As previously reported, GWW Law Firm supported the Union of Entrepreneurs and Employers in the preparation of comments to the March draft law on the family foundation. The Ministry of Labor and Technology Development decided to take into account the following:
- allowing the foundation to run a family business to a limited extent (the project will be supplemented with a catalogue of activities that will not be considered forbidden);
- removing the demand that at least 50% of the seats in the board of protectors should be occupied by people from outside the group of beneficiaries of the family foundation.
The following suggestions were directed for further discussion:
- increasing the founder's freedom in shaping the corporate governance of a family foundation - through the possibility of differentiating the voting weight of individual members of its governing bodies;
- limiting the period in which the National Revenue Administration can request information from the family foundation about the beneficiaries and their profits to 5 years.
According to the Ministry's announcements, the new regulations are to enter into force on 1 January 2022. At the moment, the project is still in the phase of works at the Ministry.
Works on the above changes were performed by members of our Private Client team: Aldona Leszczyńska-Mikulska, attorney-at-law, Tomasz Krzywański, attorney-at-law and Jan Wnorowski, trainee attorney.