The Foundation implies a tripartite organisation, involving the founders, the beneficiaries and the management.
The Founder can be one or several private individuals (family members or not), advisors or professional fiduciary that administer assets of individuals, like a Trust or a Foundation. He has a large amount of freedom: he can reserve the right to amend articles of incorporation of the Foundation, including its lifetime and liquidation, the designation of the beneficiaries as well as change the legal by-laws.
The foundation can have one or more beneficiaries whereby founder is given the possibility to appoint as well as to revoke beneficial interests and to determine the criteria for the selection of beneficiaries.
The patrimonial foundation is administered by a director, or by a board of directors, composed of natural or legal persons (including the founders and beneficiaries who may combine these functions) that undertake all action necessary for the accomplishment of the Foundation’s purpose.
In some cases, the foundation may have a supervisory board. It is only mandatory if there are more than 5 beneficiaries or if assets exceed EUR 20 mio.
Resolutions by the foundation’s management and supervisory bodies will be approved by simple majority and a quorum is not required.