Allan & Gill Gray Foundation

Wednesday 6 January 2016

A letter to all clients from our Chairman:

Dear Allan Gray Client

I am writing with some good news regarding the restructuring of the Gray family’s controlling shareholding in our business.

Allan WB Gray, our founder, and his family have established a new foundation to hold the family’s controlling interests in the Allan Gray and Orbis groups.

The newly established Allan & Gill Gray Foundation will serve two equally important purposes:

  1. To promote our continuity, independence and commercial success by ensuring that we continue to serve our clients’ best long-term interests, and
  2. To devote the dividends from its controlling shareholdings exclusively to philanthropy.

This move will have no impact on your investments, but it is important because it preserves our ability to make all decisions in the best long-term interests of our clients free from the short-term pressures that third-party ownership can bring. I believe that the success we have achieved for our clients over the last 40 years is thanks in no small part to the consistent long-term approach set out by Allan. It is reassuring to know that the new Foundation has been charged with upholding these principles.

The new Allan & Gill Gray Foundation should not be confused with the Allan Gray Orbis Foundation, which was founded over 10 years ago. We will continue to fund the education of hundreds of high potential scholars and students through our donations to the Allan Gray Orbis Foundation, while our empowerment partner E2 stands ready to finance the entrepreneurial ventures of graduating Allan Gray fellows.

It is gratifying to hear reports of how the Allan Gray Orbis Foundation has created opportunities and changed lives. We expect its impact to continue to grow. But if we continue to excel and retain your trust and confidence, the new Allan & Gill Gray Foundation should ultimately have an even larger impact.

We are excited by the potential for the Allan & Gill Gray Foundation to contribute to the common good. But we are very mindful that what matters most to you is the long-term return we earn on the capital you have entrusted to our care and the quality of service we provide. We will continue to strive to excel in all that we do.

I am honoured to present you with Allan's letter.

Yours sincerely

Ian Liddle

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