Dedicating personal time to service will enrich the lives – and the careers – of graduates, said Richard W. Ivey, philanthropist, successful businessman and dedicated volunteer.
Ivey spoke to graduates from the Ivey School of Business and the School of Graduate & Postdoctoral Studies at the Monday, June 17, morning session of Western’s 301st Convocation. Western conferred an honorary Doctor of Laws, honoris causa (LL.D.), upon Ivey in recognition of his extraordinary career marked by leadership and philanthropy.
“Don’t devote your life to just business. One’s lifelong happiness, or sense of well being, if you will, does not continue to increase as your wealth continues to increase,” Ivey said.
Graduates must give of their time and efforts not only to their families, but also to the service of their communities and the world as a whole, he explained.
Having earned his HBA from Ivey in 1972, Ivey continued his studies at University of Toronto’s Faculty of Law, practicing until 1982.
Chairman of Ivest Properties Ltd., a real estate development and management company and chair of MaRS EXCITE (Excellence in Clinical Innovation and Technology Evaluation), Ivey has also served as the chairman of the Canadian Institute for Advanced Research.
Known for being a dedicated business advisor, volunteer and philanthropist, Ivey and his extended family are recognized internationally for their sense of social responsibility and philanthropy. The Ivey Foundation, since its inception nearly four decades ago, has donated more than $75 million to various causes and charitable organizations, with Ivey serving as its director for the majority of this time.
Ivey is the third generation of his name to support Western. The family’s relationship with the university is one of the most significant relationships between a family and a Canadian university. Ivey has been, and continues to be, an active supporter and volunteer of Western’s Ivey Business School, sitting on its Advisory Board and helping with the Ivey Campaign for Leadership.
Serving on the boards of Canada Colors and Chemicals Ltd., the Toronto Community Foundation and Pearson College of the Pacific Foundation – among others – Ivey also serves on the advisory board of Social Capital Partners. He was appointed a Member of the Order of Canada in February 2006.
Ivey told the graduates it is easier than they think to give their time and efforts to causes that work to better the world they are in.
“As your life picks up speed, it is admittedly complex to manage a career, a partner, friends and family. (But) consider a parallel career as a volunteer,” he said, asking graduates to consider this call and make it a “determined life-long journey.”
In her citation, Ivey Dean Carol Stephenson praised Ivey for his leadership and generosity as well as his dedication to volunteer work.
“As a generous donor and active volunteer, Richard has followed in the steps of both his parents and grandparents who instilled in him a passion for community building. In fact, Richard once remarked that his mother, the late Beryl lvey, had an urgent need to make everything right and didn’t think it was fair that certain communities suffered,” she said.
“Signs of her influence are very evident in Richard. He has developed a personal reputation as a successful business leader, dynamic volunteer and dedicated philanthropist. Richard has shown an inspiring commitment to a variety of charitable endeavours reflecting the values of the greater lvey family,” she added.
“We are honoured and grateful that Richard has chosen lvey as one of the institutions to which he has given so willingly of his time and talents.”
Ivey added the benefits of volunteering include learning and networking opportunities, reciprocal mentorship, a sense of contribution and having a worthwhile contingency plan after retirement.
“You owe it to your families, to your communities, to your country and your planet. You are the 1 per cent,” he said.
“Governments and businesses aren’t solving the problems. It’s up to us to pitch in and make the world a better place in some way. If you make (volunteering) a lifelong journey, your career, family life and overall sense of being will be substantially enhanced.”
Also during the ceremony, the Hellmuth Prize for Achievement in Research was presented to Ivey professor Paul Beamish while the Edward G. Pleva Award for Excellence in teaching was presented to Ivey professor Mary Heisz. The status of professor emeritus was conferred upon Ivey professor Jeffrey Gandz.