Rafael Termes Carreró was the Founder of Fomento de Fundaciones, Fundación Internacional (Foundations Promotion, International Foundation).The Foundation was established with the assets he provided in order to extend in time the momentum and maintenance of socio-cultural and education work such as he did over many years. Such assets, along with further donations and bequests, have been incorporated to the Foundation’s heritage.

Rafael Termes was not only a qualified engineer but also a professional economist and financier as well as a humanist at heart. He began teaching finance at IESE, when this school opened in 1958. And rare amongst the teachers of those years, he managed to prove, in his capacity as CEO of the Banco Popular, that he could not only teach, but was also able to implement financial theory and the science and management of people.

Born in Sitges (Barcelona) on December 5, 1918, he died in Madrid on August 25, 2005. Rafael Termes was CEO of the Banco Popular from 1966 to 1977, as well as Chairman of the Spanish Banking Association between 1977 and 1990.

A Doctor in Industrial Engineering (1945), Termes was an academician of the Royal Academy of Economic and Financial Sciences of Barcelona (1983) and the Royal Academy of Moral and Political Science (1991). Furthermore, he had an Honoris Causa Doctorate by the Francisco Marroquín University in Guatemala. A Professor of Finance at IESE, University of Navarre, since its founding in 1958, he was also Headmaster of the IESE campus in Madrid since 1997, having ceased in June 2000 to be appointed President of the IESE in Madrid.

He was a founding member of the non-government organization SECOT (Seniors Españoles para la Cooperación Técnica – Spanish Seniors for Technical Cooperation).

Standing out amongst his works are “The creative power of risk” (1986), “Capitalism and Christian culture”, “The causes of unemployment”, “From Liberty” (1997) and “Anthropology of Capitalism”. Also “Capital investment and cost”, “Manual of Finance” (1998), “From Stalinism to liberty; a perspective of Eastern Countries” (1990), “Capitalism and Christian culture” (1999) and “Anthropology of Capitalism” (2001), for which he earned the Free Enterprise Award granted by the Rafael del Pino Foundation.

Termes had, among other honours, the Great Cross of the Order of Civil Merit and the Commendation of the Order of Alfonso X The Wise. He was a Knight of the French Legion of Honour and World Mercury Award in Economics (2003). Furthermore, he won the Infanta Cristina – Castilla y León Prize in 2003.

It is a topic to say that “the death of a person closes an era”. The death of Rafael Termes proves that this is not like that. He always worked in the present while looking to the future, something he did to convince those who read or listened to him that his ideas could contribute to attain a better society. That is why Rafael will always feel happy if we take, develop and thrust forward his way of thinking, so that other people may take advantage of it and, in turn, contribute to common welfare without boasting success nor asking for recognition. “Nowadays he need not anything of that but we are compelled to giving it to him” (Antonio Argandoña, “A liberal humanist”, 26/08/2005).