This article examines the historical path of a century‐old business group – F undación S ocial – in an ‘emerging society’ in L atin A merica ( C olombia) in terms of strategy, top management structure, and governance. Conducted within the grounded theory methodology and relying on broad empirical data, the article identifies a series of issues that emerge from the F undación S ocial's history. It offers opportunities for dialogue and comparison with scholars in at least two fields: corporate social responsibility and business groups.