Both Jim Balsillie and Mike Lazaridis are incredible philanthropists. Their contributions to the social sciences, sciences and academia have really helped advance our understanding of this world. These philanthropic ventures require an incredible amount of cash and equity on a regular basis in order for these ventures to succeed as planned.
Recently, RIM’s executives Jim and Mike adopted what are called Automatic Securities Disposition Plans or ASDPs. ASDPs are plans that will allow Jim Balsillie and Mike Lazaridis to sell shares of RIM at a predetermined interval, regardless of whether or not they are under a “blackout” period. A “blackout” period, would include such times as when quarterly financial reports are released. Normally, an executive would be barred from selling shares during a financial report release, due to concerns over insider trading and how their selling of shares would affect the market.
WIth the ASDPs in place, charitable foundations will be able to rely on the vast amount of funds being sent their way from RIM’s top executives. One example of this includes Jim Balsillie’s weekly share donations of up to C$100 million over 24 months to a charity he founded. Balsillie will also donate another C$57 million of shares to the Center for International Governance Innovation (CIGI), an Ontario-based think tank. Co-CEO Mike Lazaridis is matching Jim Balsillie’s contributions with about C$190 million over 22 months to his charitable foundation.