Stichting Cardano Development is a Dutch foundation with a charitable status as an “institution for general benefit” (Algemeen Nut Beogende Instelling, ANBI). By charter, an ANBI may not have any ultimate beneficiary owners. Profits in the group add to retained earnings only.
Cardano Development B.V. is a 100 percent subsidiary of the Cardano Development Foundation. In turn, Cardano Development owns 100 percent of the shares in each subsidiary.
Each subsidiary of Cardano Development operates with dedicated mandates that are separately funded by partners, and thus require a high level of autonomy from the group. Each has its own dedicated management team and supervisory function.
Foundation board members will not receive any remuneration for the performance of their activities. Managing Directors can be granted a compensation for the costs they reasonably have to make in order to perform their duties and a non-excessive attendance fee.
Cardano Development B.V. started in 2010 as a subsidiary of Cardano Holding. Cardano Development management and finances are kept fully separated from the other entities in the Cardano Group. In 2013, Cardano Group institutionalised this separation by creating the Cardano Development Foundation and placing Cardano Development B.V. under its ownership.