Reeta Roy: Effective Philanthropy Begins With Humility And Respect

Reeta Roy does not fit the traditional mold of a foundation president.

For one, she is a woman. Secondly, she doesn’t come from a world of prestige and power. Instead, she traces her roots to humble beginnings in Malaysia – a country defined by its ethnic and religious diversity and harmony.

Growing up in Malaysia has had a profound impact on her values. It has everything to do with how she has steered the Mastercard Foundation—one of the largest private foundations in the world—to focus its work on the African continent with humility, kindness, and respect.

Values from an early age

Roy was born to an Indian father who traveled from Kolkata (Calcutta) to Malaya in the early the 1950s, and a Chinese mother who was raised in Thailand. Growing up in a multi-cultural, multi-faith home shaped her outlook from an early age, feeding an abiding belief in the prospect of diverse groups working together to solve a problem—provided there was mutual respect.

“My father’s family was Hindu, while my mother’s was Buddhist. I attended Catholic school. I had friends from all backgrounds and celebrated every religious holiday.”

Her upbringing shaped her worldview even before she fully understood the term. Roy credits her mother – who experienced an incredibly tough childhood – with having an immeasurable impact on her, teaching her to truly ‘see’ a person rather than judging based on appearance. “She taught me it is ok to be curious about why someone is who they are.”

At the age of nine Roy heard about the United Nations for the first time. “I remember thinking this must be some kind of multicultural wonderland, even though I had no idea where it was!” After graduate school (studying international affairs at The Fletcher School of Law and Diplomacy at Tufts University) she finally achieved her dream of working at the United Nations – an experience she relished for two years, despite not being destined to stay.

Taking a chance

Achieving your potential often takes someone willing to take a chance on you, throw you in the deep end, and watch you grow. This is how Reeta Roy came to join the biopharmaceutical company Bristol- Myers Squibb, where she traveled internationally, including a stint working in China.

“I was interviewed by Margaret Maruschak - now my friend and mentor. At first, it seemed hopeless as Margaret explained that she needed someone with five years corporate experience. I had none.” Thankfully, Margaret called her back and told her that she was willing to give her a shot, despite this lack of experience.

Roy’s early roles created something bigger than themselves. After eleven years at Bristol-Myers Squibb and six years establishing the global citizenship and policy function at Abbott Laboratories, Roy was appointed to the Mastercard Foundation in 2008.

“Without Margaret taking that chance on me, I may not have landed at the Mastercard Foundation at all.”

Mastercard Foundation – making an impact

Mastercard Foundation is unique in its origins and make up. It was set up in 2006 through the generosity of Mastercard, the payments technology company, when it issued its IPO. Mastercard did something unprecedented in corporate history: they endowed the Foundation with a gift of shares, at the time valued at $500 million, and made it completely independent. The Mastercard Foundation was registered in Canada in part to emphasize the distinction between the two organizations. The decision to give the Foundation total independence was undoubtedly rooted in Mastercard’s own value for impact.

Mastercard Foundation had a clear remit: to focus on advancing financial inclusion and education for those who need it the most.

Since its inception, its endowment has grown significantly and is now valued at approximately $40 billion. This exponential growth has given the Foundation significant latitude to be ambitious and act boldly to drive its mission.

When Reeta Roy joined, the Board—comprised of highly principled figures including Mary Robinson (former President of Ireland) and Phil Clay (then MIT’s Vice-Chancellor)—was larger than the staff team of four. A few pivotal decisions early on set the Foundation on a clear path. “The first was to always focus on understanding the impact of our decisions and what will truly provide benefit. To look at where we can put heft behind good things and help them scale within our areas of focus. The second was to focus on just one part of the world.”

Africa – a talent pool for the world

The decision to focus primarily on Africa (the organization also supports Indigenous young people in Canada) was driven by the enormous promise of the continent. The Foundation saw opportunities to unlock and accelerate this potential through its work.

By 2009, Africa was already making strong strides in terms of development. Primary school enrollment rates were soaring. Average life expectancy was on the rise. Mobile phone subscriptions were growing faster than in any other region. Many countries were experiencing rapid economic growth. There was a palpable sense of progress and possibility.

Of course, challenges and barriers needed to be addressed to ensure inclusive growth and access to opportunity. For example, less than a quarter of adults in Africa had a savings account, making them economically invisible. In addition, transitions to secondary and tertiary education were low, with less than 49% carrying on to secondary education and roughly 7 percent of eligible young people enrolling in tertiary education.

Yet the most significant opportunity facing Africa was—and still is—its youthful populace. Today, 70% of Africa’s citizens are under thirty. That figure is set to keep growing. By 2050, a quarter of the world’s population will be African. With many regions getting older, it’s clear that Africa’s young people represent the future talent pool not just of the continent, but of the world. And, that they will be at the forefront of solving grand challenges – including the climate crisis and global inequities in healthcare and education.

In 2018, the Foundation launched its ten-year strategy Young Africa Works to focus explicitly on enabling youth employment and youth-led innovation, entrepreneurship, and action. The strategy aims to ensure 30 million young people in Africa can access dignified and fulfilling work – and that 70 percent of them are young women.

“Women face extra barriers – whether access to education, land or credit. However within international development it is widely known that every time you invest in a young woman you get four or five-fold impact because their pivotal of role in family, community and economic life of the country.”

Reimagining how philanthropy engages

The Foundation has also set another unique target: to ensure that at least 75% of its partners are African organizations. This decision reflects the Foundation’s view that groups and institutions who are most proximate to challenges understand them deeply and have ideas for solutions. Hence, while philanthropic organizations may offer resources, they need to reimagine philanthropy by engaging respectfully with African or Indigenous leaders and institutions—which starts with listening and humility. “The whole reason we are here is to walk respectfully with organizations on their journey, and at the same time help to close gaps. Success requires a level of humility.”

An inspiring example of this commitment is in the Foundation’s pioneering partnership with the Africa Centres for Disease Control (CDC). During the pandemic, the two organizations launched the Saving Lives and Livelihoods initiative—a $1.5bn partnership to purchase COVID-19 vaccines for at least 65 million people, support the vaccination of millions more individuals, and help drive a New Public Health Order for Africa defined by strong African health institutions and the capacity for Africa to manufacture vaccines and medical supplies for its own consumption and for the world.

Starting with values

When an organization and its leader begin with strong values and set their intentions accordingly it makes the world of difference. The Mastercard Foundation aims to have a low institutional ego and become part of the tapestry.

In line with the spirit of pursuing respectful engagement and co-creation with African leaders and institutions, Reeta herself relocated to Kigali last year.

“It is important to recognize and respect the reservoir of knowledge - well beyond literature - that comes from being in the field and is embodied in communities, many of which already have solutions and need our support to scale their impact even further”

Despite having tremendous resources, the Foundation recognizes that little can be achieved without true partnership.

“History has seen billions invested with little to show for it. It is so easy for major organizations to assume that philanthropy is easy. However, whether a company is for-profit or not, you can’t achieve anything alone - no matter how resource rich or significant.

Meanwhile, it’s clear that for Reeta Roy, her role is not simply a job. It is a calling and a privilege.

It is a perfect marriage of personal and corporate values. That is how to truly make an impact.