The private body was set up a year ago by Tasmanian Chamber of Commerce and Industry managing director Andrew Scobie as a separate organisation that would work alongside and support the state's education system in research and public information campaigns.

A distinguished board of directors including the Governor's wife, Frances Underwood, Federal Hotels executive Brendan Blomley and financial analyst Saul Eslake attracted a significant State Government funding commitment of up to $1 million over two years.

But this week, three of the six inaugural foundation board directors confirmed that they had resigned. Mr Eslake, counted as a fourth director, said that he had not attended meetings and been a director in name only so that his profile could support efforts to source private sector funds.

He said that he had written to Mr Scobie resigning from that position but his letter had not yet been acknowledged.

The only remaining director besides Mr Scobie, former TCCI chief executive Damon Thomas, said that it would be up to Mr Scobie to decide whether to try to appoint new directors so that the foundation could continue.

Mr Blomley, the former foundation vice-chairman, said that he had resigned from the board last month over governance issues and financial management, which a number of directors had raised but which had not been satisfactorily addressed.

Mrs Underwood said that she resigned some time later because of pressing vice-regal commitments.

TCCI chairman Martin Rees resigned from the foundation more than six months ago.

He said that it had taken some time to sort out funding and operational matters for the foundation and he thought that his time could be better used in different roles.

A State Government spokeswoman confirmed that the foundation had received $250,000 so far, which it had to match dollar for dollar as part of the fund arrangement.

Mr Scobie has been interstate since late last week when it was confirmed that the TCCI had legal and industrial relations advisers investigating whether there were any outstanding issues with its temporary managing director following revelations that he went bankrupt in 2001.