Basque Country Law on Foundations: performance and activity analysis from the point of view of Law, Economics and Accounting

Abstract

The Basque Parliament has submitted the Preliminary Draft Law on Foundations and therefore, after all the legal formalities are completed, there will be a new regulation for this type of entities. The major reasons are as follows: the gaining importance within the company, the updating of the existing standard since 1994, and the need of considering other concepts such as the transparency, effectiveness and efficiency in the management of the funds at their disposal, the gender equality and the effective control of public resources. The essay analyses the latest updates and changes found in the revised draft. Thus, there have been a series of reflections and conclusions on the implications of this Draft Law, mainly on a technical level, and its effects on the foundational activity.