Invernizzi Foundation, best practice

LOW PROFILE, HIGH (AND TARGETED) INVESTMENTS: GIANANTONIO BISSARO, BOCCONI GRADUATE AND SECRETARY OF THE BOARD OF THE FOUNDATION, EXPLAINS ITS POLICY AND IMPACT

Pink flamingos bathe in the fountain of the Invernizzi Foundation. It is a strange sight in the center of Milan and it is the only showy thing related to this foundation that keeps a low profile while donating 6 million euros each year, a sixfold increase compared to ten years ago. Gianantonio Bissaro, a DES graduate, secretary of the board of the Foundation, answers our questions.
When was the Foundation started?
In the early 90s, a few years after Cavalier Romeo Invernizzi and his wife Enrica Pessina sold their company to Kraft. Back then, it was very simple: when Mr. Invernizzi learned about a project worthy of funding he wrote a check. They both died in 2005. Not having children, they gave almost all their belongings to the Foundation.
How do you subsidize it?
Through profitable but cautious financial investments. We put emphasis on maintaining the real value of our assets. The main source of funding is the management of the properties located in Via Monte Napoleone. They have been bought in the 60s and 70s by Ms. Pessina. Our counterparts are foreign and Italian luxury companies. The founders gave us a great task: we have a moral obligation to keep on funding important ventures.
Which sectors are you interested in?
Food, medical science, economics. We think that economy is a tool to improve society and the outlook of Lombardy and our Country. This is the reason why we have financed researchers of Leap (Laboratory for effective anti-poverty policies) and Icrios (Invernitti center for research into innovation, organization and strategy) at Bocconi, as well as the Invernizzi Chair and grants for PhDs.
Is sustainability important?
It is critical. The beneficiaries know that sooner or later they have to be able to access to other types of financing.
Is the political or social legitimacy important?
Not at all. Our job is to fund someone who shines, not to put ourselves under the spotlight. We like understatement.
The Foundation have no website…
We do not want to. It would not be useful to us. We can not afford to disperse our resources just to satisfy too many subjects. We aim to identify a few subjects that can make a quantum leap thanks to our funding.
Who are the “best practicers” in the world?
We look with interest at the endowments of American and British universities, minus the aggressive investments. Just like us, they are long-term thinkers. Some Italian funds are short-sighted because of corporate governance issues.
Do you care about measuring impact?
We should do better. We would like to be more analytical without becoming a bureaucracy that demands detailed reporting. The recipients’ skill is always the best guarantee.
 
 

by Claudio Todesco