Corporate governance to guarantee transparency
Committed to the strictest transparency in all of its activities, as well as in the management of the funds with which it is entrusted, the Fondation de France has established a system of corporate governance and monitoring by independent committees: finance, audit, remuneration, gifts. These committees report to the Board of Directors. The Fondation de France must also undergo external verifications (Court of Auditors) as well as internal verifications (external auditors).
Because our financial resources are testament to your generosity, our corporate governance system relies on two fundamental principles: transparency and collegial decision-making. The transparency of our financial management was recognized in December 2014 by Couronnes Instit Invest, the first independent media outlet devoted to institutional investors in France.
Rigorous and closely monitored financial management
Our annual accounts reveal our business activity, our financial results and our assets and liabilities. The balance sheet and the income statement highlight our major undertakings and are accompanied by a cash flow statement and several detailed appendices.
Established by our teams, all of our accounts are verified by an external auditor and sent to the Ministry of the Interior. Two kinds of verifications are carried out: internal (financial control, procedural control, etc.) and external (Court of Auditors, Give in Confidence charter committee).
We also manage the capital of the 775 foundations under our aegis, in addition to our treasury and our equity, under the supervision of a Financial committee that meets biannually to ensure the proper use of assets and funds, as well as adherence to our objectives.
Transparent and regular information
Transparency is a daily commitment. Our donors, founders and partners regularly receive precise information about the use of their resources and the advancement of the projects underway via our website, our social networks and our various publications. In emergency situations, we systematically publish a detailed report, accompanied by a specific accounting presentation on donation use.
Finally, our activity report provides a comprehensive view of our annual business activity.
Donations offering every guarantee
The Fondation de France contributed to creating the Give in Confidence charter committee. Its aim: provide donors with the guarantees they have every right to expect concerning the use of their donation.
Following a 12-month procedure, the Fondation de France received the IDEAS label on December 15, 2015. This label, awarded by an independent committee, attests to the quality of the Fondation de France’s practices in terms of corporate governance, financial management and the effectiveness of its projects. The label is valid for three years.
The monitoring system proposed by IDEAS is based on a highly detailed Best Practices Guide. It includes 120 indicators that stick to to international standards and allow an analysis that is both exhaustive and objective. In addition, the evaluation system takes into account the diversity of the Fondation de France’s audience: donors, major sponsors, founders, etc.
The evaluation is carried out every year by volunteer inspectors from IDEAS and validated every three years by professional external auditors.
The Board of Directors meets four times per year. It defines the strategy and verifies the implementation of objectives in concordance with senior management. It votes on the budget and action programs, approves the accounts and verifies the information provided regarding the Fondation’s financial position.
The President is elected for four years, renewable once, by the Board of Directors. The presidency is a volunteer position, as is that of all members of the Board and committees. The President allocates expenditures.
The Executive Director is appointed by the President after consultation with the Board of Directors. The Executive Director manages the executive structure, presents the strategy, the action programs, the accounts and the budgets to the Administrative Office and Board of Directors, and also provides a communication policy recommendation.
The Management committee is in charge of making proposals and implementing the Board of Directors’ decisions.
Formally written rules for corporate governance
The texts that govern our operations are: the articles of incorporation, the by-laws and the procedural manual. Founder relations are governed by terms and conditions and a bilateral agreement. Delegations of authority are adopted by the Board of Directors.