What are the basic governing bodies of a foundation in Liechtenstein?

The governing bodies of a Liechtenstein foundation include the foundation board, the optional controlling body for private-benefit foundations, the mandatory audit body for foundations under the supervision of the foundation supervisory authority, and any other bodies, such as a family council and a protector. The exact structure, competences and functions of the foundation’s bodies are defined in the foundation deed and in any regulations that may be issued, allowing the foundation to be flexibly adapted to the donor’s individual needs.

Foundation board: The foundation board is the central governing body of the foundation and represents the foundation to the outside world. Its responsibilities include the administration and representation of the foundation as well as the management of the foundation’s assets. It acts in accordance with the provisions of the foundation deed and the purpose of the foundation.
Audit body: The audit body is a supervisory organ that reviews the management and administration of the foundation. Statutory audits are mandatory only for foundations subject to the supervision of the
Foundation Supervisory Authority. Charitable foundations are required by law to set up an audit body, while private-benefit foundations can be required to set up an audit body by the will of the donor. In the case of a private-benefit foundation, an audit body can also be set up as a controlling body.
Family council: The family council is an optional body. Its structure and functions depend on the structure of the foundation documents. A family council can have significant influence on the decision-making process or also on the oversight of the foundation board. A family council may also have purely advisory powers.
Protector: The protector is an optional supervisory body of a foundation that acts as an intermediary between the foundation board and the beneficiaries. In this role, protectors have approval powers and they are often also appointed to select the specific beneficiaries from a class of beneficiaries and propose them to the foundation board for a distribution. In practice, it is common for private-benefit foundations to have a protector.
Donor: Even if the donor is not an organ of the foundation, they can reserve certain rights in the foundation deed. These include, for example, the right to revoke the foundation or the right to amend the foundation documents.