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In the five years since Bill Gates and Warren Buffett created the Giving Pledge, 193 individuals have made the simple promise to give more than half of their fortunes away in life or in death. This week, another 16 people joined the initiative, including Chobani yogurt founder Hamdi Ulukaya and Scottish oil baron Ian Wood.
Signing the pledge has brought glowing press coverage, video testimonials from Bill Gates and invitations to annual conferences in luxurious resorts with fellow billionaires such as Ray Dalio and Pierre Omidyar.
Less publicized is the fact that the crux of the pledge is subjective. Signatories are under no legal obligation to donate any of their money, and sometimes fail to give away anywhere close to half. Charity regulations and estate law can block public disclosures, and Buffett and Gates don't ask pledge takers to prove a thing.
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