Recent legislative changes in Swiss foundation law have brought several significant adjustments that impact the operation and management of foundations in Switzerland. Firstly, as of January 1, 2023, amendments related to imminent insolvency, over-indebtedness, and the disclosure of remuneration were introduced as a result of revisions in the law regarding companies limited by shares. These changes have influenced the regulatory environment surrounding Swiss foundations, particularly in terms of financial management and transparency.
Additionally, from January 1, 2024, further amendments have come into effect:
1. Extension of Reservation Rights: Founders may now reserve the right to make future organizational changes in the foundation deed, a change from the previous law which only allowed for amendments related to the foundation's purpose.
2. Simplified Amendment of Foundation Deed: The supervisory authority can now make minor amendments to the foundation deed after consulting the highest foundation body, streamlining the process and removing the requirement for public notarization for such amendments.
3. Regulated Foundation Supervisory Complaint: There is now a clearly defined list of individuals entitled to file a complaint against acts by the foundation bodies that are contrary to the law or the articles of the foundation, enhancing legal clarity and certainty.
Looking ahead, there is a motion pending in the Swiss Parliament that could significantly affect Swiss family foundations by lifting the current ban on family foundations with family support purposes. This change could align Swiss law more closely with practices in other jurisdictions and reduce the reliance on foreign instruments for asset management and succession planning.
These legislative changes represent a substantial evolution in Swiss foundation law, aimed at providing more flexibility and clarity for the establishment and operation of foundations while maintaining stringent oversight and transparency standards. For more detailed information, you can refer to the articles on Grossenbacher Rechtsanwälte AG and Mondaq【29†source】【30†source】.
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