(1) Requirements for the management of Trusts and foundations
The Board of Trustees is the administrator of the foundation. Depending on the jurisdiction, there must be at least one or two members. Sometimes it is necessary for an authorized trustee to be a member. The duties of the Board of Trustees relate in particular to the representation of the foundation, asset management and accounting.
A Trust is usually managed by an authorized trustee.
(2) Representation
The Board of Trustees manages the Foundation’s business and represents it. It is responsible for fulfilling the purpose of the foundation in accordance with the provisions of the foundation documents.
(3) Asset Management
The Board of Trustees manages the foundation’s assets in accordance with the founder’s will and the purpose of the foundation in accordance with the principles of good management. The founder can define specific and binding management criteria in the foundation deed, the supplementary foundation deed or a set of regulations.
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