The leadership of The MasterCard Foundation, an independent charitable foundation headquartered in Toronto, was announced today. The Foundation’s mission is to broaden access to the global economy through innovative microfinance programs and to increase access to quality education opportunities for young people around the world.
Lois Juliber, retired vice chairman and chief operating officer of Colgate-Palmolive Company, will serve as chairman of the board. Deanna Rosenswig, a former senior executive at Bank of Montreal, who has been active on the boards of a number of philanthropic organizations focused on microfinance, will serve as the foundation’s president and chief executive officer.
Juliber is joined on the Board of Directors by Phillip L. Clay, chancellor and professor of City Planning at the Massachusetts Institute of Technology; David L. Johnston, president of the University of Waterloo; Elizabeth L. Littlefield, chief executive of CGAP, the Consultative Group to Assist the Poor; Paul M. Ostergard, retired head of the Citigroup Foundation; Marguerite S. Robinson, a former professor of anthropology, author, and frequent speaker on microfinance; Mary Robinson, former president of Ireland and president of Realizing Rights: The Ethical Globalization Initiative; and Nigel Wright, managing director of Onex Corporation.
“We are delighted that these distinguished individuals, with their wealth of experience and global expertise, have made this commitment to building a world-class charitable foundation aimed at providing the financial resources and technical skills to help individuals, families and communities achieve long-term economic progress,” said Robert W. Selander, MasterCard president and chief executive officer.
“The Foundation’s Board of Directors is working hard to develop the structure of the new organization and to establish a preliminary roadmap for grant making,” said Lois Juliber, chairman. “With the appointment of Deanna Rosenswig, a seasoned business leader and manager, we are well positioned to move ahead with defining and implementing the strategic vision for the Foundation.”
Rosenswig, a native of Montreal, Canada, joins the Foundation after a career in banking that spanned more than 30 years and included several senior executive roles. A graduate of McGill University, Rosenswig is co-author of “Dreams Have No Expiry Date: A Practical and Inspirational Way for Women to Take Charge of their Futures.” She is a former member of the Board of Directors of Women’s World Banking and Calmeadow, two leading microfinance organizations.
“When I worked on the book about dreams and women taking charge of their futures, I never dreamed that I would have the chance to blend my microfinance and corporate banking experience in one organization. Today I lead The MasterCard Foundation that will make a difference for poor people around the world and help them make their dreams a possibility,” said Rosenswig. “I thank MasterCard and its customers for their generosity and recognition that financial services play a critical role in alleviating poverty by giving low income people some control over their lives.”
The Foundation was created in May 2006 through the generosity of MasterCard’s customer financial institutions at the time of MasterCard’s initial public offering. In an unprecedented move, the companies agreed to reduce their proceeds from the offering to vest the Foundation with more than 13 million shares of stock, currently valued at more than one billion U.S. dollars.
Additional background on members of the Board of Directors:
Lois Juliber
Lois Juliber is retired vice chairman and chief operating officer of Colgate-Palmolive Company, a director of Goldman Sachs and DuPont, and a member of the boards of trustees of Wellesley College, Girls Inc., and Women’s World Banking.
Phillip L. Clay
Phillip L. Clay is the chancellor and professor of City Planning at the Massachusetts Institute of Technology. His specialization is Housing, Community and Economic Development. He is also the former chair of the department of Urban Studies and Planning at MIT and currently chairs the board of the Community Builders, the nation’s largest developer of nonprofit housing.
David L. Johnston
David L. Johnston is the president of the University of Waterloo in Ontario, Canada. He is past president of the Board of Overseers for Harvard University and is a Companion of the Order of Canada. Elizabeth L. Littlefield Elizabeth L. Littlefield is a director of the World Bank and the chief executive of CGAP, the Consultative Group to Assist the Poor, a global donor consortium for microfinance. She is also a former managing director of J.P. Morgan.
Paul M. Ostergard
Paul M Ostergard is the retired head of the Citigroup Foundation, where he oversaw the Foundation’s global program in microfinance. He has also served as head of the GE Foundation, the Committee to Encourage Corporate Philanthropy, and Junior Achievement International. He is interim head of the Hispanic Scholarship Fund, and a trustee of Case University and Scholarship America.
Marguerite S. Robinson
Marguerite S. Robinson is a former professor of anthropology, author, independent consultant, and frequent speaker on microfinance and other development issues. She has authored The Microfinance Revolution, Volumes 1 and 2; two additional volumes are in progress. Robinson is an Institute Fellow Emeritus of the Harvard Institute for International Development.
Mary Robinson
Mary Robinson is the president of Realizing Rights: The Ethical Globalization Initiative. She is the former president of Ireland, and served as the UN High Commissioner for Human Rights. She is vice president of the Club of Madrid, chair of the Board of the International Institute for Environment & Development, chair of the Board of the Global Fund for Human Rights and the honorary president of Oxfam International. A founding member and chair of the Council of Women World Leaders, she serves on many boards including the GVAI Fund Board, and chairs the Irish Chamber Orchestra.
Nigel Wright
Nigel Wright is managing director of Onex Corporation, one of Canada’s largest companies with global operations in service, manufacturing and technology industries. Wright is a member of the board of directors at Spirit Aerosystems, Inc.
About The MasterCard Foundation
The MasterCard Foundation is an independent, private charitable foundation headquartered in Toronto, Canada. It was established in May 2006, through the generosity of MasterCard’s customer financial institutions at the time of the company’s initial public offering, to fuel economic growth and opportunity for underserved people around the world. Its mission is to broaden access to the global economy through innovative microfinance programs and to increase access to quality educational opportunities for underserved people. For more information, go to www.mastercardfoundation.org.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 16 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercardworldwide.com.
