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International law firm supports Pledge 1% initiative in Australia
Herbert Smith Freehills has partnered with several charitable organisations on a Deed of Equity Gift for Pledge 1%.
Lauren Croft
Firm: Herbert Smith Freehills (The Atlassian Foundation, PwC Australia, Australian Philanthropic Services)
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Deal: Herbert Smith Freehills has partnered with The Atlassian Foundation, PwC Australia and Australian Philanthropic Services to create a Deed of Equity Gift that provides a framework for Pledge 1% in Australia.
Value: N/A
Area: Equity
Key players: The Herbert Smith Freehills team consisted of partner and head of venture capital Peter Dunne, co-head of venture capital (Australia) Elizabeth Henderson and solicitor Myra Beal.
Deal significance: Pledge 1% is a global movement for entrepreneurs, companies, investors and others to engage in philanthropy through pledges of equity, profit, product and/or time.
The Deed of Equity Gift addresses potential challenges and uncertainties in relation to the tax position and treatment of pledges, provides guidance for founders who want to pledge equity support and a pathway and legal framework for philanthropic pledges.
Mr Dunne said: “It was a pleasure to be asked to assist Atlassian with this amazing initiative. We have enjoyed working with Mark and his team to get Pledge 1% implemented in Australia.”
