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- Spain's "la Caixa" Banking Foundation: A Global PtP Model (2020)
Lester M. Salamon and Juan-Cruz Alli Turrias. This in-depth case study focuses on one of the newest and largest foundations to emerge from the implementation of the PtP Concept—a recently discovered, but powerful, “third route” to the creation of significant, charitable endowments around the world through the capture of all or a portion of the proceeds of transactions involving the privatization of government-owned or -controlled assets. Spain's "la Caixa" Banking Foundation emerged from the transformation of the largest and most successful of Spain’s network of trustee savings banks into for-profit banks. The result is one of the largest charitable foundations in the world, with an estimated Gross Asset Value of €25.8 billion (roughly US$29 billion) at its founding, and annual philanthropic expenditures approaching €500 million. The case study explains how and why this transformation occurred, how the “PtP route” involving the creation of a free-standing charitable endowment came to be adopted, what governance structures and transparency provisions were put in place to ensure the independence and accountability of the resulting institution, and what programmatic achievements this PtP institution has produced.