An Ontario court has approved a request by the Mastercard Foundation, Canada’s only mega-foundation, to sell billions of dollars worth of Mastercard Inc. stock more than three years earlier than initially planned — a move that could impact how the foundation invests domestically and internationally according to some experts.
One of the world’s largest foundations with assets of US$37 billion, it was established during Mastercard Incorporated’s initial public offering in 2006, receiving 10 per cent of the company’s equity, then worth about US$500 million.
As part of the donation, the foundation agreed it wouldn’t sell any corporate stock before May 1, 2027, other than to satisfy Canada’s disbursement quota — the annual amount a foundation must spend on grants and other charitable projects — and to pay its operating expenses.
This unusual arrangem
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