Virtue signalling is not always a virtue: Conversation with Hewlett’s Larry Kramer and Ana Marshall

Danielle Walker Palmour

Guest editor Danielle Walker Palmour talks to Larry Kramer and Ana Marshall, respectively CEO and chief investment officer of the Hewlett Foundation, about why the foundation is investing its $10 billion endowment for the long term despite immediate needs

Danielle Walker Palmour: To start with, Ana, could you say a little about how your investment decisions are affected by the governance of the Hewlett Foundation?

Ana Marshall: The board delegates to the investment committee which approves asset allocation, benchmarks and any particularly large new investments, but everything else is delegated to my authority. That level of delegation only works as long as there is transparency. In other words, the more transparent I am in my reporting, the more comfortable the investment committee feels. And we do periodic updates to the board.

DWP: What’s your team size?

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