David and Lucile Packard lived by a set of values and a code of conduct that guide the Foundation’s governance and operations today.
Our Board of Trustees is responsible for setting the mission and strategic direction of the Foundation and for overseeing its finances, operations, and policies as set forth in the Articles of Incorporation, the Bylaws, and committee charters. The Board of Trustees regularly reviews the operations and policies of the Foundation to ensure that they comply with all legal requirements and reflect the best practices in the field.
The Foundation’s Bylaws are the internal operating rules set by the Board of Trustees to ensure the Foundation is organized and operated exclusively for charitable, scientific, and educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code and in compliance with California laws governing public benefit corporations.
Executive Committee Charter
The Executive Committee is established to assist the Board of Trustees by having the authority to transact all regular business of the Foundation between quarterly Board meetings except with respect to nondelegable powers.
Finance Committee Charter
The Finance Committee is established to assist the Board of Trustees with all financial policies and strategy, including review of the annual operating budget.
Investment Committee Charter
The Investment Committee is established to assist the Board of Trustees with all investment-related matters, including policy and strategy matters, investment manager selection and implementation, and review for compliance and performance relative to objectives.
Compensation and Talent Committee Charter
The Compensation and Talent Committee is established to define the total compensation strategy for the Foundation, consistent with its mission and values.
Audit Committee Charter
The Audit Committee is established to assist the Board with oversight of the quality and integrity of the accounting, reporting, and auditing practices of the Foundation.
Committee on the Board Charter
The Committee on the Board is established to assist the Board in ensuring that the members of the Board represent the level and diversity of perspective, judgment, experience, maturity, expertise, and culture to govern the Foundation now and into the future.
ERISA Committee Charter
The Employee Benefits Administrative Committee is established to fulfill legal and fiduciary obligations with respect to the Foundation’s retirement plans.
Socially Responsible Investment Principles and Guidelines
The Investment Committee is responsible for implementing the Foundation’s Socially Responsible Investment Principles and Guidelines. It will review this document regularly and recommend any changes to the Board of Trustees.
Code of Conduct and Statement of Values
David and Lucile Packard believed in and lived by a set of values that underscore the work of the Foundation. This Code of Conduct and Statement of Values provides an overview of how those values guide the Foundation’s work.
Commitment to Diversity
The Foundation recognizes diversity is an asset essential to accomplishing its work and views diversity as encompassing differences in race and gender, as well as age, national origin, disability, sexual orientation, job skills, education, and geographic location.
Conflict of Interest Policy
The Foundation strives to avoid conflicts of interest as well as the appearance of impropriety to ensure that the Foundation continues to operate in accordance with the founders’ wishes and to maintain the public trust inherent in its tax-exempt status and private foundation classification.
The Foundation has established procedures for the receipt and treatment of any concerns or complaints from employees and grantees.
Overview of Spending Policy
The Foundation aims to be a long-term, though not necessarily a perpetual institution. Currently it is the intention of the Foundation to exist as a strong foundation working toward important goals in its program areas of interest through at least 2060, representing approximately the lifespan of David and Lucile Packard’s grandchildren. The Foundation is structuring its investment goals and policy with this horizon in mind.
Statement on Sustainability
From its inception, The David and Lucile Packard Foundation has been focused on promoting sustainability as part of its grantmaking and day-to-day operations.