At a moment of inequality and division, who is advancing the vanguard of economic and social progress to bolster under-served communities? Whose work is fostering the inclusive growth that ensures every individual thrives? Who will set the ambitious standards that mobilize whole industries, challenging their peers to reach new altitudes of social impact?
In 2024, Impact Next — a new editorial flagship series from NationSwell — will spotlight the standard-bearing corporate social responsibility and impact leaders, entrepreneurs, experts, and philanthropists whose catalytic work has the potential to shape the landscape of progress amid urgent need for social and economic action.
For this installment, NationSwell interviewed Graham Macmillan , president of Visa Foundation.
Greg Behrman, CEO and founder, NationSwell: What brought you to this moment? Was there a formative relationship or experience that led to you becoming a leader in this field?
Graham Macmillan, Visa Foundation: I knew in college that I wanted to be passionate about something and intellectually challenged, and thankfully, because of some great professors, I got inspired to think more about international development, which was a term way back in the 1990s to describe social impact.
I was really interested in these organizations that were out there trying to solve big problems and challenges, and asking what they could do to support communities, and I started to realize this was the direction for a career that was both interesting to me and would allow me to go to sleep at night knowing that I was trying to make things a little bit better than they were before.
You get tested over the course of your career, of course, but those moments also have the potential to be very affirming. If you’re lucky enough to have a passion, to be interested in the work that you do, to be surrounded by really fun, terrific people that share a common sense of purpose, you can make a career out of that without a problem.
Behrman, NationSwell: What makes you an effective leader in your organization? Is there a particular philosophy of leadership or an approach that comes to mind?
Macmillan, Visa Foundation: I don’t know that it’s my place to call myself a leader — that’s for others to determine, in my view. What I try to do that may have characteristics that speak to leadership is having a sense of purpose, having a vision for what could be that is better than what it is now, taking some risk, and always ensuring that your role is in service of supporting the people that actually do the work.
I do nothing except cause trouble for my team. I get in the way. I slow things down. I ask too many questions sometimes. They’re the ones that actually do the good work. My job is to make sure that they are prepared, they have the resources, the support, the belief that they can get it done and solve any problems that might come up. So that’s what my job is and my belief in where I can add the most value.
Behrman, NationSwell: What are two or three facets of the work that you’re leading that you think are special — what feels important to lift up?
Macmillan, Visa Foundation: The signature work that Visa and Visa Foundation have been focused on is the role that small and micro businesses can play in advancing economic growth. What we’ve managed to accomplish over this five-year period is to establish a strategy that would advance small and micro businesses in a meaningful way that aligns with both the values of our 30,000 employees and our stakeholders around the world — putting women and underrepresented founders at the center of that strategy.
We know that there’s a tremendous gap between the resources that are allocated to women-led or underserved entrepreneurs, and we wanted to pry that open and demonstrate that they actually are not only viable, but there are actually tremendous, high-growth opportunities in doing so for a whole range of reasons.
The distinguishing characteristic of our approach over the past five years has been not only grant making but actually investing to support these small and micro businesses. We have about a $500 million endowment, which makes us somewhat unusual for a U.S. Corporate foundation — we manage the assets, and we’ve worked with the board to establish that we manage the assets as if we were more like a perpetual foundation without an annual distribution of funds.
Behrman, NationSwell: Anything else about your work that feels particularly differentiated in the field?
Macmillan, Visa Foundation: There are a ton of foundations that don’t invest at all. What we have constructed is essentially a toolbox of all the things that we could use, and it’s not a monolithic application — we look at every circumstance and we open ourselves up to what the partners actually need. We tell them what’s available to them and we’re not prescriptive, we don’t assume we know what they need better than they do.
I believe that corporate philanthropy is elevated when you’re harnessing the power and capability of the business — that is fundamentally differentiated from private philanthropy. It just is. When done well, change can occur at a pace that is just fundamentally different. We are on the precipice of seeing that happen, and we’re currently trying to set up conditions by which we can then be effective at that next phase.
Behrman, NationSwell: Who are a few of the peer leaders whose work or leadership styles you most admire?
Macmillan, Visa Foundation: I would be remiss if I didn’t acknowledge my boss at Citi, Brandy McHale, who taught me more about corporate philanthropy and philanthropy in general than almost anyone I know. In many ways, everything that I do is modeled off what I learned from her, both in terms of culture and humility and good sense of humor.
A colleague that I’ve long admired but have recently gotten to know more and more is Delilah Wilson-Scott. Delilah is incredible in my opinion: she’s navigated two very complex, large companies at the highest level, and she does it with grace, with humor, and she’s super smart.
And then last but not least, of course, is my former colleague, Darren Walker, who I spent a few years working with at Ford. Darren is a fundamental believer in the power of the market as a force for good, he knows finance, he knows governance, and what he’s been able to build out of that knowledge is tremendous.
Behrman, NationSwell: What are some of the resources that have really inspired you as a leader?
Macmillan, Visa Foundation: I would honestly point to the NationSwell community: there’s substance, there’s thought, there’s content, there’s community, there’s gathering. The breaking of bread — that’s a resource unto itself.
In terms of podcasts, I love “The Rest is History” — it’s fantastic. I’m a huge follower and fan of history, and the podcast is led by two British hosts, and there’s something about talking about history with a British accent that just feels right. It’s also really good if you want to fall asleep. There’s also another terrific one called “Empire” — I’m grateful to any resource that I can use to take my head out of this space but still be thoughtful and think of the patterns in history that become our future.