Statutes of the Foundation for the Sweden-Latvia Cooperation Fund
The Foundation is established at the initiative of the Swedish Government to mark
the 100th anniversary in 2018 of the Restoration of the State of Latvia.
The Foundation’s name and purpose
Section 01.
The Foundation’s name is the Foundation for the Sweden-Latvia Cooperation Fund. The purpose of the Foundation is to further cooperation between Sweden and Latvia by promoting mutual exchange and knowledge dissemination about culture and societal conditions between the peoples of both countries. Exchange and cooperation for network-building between young people to promote social cohesion, creativity, innovations and the formation of new enterprises are to be given particular attention.
The Foundation’s tasks include promoting Latvian language and culture in Sweden, and promoting Swedish language and culture in Latvia.
Capital and use of the capital
Section 02.
The Foundation’s restricted capital consists of the initial capital allocated by the Government of Sweden and any additional allocations from the Government of Latvia and other donors, with the exception of allocations received with the stipulation that they go to the non-restricted capital. The restricted capital is increased and decreased by accumulated capitalisations, capital gains, capital losses and write-down adjustments.
The Board decides on how to inflation-proof the restricted capital. The capital not belonging to the restricted capital is the non-restricted capital.
Section 03.
To meet the purposes of the Foundation, the non-restricted capital may be used. If there are special grounds for doing so, the Board may, with the consent of both Governments, decide that part of the restricted capital be used.
The Board
Section 04.
The Foundation’s affairs are managed by a Board based in Stockholm.
Section 05.
The Board comprises eight members. Four members are appointed and dismissed by the Government of Sweden. Four members are appointed and dismissed by the Government of Latvia.
The members represent the country’s cultural, societal and business sectors, as well as special priorities for meeting the purpose.
The mandate period for members is three calendar years. A mandate can be extended once. If there are special grounds, a mandate can be extended once more.
If a member leaves their position before the end of their mandate period, a new member will be appointed for the remainder of the mandate period.
The Board appoints a chair and vice-chair from among its members. A member from one country is to be chair and a member from the other country vice-chair, alternating every year. During the first year, a member from Sweden is to be chair.
Section 06.
The Board has a quorum when at least five members are in attendance, including the chair or, in the absence of the chair, the vice-chair.
Section 06.
A decision of the Board represents the opinion voted for by more than half of the participating members, apart from in cases described in Section 8. In the event of a tied vote, the chair of the meeting has the casting vote.
Section 07.
A decision of the Board represents the opinion voted for by more than half of the participating members, apart from in cases described in Section 8. In the event of a tied vote, the chair of the meeting has the casting vote.
Section 08.
For decisions concerning a petition to amend, cancel or temporarily suspend a provision in these statutes, a minimum of five members must agree on the decision.
Accounts, annual reports and audits
Section 09.
The Foundation’s financial year is the calendar year.
For each financial year, the Board sets a budget.
Section 10.
The Foundation’s accounts and annual report are examined by an authorised auditor.
The auditor must have a deputy. The auditor and the deputy are appointed by the Board.
Section 11.
No later than six months after the end of the financial year, the Foundation must submit a copy of the annual report examined by the auditor and a copy of the auditor’s report to the Governments of both countries.