Microsoft Chairman Bill Gates plans to give himself a $3 billion bonus.
But unlike many top executives in Corporate America, the world’s richest man doesn’t plan to keep a penny of it.
As part of a plan announced Tuesday to distribute $75 billion to shareholders during the next four years, stockholders will receive a one-time dividend of $3 per share. As the company’s largest stockholder, with 1.1 billion shares, Gates stands to earn about $3 billion.
Gates said Tuesday that he plans to donate the windfall to the Bill & Melinda Gates Foundation, which works to expand access to technology through public libraries and to help fight diseases around the world. The foundation estimates its endowment at $27 billion.
“The pledge today is recognition that our world, the nation and our region–now more than ever–can and should dramatically improve equity in health, education, and access to information and human services for vulnerable families,” Gates said in a statement Tuesday.
In the past, the foundation has pledged $60 million for research into microbicides to help prevent the spread of HIV and $40 million to create 70 schools dedicated to helping students earn high-school diplomas.