(1) Requirements for the management of Liechtenstein foundations
The Liechtenstein Persons and Companies Act defines the requirements for the Board of Trustees as the administrator of the foundation. The foundation board must consist of at least two members. The duties of the Board of Trustees relate in particular to the representation of the foundation, asset management and accounting.
(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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