RYE, N.Y.--(BUSINESS WIRE)--GAMCO Investors, Inc. (“GAMCO”) (NYSE: GBL) announced today that its Board of Directors has approved a $0.20 per share contribution under its shareholder designated charitable contribution (“SDCC”) program for all registered Class A and Class B shareholders.
Since the inception of GAMCO’s SDCC program in 2013, shareholders have designated contributions of approximately $27 million to over 150 501(c)(3) initiatives. Over $52 million has been donated to charities by GAMCO, including through our SDCC program, since our initial public offering in February 1999.
As background, Warren Buffett had a similar program at Berkshire Hathaway from 1981 to 2003. Charitable giving is a cornerstone of society and an obligation for those with the means to make a difference in the world. This program underscores our commitment to managing socially responsible portfolios since 1987. More recently, the socially responsible mandates have evolved to include integrating ESG (environmental, social, and governance) factors into the analysis of companies and the structuring of portfolios. As an organization, GAMCO will have no control over the recipients of the donations made on behalf of our shareholders.
Shareholders have until November 15, 2019 to register shares in their own names to participate in the program. Our current plan is to distribute a charitable contribution designation form in late November 2019 that must be returned to GAMCO no later than December 15, 2019 for the charitable contribution to be made. Only charities that are recognized 501(c)(3) organizations will be qualified to receive the donation from GAMCO on each shareholder’s behalf. A list of eligible charities is available at: http://www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check.
Based on the approximately 22.6 million shares currently registered in shareholders’ names, the total contribution GAMCO is expected to make will be $4.5 million. If all shares outstanding are registered in their shareholders’ names at the record date, the total contribution would increase to $5.4 million.
GAMCO Investors, Inc., through its subsidiaries, manages open-end and closed-end funds (Gabelli Funds, LLC) and private advisory accounts (GAMCO Asset Management Inc.).
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this press release may contain some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. In particular, these include statements relating to future actions, future performance and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe.