International Law

THE MANAGEMENT OF A DUTCH ANTILLES FOUNDATION

By Karel.Frielink

Management must act in the best interests of the foundation

The members of the management board of a Netherlands Antilles foundation have collective powers and responsibilities. The management board shall be in charge of the management of the foundation.

Although not explicitly provided for in Book 2 of the Netherlands Antilles Civil Code, it is considered a general rule of corporate law that the management board must act in the best interests of the foundation in the performance of its duties, even when acting upon instructions from others (e.g. a supervisory or advisory body).

The minimum standard of care is considered to be that which can be expected to be within the capability of a reasonably diligent director, with regards to general knowledge, skill and experience and which may be expected of a director who is capable of performing such duties in a conscientious manner.

Karel Frielink
Attorney (Lawyer) / Partner

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Full post as published by Karel's Legal Blog on September 19, 2009 (boomark / email).