The mega-foundation, which is Canada’s largest charitable foundation by far and one of the biggest in the world, has spun out a Toronto-based firm called the Mastercard Foundation Asset Management Corporation. It will manage a shift to a diversified portfolio after almost two decades of holding a single asset: Mastercard shares. (The Logic)

Talking point: The Mastercard Foundation was formed as part of Mastercard’s initial public offering in 2006, with the company granting the charity 10 per cent of its equity and up to 18 per cent of its general voting power. The foundation’s assets ballooned to US$37 billion last year as Mastercard’s stock soared—but its charitable giving didn’t soar with it, as The Logic reported in 2021. Last year, the foundation announced an agreement with Mastercard to sell a large portion of the company’s stock over seven years. Following The Logic’s reporting, the Mastercard Foundation has significantly increased the amount of money it gives away annually.