2008 Q1 Board Book (Staff)

The March 6, 2008, Board Meeting addressed key operational, financial, and strategic topics critical to the Foundation's mission. The meeting began with an executive session focused on approving the incoming CEO, Reeta Roy, and discussing her 2008 objectives. Feedback on the CEO search was provided by Ellen Brown of Heidrick & Struggles.

The Board discussed updated on Mastercard’s stock performance, reflecting volatility in global financial markets and discussion on Visa's anticipated IPO. The Foundation reviewed amendments to its Articles of Incorporation and policies, including an Anti-Terrorism and Money Laundering Policy and a Code of Conduct for employees, suppliers, and partners. These policies aim to enhance governance, safeguard against ethical breaches, and ensure alignment with the Foundation’s values.

Several operational policies were approved, including travel guidelines for directors and employees, and lease agreements for new office space in Toronto. Financial updates included the 2007 financial review, the 2008 disbursement quota, audit committee reports, and investment performance. Updates on grants highlighted initiatives like the MIX Grant and the Mastercard Foundation Scholars Program, with board approval sought to negotiate new grants with six institutions.

Resolutions passed included amendments to the Association Agreement, signing authorities for financial instruments, and approval of significant new policies. The session concluded with discussions on expanding philanthropic efforts and Reeta Roy’s transition into the CEO role. The meeting reflected the Foundation’s ongoing commitment to improving education access and financial inclusion while ensuring robust governance and strategic growth.