An ADGM Foundation must have the following roles and documents:
Founder: Establishes the Foundation and contributes assets to the Foundation.
Guardian: The Founder may appoint a Guardian during their lifetime but one must be appointed following Founder’s death. The Guardian’s role is to oversee the Foundation Council.
Foundation Council: Manages and administers the assets of the Foundation according to Charter, By-Laws and Regulations. There must be a minimum of two Councilors.
Charter: A Foundation must have a Charter which includes the name of the Foundation, the name(s) of the Founder(s), the name of the Registered Agent and a description of the purpose and initial assets of the Foundation. The Charter also names the Designee. This is the person who becomes the Beneficiary if there are no other remaining Beneficiaries.
By-laws: A Foundation must also have By-laws which name the Beneficiaries and the Guardian (if one is appointed – it is not compulsory while the Founder is alive) and describes the role of the Foundation Council. The Founder can retain significant control over the assets by including terms in the By-laws around the distribution and management of the assets.
Resolution: A resolution will be signed by the Founder(s) when setting up the Foundation which names the Council Members and the Authorised Signatory."