säätiölaki

Säätiölaki, also known as the Foundations Act, is the primary legislation governing foundations in Finland. This law sets out the framework for the establishment, governance, and operation of foundations, ensuring their activities align with their intended purposes. The act defines what constitutes a foundation, typically an entity established for a specific charitable, scientific, artistic, or other public benefit purpose, endowed with assets that are managed independently.

Key provisions of the Säätiölaki include requirements for the foundation's deed of foundation, which must specify the foundation's name, purpose, assets, and governing bodies. It also details the roles and responsibilities of the foundation's board, which is responsible for managing the foundation's assets and ensuring its operations are in line with its stated objectives. The law mandates that foundations must maintain proper accounting records and submit annual reports to the relevant supervisory authority.

Furthermore, the Säätiölaki addresses the modification of a foundation's purpose, outlining strict conditions under which such changes can be made to prevent deviations from the founder's original intent. It also covers the dissolution of foundations, specifying the procedures for winding up a foundation's affairs and distributing its remaining assets. The act aims to promote transparency and accountability in the foundation sector, safeguarding public trust and ensuring that foundations effectively serve their intended beneficiaries.