The Carnegie Foundation directs the overall management of the premises of the Peace Palace, housing the Permanent Court of Arbitration, the International Court of Justice and the Peace Palace Library. The Foundation was established in 1904 to manage the donation of US $ 1.5 million by the Scottish-American entrepreneur and philanthropist Andrew Carnegie. Carnegie donated this money to the State of the Netherlands for the construction of premises to host the Permanent Court of Arbitration, the institution that was born out of the First Hague Peace Conference of 1899. The Carnegie Foundation is a Dutch institution, governed by a Board and a Directorate. Members of the Board also constitute the Administrative Council of the Hague Academy of International law.
The Board consists of seven Members, including a representative of the Permanent Court of Arbitration. On a regular basis, former Prime-Ministers and Ministers of Foreign Affairs have chaired the Board Today the board is chaired by former minister of Foreign Affairs Mr Bernard Bot. Since 1974 the day-to-day management of the Foundation is entrusted to a General Director. The Advisory Council of the Foundation is presided over by the Minister of Foreign Affairs and composed of the Ministers of Justice, Finance and Education, along with the Presidents of the Chambers of the States General, the Vice-President of the Council of State, and the President and Attorney-General of the Supreme Court of the Netherlands. The Carnegie Foundation is one of the founding members of the Hague Academic Coalition.