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The Louvre Endowment Fund

Through this structure built to sustain strategic projects, individuals and corporations alike can play a valuable role in securing the future of the museum and thus contribute to ensuring that an exceptional heritage is passed on from generation to generation.

 

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Governance of the Endowment Fund is provided by a board of directors that deliberates on the strategic direction of the Fund and supervises its operations. The board of directors relies on an executive director and two advisory bodies: the investment committee and the strategic orientation council.

The board of directors

The board of directors has six members, including a chairman. The board is in charge of issuing investment policy and the Endowment Fund budget. Each year, it decides on the amount of revenue that will be allocated to financing projects, the list of which is periodically updated by the museum.

The board of directors of the Endowment Fund ensures that fund action is aligned with the museum’s long-term objectives. It also guarantees its operational independence. As such, three museum representatives, including its director, sit on the Endowment Fund board of directors. The board also includes three external members.

The investment committee


The investment committee is comprised of five external financial experts. Working closely with the executive director of the Fund, the committee gives board members advice on asset allocation and investment strategy. It then ensures investment policy is implemented by the Fund.
 

The strategic orientation council

The role of the strategic orientation council, comprised of the primary Endowment Fund donors, is to make recommendations on cultural, scientific and outreach projects that could be financed by the Fund.

The executive director

The executive director implements the investment policy and strategic orientations defined by the Fund board to which he reports regularly. He selects in particular the investment management companies delegated by the Fund, and monitors their performance. He also recommends asset allocation decisions to the members of the investment committee. Lastly, he oversees relations with the Fund’s supervisory authorities and guarantees the quality of information given to donors.

The roles and responsibilities of the different stakeholders are described in the Endowment Fund by-laws, which can be consulted opposite.
 

The main service providers of the Louvre Endowment Fund

Auditor: the Endowment Fund board of directors chose KPMG for its annual accounts audit.

Investment management companies: the management companies or banks chosen by the Endowment Fund to invest in the various categories that comprise its portfolio are:
 

Investment categories Investment companies
Shares BlackRock
State Street Global Advisors (SSgA)
Vanguard
Bonds BNP Paribas
Investec
Pictet
PIMCO (Groupe Allianz)
Money markets Crédit Agricole Ile de France
BNP Paribas
Société Générale

 

 

 

 

 

 

The aforementioned service providers were chosen following a selection process validated by the Endowment Fund investment committee.