Foan, who has been at Jicwebs since the foundation of the original committee, said that he will stay active in the media industry in a number of advisory and non-executive roles.
The Jicwebs board are in the process of seeking a successor and said it is considering internal and external applications for a newly-created chief executive/managing director position, a post that will be supported by Foan in an advisory capacity.
Foan is regarded by many as a pioneer in establishing industry standards around internet advertising. He has advocated global standards for local markets, serving for 18 years as chairman of the International Federation of Audit Bureaux of Circulations' digital standards group.
He launched the first digital circulation currency, ABC Electronic, in 1996, while he led the creation of the Jicwebs committee in 1999.
John Montgomery, Group M's global executive vice-president of brand safety, added: "Richard deserves recognition for driving Jicwebs since its inception and ensuring the agenda moves forward. While there is more to do, the platform and the team he has built stand as a great model that media industry professionals can all benefit from."
More recently, in January, Foan was instrumental in the alignment of Jicwebs with its US counterpart Tag, the Trustworthy Accountability Group to bring consistency to standards across the Atlantic.
Foan said: "As the media industry evolves, it is more important than ever to focus on delivering the transparency that is so essential to creating brand trust. I am immensely proud of what Jicwebs has achieved so far. "