Glencore Joins Leading Supporters of Largest-ever Internationally-funded Philanthropic Effort in China’s HistoryProgram Fosters Greater US-China Dialogue through International Educational Exchange
BEIJING, October 24, 2013 – Schwarzman Scholars and Glencore International AG (Glencore) today announced that Glencore has joined the initiatives’ list of top corporate supporters.
Inspired by the Rhodes Scholarship, Schwarzman Scholars is an international scholarship program designed to provide future leaders with a deeper understanding of China. Schwarzman Scholars will be housed at Tsinghua University in Beijing, one of China’s most prestigious universities, dedicated to academic excellence and integrity, and to the interaction between Chinese and Western cultures.
Glencore also joins a growing list of international donors who have signed on to support the program. Steve Schwarzman announced the program in April and said it would be founded and endowed with $300 million (¥1.8 billion), making it the largest charitable effort in China’s history with funds coming largely from outside the country. He spearheaded an international fundraising campaign, which, in one year’s time, has succeeded in raising $260 million.
Glencore has endowed five student scholarships for a 15 year period to ensure that a total of 75 qualified students participate in the Schwarzman Scholars program as “Glencore Fellows.”
Stephen A. Schwarzman said, “I thank Glencore for their very generous support for this program.” Our shared hope is that, by educating future leaders about China, we can help shape the course of world events. Greater understanding between nations will foster heightened stability, mutual prosperity and greater opportunity.”
Ivan Glasenberg, CEO, Glencore, commented:
“We are delighted that Glencore has become a Founding Partner of the Schwarzman Scholars. This initiative will provide exciting opportunities for scholars from both China and the West as well as further strengthening our relationship with one of the most dynamic growth regions of the world.”
The endowment income for each student scholarship will be used to cover tuition and academic fees, extracurricular learning expenses, living expenses, travel expenses to and from China at the start and completion of the program, as well as around China during the program’s duration; and an allocation of the Schwarzman College overhead and operating costs.
Mr. Schwarzman continued, “I am grateful for the generous support of our Cornerstone and Founding Partners, and all of our donors who have demonstrated intuitive support for the program’s mission. Their generosity will allow us to endow Schwarzman Scholars and educate thousands of students in the coming decades.”
Today, Glencore participated in a groundbreaking ceremony for Schwrazman College, the residential building that will house the program.
Supporting 200 scholars annually from the U.S., China and around the world for a one-year Master’s Degree program at Tsinghua University in Beijing, Schwarzman Scholars is designed to provide future leaders with first-hand exposure to China and relationships with its people in the hopes of fostering greater cooperation between China and the rest of the world for decades to come.
The program, described by the Economist as “a testament to China’s place as a new center of gravity” and by the Financial Times as “a groundbreaking initiative,” will support a new generation of leaders as they learn to overcome differences and lead with confidence and sensitivity.
Additional detail about the Schwarzman Scholars program can be found at www.schwarzmanscholars.org and on the program’s Facebook page.
About Glencore
Glencore is one of the world’s largest global diversified natural resource companies. As a leading integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing materials deep underground to delivering products to an international customer base. The Group’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Our diversified operations comprise over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. We employ approximately 190,000 people, including contractors.
About the Schwarzman Scholars Program
The Schwarzman Scholars program was inspired by the Rhodes Scholars program, which was founded in 1902 to promote international understanding and peace, and is designed to meet the challenges of the 21st century and beyond. Blackstone co-founder Stephen A. Schwarzman personally contributed $100 million to the program and is leading a fundraising campaign to raise an additional $200 million from private sources to endow the program in perpetuity. This endowment will support 200 scholars annually from the U.S., China and around the world for a one-year Master’s Degree program at Tsinghua University in Beijing, one of China’s most prestigious universities. Scholars chosen for this highly selective program will live in Beijing for a year of study and cultural immersion, attending lectures, traveling, and developing a better understanding of China. Admissions will open in the fall of 2015, with the first class of students in residence by the summer of 2016.