philanthropyOz Blog

EFC releases Principles of Good Practice

At the end of 2006 the European Foundation Centre (EFC) Board approved the revised EFC ‘Principles of Good Practice’. These principles constitute a shared vision of good practices and a general recommendation to reinforce good practice, openness and transparency in the European foundation and independent funding community. The EFC encourages its members to publish their adherence to the principles on their website and to discuss and review their implementation with their board and staff.

The EFC Principles now encompasses seven concise ‘Principles of Good Practice’ based on an identified set of core values that every foundation in Europe should aspire to embrace. They address the following areas:

• Compliance
• Governance
• Informed policies, operations and support programmes
• Stewardship: management and finance
• Disclosure and communication
• Monitoring and evaluation
• Cooperation

What do you think of the concept of ‘Principles of Good Practice’ for the Australian philanthropy sector? Would the EFC Principles be transferable, and do you see any value in us going down this path?

To read more about the EFC Priniciples read the Communique.