The liability regime of the trustees of foundations

Abstract

This paper investigates the liability of the trustees of foundations in the exercise of their office, i.e., that which may arise from the decisions and agreements they adopt within the management and representation of the foundations, the board of trustees. It describes, firstly, the characteristics of the board, the duties of diligence and loyalty that the trustees must fulfill and the legal nature and scope of a possible liability. Finally, it analyzes the assumptions of liability under the criterion of against whom it may occur: the foundation itself, the Protectorado de Fundaciones or third parties affected by its decisions.