d_joWdZmehj^e\[l[hof[hied$Ekhmehaikffehji
[\\ehjijei[Ykh[[gkWbh_]^jiWdZeffehjkd_jo\ehWbb$
<kdZWc[djWb^kcWdh_]^jiWh[h[gk_h[Z\ehf[efb[jeWY^_[l[ EKH?D?J?7J?L;I
j^[_h\kbbfej[dj_WbWdZYedjh_Xkj[jeieY_[jo$M[ikffehj 
[\\ehjije^[bflkbd[hWXb[fefkbWj_edi]W_dWYY[iijej^[ieY_Wb" 7ZlWdY_d]HWY_Wb@kij_Y[
feb_j_YWbWdZYkbjkhWb_dij_jkj_edij^Wj]el[hdj^[_hh_]^ji$ WdZC_deh_joH_]^ji
M[Zej^_iXoijh[d]j^[d_d]j^[eh]Wd_pWj_ediWdZc[Y^Wd_ici
Fhej[Yj_d]?cc_]hWdj
j^Wj[d\ehY[^kcWdh_]^jiWdZXoced_jeh_d]j^[feb_Y_[i
WdZC_]hWdjH_]^ji
WdZfhWYj_Y[ie\_dij_jkj_edij^WjW\\[Yjj^[m[bb#X[_d]e\
_dZ_l_ZkWbY_j_p[di$ Fhej[Yj_d]Mec[dÊiH_]^ji
MehbZm_Z["m[ikffehjb[]WbWdZWZleYWYo[\\ehjije[ijWXb_i^ H[ZkY_d]>?L%7?:I
WdZh[jW_dXWi_YY_l_b"[Yedec_YWdZieY_Wbh_]^jiWdZje[dikh[ :_iYh_c_dWj_ed
j^WjY_l_bWdZYh_c_dWb`kij_Y[ioij[ciWh[\W_h"[\\[Yj_l["
WdZ;nYbki_ed
WYY[ii_Xb[WdZdedZ_iYh_c_dWjeho$7bbe\j^_imeha\eYki[ied
j^[mehbZÊiceijcWh]_dWb_p[ZfefkbWj_edi"dejWXbomec[d" H[\ehc_d]9_l_bWdZ
hWY_WbWdZ[j^d_Yc_deh_j_[i"_dZ_][dekif[efb[i"_cc_]hWdj 9h_c_dWb@kij_Y[Ioij[ci
Yecckd_j_[iWdZf[efb[b_l_d]m_j^>?L%7?:I$
7ZlWdY_d];Yedec_Y
WdZIeY_WbH_]^ji

Ijh[d]j^[d_d]>kcWd
H_]^jiMehbZm_Z[

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj '+
:;CE9H7J?97D:799EKDJ78B;=EL;HDC;DJ
Edj^[\hedjb_d[i
e\]eeZ]el[hdWdY[
;\\[Yj_l[fkXb_Y_dij_jkj_ediWh[[ii[dj_Wb\ehieY_[j_[i
jeX[iW\["\h[[WdZfheif[heki$Ekhmeha[nfbeh[imWoi
jecWa[j^[fheY[iie\]el[hd_d]ceh[jhWdifWh[dj"
WYYekdjWXb[WdZ_dYbki_l[ÆWdZceh[[\\[Yj_l[_d
WY^_[l_d]\W_hd[iiWdZ[gk_jo$
', \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
7dWYj_l["ademb[Z][WXb[Y_j_p[dho_i EKH?D?J?7J?L;I
[ii[dj_Wbjeijh[d]j^[d_d]Z[ceYhWj_YfhWYj_Y[
WdZi[Ykh_d]ieY_Wb`kij_Y[$M[ikffehj[\\ehji
j^Wj^[bff[efb[X[Yec[fWhj_Y_fWdji_dj^[
Z[Y_i_edij^Wj^Wl[Wd_cfWYjedj^[_hb_l[i$
?dYh[Wi_d]9_l_YWdZ
Feb_j_YWbFWhj_Y_fWj_ed
Ijh[d]j^[d_d]9_l_bIeY_[jo
M[Zej^_ifh_cWh_boXoikffehj_d]heXkijWdZ
_dYbki_l[Y_l_Yeh]Wd_pWj_edij^WjXh_d]Z_l[hi[ Fhecej_d];b[YjehWb
f[efb[je][j^[hWdZ]_l[j^[cWle_Y[_d H[\ehcWdZ:[ceYhWj_Y
j^[Z[ceYhWj_YfheY[ii$ FWhj_Y_fWj_ed
Fhecej_d]JhWdifWh[dj"
Ekh]beXWbmeha\eYki[iedijh[d]j^[d_d]
;\\[Yj_l[WdZ7YYekdjWXb[
j^[h_]^je\f[efb[jeWii[cXb[WdZWZleYWj["
=el[hdc[dj
WdZedfhecej_d]]h[Wj[h]el[hdc[dj
jhWdifWh[dYoWdZWYYekdjWX_b_joed_iik[i H[\ehc_d]=beXWb
hWd]_d]\hecfkXb_Yif[dZ_d]jej^[h[\ehc <_dWdY_Wb=el[hdWdY[
e\a[o]beXWb_dij_jkj_edij^Wj]el[hdj^[
Ôeme\h[iekhY[i$?dj^[Kd_j[ZIjWj[i"m[
Wbie\eYkiedWY^_[l_d]h[\ehcj^Wjfhej[Yji
[l[ho_dZ_l_ZkWbÊih_]^jjefWhj_Y_fWj[_d
j^[feb_j_YWbfheY[ii"_dYbkZ_d][dikh_d]Wd
WYYkhWj[Y[dikiYekdj"\W_hh[Z_ijh_Yj_d]
WdZ\kbbWYY[iijelej_d]$
;:K97J?ED7BEFFEHJKD?JO7D:I9>EB7HI>?F
Edj^[\hedjb_d[ie\
X[jj[h[ZkYWj_ed
7ZZh[ii_d][Yedec_Y"ieY_WbWdZfeb_j_YWb_d[gkWb_jo
h[gk_h[ic[Wikh[ij^WjWYYekdj\ehj^[Yh_j_YWbheb[
e\[ZkYWj_ed_dieY_[jo$Ekhmehaikffehji[ZkYWj_ed
h[\ehcj^Wj_cfhel[ij^[b_\[Y^WdY[ie\oekd]f[efb[
\heccWh]_dWb_p[Z]hekfiXo[nfWdZ_d]WYY[ii"
_cfhel_d]gkWb_joWdZijh[d]j^[d_d]ijkZ[djekjYec[i$
;ZkYWj_ed_i_dYh[Wi_d]bo[ii[dj_Wb\eh EKH?D?J?7J?L;I
_dZ_l_ZkWbm[bb#X[_d]WdZdWj_edWbfheif[h_jo$ 
Ekhmehai[[aijefhel_Z[oekd]f[efb[
m_j^j^[[ZkYWj_edd[Y[iiWhojeikYY[[Z_d
j^[meha\ehY[WdZYedjh_Xkj[WiY_j_p[di$
JhWdi\ehc_d]
I[YedZWho;ZkYWj_ed
7ZlWdY_d]>_]^[h
MehbZm_Z["m[\kdZ_d_j_Wj_l[ii[[a_d]
jejhWdi\ehcj^[gkWb_joe\i[YedZWho
iY^eebiWdZje^[bfijkZ[dji\hecfeeh
;ZkYWj_ed7YY[ii
WdZIkYY[ii
8k_bZ_d]Ademb[Z][
ehcWh]_dWb_p[ZYecckd_j_[i]W_dWYY[ii
jegkWb_jo^_]^[h[ZkYWj_ed$?dj^[Kd_j[Z \ehIeY_Wb@kij_Y[
IjWj[i"ekhmeha_di[YedZWho[ZkYWj_ed
\eYki[ied\W_hWdZWZ[gkWj[Z_ijh_Xkj_ed
e\h[iekhY[i"^_]^#gkWb_joj[WY^_d]WdZ
[nfWdZ[Zb[Whd_d]j_c[$Ekhmeha_dK$I$
^_]^[h[ZkYWj_edikffehji]h[Wj[hWYY[ii
WdZW\\ehZWX_b_jo"Wim[bbWi_dijhkYj_edWb
_ddelWj_edij^Wj_dYh[Wi[j^[b_a[b_^eeZ
j^WjijkZ[djim_bb[WhdZ[]h[[i$
7dej^[h\WY[je\ekhmeha_iXk_bZ_d]
ademb[Z][je_d\ehcfkXb_Yfeb_Yoed
_iik[ie\ieY_Wb`kij_Y["WdZjeikffehj
j^[d[nj][d[hWj_ede\h[i[WhY^[hiWdZ
fkXb_Y_dj[bb[YjkWbim^ei[iY^ebWhi^_f
m_bbYedjh_Xkj[jej^_iademb[Z][XWi[$
\ehZ\ekdZWj_ed(&&.WddkWbh[fehj '-
 NOTE TO PRINTER:
IMAGE TK

'. \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
;9EDEC?9<7?HD;II

Edj^[\hedjb_d[ie\
[Yedec_Yeffehjkd_jo
;nfWdZ_d]effehjkd_j_[iWdZfhel_Z_d]\W_hWdZ[gk_jWXb[
mWoi\ehWbbf[efb[je[WhdWZ[Y[djb_l_d]WdZXk_bZ
[Yedec_Yh[iekhY[i_i[ii[dj_WbjeYh[Wj_d]fheif[heki
ieY_[j_[i$Ekhmeha^[bfibem#_dYec[f[efb[Xk_bZWii[ji
WdZ]W_d[Yedec_Yi[Ykh_jo$
Ekh[\\ehjii[[amWoijecWa[cWha[jiWdZfkXb_Yioij[ci EKH?D?J?7J?L;I
WdZfeb_Y_[imehaX[jj[h\ehbem#_dYec[\Wc_b_[iWdZ^[bfj^[c
WYY[iij^[effehjkd_j_[iWdZjeebij^[od[[Zjeel[hYec[ ;dikh_d]=eeZ@eXiWdZ
_dj[h][d[hWj_edWbfel[hjo$ 7YY[iijeI[hl_Y[i

MehbZm_Z["m[meha_dWh[Wie\YedY[djhWj[Zfel[hjo" Fhecej_d]D[nj#=[d[hWj_ed
_dYbkZ_d]hkhWbYecckd_j_[iWdZkhXWdd[_]^Xeh^eeZi"je Meha\ehY[IjhWj[]_[i
[dikh[j^Wjh[i_Z[dji^Wl[WYY[iijegkWb_joÓdWdY_WbfheZkYji"
8k_bZ_d];Yedec_Y
_dYbkZ_d]iWl_d]i"_dikhWdY[WdZYh[Z_j"WdZjeXki_d[ii
Z[l[befc[dji[hl_Y[ij^Wjijh[d]j^[dj^[_hb_l[b_^eeZefj_edi$ I[Ykh_joEl[hWB_\[j_c[
?dj^[Kd_j[ZIjWj[i"ekhmehaWbie_dYbkZ[i[\\ehjije ?cfhel_d]7YY[iije
fhecej[iWl_d]ij^hek]^Yedjh_Xkj_edcWjY^[i"ijhed][h <_dWdY_WbI[hl_Y[i
ieY_Wb_dikhWdY[fhe]hWciWdZfkXb_Yi[hl_Y[i"Wbed]m_j^
meha\ehY[Z[l[befc[djj^Wjb[WZijegkWb_jo[cfbeoc[dj$ ;nfWdZ_d]B_l[b_^eeZ
Effehjkd_j_[i\ehFeeh
>eki[^ebZi

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj '/
C;JHEFEB?J7DEFFEHJKD?JO
Edj^[\hedjb_d[ie\
[gk_jWXb[c[jhefeb_jWd
Z[l[befc[dj
=eeZ`eXi"gkWb_joiY^eebi"[\ÓY_[djjhWdifehjWj_ed
WdZiW\["W\\ehZWXb[^eki_d]Wh[Wbb\kdZWc[djWbje
Xk_bZ_d]fheif[hekic[jhefeb_jWdWh[Wi$Ekhmeha
WZlWdY[iWd[ml_i_ede\icWhj"h[]_edWbZ[l[befc[dj
j^Wj_dj[]hWj[ia[o[b[c[djie\c[jhefeb_jWdb_\[je
Xk_bZijhed]WdZ[gk_jWXb[Yecckd_j_[i$
(& \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
<ehc_bb_edie\7c[h_YWdi"effehjkd_j_[ijei[[a EKH?D?J?7J?L;I
X[jj[h\kjkh[iWh[jeee\j[db_c_j[ZXoj^[i_cfb[ 
\WYje\m^[h[j^[ob_l[$7Yheii[dj_h[h[]_edie\ ;nfWdZ_d]7YY[iije
j^[Yekdjho"Y_j_[iWh[_dZ[Yb_d[$?dZkijh_[i^Wl[ GkWb_jo>eki_d]
YebbWfi[Z"^eki[iWh[_d\eh[Ybeikh["WdZ[l[d
Fhecej_d]C[jhefeb_jWd
X[\eh[j^[[Yedec_YZemdjkhd"`eXiWdZi[hl_Y[i
BWdZKi[?ddelWj_ed
^WZcel[Zjej^[ikXkhXiWdZX[oedZ$
:[YWZ[ie\_dWZ[gkWj[fkXb_Yfeb_YoWdZ 9edd[Yj_d]F[efb[je
Effehjkd_jo
fbWdd_d]^Wl[Yh[Wj[ZYedY[djhWj[ZfeYa[jie\
fel[hjoWdZkhXWdY[dj[hiZ[le_Ze\effehjkd_jo$
JeZWo"j^[[Yedec_YZemdjkhdWdZY^hed_Y
fheXb[ciWiieY_Wj[Zm_j^`eXb[iid[iiWdZ
khXWdXb_]^jcWa[j^[[\\ehjjeXk_bZijhed]
Yecckd_j_[iWdZWfhec_i_d]\kjkh[\eh
\Wc_b_[ifWhj_YkbWhbokh][dj$
M[Wh[meha_d]WYheiij^[Kd_j[ZIjWj[ije
ikffehj[\\ehjij^Wjh[WY^X[oedZ_dZ_l_ZkWb
d[_]^Xeh^eeZiWdZY_j_[ijeYedd[Yjh[i_Z[dji
m_j^effehjkd_j_[i_dj^[XheWZ[hc[jhefeb_jWd
[Yedeco$M[Wh[ikffehj_d]eh]Wd_pWj_edij^Wj
Wh[fkhik_d]_dj[]hWj[ZWffheWY^[ije^eki_d]"
bWdZki[WdZ[dl_hedc[djWbfbWdd_d]"fkXb_Y
jhWdifehjWj_ed"WdZmeha\ehY[effehjkd_jo$
Ekhmehafhecej[iicWhj[hfkXb_Yfeb_YoWdZ
fbWdd_d]"WdZikffehjih[]_edWb[\\ehjijeXk_bZ
[Yedec_Y]hemj^WdZYecf[j_j_l[d[iiel[h
j^[bed]j[hc$
IKIJ7?D78B;:;L;BEFC;DJ M[ikffehjj^[Z[l[befc[dje\dWjkhWb EKH?D?J?7J?L;I
h[iekhY[feb_Y_[iWdZfhe]hWcij^Wj]_l[ 

Edj^[\hedjb_d[ie\ feehYecckd_j_[iceh[Yedjhebel[hj^[i[
h[iekhY[iWdZWijhed][hle_Y[_dZ[Y_i_ed
cWa_d]edbWdZki[WdZZ[l[befc[dj$M[
;nfWdZ_d]9ecckd_jo
H_]^jiEl[hDWjkhWb
H[iekhY[i

ikijW_dWXb[Yecckd_j_[i \eYkij^[i[[\\ehjiedj^[ceijlkbd[hWXb[
Yecckd_j_[iÆdejWXbo_dZ_][dekif[efb[i"
[j^d_Yc_deh_j_[iWdZmec[dÆm^ei[WYY[ii
jedWjkhWbh[iekhY[i_iceijj^h[Wj[d[Z$
9b_cWj[9^Wd][H[ifedi[i
J^WjIjh[d]j^[dHkhWb
9ecckd_j_[i

M[mehaje[dikh[j^Wjj^[_dj[hdWj_edWb
CWdoe\j^[mehbZÊifeeh[ij\Wc_b_[ih[boeddWjkhWb h[ifedi[jeYb_cWj[Y^Wd][h[if[Yjij^[
kd_gk[Y_hYkcijWdY[ie\j^[hkhWbfeeh$M[
h[iekhY[iÆ\eh[iji"]hWiibWdZiWdZej^[hdWjkhWb fhecej[icWhj[dl_hedc[djWbfeb_Y_[ij^Wj
_dYh[Wi[feehf[efb[ÊiWYY[iijedWjkhWb
Wii[jiÆ\ehj^[_hXWi_Yb_l[b_^eeZi"o[jj^[o^Wl[ h[iekhY[iWdZb_l[b_^eeZeffehjkd_j_[im^_b[
i_ckbjWd[ekiboWZZh[ii_d]Yb_cWj[Y^Wd][$
b_c_j[Zh_]^jiel[hj^[i[h[iekhY[i$M[X[b_[l[j^Wj
fhecej_d]]h[Wj[hWYY[iiWced]j^[feehjedWjkhWb
h[iekhY[i_iYh_j_YWbjeWY^_[l_d]jme_dj[hh[bWj[Z
]eWbi0h[ZkY_d]]beXWbfel[hjoWdZikijW_d_d]j^[
gkWb_joe\ekh[dl_hedc[dj$

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj ('
(( \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
<H;;:ECE<;NFH;II?ED

Edj^[\hedjb_d[ie\\h[[
[nfh[ii_edWdZc[Z_W
J^[\h[[Ôeme\_d\ehcWj_edWdZ_Z[Wi_i[ii[dj_Wb
je^[Wbj^oieY_[j_[i$Ekhmehafhel_Z[iifWY[\eh
Yh[Wj_l_jo"^[bfiWbbf[efb[WYY[iieffehjkd_j_[i
\eh[nfh[ii_ed"WdZikffehji[\\ehjije[dikh[j^Wj
c[Z_Wioij[ciWdZfeb_Y_[iWh[ef[dWdZ[gk_jWXb[$
<h[[[nfh[ii_ed_iY[djhWbjeWbbej^[h\h[[Zeci$7iY^Wd][ EKH?D?J?7J?L;I
_dekhYecckd_j_[iX[Yec[iceh[YedijWdjWdZWi_Z[Wi"
j[Y^debe]_[iWdZf[efb[Wh[cel_d]ceh[hWf_Zbom_j^_dWdZ Ikffehj_d]:_l[hi[
Wced]Yekdjh_[i"ekhmehafhecej[ij^[h_]^je\Wbbf[efb[je 7hjiIfWY[i
Yedd[Yjceh[Z[[fbom_j^ej^[hiWdZÓdZc[Wd_d]\kbmWoi 7ZlWdY_d]FkXb_Y
jefWhj_Y_fWj[$M[Zej^_iXo_dl[ij_d]_dYh[Wj_l[WdZ
I[hl_Y[C[Z_W
_dj[bb[YjkWbYWf_jWb$
7ZlWdY_d]C[Z_WH_]^ji
MehbZm_Z["ekhmeha\eYki[iedfhecej_d]fkXb_Yfeb_Y_[ij^Wj
[dikh[[gkWbWYY[iijeWbbc[Z_WfbWj\ehciWdZijh[d]j^[d_d] WdZ7YY[ii
fkXb_Yi[hl_Y[c[Z_W$M[Wbie_dl[ij_dj^[Yh[Wj_l[YWf_jWb H[b_]_ed_dj^[
e\kdZ[hi[hl[ZYecckd_j_[iXoikffehj_d]WhjiifWY[ij^Wj FkXb_YIf^[h[
[cXhWY[cWh]_dWb_p[Zle_Y[iWdZZ_l[hi[WkZ_[dY[i$
?dj^[Kd_j[ZIjWj[i"m[ikffehjh[b_]_ekib[WZ[hiWdZ
_dij_jkj_edij^Wj[d]W][_dfkXb_Y[\\ehjijeWZlWdY[`kij_Y[
WdZ[gk_joWim[bbWi[\\ehjij^hek]^j^[c[Z_Wjefhecej[
_d\ehc[Z"Z_l[hi[WdZd[Y[iiWhoZ_Wbe]k[edj^[fkXb_Y
heb[e\h[b_]_ed$

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj ()
I;NK7B?JO7D:H;FHE:K9J?L;>;7BJ>7D:H?=>JI
Edj^[\hedjb_d[ie\
i[nkWbm[bb#X[_d]WdZ
h[fheZkYj_l[^[Wbj^
I[nkWb_joWdZj^[h_]^jjeh[fheZkYj_l[^[Wbj^Wh[
\kdZWc[djWbjej^[^kcWd[nf[h_[dY[$M[ikffehjj^ei[
meha_d]je[dikh[j^WjWbbmec[dWdZc[dWh[WXb[je
[n[hY_i[j^[i[h_]^ji\h[[\hecYe[hY_edWdZl_eb[dY["WdZ
j^Wjoekd]f[efb[^Wl[WYY[iijej^[_d\ehcWj_edWdZ
i[hl_Y[ij^[od[[Z$
(* \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
?diec[ieY_[j_[iWhekdZj^[mehbZ"Z_iYkii_ed EKH?D?J?7J?L;I
e\^kcWdi[nkWb_joWdZh[fheZkYj_l[ 
^[Wbj^WdZh_]^ji^Wie\j[dX[[dYedi_Z[h[Z Ikffehj_d]I[nkWb_jo
jeei[di_j_l[ehjeef[hiedWb\ehi[h_eki H[i[WhY^
[nfbehWj_ed$7jj^[iWc[j_c["]el[hdc[dji
Fhecej_d]H[fheZkYj_l[
_cfb[c[djbWmiWdZfhe]hWcij^Wj
H_]^jiWdZj^[H_]^jje
^Wl[Z_h[Yj_cfWYjedj^[i[XWi_Y^kcWd
I[nkWb>[Wbj^
\h[[Zecim_j^b_jjb[ehde_dfkj\hec
j^ei[ceijW\\[Yj[Z$7iWh[ikbj"^[Wbj^o I[nkWb_joWdZ
Z[l[befc[djWdZj^[[n[hY_i[e\f[hiedWb
Z[Y_i_edcWa_d]_dj^[i[Wh[Wi^Wl[
e\j[dX[[dYecfhec_i[Z$
H[fheZkYj_l[>[Wbj^
;ZkYWj_ed
Feb_Y_[iWdZFhe]hWci\eh
Ekhmeha_iZ_h[Yj[ZjemWhZijh[d]j^[d_d]
7Zeb[iY[djI[nkWbWdZ
i[nkWbWdZh[fheZkYj_l[^[Wbj^h_]^ji
WdZ[dYekhW]_d]Yecfh[^[di_l[i[nkWb_jo
H[fheZkYj_l[>[Wbj^
[ZkYWj_edWdZ[l_Z[dY[#XWi[ZfkXb_Y
Z_iYekhi[edi[nkWb_jo$
Ekh[\\ehji\eYki"_dfWhj_YkbWh"edoekd]
mec[d\hecfeehWdZ[nYbkZ[ZYecckd_j_[i
X[YWki[j^[oX[Whj^[]h[Wj[ijXkhZ[de\
l_eb[dY[WdZZ_i[Wi[$M[ikffehji[nkWb
WdZh[fheZkYj_l[^[Wbj^feb_Y_[i"_ddelWj_l[
fhe]hWciWdZh[i[WhY^j^WjWZZh[iij^[
ieY_Wb"YkbjkhWbWdZ[Yedec_Y\WYjehij^Wj
kdZ[hc_d[_cfhel[ZekjYec[i\eh]_hbi
WdZmec[d$
IE9?7B@KIJ?9;F>?B7DJ>HEFO :[if_j[f^_bWdj^hefoÊifej[dj_WbjeWZZh[ii EKH?D?J?7J?L;
XWhh_[hijeeffehjkd_joWdZ\W_hd[ii"edbo 

Edj^[\hedjb_d[ie\ ''f[hY[dje\\kdZ[hi_dj^[Kd_j[ZIjWj[i CeX_b_p_d]F^_bWdj^hef_Y

ikffehjmehaedieY_Wb`kij_Y[WdZ]beXWbbo H[iekhY[i\ehIeY_Wb@kij_Y[
j^[Ó]kh[_iYedi_Z[hWXbobem[h$BWij_d]

ceX_b_p_d]h[iekhY[i
ieY_WbY^Wd][h[gk_h[iceX_b_p_d]i_]d_ÓYWdj
h[iekhY[imehbZm_Z[jeWZZh[ii[Yedec_Y"
feb_j_YWbWdZieY_WbZ_ifWh_j_[ij^Wjfh[l[dj
f[efb[\hech[Wb_p_d]j^[_h\kbbfej[dj_Wb$

\ehieY_WbY^Wd][ M[Wh[Yecc_jj[Zje_dYh[Wi_d]j^[
WcekdjWdZ[\\[Yj_l[d[iie\f^_bWdj^hef_Y
h[iekhY[iZ[lej[Zjeikffehj_d]meha
W_c[ZWjY^Wd]_d]kd`kijijhkYjkh[iWdZ
kd\W_hfhWYj_Y[i$
8ol_hjk[e\_ji_dZ[f[dZ[dY["f^_bWdj^hefo_ikd_gk[bo
fei_j_ed[ZjeWZlWdY[ieY_WbY^Wd][Xoi[[Z_d]WdZ
ikffehj_d]j^[mehae\Y_l_bieY_[joeh]Wd_pWj_edij^Wj
WZZh[iiYecfb[nWdZ[dZkh_d]fheXb[ci$Ekhmeha
\eYki[iedijh[d]j^[d_d]j^[heb[WdZ[\\[Yj_l[d[iie\
f^_bWdj^hefoWhekdZj^[mehbZed_iik[ie\\W_hd[ii"
[gk_joWdZ`kij_Y[$
\ehZ\ekdZWj_ed(&&.WddkWbh[fehj (+
WYecc_jc[djjeieY_Wb`kij_Y[_dj^[kd_j[ZijWj[i
<ekdZ[Z_d'/),"j^[
<ehZ<ekdZWj_ed^WiX[[d
meha_d]je_cfhel[f[efb[Êi
b_l[i\ehd[Whbo-+o[Whi$
Ekhfhe]hWciWZZh[ii
kh][djY^Wbb[d][iWYheii
j^[Kd_j[ZIjWj[iWdZ
_d'&h[]_ediWhekdZj^[
mehbZ"i[[a_d]jeikffehj
l_i_edWhof[efb[meha_d]
jemWhZbWij_d]ieY_WbY^Wd][$
M[mehaje\kbÓbbj^_ic_ii_ed
j^hek]^j^h[[ijhWj[]_Y
fhe]hWci0:[ceYhWYo"
H_]^jiWdZ@kij_Y[1;Yedec_Y
Effehjkd_joWdZ7ii[ji1
WdZ;ZkYWj_ed"9h[Wj_l_jo
WdZ<h[[;nfh[ii_ed$
(, \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
?dj^[Kd_j[ZIjWj[i"ekh]hWdj[[i^Wl[bed]X[[d
edj^[\hedjb_d[ie\\ehmWhZ#beea_d]ieY_Wbcel[c[dji"
meha_d]je[dikh[j^WjWbbf[efb[^Wl[j^[effehjkd_jo
jeWY^_[l[j^[_h\kbbfej[dj_Wb"^Wl[Wle_Y[_d
Z[Y_i_edij^WjW\\[Yjj^[c"WdZYedjh_Xkj[jeieY_[jo$
Ekh]hWdj[[ijeZWo\ebbem_dj^[\eejij[fie\j^ei[
m^eXbWp[ZjhW_biedY_l_bh_]^ji"mec[dÊih_]^ji"
khXWdh[d[mWb"[ZkYWj_edh[\ehc"fkXb_Y_dj[h[ij
c[Z_W"Z_l[hi_jo_dj^[Whji"lej[h[d]W][c[djWdZ
WYYekdjWXb[]el[hdWdY["WdZej^[hjhWdi\ehcWj_l[
ieY_Wbcel[c[dji$
 JeZWom[Yedj_dk[jeikffehj_ddelWjehi_dj^[
\Wij#Y^Wd]_d]c[Z_WmehbZ"meha_d]jecW_djW_d_ji
fkXb_Yc_ii_ed_dWZ_]_jWbW][$M[Wh[_dl[ij_d]_d
lej_d]h_]^jiWdZ_d[\\ehjije[dikh[j^[(&'&9[diki
_iWiWYYkhWj[WdZYecfb[j[Wifeii_Xb[$M[Wh[
ikffehj_d]WYYekdjWX_b_joWdZjhWdifWh[dYomehaWj
[l[hob[l[be\]el[hdc[dj$7dZm[Wh[_dl[ij_d]_d
_ddelWj_l[iebkj_edijej^[^eki_d]Yh_i_iWifWhje\W
bWh][hfhe]hWcW_c[ZWjYh[Wj_d]]h[Wj[h[Yedec_Y
effehjkd_jo\ehWbb7c[h_YWdi$Ej^[hWh[Wie\ekhmeha
WZZh[iih[ijeh_d]7c[h_YWÊic[jhefeb_jWdWh[Wim_j^
icWhjh[]_edWbZ[l[befc[dj"jhWdi\ehc_d][ZkYWj_ed"
WZlWdY_d]h[fheZkYj_l[h_]^ji"Yh[Wj_d]d[mifWY[i\eh
Z_l[hi[WhjiWdZYkbjkhWb[nfh[ii_ed"ikffehj_d]c[Z_W
WYY[iiWdZh[\ehc"WdZWjjhWYj_d]ceh[h[iekhY[ije
ieY_Wb`kij_Y[f^_bWdj^hefo$
 M[i[[Wbbd_d[e\j^[_iik[ij^Wjm[WZZh[iiWi
\kdZWc[djWbjeYh[Wj_d]bWij_d]ieY_WbY^Wd][_dj^[
Kd_j[ZIjWj[i$
 M_j^d[Whbo,&f[hY[dje\ekh]hWdjXkZ][j\eYki[Z
edj^[Kd_j[ZIjWj[i"m[Wh[^[bf_d]ekh]hWdj[[i]hem
j^[iYWb[e\j^[_h_cfehjWdj[\\ehjiWdZcWa[bWij_d]
_cfhel[c[dji_dj^[b_l[ie\^WhZ#meha_d]7c[h_YWdi$
?dWj_c[e\[Yedec_Yijhk]]b[WdZ_dYh[Wi_d]fel[hjo
WdZZ_ifWh_jo"m[X[b_[l[ekhikffehj\eh[gkWb
effehjkd_joWdZW\kbb[h[nfh[ii_ede\Yeh[7c[h_YWd
lWbk[i_iWid[[Z[ZWdZh[b[lWdjWi[l[h$
WdZWhekdZj^[mehbZ
Meha_d]_dckbj_fb[fbWY[i
WhekdZj^[mehbZ^WiX[[d
Y[djhWbjeekhc_ii_edi_dY[
'/+($?dWZZ_j_edjej^[
Kd_j[ZIjWj[i"m[meha_d
h[]_ediWYheii7i_W"7\h_YW"
WdZBWj_d7c[h_YW$;WY^
e\ekhh[]_edWbe\ÓY[i_i
Yecc_jj[ZjeWZlWdY_d]
[gkWb_joWdZeffehjkd_jo
j^hek]^_d_j_Wj_l[ij^Wj\eYki
edj^[kd_gk[d[[ZiWdZ
beYWbY^Wbb[d][ie\_jih[]_ed$
7dZ[WdH[]_edWdZIekj^[hd9ed[
7iZ[ceYhWj_Yh[\ehcijWa[heejWYheiij^[7dZ[WdH[]_ed
WdZIekj^[hd9ed["j^[Yekdjh_[im[i[hl[ijWdZWjWYh_j_#
YWbYheiiheWZi$:[if_j[[l_Z[dY[e\fhe]h[iiÆ_dYbkZ_d]
ceh[h[i_b_[dj[Yedec_[iWdZj^[ijWX_b_pWj_ede\[b[Y#
jehWbh[]_c[iÆc_bb_edie\Y_j_p[di"fWhj_YkbWhbo_dZ_][deki
f[efb[i"7\he#Z[iY[dZ[djiWdZmec[d"Wh[ij_bbi^kjekje\
effehjkd_j_[ije[WhdWZ[Y[djb_l_d]ehfWhj_Y_fWj[_dj^[
]el[hdc[djij^WjWh[c[Wdjjeh[fh[i[djj^[c$J^[h[ikbj0
M_Z[ifh[WZfel[hjoWdZ_d[gkWb_jof[hi_ij"kdZ[hc_d_d]j^[
fej[dj_Wb\ehh[Y[djfhe]h[iijeXh_d]bed]#j[hci[Ykh_joWdZ
fheif[h_jojej^[h[]_ed$
 M[X[b_[l[j^WjjWYab_d]Z_iYh_c_dWj_edWdZieY_Wb[nYbk#
i_edYWdi[hl[Wij^[b_dY^f_d\ehkdb[Wi^_d]XheWZ[hWdZ
ceh[[gk_jWXb[Z[l[befc[djWYheiij^[h[]_ed$Ekh]hWdji
^[bfXk_bZj^[b[WZ[hi^_fj^Wj_id[Y[iiWhojeYed\hedjieY_Wb
WdZfeb_j_YWb[nYbki_ed1fhecej[icWhjWdZ[\\[Yj_l[fkXb_Y
feb_Y_[ij^WjYecXWjZ_iYh_c_dWj_edWdZ^[bfceh[f[efb[
el[hYec[fel[hjo1Z[l[bef_ddelWj_l[mWoije[d]W][j^[
Xki_d[iiYecckd_jo_dd[miebkj_edi1WdZ[dikh[j^Wj
kd_l[hi_j_[i"]el[hdc[djW][dY_[i"Y_l_bieY_[jo]hekfiWdZ
ej^[ha[o_dij_jkj_ediWh[X[jj[hh[fh[i[dj[ZXoj^[le_Y[i
e\mec[dWdZc_deh_j_[i$
 8oXh[Wa_d]Zemdj^[ijkXXehdXWhh_[hij^Wjfh[l[dj
f[efb[\hecfWhj_Y_fWj_d]ceh[\kbbo_dj^[_hieY_[j_[i"m[
X[b_[l[j^Wjj^[h[]_edYWdXk_bZW`kijWdZceh[ikijW_dWXb[
\kjkh[\ehWbbe\_jiY_j_p[di$
ekh\eYki_dj^[WdZ[Wdh[]_ed
WdZiekj^[hdYed[
Fhecej_d]JhWdifWh[dj";\\[Yj_l[WdZ
7YYekdjWXb[=el[hdc[dj
7ZlWdY_d]HWY_Wb@kij_Y[WdZC_deh_joH_]^ji
Ijh[d]j^[d_d]>kcWdH_]^jiMehbZm_Z[
8k_bZ_d];Yedec_YI[Ykh_joEl[hWB_\[j_c[
;nfWdZ_d]B_l[b_^eeZEffehjkd_j_[i\ehFeeh>eki[^ebZi
7ZlWdY_d]>_]^[h;ZkYWj_ed7YY[iiWdZIkYY[ii
8hWp_b
J^[[dZe\c_b_jWhoZ_YjWjehi^_f_d'/.+WdZj^[WZefj_ede\W
d[mYedij_jkj_ed_d'/..fhel_Z[Z8hWp_bm_j^Wieb_Z\ekdZW#
j_ed\ehj^[]hemj^e\Wl_XhWdjZ[ceYhWYoj^Wj^Wib[Zje
im[[f_d]ieY_Wbfhe]h[ii$?d\WdjcehjWb_jo^WiZheff[ZWbceij
_d^Wb\i_dY['//&"WdZ[dhebbc[dj_dXWi_Y[ZkYWj_edh[WY^[Z
/-f[hY[dj_d(&&+$
 8hWp_bdem^Wij^['&j^#bWh][ij[Yedeco_dj^[mehbZ$
8kjZ[if_j[j^_i[Yedec_YWdZieY_Wbfhe]h[ii"ckY^
e\8hWp_bÊim[Wbj^_i^_]^boYedY[djhWj[Z$JeZWo"+-c_bb_ed
Y_j_p[diij_bbb_l[X[bemj^[fel[hjob_d["WdZceh[j^Wd
(+c_bb_edb_l[_d[njh[c[fel[hjo$F[efb[e\Yebeh_dfWhj_Yk#
bWhWh[Wjh_ia"e\j[db_l_d]_dWd[dl_hedc[dje\f[hi_ij[dj
l_eb[dY[WdZZ_iYh_c_dWj_ed$
 8ojWYab_d]feb_Y_[iWdZ_dij_jkj_edij^Wjf[hf[jkWj[
_d[gkWb_j_[im[m_bb^[bfYh[Wj[WfheY[ii\ehXheWZ[hieY_Wb
`kij_Y[Y^Wd]["m^[h[lkbd[hWXb[]hekfiWYheiij^[Yekdjho
m_bb^Wl[j^[effehjkd_joje[nfbeh[j^[_hemdfej[dj_WbWdZ
YWfWY_jo\ehWYY[ii_d]fkXb_Yi[hl_Y[iWdZfhej[Yj_d]j^[_h
\kdZWc[djWbh_]^ji$
 Ekh]hWdji\eYkiedXk_bZ_d]j^[b[WZ[hi^_fd[Y[iiWho
jefhecej[ieY_WbWdZfeb_j_YWbY^Wd][1[dWYj_d]ijhWj[]_Y
WdZ[\\[Yj_l[fkXb_Yfeb_Y_[ij^WjYecXWjZ_iYh_c_dWj_edWdZ
_d[gkWb_jo1[dikh_d][d\ehY[c[dje\bWmij^Wji[Ykh[f[efb[iÊ
h_]^ji1WdZmeha_d]m_j^kd_l[hi_j_[i"]el[hdc[djW][dY_[i"
Y_l_bieY_[jo]hekfiWdZej^[ha[o_dij_jkj_edije[dikh[
j^[oX[jj[hh[fh[i[djj^[_dj[h[ijie\j^[kdZ[hh[fh[i[dj[Z"
_dYbkZ_d]7\he#8hWp_b_Wdi"_dZ_][dekif[efb[iWdZmec[d$
ekh\eYki_dXhWp_b
Fhecej_d]JhWdifWh[dj";\\[Yj_l[WdZ
7YYekdjWXb[=el[hdc[dj
7ZlWdY_d]HWY_Wb@kij_Y[WdZC_deh_joH_]^ji
Ijh[d]j^[d_d]>kcWdH_]^jiMehbZm_Z[
;nfWdZ_d]9ecckd_joH_]^jiEl[hDWjkhWbH[iekhY[i
7ZlWdY_d]>_]^[h;ZkYWj_ed7YY[iiWdZIkYY[ii
7ZlWdY_d]C[Z_WH_]^jiWdZ7YY[ii
\ehZ\ekdZWj_ed(&&.WddkWbh[fehj (-
China
China’s extraordinary transformation of its economy, society
and standing in the world during recent years has also
brought new challenges. Its focus on economic growth has
led to stark disparities in wealth, status and the ability to
access resources and opportunity. To meet these challenges,
the country is shifting to a model of balanced and sustain-
able growth.
The existing disparities heighten the vulnerability of
marginalized groups. Women face intensified discrimination
in the modern marketplace. Migrant workers, people in rural
communities and minority groups have fewer opportunities
than others to share in the benefits of China’s transforma-
tion. We believe that helping marginalized segments of
society gain access to community resources and govern-
ment services will allow them to participate more fully and
contribute to China’s balanced growth.
Our integrated work seeks systemwide improvements
for all marginalized groups. Specifically, our grants help poor
communities utilize the developing justice system; poor
farmers and herders gain access to sustainable natural re-
sources; women make informed choices about their families
and careers; minority groups and girls complete their school
and college studies; migrant workers engage with govern-
ment agencies; and civil society organizations provide legal
and infrastructure support to address poverty, inequality
and discrimination.
By supporting groups that share these goals—research
institutions, civil society organizations and government—we
help disadvantaged people and communities participate as
partners in China’s development and help them gain essential
resources to combat poverty, inequality and discrimination.
our focus in china
Civil Society
Transparent, Effective and Accountable Government
Civil and Criminal Justice Systems
Community Rights Over Natural Resources
Secondary Education
Higher Education Access and Success
Reproductive Rights and the Right to Sexual Health
28 ford foundation 2008 annual report
Eastern Africa
For more than two decades, East Africans have engaged
in a process of progressive change on multiple fronts,
including the transition of East African nations to constitu-
tional democracies, the initiation of legal reforms and the
strengthening of state institutions and nongovernmental
organizations. But many challenges persist. Bringing about
more democratic, equitable and peaceful societies in East
Africa will require an informed citizenry, increased civic and
political participation, and secured rights for marginalized
and vulnerable groups.
In sub-Saharan Africa, inequitable land distribution and
land tenure contribute greatly to poverty in the region. Evi-
dence shows that access to land and other natural resources
(water and trees) determines the ability of households to
participate in markets, secure livelihoods and compete as
entrepreneurs in the rural non-farm economy. This is particu-
larly true for women, who dominate most agricultural work
yet are deeply discriminated against in a land acquisition
process that historically is gained only through males.
We believe that addressing the disparities in the control
over land, in decision-making processes and in the represen-
tation of historically diverse communities will be a critical
factor in securing rights and opportunities for East Africans,
particularly women and youth.
Our grants focus on promoting rights and access to land,
sustainable livelihoods and economic opportunities for the
poor, the marginalized and the vulnerable; strengthening
democracy by increasing civic and political participation and
securing individual rights; promoting tolerance and building
an informed citizenry and the space for East Africans to tell
their own stories by advancing public service media; and
fostering initiatives between mainstream financial service
organizations and people living with HIV/AIDS. We are part-
nering with civil society organizations, academic institutions
and government agencies to pursue these efforts.
our focus in eastern africa
Strengthening Civil Society
Protecting Women’s Rights
Expanding Livelihood Opportunities for Poor Households
Expanding Community Rights Over Natural Resources
Advancing Public Service Media
Policies and Programs for Adolescent Sexual
and Reproductive Health
India, Nepal and Sri Lanka
India is the world’s largest democracy and in recent years
has been its second-fastest-growing economy. According
to some measures, it also contains a third of the world’s
poor. Poverty in India is geographically and demographically
clustered, and it is stubbornly resistant to local and national
policy measures.
We believe that the root causes of persistent poverty in
India lie at the complex intersection of structural factors and
patterns of socioeconomic exclusion. We believe that India’s
vibrant democratic traditions and vigorous civil society hold
the keys to solving these enormous challenges and that only
a multifaceted approach can be effective.
While our work supports innovative models and
strengthens networks across the country, we pay particular
attention to the country’s clusters of poverty—its central dry
lands and tribal belt, as well as urban slums—where families
live off assets that are particularly precarious or degraded.
We also support struggles against the socioeconomic mar-
ginalization of tribal communities, women and adolescent
girls, and religious minority communities.
In India, our grants support organizations that promote
livelihood opportunities among the poorest populations;
advocate for economic and social rights; make the govern-
ment’s development efforts transparent and accountable;
work to create more sustainable agricultural policies; enable
women and girls to address their sexual and reproductive
health and rights; and broaden the participation of marginal-
ized groups through public service media.
In Nepal and Sri Lanka, we focus more narrowly on sup-
porting groups advocating for economic and social rights
and free expression as these countries go through complex
post-conflict transitions.
We support work that can be taken to significant scale,
have a tangible and lasting impact, and can improve the gov-
ernment’s capacity to partner with civil society organizations.
our focus in india, nepal and sri lanka
Promoting Transparent, Effective and
Accountable Government
Advancing Economic and Social Rights
Expanding Livelihood Opportunities for Poor Households
Expanding Community Rights Over Natural Resources
Advancing Public Service Media
Policies and Programs for Adolescent Sexual
and Reproductive Health
?dZed[i_W
?dZed[i_W^WicWZ[h[cWhaWXb[fhe]h[ii_d_jijhWdi_j_ed
\hecc_b_jWhohkb[jeWj^h_l_d]Z[ceYhWYo$?dZed[i_WÊih[\ehc
fheY[ii^Wi]_l[dh_i[jeWZ[Y[djhWb_p[Zioij[ce\]el[h#
dWdY["Z_h[Yj[b[Yj_edi"bWmij^WjWZZh[iij^[d[[Zie\j^[
feehWdZkdZ[hh[fh[i[dj[Z"ijhed]Y_l_bieY_[jo]hekfiWdZ
d[mfbWj\ehci\ehfkXb_YZ[XWj[$
 :[if_j[j^[i[ikYY[ii[i"ijWj[feb_YoWdZfhe]hWc
h[\ehci^Wl[o[jjeWZZh[iij^[YekdjhoÊiZ[[f[d_d]fel[hjo"
f[hi_ij[djZ_iYh_c_dWj_edjemWhZcWh]_dWb_p[ZieY_Wb]hekfi
WdZ_ji_dYh[Wi_d][dl_hedc[djWbZ[]hWZWj_ed$JeZWo"?dZe#
d[i_W_ij^[mehbZÊij^_hZ#bWh][ijYedjh_Xkjehje]h[[d^eki[
]Wi[c_ii_edi$ Z[[f#heej[Z[nYbki_edWdZfel[hjoe\j^[Yekdjh_[i_dm^_Y^
 M[X[b_[l[j^Wj[dWXb_d]cWh]_dWb_p[Z]hekfije^Wl[
Wijhed][hle_Y[WdZ]h[Wj[hiWo_dbeYWbZ[Y_i_edcWa_d]_i
[ii[dj_WbjeXh[Wa_d]ebZfWjj[hdie\ieY_Wb[nYbki_edWdZd[m
fWjj[hdie\[Yedec_YZ_ifWh_jo$
 If[Y_ÓYWbbo"ekh]hWdjii[[aje_dij_jkj_edWb_p[j^[fWh#
j_Y_fWj_ede\j^[feehWdZkdZ[hh[fh[i[dj[Z_dbeYWbfbWdd_d]
WdZXkZ][j_d]Z[Y_i_ed#cWa_d]XeZ_[i1_cfhel[h[Ye]d_j_ed
e\h[fheZkYj_l[WdZi[nkWbh_]^jiWdZfWhj_Y_fWj_ede\mec[d
_dWZlWdY_d]j^[_hijWjki_dieY_[jo1ijh[d]j^[dieY_Wbfhej[Y#
j_edfhe]hWci\ehj^[[njh[c[feeh1WZlWdY[fkXb_Yi[hl_Y[
c[Z_W1Yedjh_Xkj[jej^[]el[hdc[djÊifhefei[ZbWdZh[\ehc
W][dZWjecWa[_jceh[h[ifedi_l[jej^[d[[Zie\j^[hkhWb
bWdZb[iiWdZ_dZ_][deki]hekfim_j^_di[Ykh[j[dkh[el[h
j^[_h^_ijeh_YWbbWdZi1WdZfhecej[fWhj_Y_fWjehobWdZki[
fbWdd_d]WdZcWdW][c[djj^Wji[[ai[gk_joWdZikijW_dWXb[
dWjkhWbh[iekhY[cWdW][c[dj$
 8oikffehj_d]d[mceZ[bie\fkXb_YfWhj_Y_fWj_edWdZ
h[Ye]d_j_ede\j^[YekdjhoÊiZ_l[hi[Yedij_jk[dY_[i"m[
X[b_[l[j^Wj?dZed[i_WYWd[c[h][WiWd[n[cfbWhe\^emje
fhecej[jeb[hWdY["[dl_hedc[djWbikijW_dWX_b_joWdZieY_Wb
[gk_jo_dW^_]^boZ_l[hi[WdZijhWj_Ó[ZYekdjho$
ekh\eYki_d_dZed[i_W
Fhecej_d]JhWdifWh[dj";\\[Yj_l[WdZ
7YYekdjWXb[=el[hdc[dj
8k_bZ_d];Yedec_YI[Ykh_joEl[hWB_\[j_c[
;nfWdZ_d]9ecckd_joH_]^jiEl[hDWjkhWbH[iekhY[i
7ZlWdY_d]FkXb_YI[hl_Y[C[Z_W
Fhecej_d]H[fheZkYj_l[H_]^jiWdZj^[
H_]^jjeI[nkWb>[Wbj^
C[n_YeWdZ9[djhWb7c[h_YW
;l[hoo[WhWjb[Wijed[c_bb_edf[efb[c_]hWj[WYheiidWj_edWb
XehZ[hi_dC[n_YeWdZ9[djhWb7c[h_YW"Z[[fboW\\[Yj_d]j^[
h[]_edWYheii[l[hob[l[be\[Yedec_Y"ieY_Wb"feb_j_YWbWdZ
YkbjkhWbb_\[$M^_b[c_]hWj_edYWde\\[h_dZ_l_ZkWbieffehjkd_#
j_[i\ehieY_WbceX_b_joWdZYed\[hX[d[ÓjijeYecckd_j_[i"_j
WbieXh_d]icW`ehY^Wbb[d][iikY^Wic_]hWdjiÊlkbd[hWX_b_jo
je^kcWdh_]^jiWXki[ifWhj_YkbWhboWced]mec[d"\Wc_bo
i[fWhWj_ed"WdZ_dYh[Wi[Z[nfeikh[je>?L%7?:IWdZej^[h
Z_i[Wi[i$?dWZZ_j_ed"hWf_Zekj#c_]hWj_edfei[ii_]d_ÓYWdj
Y^Wbb[d][ijebeYWb_dij_jkj_edi"bWdZj[dkh[WdZbWdZki[$
 J^_icWiiceX_b_pWj_ed_iWZ_h[YjcWd_\[ijWj_ede\j^[
m[meha$;n_ij_d]_dij_jkj_ediWdZfeb_Y_[i^Wl[\W_b[Zje
Yh[Wj[YedZ_j_edij^WjWbbemWbbc[cX[hie\ieY_[jojeWYY[ii
effehjkd_j_[i"i[hl_Y[iWdZh[iekhY[i$7ced]j^ei[ceij
W\\[Yj[ZWh[_dZ_][dekiWdZ7\he#Z[iY[dZWdjf[efb["mec[d"
c_]hWdjiWdZf[hiedib_l_d]m_j^>?L%7?:I$
 M[X[b_[l[j^WjXoWZZh[ii_d]j^[ijhkYjkhWbfheXb[ci
j^Wj[nf[bf[efb[\hecj^[_hfbWY[ie\eh_]_d"m[YWdcWa[
c_]hWj_edWdefj_edhWj^[hj^Wdd[Y[ii_jo$
 Ekh]hWdjcWa_d]i[[aijefhecej[_dYbki_edWdZ
Z_l[hi_joXo[d^WdY_d]j^[WX_b_joe\[nYbkZ[Z]hekfije
jWa[Yedjhebe\j^[_hZ[ij_d_[iWdZX[Yec[WYjehi\ehieY_Wb
Y^Wd][$M[X[b_[l[j^Wjijh[d]j^[d[Zb[WZ[hi^_f"_dYh[Wi[Z
eh]Wd_pWj_edWbYWfWY_joWdZj^[WX_b_joje[\\[Yj_l[boYedjheb
j^[_hWdY[ijhWbj[hh_jeh_[iWh[_cfehjWdjfWj^mWoijeh[ZkY[
[nYbki_edWdZYedieb_ZWj[Z[ceYhWYo_dj^[h[]_ed$M[Wbie
fkhik[[\\ehjijecWa[c_]hWj_ediW\[h"Z[l[befWbj[hdWj_l[
WffheWY^[ijeh[ijh_Yj_l[feb_Y_[iWdZcWn_c_p[j^[fei_j_l[
_cfWYjie\c_]hWj_ed$
 8o[d]W]_d]Wm_Z[hWd][e\Y_l_bieY_[joWYjehi"WYW#
Z[c_W"Wim[bbWi]el[hdc[djWdZej^[h\kdZ[hi"m[YWd
WZZh[iij^[Yecfb[n_j_[ie\h[]_edWbc_]hWj_ed$
ekh\eYki_dc[n_YeWdZ
Y[djhWbWc[h_YW
Fhecej_d]JhWdifWh[dj";\\[Yj_l[WdZ
7YYekdjWXb[=el[hdc[dj
Fhej[Yj_d]?cc_]hWdjWdZC_]hWdjH_]^ji
H[ZkY_d]>?L%7?:I:_iYh_c_dWj_edWdZ;nYbki_ed
;nfWdZ_d]B_l[b_^eeZEffehjkd_j_[i\ehFeeh>eki[^ebZi
;nfWdZ_d]9ecckd_joH_]^jiEl[hDWjkhWbH[iekhY[i
Ikffehj_d]:_l[hi[7hjiIfWY[i
Fhecej_d]H[fheZkYj_l[H_]^jiWdZj^[
H_]^jjeI[nkWb>[Wbj^
C_ZZb[;WijWdZDehj^7\h_YW
El[hj^[fWijZ[YWZ["[Yedec_[iWYheiij^[7hWXh[]_ed
^Wl[[nf[h_[dY[Zj^[_hijhed][ij[nfWdi_ed_d][d[hWj_edi"
m_j^d[m]beXWbj_[iWdZj^[h_i[e\d[mm[Wbj^$7bed]
m_j^j^_i]hemj^^WiYec[WXheWZWmWh[d[iie\^kcWd
h_]^jiYedY[fji$O[jWYbei[hbeeai^emij^Wjj^[[Yedec_Y
[nfWdi_ed^Widej_cfhel[Zj^[ZW_bob_l[ie\ceijf[efb[
_dj^[h[]_ed$=el[hdc[dji[hl_Y[ih[cW_d_dWZ[gkWj["WdZ
Z[[f#i[Wj[ZZ_iYh_c_dWj_edXWi[Zed][dZ[h"W]["[j^d_Y_jo
ehX[b_[\f[hi_iji$
 ?dZ[[Z"WbWYae\h[if[Yj\eh^kcWdh_]^jib_[iWjj^[
^[Whje\j^[h[]_edÊi_iik[i$M^_b[icWbb"Z_ifWhWj[ieY_Wb
cel[c[dji^Wl[[c[h][ZjeY^Wbb[d][j^[ijWjkigke"j^[
feb_j_Yie\[nYbki_edj^h[Wj[d^WhZ#medWZlWdY[iWY^_[l[Z
Xomec[dWdZej^[hcWh]_dWb_p[Z]hekfi$?dh[ifedi[jej^_i
j^h[Wj"m[\eYkied^[bf_d]jejhWdibWj[j^[_Z[We\h_]^ji_dje
j^[fhWYj_Y[e\h_]^ji$
 Ekhmehafh_cWh_bo\eYki[ied;]ofjXkjm_bbWbie
fhecej[iec[h[]_edWbWZlWdY[c[dj$Ekh]hWdjcWa_d]
ikffehji[\\ehjije^[bfj^[feehWdZej^[hkdZ[hh[fh[#
i[dj[Z]hekfiÆfWhj_YkbWhbomec[dWdZoekj^Æjeel[hYec[
[nYbki_edj^hek]^Wh_]^ji#XWi[ZWffheWY^jeZ[l[befc[dj$
M_j^Wd[cf^Wi_iedXk_bZ_d]_dij_jkj_edWbYWfWY_jo"ikf#
fehj_d]ademb[Z][fheZkYj_edWdZfhecej_d]j^[]hemj^e\
d[jmehai\ehieY_WbY^Wd]["ekh]hWdjii[[aje[nfWdZWYY[ii
jeiW\[WdZW\\ehZWXb[^eki_d]"gkWb_jo^_]^[h[ZkYWj_ed"\h[[
[nfh[ii_edWdZgkWb_jo^[Wbj^YWh[$
 8oikffehj_d]Y_j_p[d]hekfiWdZfhecej_d]_dYh[Wi[Z
]el[hdc[djWYYekdjWX_b_joWdZjhWdifWh[dYo"m[X[b_[l[
j^[f[efb[e\j^[h[]_edYWdel[hYec[ieY_Wb"[Yedec_YWdZ
YkbjkhWbcWh]_dWb_pWj_ed$
ekh\eYki_dj^[c_ZZb[[Wij
WdZdehj^W\h_YW
Fhecej_d]JhWdifWh[dj";\\[Yj_l[WdZ
7YYekdjWXb[=el[hdc[dj
H[ZkY_d]>?L%7?:I:_iYh_c_dWj_edWdZ;nYbki_ed
7ZlWdY_d];Yedec_YWdZIeY_WbH_]^ji
7ZlWdY_d]>_]^[h;ZkYWj_ed7YY[iiWdZIkYY[ii
Ikffehj_d]:_l[hi[7hjiIfWY[i
I[nkWb_joWdZH[fheZkYj_l[>[Wbj^;ZkYWj_ed
\ehZ\ekdZWj_ed(&&.WddkWbh[fehj (/
Iekj^[hd7\h_YW
J^[Iekj^[hd7\h_YWdh[]_ed^Wi[nf[h_[dY[Zi_]d_ÓYWdj
fhe]h[iiel[hj^[fWijjmeZ[YWZ[i"m_j^WbceijWbbe\_ji
Yekdjh_[i[nf[h_[dY_d][Yedec_Y]hemj^WdZYecc_jj_d]
jeZ[ceYhWj_Y]el[hdWdY[$O[jj^[Y^_[\Yekdjh_[i_dm^_Y^
m[meha\WY[i[h_ekiY^Wbb[d][i$Iekj^7\h_YW"CepWcX_gk[
WdZP_cXWXm[h[cW_dY^WhWYj[h_p[ZXom_Z[ifh[WZfel[hjo
WdZZ[[f#i[Wj[Z_d[gkWb_jo"m^_Y^_dj[hc_jj[djbo]_l[h_i[
jeYedÔ_YjWdZl_eb[dY[$CW`eh_j_[i_dj^[i[Yekdjh_[i^Wl[
b_c_j[ZWYY[iijeXWi_Yh_]^ji"h[iekhY[i"[ZkYWj_edWdZj^[
_dij_jkj_edie\]el[hdc[dj$J^[h[]_edWbie^Wij^[^_]^[ij
f[hY[djW][e\j^[mehbZÊid[m>?L%7?:I_d\[Yj_ediWdZ
7?:I#h[bWj[ZZ[Wj^i$M^_b[cWdoe\j^[i[fheXb[ciij[c
\hecj^[b[]WY_[ie\WfWhj^[_ZWdZYebed_Wb_ic"ej^[hi^Wl[
ceh[h[Y[djeh_]_di"^ebZ_d]XWYaZ[l[befc[djWdZkdZ[h#
c_d_d]j^[]hemj^e\Z[ceYhWYo$
 M[X[b_[l[j^Wjj^[Yeh[_iik[ijeX[WZZh[ii[Z_dj^[
h[]_edWh[fel[hjo"hWY[#WdZ][dZ[h#XWi[Z_d[gkWb_joWdZ
Z_iYh_c_dWj_ed"WdZj^[ifh[WZe\>?L%7?:I"Wbbe\m^_Y^
Yedjh_Xkj[jeieY_WbWdZ[Yedec_YfheXb[ciWim[bbWii[nkWb
WdZh[fheZkYj_l[^[Wbj^lkbd[hWX_b_j_[i$
 Ekhmeham_j^Y_l_bieY_[joWdZj^[fkXb_Yi[YjehWZ#
Zh[ii[ij^[i[_iik[i\hecWlWh_[joe\Wd]b[i_dj[]hWj_d]
]eeZ]el[hdWdY["[ZkYWj_edWbeffehjkd_j_[iWdZWii[j
ceX_b_pWj_ed$=hWdji\eYkiedijh[d]j^[d_d]jhWdifWh[dYo
WdZWYYekdjWX_b_jo_d]el[hdWdY[1Xk_bZ_d]ikijW_dWXb[b_l[b_#
^eeZiWdZ[Yedec_Yeffehjkd_j_[i\ehj^[hkhWbWdZkhXWd
feeh1WZlWdY_d]ieY_WbWdZ[Yedec_Yh_]^ji1WZZh[ii_d]
>?L#h[bWj[Zij_]cWWdZZ_iYh_c_dWj_ed1jWYab_d]\WYjehij^Wj
kdZ[hc_d[i[nkWbWdZh[fheZkYj_l[^[Wbj^1WdZfhecej_d]
feiji[YedZWho[ZkYWj_ed\ehj^ei[jof_YWbbo[nYbkZ[Z$
 J^_ii[je\WffheWY^[iW_cije\eij[hdejedboceh[
[gk_jWXb[Z[l[befc[djXkjWbieWceh[i[Ykh[\kjkh[\ehj^[
h[]_edWiWm^eb[$
ekh\eYki_diekj^[hdW\h_YW
Fhecej_d]JhWdifWh[dj";\\[Yj_l[WdZ
7YYekdjWXb[=el[hdc[dj
H[ZkY_d]>?L%7?:I:_iYh_c_dWj_edWdZ;nYbki_ed
7ZlWdY_d];Yedec_YWdZIeY_WbH_]^ji
8k_bZ_d];Yedec_YI[Ykh_joEl[hWB_\[j_c[
;nfWdZ_d]B_l[b_^eeZEffehjkd_j_[i\ehFeeh>eki[^ebZi
7ZlWdY_d]>_]^[h;ZkYWj_ed7YY[iiWdZIkYY[ii
Feb_Y_[iWdZFhe]hWci\eh7Zeb[iY[djI[nkWb
WdZH[fheZkYj_l[>[Wbj^
)& \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
M[ij7\h_YW
M[ij7\h_YW^Wi[nf[h_[dY[Ziec[e\j^[ceij_dif_h_d]
feb_j_YWbZ[l[befc[djiedj^[7\h_YWdYedj_d[dj$I_dY[
j^[c_Z#'//&i"j^[h[]_ed^Wii[[dj^[^_ijeh_Yi^_\j\hec
c_b_jWhoh[]_c[ijeYedij_jkj_edWbhkb["Y[iiWj_ede\Y_l_bmWhi
_dI_[hhWB[ed[WdZB_X[h_W"WdZh[d[m[Zh[]_edWb[Yedec_Y
_dj[]hWj_ed$M[ij7\h_YWÊif[efb[^Wl[jWa[d_cfehjWdjij[fi
jei[Ykh[j^_iZ[ceYhWj_YjhWdi_j_edXofhecej_d]f[WY[WdZ
i[Ykh_jo"ijh[d]j^[d_d]ÓiYWbcWdW][c[dj"Z[[f[d_d]j^[
hkb[e\bWm"jWYab_d]Yehhkfj_ed"WdZ_dij_bb_d]WYYekdjWX_b_jo
WdZjhWdifWh[dYo_d]el[hdc[djfhWYj_Y[WdZj^[Z[b_l[ho
e\XWi_Yi[hl_Y[i$J^[i[]el[hdWdY[c[Wikh[iWdZh[\ehci
Wff[Whje^Wl[h[l[hi[Zj^[[Yedec_YijW]dWj_ede\j^[
fh[l_ekiZ[YWZ[$
 8kjfhe]h[ii^WiX[[dj[dkeki$;Yedec_YWdZieY_Wb
WZlWdY[c[djih[cW_dekje\h[WY^\ehceijM[ij7\h_YWdi$
J^[h[]_ed_i^ec[je^Wb\e\j^[)&&c_bb_edfeehf[efb[
h[fehj[ZXoj^[Kd_j[ZDWj_edijeX[b_l_d]edb[iij^Wd'W
ZWo_d7\h_YW$CWbWh_Wh[cW_di[dZ[c_Y"WdZ>?L%7?:Ifh[lW#
b[dY[_i_dYh[Wi_d]$?dij_jkj_ediWh[m[WaWdZYehhkfj_ed
_im_Z[ifh[WZ$Fel[hjo_iWcW`ehiekhY[e\[j^d_Y"h[b_]_eki
WdZh[iekhY[#Yedjhebj[di_edi"WdZYedÔ_Yjij^Wjb[WZje
f[hiedWbWdZfkXb_Y_di[Ykh_jofei[Wj^h[WjjeM[ij7\h_YWÊi
Ô[Z]b_d]Z[ceYhWY_[i$
 J^_i_iWYh_j_YWbj_c[_dM[ij7\h_YW$?\j^[h[]_edÊi
ieY_e[Yedec_Yi^ehj\WbbiWh[dejWZZh[ii[Z"j^[WZlWdY[#
c[djicWZ[_dZ[ceYhWj_Y]el[hdWdY[cWobei[jhWYj_ed$
M[X[b_[l[j^[X[ijmWoje^[bfj^ei[ceij_dd[[Z_ije
[d]W][]el[hdc[djedX[^Wb\e\j^[cWh]_dWb_p[ZWdZ
kdZ[hh[fh[i[dj[ZWdZjeikffehjY_l_bieY_[jo[\\ehji
je[cfem[hj^[i[Yecckd_j_[i$
 Ekh]hWdjcWa_d]fhecej[ijhWdifWh[djWdZWYYekdjWXb[
]el[hdc[dj1ikffehjieh]Wd_pWj_edij^WjWZlWdY[[Yedec_Y
WdZieY_Wbh_]^ji1WZZh[ii[iZ[[f#i[Wj[ZieY_WbWdZYkbjkhWb
XWhh_[hijem^eb[iec[i[nkWbWdZh[fheZkYj_l[^[Wbj^"
fWhj_YkbWhbo\ehoekd]mec[dWdZWZeb[iY[dji1WdZXheWZ[di
WYY[iije[Yedec_Yeffehjkd_j_[i\ehhkhWbWdZkhXWdfeeh$
 M[\eYkifh_cWh_boedD_][h_W"j^[bWh][ij[Yedeco_d
j^[ikXh[]_edWdZ7\h_YWÊiceijfefkbekiYekdjho"WdZWbie
\kdZh[]_edWb_d_j_Wj_l[i$
ekh\eYki_dm[ijW\h_YW
Fhecej_d]JhWdifWh[dj";\\[Yj_l[WdZ
7YYekdjWXb[=el[hdc[dj
7ZlWdY_d];Yedec_YWdZIeY_WbH_]^ji
;nfWdZ_d]B_l[b_^eeZEffehjkd_j_[i\ehFeeh>eki[^ebZi
Feb_Y_[iWdZFhe]hWci\eh7Zeb[iY[djI[nkWb
WdZH[fheZkYj_l[>[Wbj^
m^WjÊid[mWjj^[\ehZ\ekdZWj_ed5
M[^ef[j^[h[ifedi[ifhel_Z[Z
^[h[WZZh[iigk[ij_ediWXekjekh
fh_eh_j_[i"eh]Wd_pWj_edWbijhkYjkh[
WdZWffheWY^je]hWdjcWa_d]$
G0M^WjmWij^[W_ce\h[Y[dj
fhe]hWcY^Wd][i5
70Ekh]eWbmWijeXk_bZedj^[c_ii_edWdZ
lWbk[ie\j^[\ekdZWj_edm^_b[[dikh_d]j^Wjekh
fhe]hWcijeZWoWh[][Wh[ZjeWY^Wd]_d]mehbZ$
 M[beea[ZYbei[boWjj^[_iik[ij^Wj^Wl[
X[[dWjj^[Yeh[e\<ehZÊimehaÆj^[h_]^jie\
cWh]_dWb_p[Zf[efb["[Yedec_Yeffehjkd_jo
\ehWbbWdZWYY[iijegkWb_jo[ZkYWj_ed"Wced]
ej^[hiÆWdZ[nWc_d[Z^emX[ijje\eYki
ekh[\\ehjije^[bfekh]hWdj[[iWY^_[l[
]h[Wj[h_cfWYjel[hj_c[$M[YedYbkZ[Zj^_i
fheY[iim_j^h[d[m[ZYbWh_joWdZl_i_ed$M^Wj
^Wi[c[h][Z_iW\eYki[Zi[je\_iik[iWdZ
ijhWj[]_[ij^Wjm_bb]k_Z[ekh]hWdjcWa_d]
]e_d]\ehmWhZ$
G0J^_ifheY[ii\ehY[Z<ehZjecWa[
Y^e_Y[iWdZ_Z[dj_\o_dij_jkj_edWb
fh_eh_j_[i$M^WjYh_j[h_W]k_Z[Z
Z[Y_i_edi5
70J^[Y^Wbb[d][ie\Z_iYh_c_dWj_ed"[Yedec_Y
_d[gk_joWdZbWYae\WYY[iijeeffehjkd_jo
Wh[h[WbWdZ]hem_d]$?dcWdoWh[Wim^[h[
ekhfWijikffehjYedjh_Xkj[Zjei_]d_ÓYWdj
]W_di"]hekdZ_iX[_d]beij$M[Yedi_Z[h[Z
j^[i[\WYjehiWim[iek]^jje_Z[dj_\oWh[Wi
e\fh[ii_d]d[[Zm^[h[WZZ_j_edWbb[WZ[hi^_f
_id[[Z[ZWdZm^[h[ekhh[iekhY[iYekbZ
Yedjh_Xkj[jeikijW_dWXb["ioij[c_Yfhe]h[ii$
G0>em^Wij^[Y^Wd][_dfhe]hWc
W\\[Yj[Zeh]Wd_pWj_edWbijhkYjkh[5
70J^[ceijdejWXb[Y^Wd][_dekheh]Wd_pWj_ed
_ij^[i^_\jjefhe]hWcj[Wci$?dj^[fWij"[WY^
e\ekhfhe]hWce\ÓY[hicWdW][ZWif[Y_ÓY
fhe]hWc_d_j_Wj_l[WdZXkZ][j$JeZWo"c[cX[hi
e\ekhfhe]hWcijW\\meha_dj[WciWhekdZW
i[je\_dj[hh[bWj[Z_d_j_Wj_l[i"WdZj^[oh[fehjje
WZ_h[Yjehehh[fh[i[djWj_l[m^e_iWYYekdjWXb[
\ehel[hWbbijhWj[]oWdZ]hWdjXkZ][j_d]$M[
^ef[j^Wjj^[WffheWY^m_bb_djheZkY[]h[Wj[h
YebbWXehWj_edWYheiiekhmeha"WdZj^WjXkZ][j
WYYekdjWX_b_joWced]ekhZ_h[Yjehim_bb^[bfki
cW_djW_dWX_]#f_Yjkh[ekjbeeaWim[[lWbkWj[
j^[_cfWYje\ekh]hWdji$
 M[^Wl[WZZ[ZWdkcX[he\Z_h[YjehiÆ
[dWXb_d][WY^je\eYkiceh[j^ehek]^bo_d
WdWh[We\[nf[hj_i[ÆWdZm[Wdj_Y_fWj[j^[
WZZ_j_ede\ceh[$7bbe\j^[Z_h[YjehiWh[
l[j[hWdi_dj^[_hÓ[bZWdZYebbWXehWj[m_j^
j^[h[fh[i[djWj_l[ib[WZ_d]ekhh[]_edWb
e\ÓY[ije[dikh[j^Wjekhmeha_i[\\[Yj_l[bo
fkhik[ZmehbZm_Z[$
 EkhekjijWdZ_d]YWZh[e\fhe]hWce\ÓY[hi
[dWXb[ikijeYedj_dk[jemehaYbei[bom_j^
]hWdj[[iedj^[]hekdZ$<_dWbbo"ekhfhe]hWc
e\ÓY[hiWdZZ_h[Yjehih[cW_dYbkij[h[Z_d
j^h[[XheWZfhe]hWcWh[Wi"[WY^b[ZXoW
l_Y[fh[i_Z[dj07b_ied8[hdij[_d]k_Z[iekh
;ZkYWj_ed"9h[Wj_l_joWdZ<h[[;nfh[ii_edmeha1
FWXbe<Wh‡Wib[WZiekh;Yedec_YEffehjkd_jo
WdZ7ii[jifhe]hWc1WdZCWoW>Whh_i
^[WZi:[ceYhWYo"H_]^jiWdZ@kij_Y[$J^[
j^h[[fhe]hWci^Wl[X[[dh[dWc[Zjeh[Ô[Yj
ceh[WYYkhWj[boj^[\eYkie\ekhmehaWdZ
j^[_iik[im[WZZh[ii$
G0<ehZ_iXWi[Z_d'&h[]_ediWhekdZ
j^[mehbZ$>emm_bbmeha_dikY^Z_l[hi[
fbWY[iX[kd_Ó[ZWdZ]k_Z[Z5
70Meha_d]WhekdZj^[mehbZ_iY[djhWbjej^[
c_ii_edWdZfkhfei[e\j^[<ehZ<ekdZWj_ed$
M[i[[aje_cfhel[j^[b_l[ie\j^ei[m^eZe
dej^Wl[WYY[iijej^[fem[hWdZh[iekhY[i
d[Y[iiWhoje^Wl[j^[_hle_Y[i^[WhZWdZ
j^[_hb_l[i_cfhel[Z$Je[dikh[j^Wjekh
e\ÓY[iYedY[djhWj[ed_iik[iceijh[b[lWdj
jej^[_hkd_gk[i[jj_d]i"[WY^^WiWZefj[ZW
h[]_edWbijhWj[]oj^WjjWa[i_djeWYYekdjbeYWb
Y^Wbb[d][iWdZeffehjkd_j_[i$8Wi[Zedj^[i[
h[]_edWbijhWj[]_[i"[WY^e\ÓY[m_bb_cfb[c[dj
\ekhjei[l[d_d_j_Wj_l[i$?dceijYWi[i"j^_i
meham_bbYedj_dk[jeh[Ô[Yjbed]ijWdZ_d]
Wh[Wie\_dl[ijc[djXoj^[\ekdZWj_ed$?diec[
YWi[i"_jm_bbc[Wd[nfbeh_d]d[m_iik[iWdZ
WffheWY^[i$8kjWbbm_bbX[kd_j[ZXoekhieY_Wb
`kij_Y[c_ii_edWdZWYeccedYecc_jc[djje
meha_d]m_j^j^ei[Ybei[ijjej^[fheXb[cije
ÓdZd[miebkj_edi$
G0 >emm_bbfhe]hWcijhWj[]_[i
_dÔk[dY[_dj[hWYj_edm_j^]hWdj[[i5
70M[^Wl[WbmWoiijh_l[Z\eh]hWdj#cWa_d]
ijhWj[]_[ij^Wjh[Ô[Yjj^[ZodWc_icWdZ
[lebkj_ede\j^[Ó[bZi_dm^_Y^m[meha"WdZ
j^_iWffheWY^m_bbYedj_dk[$M[m_bbWbie
Yedj_dk[jeb_ij[dWdZb[Whd\hecekh]hWdj[[i
Wi[nf[hjim^eb_l[Ybei[ijjej^[fheXb[ciWdZ
m^eWh[ceij\Wc_b_Whm_j^j^[Yecckd_j_[im[
i[[a`e_djbojei[hl[$Ekh]hWdj[[iWh[
l_i_edWh_[iedj^[\hedjb_d[ie\ieY_WbY^Wd]["
WdZm[h[boedj^[cWiiekhY[ie\_ddelWj_ed$ WdZYecf[bb_d]le_Y["m^Wjm[Ze"m^om[Ze
 J^[_d_j_Wj_l[iZ[l[bef[ZXoekhfhe]hWc _j"WdZm^Wjm[Êh[WY^_[l_d]$
j[WciWh[Zh_l[dXoijhWj[]_Yj^_da_d]"m_j^  Ekhd[mfhe]hWcijhWj[]_[ii[[aje
el[hWhY^_d]]eWbi"j_c[\hWc[iWdZfhe`[Yj[Z YecfekdZj^[_h_cfWYjedWbWh][iYWb[Xo
h[iekhY[h[gk_h[c[dji$J^[i[j[Wc#eh_[dj[Z WjjhWYj_d]ej^[hh[iekhY[iWdZfWhjd[hije
YebbWXehWj_ediYkjWYheiij^[\ekdZWj_edÊimeha j^[mehae\ekh]hWdj[[i$M[h[Ye]d_p[j^Wj
_dj^[Kd_j[ZIjWj[iWdZWhekdZj^[mehbZ$ jeWY^_[l[j^_i"m[ckijYecckd_YWj[WYb[Wh
CWdoe\j^[ijhWj[]_[iYWbb[nfb_Y_jbo\ehYheii# kdZ[hijWdZ_d]e\ekheX`[Yj_l[iWdZ^em
fhe]hWcWffheWY^[i$E\j[d"fhe]h[ii_idej ekhc_ii_edWdZlWbk[i_d\ehcj^ei[]eWbi$
feii_Xb[m_j^ekjWd_dj[hZ_iY_fb_dWhoWffheWY^" M[^ef[j^WjXoYecckd_YWj_d]ekhX[b_[\
WdZekhfhe]hWce\ÓY[hih[]kbWhboYebbWXehWj[ _dj^[_d^[h[djZ_]d_joe\Wbbf[efb[WdZekh
WdZi^Wh[ademb[Z][$J^_imWoe\j^_da_d] Wif_hWj_edi\ehieY_[jo"ej^[hicWoX[_dif_h[Z
WdZmeha_d]m_bbh[cW_dY[djhWbjeekh]hWdj jemehaWbed]i_Z[kijefhecej[fei_j_l[
cWa_d]"WdZm[X[b_[l[_jm_bbWbiecWa[ekh ieY_WbY^Wd][$
_dj[hWYj_edim_j^]hWdj[[iceh[ikYY[ii\kb$
G0M^Wj_ij^[i_]d_ÓYWdY[e\j^[
G0 J^[\ekdZWj_edÊi\eYkied^[bf_d] d[mbe]eWdZjW]b_d[5
]hWdj[[ih[WY^iYWb[WdZ^Wl[
70 J^[d[mbe]eWdZjW]b_d[Wh[ed[mWoe\
_cfWYjik]][ijiWh[d[m[Z[cf^Wi_i [nfh[ii_d]j^[_cfehjWdjmeha_dm^_Y^ekh
edc[Wikh_d]fhe]h[iiWdZekjYec[i$ ]hWdj[[iWh[[d]W][Z$M[meham_j^l_i_edWh_[i
>emm_bb<ehZWii[ii_jimeha5 edj^[\hedjb_d[ie\ieY_WbY^Wd][Æf[efb[
kdW\hW_ZjejWa[h_iai_dehZ[hjeÓdZbWij_d]
70IeY_WbY^Wd]["m^_Y^e\j[djWa[io[Whije
iebkj_edijej^[mehbZÊiceijkh][djfheXb[ci$
h[Wb_p["_iY^Wbb[d]_d]jec[Wikh[$8kjm[
J^[jW]b_d[fWoijh_Xkj[jej^[_hYekhW][WdZ
\[[b_j_i[ii[dj_WbjeekhWYYekdjWX_b_joWiWd
Yecc_jc[djjejhWdi\ehc_d]b_l[i$
eh]Wd_pWj_edj^Wjijh_l[ijeb[WhdWdZjei^Wh[
 ?dWdW][m^[h[l_ikWb[nfh[ii_ed^Wi
j^Wjb[Whd_d]m_j^WbWh][hYecckd_joe\ieY_Wb
jWa[dedd[mc[Wd_d]"ekhbe]eh[fh[i[dji
Y^Wd][cWa[hi$<_dZ_d]mWoijeWii[iiWdZ
WdWjj[cfjjeYecckd_YWj[jeWkd_l[hiWb
[lWbkWj[ekh]hWdjcWa_d]cWa[iekhemd
WkZ_[dY[j^Wjm[Wh[Wdeh]Wd_pWj_edj^Wj
ijhWj[]_[iWdZfhWYj_Y[iceh[i[b\#Yh_j_YWb"
fWhjd[him_j^ieY_WbY^Wd][cWa[himehbZm_Z[$
jhWdifWh[djWdZikYY[ii\kb"WdZ_jWbie^[bfi
J^[i[Z_l[hi[l_i_edWh_[imeha_dckbj_fb[
ekh]hWdj[[iX[Yec[ceh[[\\[Yj_l[XoWZZ_d]
beYWj_ediedlWho_d]_iik[iWdZWh[b_da[ZXo
jeademb[Z][_dj^[_hÓ[bZi$
ekhh[]_edWbd[jmeha$J^[[Z][ie\j^[]beX[
 JeZh_l[ekhYecc_jc[dj_dj^_iWh[W"m[
Wh[_dj[dj_edWbboef[d"h[Ô[Yj_d]j^[d[[Zje
^Wl[Yh[Wj[ZWb[WZ[hi^_ffei_j_ed\eYki[Zed
X[[nfei[Zjed[m_Z[WiWdZiebkj_edij^Wj
^[bf_d]kiWii[iiekhmeha$
WZZh[iij^[mehbZÊiceij_djhWYjWXb[fheXb[ci$
G0M^oZe[ij^[<ehZ<ekdZWj_ed^Wl[
Wd[mbe]eWdZjW]b_d[5
70?dj^_iWddkWbh[fehjm[Wh[[nY_j[Zje
_djheZkY[j^[Yeh[_iik[iedm^_Y^ekhmeha
_i\eYki[Z"Wim[bbWi\h[i^WffheWY^[ije
^em<ehZ[nfh[ii[i_jibed]ijWdZ_d]c_ii_ed
WdZlWbk[i$
 <ehj^[fWijÓl[o[Whi"m[^Wl[WYj_l[bo
[d]W][Zekh]hWdj[[i"ekhYebb[W]k[i_d
f^_bWdj^hefo"ekhijW\\"WdZekhXeWhZed^em
m[YWdceh[[\\[Yj_l[boYecckd_YWj[j^[
[ii[dY[WdZ_cfWYje\j^[\ekdZWj_edÊi]hWdj
cWa_d]$M[b[Whd[ZW]h[WjZ[Wb\hecj^[i[
_dj[hWYj_edi$Ceij_cfehjWdjbo"m[b[Whd[Zj^Wj
m[ckijYedl[o_dWYb[Wh[h"ceh[Yedi_ij[dj
\ehZ\ekdZWj_ed(&&.WddkWbh[fehj )'
social change worldwide

We believe lasting change is driven

by those living closest to the
problems. Across the United States
and in 10 regions around the world,
the interrelated issues on which
we work are critical to national
and regional advancement.
this map charts our regions, the issues
on which we work, and grant spending.

North America
UNITED STATES
AND WORLDWIDE
PROGRAMS
HEADQUARTERS: NEW YORK
OPENED IN 1953
TOTAL SPENDING IN 2008
$385.3 MILLION

ISSUE AREAS MEXICO AND

CENTRAL AMERICA
DEMOCRATIC AND HEADQUARTERS: MEXICO CITY
OPENED IN 1962
ACCOUNTABLE GOVERNMENT
TOTAL SPENDING IN 2008
$18.3 MILLION
ECONOMIC FAIRNESS

EDUCATIONAL OPPORTUNITY
AND SCHOLARSHIP

FREEDOM OF EXPRESSION South America

BRAZIL
HEADQUARTERS: RIO DE JANEIRO
OPENED IN 1962
HUMAN RIGHTS TOTAL SPENDING IN 2008
$19.3 MILLION
METROPOLITAN OPPORTUNITY
ANDEAN REGION AND
SUSTAINABLE DEVELOPMENT SOUTHERN CONE
HEADQUARTERS: SANTIAGO
OPENED IN 1963

SEXUALITY AND REPRODUCTIVE TOTAL SPENDING IN 2008

HEALTH AND RIGHTS $11.2 MILLION

SOCIAL JUSTICE PHILANTHROPY

32 ford foundation 2008 annual report

 MIDDLE EAST AND
NORTH AFRICA
HEADQUARTERS: CAIRO
OPENED IN 1959
TOTAL SPENDING IN 2008
$25.8 MILLION

Europe
Asia

CHINA
HEADQUARTERS: BEIJING
OPENED IN 1988
TOTAL SPENDING IN 2008
$21.4 MILLION

INDONESIA
HEADQUARTERS: JAKARTA
OPENED IN 1953
TOTAL SPENDING IN 2008
$13.2 MILLION
WEST AFRICA EASTERN AFRICA
HEADQUARTERS: LAGOS HEADQUARTERS: NAIROBI
OPENED IN 1960 OPENED IN 1963
TOTAL SPENDING IN 2008 TOTAL SPENDING IN 2008
$11.6 MILLION $14.1 MILLION

Africa

Australia

SOUTHERN AFRICA
HEADQUARTERS: JOHANNESBURG
OPENED IN 1993 INDIA, NEPAL
TOTAL SPENDING IN 2008 AND SRI LANKA
$16.4 MILLION HEADQUARTERS: NEW DELHI
OPENED IN 1952
TOTAL SPENDING IN 2008
$23.6 MILLION

We closed our regional offices in Vietnam and

Russia in September 2009. Our 2008 grant
making in Russia totaled more than $10.7 million,
and in Vietnam it was nearly $11.4 million.

\ehZ\ekdZWj_ed(&&.WddkWbh[fehj ))
c[iiW][\hecj^[Y^W_h
Ç[nj[dZ_d]Wij[WZo^WdZÈ
<ehj^[X[jj[hfWhje\W
Y[djkho"j^[<ehZ<ekdZWj_ed
^Wii[hl[ZWiWh[b_WXb[
h[iekhY[\ehj^ei[i[[a_d]
fei_j_l[ieY_WbY^Wd][$
JeZWo"m^[dd[[ZiWh[]h[Wj
WdZY^Wbb[d][iYecfb[n"
m[jWa[fh_Z[_dj^Wj
kdmWl[h_d]Yecc_jc[dj$
)* \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
El[hj^[o[Whi"_d]eeZj_c[iWdZXWZ"
j^[<ehZ<ekdZWj_ed^Wiikffehj[Z
Yh[Wj_l[b[WZ[hiWdZeh]Wd_pWj_edi
WhekdZj^[mehbZ$J^Wjh[cW_dijhk[
jeZWo"Wij^[[Yedec_YZemdjkhd
jWa[iWi[l[h[jebbedj^[dedfheÓj
i[YjehWdZj^[f[efb[_ji[hl[i$
Ekh[dZemc[dj"b_a[j^ei[e\cWdo
ej^[h\ekdZWj_edi"mWii_]d_ÓYWdjbo
W\\[Yj[ZXoZ[Yb_d[iWdZlebWj_b_jo_d
mehbZcWha[ji$?dh[ifedi["m[jeea
WdkcX[he\c[Wikh[iZ[i_]d[Zje
cWn_c_p[\kdZ_d]jeekh]hWdj[[i$
M[\ekdZd[mmWoie\Ze_d]Xki_d[ii"
h[ZkY[Zekhif[dZ_d]"Ybei[Ze\ÓY[i
WdZWZ`kij[ZekhijW\Ód]$J^[i[^WhZ
Y^e_Y[ih[Ô[Yj[ZWZ[[fi[di[e\
h[ifedi_X_b_jojeekh]hWdj[[ii^Wh[Z
Xoj^[\ekdZWj_edÊiXeWhZe\jhkij[[i
WdZ_jiijW\\$EkhWYj_edi^Wl[
Yedjh_Xkj[Zjej^[bed]#j[hc^[Wbj^e\
j^[\ekdZWj_edWjj^[iWc[j_c[j^[o
^Wl[fhej[Yj[ZekhWX_b_jojeikffehj
ekh]hWdj[[i$
M[^Wl[[c[h][Zm_j^W\eYki[Z
W][dZW\ehj^[d[nj][d[hWj_ede\
mehaWjj^[\ekdZWj_ed$J^_ih[fehj
_djheZkY[iWi[je\_d_j_Wj_l[ij^Wj
fem[h\kbboh[W\ÓhciekhieY_Wb`kij_Y[
c_ii_ed$J^[Yec_d]o[Whm_bbXh_d]
effehjkd_j_[ije[nfWdZekhmehaWdZ
jefkhik[d[mfWhjd[hi^_fiWYheii
ekhfhe]hWci$
J^hek]^ekjj^[o[Wh"j^[\ekdZWj_edÊi
XeWhZ"cWdW][c[djWdZijW\\
dWl_]Wj[Zj^hek]^j^[i[jek]^
Z[Y_i_edije][j^[h$
EkhZ[b_X[hWj_edij^_io[WhX[d[Ój[Z
\hecj^[Whh_lWbe\F[j[h7$DWZeio"
J^[WZZ_j_ede\j^[i[jme
d[mXeWhZc[cX[hi^Wifhel_Z[Z
cWdW]_d]fWhjd[he\;Wij;dZ lWbkWXb[_di_]^jZkh_d]j^[i[
7Zl_iehi"m^e`e_d[Zj^[XeWhZ_d [njhWehZ_dWhoj_c[i$
<[XhkWho(&&/$Kdj_b^_ih[j_h[c[dj
bWijo[Wh"F[j[hi[hl[ZWii[d_eh
WZl_i[hWjCeh]WdIjWdb[oWdZfh_eh
B[ZXoekhfh[i_Z[dj"Bk_iKX_‹Wi"
ekhjWb[dj[ZWdZYecc_jj[Z
ijW\\Yedjh_Xkj[Z]h[Wjbojej^[
jej^WjWifh[i_Z[djWdZj^[dl_Y[
Y^W_hcWde\Ceh]WdIjWdb[o7ii[j
\ekdZWj_edÊiWX_b_joje[nj[dZW
ij[WZo^WdZjeekh]hWdj[[i$M[beea
CWdW][c[dj$F[j[h^WiWbiei[hl[Z
edj^[XeWhZie\dkc[hekidedfheÓj
\ehmWhZm_j^h[d[m[Zefj_c_icje
meha_d]m_j^ekh]hWdj[[ijeYh[Wj[
eh]Wd_pWj_edi"_dYbkZ_d]7c^[hij
9ebb[]["MehbZM_bZb_\[<kdZ"8heeai
effehjkd_j_[i\ehf[efb[jeb_l[\h[[h"
X[jj[hWdZceh[fheif[hekib_l[i$
IY^eeb"j^[Ikcc_j<ekdZWj_edWdZ
j^[8h[Whb[oIY^eeb$>[Ykhh[djbo
i[hl[iedj^[XeWhZie\j^[>WhlWhZ
CWdW][c[dj9ecfWdo":eh_i:ka[
9^Wh_jWXb[<ekdZWj_ed"@e^dI_ced
AWj^hodI$<kbb[h
=k]][d^[_cC[ceh_Wb<ekdZWj_ed
WdZ9[djhWb;khef[WdKd_l[hi_jo$
9^W_h
HeX[hjI$AWfbWd"Wfhe\[iiehe\
cWdW][c[djfhWYj_Y[Wj>WhlWhZ
8ki_d[iiIY^eebWdZWi[d_ehZ_h[Yjeh
e\j^[=ebZcWdIWY^i=hekf"`e_d[Z
j^[XeWhZ_dI[fj[cX[h(&&.$>[
i[hl[ZWi_dj[h_c9;Ee\j^[>WhlWhZ
CWdW][c[dj9ecfWdo"j^[]hekf
h[ifedi_Xb[\ehcWdW]_d]>WhlWhZÊi
[dZemc[dj"\hecDel[cX[h(&&-
kdj_b@kd[(&&.$HeXYkhh[djboi[hl[i
WiYe#Y^W_hcWde\j^[XeWhZe\
Fhe`[Yj7$B$I$"YeÅY^W_hcWde\j^[
XeWhZe\j^[J;7A<[bbemi^_f"
WdZ_iWc[cX[he\j^[XeWhZie\
>WhlWhZC[Z_YWbIY^eeb">WhlWhZ
CWdW][c[dj9ecfWdoWdZj^[
@[m_i^J^[ebe]_YWbI[c_dWho$
CHART 1 — PAYOUT RATE
distribution as a percentage of average investment portfolio values
%
15.0

12.5

10.0

7.5

5.0

2.5

0.0

70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08

CHART 2
average investment portfolio values program spending
$ billions $ millions
20.0 1.000

18.0 900

16.0 800

14.0 700

12.0 600

10.0 500

8.0 400

6.0 300

4.0 200

2.0 100

0.0 0

70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08

CHART 3 — INVESTMENT PORTFOLIO VALUES

real (2008) dollars / nominal value
$ billions
20

15

10

70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
ekhfhe]hWcijhkYjkh[

:;CE9H79O"H?=>JI ;9EDEC?9EFFEHJKD?JO ;:K97J?ED"9H;7J?L?JO

7D:@KIJ?9; 7D:7II;JI 7D:<H;;;NFH;II?ED

?IIK;I ?IIK;I ?IIK;I

:[ceYhWj_YWdZ ;Yedec_Y<W_hd[ii ;ZkYWj_edWbEffehjkd_jo
7YYekdjWXb[=el[hdc[dj C[jhefeb_jWdEffehjkd_jo WdZIY^ebWhi^_f
>kcWdH_]^ji IkijW_dWXb[:[l[befc[dj <h[[Zece\;nfh[ii_ed
IeY_Wb@kij_Y[F^_bWdj^hefo I[nkWb_joWdZH[fheZkYj_l[
>[Wbj^WdZH_]^ji

ekhe\ÓY[imehbZm_Z[

KD?J;:IJ7J;I 7<H?977D:C?::B;;7IJ 7I?7 B7J?D7C;H?97

7D:97H?88;7D
>;7:GK7HJ;HI ;7IJ;HD7<H?97 9>?D7
)(&;Wij*)hZIjh[[j HW^_cjkbbW^Jem[hi"'(j^<beeh ?dj[hdWj_edWb9bkX 7D:;7DH;=?ED
D[mOeha"D$O$'&&'- Kff[h>_bbHeWZ E\ÓY[8k_bZ_d] 7D:IEKJ>;HD9ED;
DW_heX_"A[doW Ik_j[+&' CWh_WdeI|dY^[p
@_Wd]kec[dmW_:W`_[De$(' <edj[Y_bbW)'&
C?::B;;7IJ7D: 8[_`_d]"9^_dW'&&&(& F_ie'*
DEHJ>7<H?97 BWi9edZ[i
JW]^[h8k_bZ_d] ?D:?7"D;F7B IWdj_W]e"9^_b[
'"Ei_h_iIjh[[j 7D:IH?B7DA7
=WhZ[d9_jo ++BeZ_;ijWj[ 8H7P?B
9W_he''+'' D[m:[b^_''&&&)" FhW_WZe<bWc[d]e'+*
;]ofj ?dZ_W .–7dZWh
9;F((('&#&)&
IEKJ>;HD7<H?97 ?D:ED;I?7 H_eZ[@Wd[_he"H$@$
+j^<beeh"8hWWc\edj[_d9[djh[ I$M_Z`e`e9[djh["''j^<beeh 8hWp_b
()@eh_ii[dIjh[[j @b$@[dZ$IkZ_hcWd-'
8hWWc\edj[_d(&&' @WaWhjW'('/& C;N?9E7D:
@e^Wdd[iXkh]"Iekj^7\h_YW ?dZed[i_W 9;DJH7B7C;H?97
;c_b_e9Wij[bWh')'
M;IJ7<H?97 9ebed_WFebWdYe
7?8FbWpW"B[l[b, ''+,&C[n_Ye:$<
7a_d7Z[iebWIjh[[j
L_Yjeh_W?ibWdZ
BW]ei"D_][h_W

<EHCEH;?D<EHC7J?ED WXekjj^[
<ehZ<ekdZWj_edWdZekh]hWdjcWa_d]"
l_i_jmmm$\ehZ\ekdZWj_ed$eh]

+( \ehZ\ekdZWj_ed(&&.WddkWbh[fehj
J>;<EH:<EKD:7J?ED mehaim_j^l_i_edWhob[WZ[hiWdZeh]Wd_pWj_edi
mehbZm_Z[jeY^Wd][ieY_WbijhkYjkh[iWdZ_dij_jkj_ediiej^WjWbb
f[efb[^Wl[j^[effehjkd_jojeh[WY^j^[_h\kbbfej[dj_Wb"Yedjh_Xkj[
jeieY_[jo"^Wl[Wle_Y[_dZ[Y_i_edij^WjW\\[Yjj^[c"WdZb_l[
WdZmeha_dZ_]d_jo$
J>?I9ECC?JC;DJJEIE9?7B@KIJ?9; _iYWhh_[Zekjj^hek]^fhe]hWci
j^Wjijh[d]j^[dZ[ceYhWj_YlWbk[i"h[ZkY[fel[hjoWdZ_d`kij_Y["
WdZWZlWdY[^kcWdademb[Z]["Yh[Wj_l_joWdZWY^_[l[c[dj$

XeWhZe\jhkij[[i e\ÓY[hi

A7J>HODI$<KBB;H @KB?;JL$=7H9ß7 J>KH=EE:C7HI>7BB@H$ BK?I7$K8?y7I :7L?:8$9>?;B

9^W_he\j^[8eWhZ Fh[i_Z[dj
MWi^_d]jed":$9$ Kd_l[hi_joe\J[nWiWj
8hemdil_bb[WdZJ[nWi
BK?I7$K8?y7I Iekj^ceij9ebb[][
Fh[i_Z[dj 8hemdil_bb["J[n$
D[mOeha"D$O$
?H;D;O$>?H7DE
AE<?7FF;DJ;D= Fh[i_Z[dj
FWhjd[h K$I$#@WfWd9ekdY_b
J^[M[ij7\h_YW<kdZ
Fh[i_Z[djWdZ
H[ZZ_d]"9edd$
9^_[\;n[Ykj_l[E\ÓY[h
DWj_edWb9[dj[h\ehj^[
7<I7D;>C$8;I9>BEII
Fh[i[hlWj_ede\:[ceYhWYo
Fh[i_Z[djWdZ
Bei7d][b[i"9Wb_\$
9^_[\;n[Ykj_l[E\ÓY[h
J^[HeYa9h[[a=hekf
@$9B?<<EH:>K:IED
MWi^_d]jed":$9$
9^W_hcWde\j^[8eWhZWdZ
9^_[\;n[Ykj_l[E\ÓY[h
7DA;7$;>H>7H:J
Ied_Y9ehfehWj_ed
L_Y[9^W_h\eh7YWZ[c_Y
EabW^ecW9_jo"EabW$
7\\W_hiWdZFhe\[iiehe\
C[Z_YWbFioY^ebe]o
OEB7D:7A7A787:I;
:[fWhjc[dje\FioY^_Wjho
I[d_eh7Zl_i[h
9ebb[][e\F^oi_Y_Wdi
<kdZWY_Œd<kjkhe
WdZIkh][edi
BWj_deWc[h_YWde
9ebkcX_WKd_l[hi_jo
Gk_je";YkWZeh
:_h[Yjeh
>?L9[dj[h\eh9b_d_YWb HE8;HJI$A7FB7D
WdZ8[^Wl_ehWbIjkZ_[i j[hcX[]Wdi[fj$(&&. MWi^_d]jed":$9$
D[mOehaIjWj[ I[d_eh:_h[Yjeh
FioY^_Wjh_Y?dij_jkj[ J^[=ebZcWdIWY^i
D[mOeha"D$O$ =hekf"?dY$
Fhe\[iiehe\
CWdW][c[djFhWYj_Y[
>WhlWhZ8ki_d[iiIY^eeb
D[mOeha"D$O$
FWhjd[h Fh[i_Z[dj :[fkjoL_Y[Fh[i_Z[dj
8_d]^WcCY9kjY^[d Fhe]hWcCWdW][c[dj
87HHEDC$J;DDO
Fh_dY_fWb
;n[Ykj_l[L_Y[Fh[i_Z[dj" @79E87$=7OB;
8_d]^Wc9edikbj_d]=hekf
I[Yh[jWhoWdZ :[fkjoL_Y[Fh[i_Z[dj
MWi^_d]jed":$9$
=[d[hWb9ekdi[b =beXWb?d_j_Wj_l[ed>?L%7?:I
H?9>7H:CE;
C7HJ7B$J;BB7:E D7D9OF$<;BB;H
Fh[i_Z[dj
L_Y[Fh[i_Z[dj 7ii_ijWdjI[Yh[jWhoWdZ
DWj_edWbJhkij\eh
9ecckd_YWj_edi 7iieY_Wj[=[d[hWb9ekdi[b
>_ijeh_YFh[i[hlWj_ed
MWi^_d]jed":$9$
B?D:78$IJHKCF<
L_Y[Fh[i_Z[djWdZ9^_[\
D7H7O7D7D$H$CKHJ>O
?dl[ijc[djE\ÓY[h
9^W_hcWde\j^[8eWhZ
j[hc[dZ[Z`kd[(&&/
WdZ9^_[\C[djeh
?d\eioiJ[Y^debe]_[iBjZ$
;H?9M$:EFFIJ7:J
8Wd]Wbeh["?dZ_W
L_Y[Fh[i_Z[djWdZ9^_[\
?dl[ijc[djE\ÓY[h
F;J;H7$D7:EIO
j[hcX[]Wd`kd[(&&/
j[hcX[]Wd\[X$(&&/
CWdW]_d]FWhjd[h
7B?IEDH$8;HDIJ;?D
;Wij;dZ7Zl_iehi"BB9
L_Y[Fh[i_Z[dj";ZkYWj_ed"
D[mOeha"D$O$
9h[Wj_l_joWdZ<h[[;nfh[ii_ed
M$H?9>7H:M;IJ@H$
F78BE@$<7Hß7I
<ekdZ_d]:_h[Yjeh;c[h_jki
L_Y[Fh[i_Z[dj";Yedec_Y
DWj_edWbCki[kc
Effehjkd_joWdZ7ii[ji
e\j^[7c[h_YWd?dZ_Wd
C7O7B$>7HH?I
L_Y[Fh[i_Z[dj":[ceYhWYo"
H_]^jiWdZ@kij_Y[
D?9>EB7IC$=78H?;B
Jh[Wikh[hWdZ9^_[\
<_dWdY_WbE\ÓY[h
9H;:?JIF>EJE=H7F>O%9EL;H"iWcWdj^WWffb[jed%DEEH%7KHEH7F>EJEIrF7=;(";L;BOD>E9AIJ;?D%FEB7H?IrF7=;I)#*":EK=B7I;D=B;%7FF>EJEr
F7=;I+#,"97HBEI97P7B?I%9EH8?IrF7=;-"I>7MD87B:M?D%J>;D;MOEHAJ?C;I%H;:KNrF7=;I.#/"@7C;IA7H7B;I%9EKHJ;IO>EM7H:=H;;D8;H==7BB;HOr
F7=;'&">?BBIJH;;JIJK:?EI%8B;D:?C7=;I%9EH8?IrF7=;I'*#'+"7C?L?J7B;rF7=;',"@?CM;IJ%J>;?C7=;MEHAIrF7=;'-"@79E8I?B8;H8;H=%F7DEIF?9JKH;Ir
F7=;I'.#'/"@?CM;IJ%J>;?C7=;MEHAIrF7=;(&"JOHED;JKHD;HrF7=;('":?;J;HJ;B;C7DI%F7DEIF?9JKH;IrF7=;I((#()"M;D:OIJED;rF7=;(*":;HCEJJ7JBEM%
F7DEIF?9JKH;IrF7=;(+"7C?L?J7B;rF7=;(,"8;JJC7DD%9EH8?IrF7=;(-"'$97HEB?D;F;DD%F7DEIF?9JKH;I%($7:7C>?DJED%F7DEIF?9JKH;IrF7=;(."'$D7J7B?;
8;>H?D=%($@7IED;:M7H:I%D7J?ED7B=;E=H7F>?9IJE9A%)$7D?J7A>;CA7%F>EJE?DArF7=;(/"'$J?CKH7D=?D%($97HEB?D;F;DD%F7DEIF?9JKH;I%)$F7HHEJ
F7I97B%9EH8?IIO=C7rF7=;)&"'$7JB7DJ?:;F>EJEJH7L;B%9EH8?I%($J?C7$>;J>;H?D=JED%F7DEIF?9JKH;Ir?BBKIJH7J?ED%F7=;I''7D:)*"C7HJ?DCzH9A

:;I?=D%EFJE:;I?=DrFH?DJ?D=%F;7A;:;B7D9;O

Cert no. SW-COC-002262

Working with Visionaries on the
Frontlines of Social Change Worldwide
ÇD[l[hZekXjj^WjWicWbb]hekfe\j^ek]^j\kb"
Yecc_jj[ZY_j_p[diYWdY^Wd][j^[mehbZ$
?dZ[[Z"_j_ij^[edboj^_d]j^Wj[l[h^Wi$È
cWh]Wh[jc[WZ
YkbjkhWbWdj^hefebe]_ij
\ehZ]hWdj[['/+,#'/,'