Good Governance in Foundations
Good governance in foundations is intended to help and guide people involved in the work of foundations, trustees and functionaries and anyone planning to establish a foundation. It seeks to stimulate debate on good governance and to encourage boards of trustees to prepare and maintain their own operating guidelines according to the received standards of good practice in the sector.
Good governance in foundations is an unofficial, non-binding document. Even though the recommendations of Good governance in foundations have been formulated in the field of grant-making foundations, the aim was to ensure that the guidelines would be generally relevant to the work of all foundations.
Good Foundation Practice
In 2006 the members of the Council of Finnish Foundations approved a binding code of practice called Good Foundation Practice, from which a member may deviate only when so required by its own by-laws. Compliance with Good Foundation Practice is voluntary, and there is no special system of supervision.