Annual Report 2019 Annual Report 2019 Table of Introduction Museum Management Activities Contents Message from the President 67 Audit and Risk Management 06 Gulbenkian Music 160 The Foundation and the Founder 78 Compliance 10 Gulbenkian Culture 162 Internal Organisation 88 Sustainable Gulbenkian 13 164 Social Development 2019 in Numbers and Sustainability Activities Quality 166 14 Active Citizens Digital Transformation 98 168 Social Cohesion and Integration Activities 105 Board of Trustees Armenian Communities 18 Financial Statements 116 Management Report Partnerships for Development Scientific and Knowledge 174 120 Activities Audit Committee Report Sustainability Gulbenkian Scholarships 242 130 28 Report and Opinion of the Statutory Auditor Knowledge Delegations 247 32 Delegation in Future Forum 138 Partnerships 40 United Kingdom Branch 252 Instituto Gulbenkian de Ciência 142 Composition of the Board of Trustees 45 and Respective Committees 150th Anniversary 255 of the Birth of Calouste Sarkis Artistic and Cultural Activities Gulbenkian Heads of Departments, Programmes Educational Activities – Descobrir and Initiatives 148 52 256 Art Library and Archives Human Resources Useful Information 60 156 259

2 / Annual Report 2019 Calouste Gulbenkian Foundation / 3 Introduction

4 / Annual Report 2019 Calouste Gulbenkian Foundation / 5 © CGF / Ricardo Oliveira Alves

Message from the President

I would like to start by pointing out some events that decisively marked 2019, namely: the 150th the responsibility of contributing to the development of the community in the four areas that anniversary of the birth of Calouste Sarkis Gulbenkian; the agreement to sell the Foundation’s Gulbenkian statutorily defined in his will: Art, Science, Education and Charity. stakes in ; the announcement of the newly-created Gulbenkian Prize for Humanity; and Secondly, 2019 was the year when, following the previously announced decision to divest the selection of the project by architect Kengo Kuma and landscape designer Vladimir Djurovic its fossil fuel investment, the Calouste Gulbenkian Foundation entered into an agreement for the expansion of the Gulbenkian Garden and, therefore, its wider opening to the city. to sell its stake in Partex with PTT Exploration and Production, a Thai oil exploration and Firstly, in 2019, the Foundation celebrated the 150th anniversary of the birth of Calouste Sarkis production company. This transaction marks a reconfiguration of the Foundation’s asset Gulbenkian, the Armenian billionaire, collector and philanthropist to whom we owe our institu- base, which thus becomes invested with the primary purpose of obtaining attractive long- tion. All year round, through multiple initiatives, we had the opportunity to learn more about the term returns, under a reorganisation that will reinforce the diversity of its investments and different dimensions of this striking twentieth-century personality. Calouste Sarkis Gulbenkian’s its social impact, in line with the vision of a sustainable future that it shares with other major main legacy, which he left to all Humanity, was the Foundation where we work every day to fulfil international foundations.

6 / Annual Report 2019 Calouste Gulbenkian Foundation / 7 Message from the President

Thirdly, following the decision to divest in oil and gas, and to align the Founda- project and the reinforcement of the Foundation’s internationalisation, particularly tion’s investment with a new world agenda and a strong vision of future, we decid- in what concerns its active participation in networks, partnerships and projects. ed to create the Gulbenkian Prize for Humanity, which is worth one million Euros Finally, the year 2019 was very positive for the Foundation’s investments, mainly and will be awarded on an annual basis. Its goal is to encourage the emergence of due to the effect of th