The ICO Foundation
It was created in 1993 by the Official Credit Institute (ICO) and since 2003 it has been a permanent, not for profit, state-owned public foundation backed solely by the Official Credit Institute and is, therefore, free-standing.
The ICO Foundation's mission is to contribute towards and support the development of society. It achieves this aim by promoting culture and knowledge in its various spheres of action. Over time, these have adapted to the priorities and strategic lines set by the governing bodies, based on the needs identified at any given time.
Projects are selected in accordance with the Action Plan approved each year by the foundation's Board. Because it is a public foundation, it is governed by criteria of objectivity, transparency, impartiality and non-discrimination. There is a code of good governance for the members of the board, the executive committee and the advisory boards. Foundation's president and employees are ruled as well by a Code of Conduct approved by the Board.
Actions such as the Chinese grant programme, organising the Hispano-German forum and museum-related activities, among others, give the Foundation an international dimension although Spain is the main focus of its mission and sphere of action.
Its financial statements are audited by the State Public Accounts Department. The Foundation is also subject to inspection and appraisal by the ICO International Audit department, the Court of Auditors and the General Inspectorate of Services, among others.