The Development of Legislation of Foundations in the Czech Republic since 1990 until now with a Focus on Transparency

Vývoj legislativní úpravy nadací v České republice od roku 1990 do současnosti se zaměřením na transparentnost

Marek Jošt

Český finanční a účetní časopis, 2017, vol. 2017, issue 4, 5-23

Abstract: The article analyzes the development of the foundation's legislation since 1990 until now. This period is divided into four phases depending on the effectiveness of individual legislation. Special emphasis is placed on the transparency elements contained in the individual legislation. The article compares the analyzed legislation to show their advantages and disadvantages. The article also mentions the researches dealing with the transparency of Czech foundations in the past. These researches show a low level of transparency of Czech foundations and low confidence in their activities. The Act on Foundations and Endowment Funds can be considered the highest quality law in terms of transparency. However, this law has failed to achieve a significant degree of transparency, mainly due to the state's unwillingness to enforce its implementation through the tools it had available. The current effective new Civil Code does not deal with transparency and can not be expected to contribute significant to increase its level and increase confidence in the Czech foundation sector.

Keywords: Foundation; New Civil Code; Act on Foundation and Endowment Funds; Nadace; Nový občanský zákoník; Zákon o nadacích a nadačních fondech (search for similar items in EconPapers)
JEL-codes: K15 M41 M42 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.cfuc.502

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