Founder:
Identified as the person who establishes the foundation, or on whose behalf it is established, or by whom a disposition (transfer) of ownership is made. Generally, an offshore foundation can be established by one or more founders.
Board of Trustees:
Identified as the individuals who carry out the foundation's purpose according to the instructions in the Charter; thus, the Board distributes the foundation's assets, manages its assets, signs contracts, executes transactions, and invests on behalf of the foundation. Board members have a fiduciary duty to the foundation.
Foundation Charter
Identified as the document in which the foundation's governance rules are set out.
Beneficiary or Purpose
Identified as the person or class of persons for whose benefit the foundation is created. “Purpose” refers to any cause/purpose for which the foundation is established (e.g., charity).
Guardian or Protector
Guardians and protectors are generally optional, serving as a protective mechanism to ensure that the board's actions and decisions conform to the foundation's terms and objectives.