GOVERNMENT

INTERNAL FUNDS

The Foundation manages its founding equity, which enables it to fulfil its objectives with internal resources, taking into account that all of its expenditure is financed entirely with funds arising from its founding capital and fund management profitability, without requesting any public or private subsidies.

GOVERNMENT, SOUND MANAGEMENT AND INVESTMENT CONDUCT

Since it was established by the Founder, the Foundation’s Board was formed in full compliance with legal requirements, and its activities as the Foundation’s government are subject to legal obligations and to the supervision of the competent authority. It acts in accordance with the principles of independence, responsibility, accountability and transparency, planning and diligent management. The Board, as a governing and decision-making body, is identifiable and independent, and it acts in accordance with high ethical standards. Its members are appointed through the principles and procedures established by the Founder.

The Foundation develops and plans effective and prudent management, with investments that guarantee better use of its resources and the preservation of its endowment assets.

The people undertaking such investments have sufficient professional and technical knowledge and offer sufficient guarantees of proficiency, qualification and independence.

The security, liquidity and profitability of the different investment possibilities are evaluated, monitoring the balance between the three principles.

TRANSPARENCY AND ACCOUNTABILITY

The Foundation discloses the mandate, objectives and outcome of its activities in a comprehensible and clear fashion, through its habitual dissemination channels, in accordance with the principles of advertising conduct, effectiveness, impartiality and general interest. Likewise, the Foundation undertakes its annual Action Plan, which is disclosed in accordance with legal requirements, and publishes its Activity Report on its fields of action and projects carried out.

The Foundation acts responsibly, accounting for its actions in accordance with legal requirements and it submits its annual accounts to a prestigious external Auditing firm, which verifies its accounts, inventory and accounting report, in compliance with legal and accounting requirements. The Foundation releases and deposits its inventory, accounts and audit report on a yearly basis before the competent Public Register, according to applicable regulations.

The foundation is a member of the European Foundation Centre (EFC), a benchmark association for the foundation sector Europe wide, which certifies compliance with the principles of good practice and also forms part of the Spanish Foundation Association (AEF, for its acronym in Spanish).

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