Foundations are created to promote a specific objective. It is the person or persons who establishes the foundation who determine its objective, which is set out in the foundation's articles of association. The purpose of the Multiconsult Foundation is stated in Section 3 of the articles of association.
As opposed to companies, foundations do not have owners. Instead, foundations are characterised by the fact that they are self-owned. This means that all foundations have a board of directors, which is the foundation's highest body, and which must ensure that the purpose of the foundation is maintained. Pursuant to this principle, the mandate of the board of the Multiconsult Foundation is to ensure that the Foundation's objective is maintained in accordance with how it is set out in section 3 of the articles of association.
Foundations are established with a long-term perspective, and are subject to the regulation of the Foundations Act. The Gaming and Foundation Authority exercises overall control over all Norwegian foundations.