New Delhi: Leadership of the MasterCard Foundation named former Colgate-Palmolive vice chairman and chief operating officer Lois Juliber to serve as chairman of the board of directors.
An independent charitable foundation headquartered in Toronto, the Foundation’s mission is to broaden access to the global economy through innovative microfinance programmes and to increase access to quality education opportunities for young people around the world.
Lois Juliber, retired vice chairman and COO 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 Massachusetts Institute of Technology; David L. Johnston, president of University of Waterloo; Elizabeth L. Littlefield, chief executive of CGAP, Consultative Group to Assist the Poor; Paul M. Ostergard, retired head of Citigroup Foundation; Marguerite S. Robinson, former professor of anthropology, author and frequent speaker on microfinance; Mary Robinson, former president of Ireland and president of Realizing Rights: 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 financial resources and technical skills to help individuals, families and communities achieve long-term economic progress,” said Robert W. Selander, MasterCard president and CEOr.
The Foundation was created in May 2006 through the generosity of MasterCard’s customer financial institutions at the time of their 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 $1bn (Rs4500 crore).