Criticism

The foundation has been criticized by the Los Angeles Times for investing its assets in companies that have been accused of worsening poverty, polluting heavily, and pharmaceutical companies that do not sell into the developing world. In response to press criticism, the foundation announced in 2007 a review of its investments, to assess social responsibility. It subsequently canceled the review and stood by its policy of investing for maximum return, while using voting rights to influence company practices. The Gates Millennium Scholars program has been criticized by Ernest W. Lefever for its exclusion of Caucasian students. The scholarship program is administered by the United Negro College Fund.