Respect for the law is the foundation of our society.
Literal
Law [possessive-の] respect [subject-が] our [possessive-の] society [possessive-の] foundation-[assertion-だ]
Nominalized 尊重 ('respect', noun) becomes the subject of the frame 'X is Y'. The use of が rather than は for 尊重 is exhaustive-focus — 'respect for the law (specifically) is the foundation', not just any value. A subtly rhetorical choice.