We use a unique Danish data set to document that industrial foundations are long-term owners that practice long-term governance. We show that foundation ownership is highly stable compared to other ownership structures. Foundation-owned companies replace managers less frequently. They have conservative capital structures with low financial leverage. They score higher on an index of long-termism in finance, investment, and employment. They survive longer. Overall, our paper supports the hypothesis that corporate time horizons are influenced by ownership structures and particularly that industrial foundations possess characteristics that promote long-termism. Policymakers, business owners, and managers interested in promoting long-term governance models should therefore reconsider the role of ownership structure.