Safeguarding impact integrity in corporate foundations
: a teaching case of the ageas foundation Portugal

Jonas Radatz (Student)

Student thesis: Master's Thesis

Abstract

This thesis examines how corporate foundations can safeguard impact integrity while strategically aligning with their parent companies in the context of impact investing. Through a pedagogical teaching case centered on the Ageas Foundation Portugal, this study explores how a corporate foundation can evolve from a volunteering-driven entity into a strategic impact investor. Established in 1998 and undergoing a major transformation in 2021, the Ageas Foundation exemplifies a novel approach to venture philanthropy by balancing its corporate affiliation with the pursuit of scalable social outcomes. The research draws on extensive primary data from semi-structured interviews with foundation executives and ecosystem stakeholders, complemented by internal documentation and secondary sources. Framed by the concept of impact integrity, which is operationalized through the dual dimensions of strategic alignment and organizational autonomy, the case addresses the challenges faced by hybrid actors navigating competing institutional logics. Students engaging with the case are invited to explore the Ageas Foundation’s evolving role within Portugal’s impact ecosystem, assess the design of its governance structures, and debate strategic options for future growth, including greater independence or deeper corporate alignment. Moreover, the teaching case aims to foster critical reflection on the current governance structure, strategic positioning, and potential risks to impact integrity in the foundation’s evolving role. Ultimately, the case contributes to the emerging literature on corporate impact investing by providing a real-world example of how business-affiliated actors can drive systemic social change while preserving credibility, independence, and long-term impact.

Date of Award	23 Jun 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Carlos Miguel Pelicano Borges Teixeira de Azevedo (Supervisor)