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What internal and external controls are carried out on the Foundation’s management? Code of Conduct, Code of Conduct with regard to Investments, Annual Audit and Tutelage of Foundations.
Registered under number 40CUL with the Tutelage of Foundations body belonging to Spain’s Ministry of Education, Culture and Sports, the Princess of Asturias Foundation adheres to a series of good practices in terms of transparency and good governance with the aim of guaranteeing its founding aims, ensuring effectiveness and efficiency in the actions it undertakes, optimizing its resources, and achieving excellence in its management and in that of the activities it carries out. The Foundation is committed to and follows the principles of good practice of the Philanthropy Europe Association (Philea) - EFC back in 2014- as well as other criteria recommended by the Spanish Foundations Association (AEF), of which it forms part.
Internally, the Foundation’s Board of Trustees is the Foundation’s governing body. Among its other duties, this board is charged with inspecting, overseeing and guiding the institution. In order to enact the principles of transparency that govern the Foundation’s actions, the Board of Trustees approved a Code of Conduct at a meeting held on 1st June 2017. This Code expresses the Foundation’s commitment to ethical conduct in all matters related to its activity and is the highest-ranking norm that is be complied with at all times and in all places. All those persons directly involved in achieving the Foundation’s goals are subject to this Code, in particular: its Trustees and Patrons, the Foundation’s staff, members of the Juries, members of the Choirs, as well as any other individual or organization directly related to the Foundation, especially suppliers, associates and other partners.
Via the institution’s Compliance Channel, anyone may consult any doubt they may have and, where appropriate, notify in a fully confidential and independent manner any possible actions they may consider not to comply with the principles described in the Code. The Compliance Channel is managed by an external entity that reports directly and independently to the Board of Trustees’ Audit Committee regarding any such communication received. This Committee is responsible for processing those communications it deems pertinent.
The Foundation is subject to an annual auditing of its accounts. The ensuing Annual Report is available on the institution’s website, as is other financial information –balance sheet and grants– and its Code of Conduct with regard to Investments.
When or for what reasons can a member of the Foundation’s Board of Trustees be dismissed?
The dismissal or suspension of Trustees will occur in compliance with the provisions of current legislation. However, the dismissal of a Trustee due to their having come to the end of their mandate will be made effective when, once this period has ended, the first meeting of the Board of Trustees has subsequently been held without their re-election having been agreed upon therein. Moreover, Trustees will automatically cease to occupy their positions upon reaching the age of 75. Nonetheless, the signatories of the Founding Charter will assume the status of Emeritus Trustees at the same time as their dismissal for said reason.
How is the President appointed?
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