Good foundation management; Section 77a of the Danish Financial Statements Act

The statement forms part of the management’s report in the Foundation’s annual report for the period 01.04.2025 – 31.03.2026 and covers the same financial period.

 Openness and communication

1.1. The Foundation follows: The Board of Directors has adopted guidelines for external communication, including who can and must speak to the public on behalf of the commercial foundation, and on what matters. The guidelines are intended to meet the need for openness and the needs of stakeholders and the opportunity to obtain relevant, up-to-date information about the Foundation’s affairs.

2.1 The board’s overall task and responsibility

2.1.1 The Foundation follows: In order to ensure the Foundation’s activities in accordance with the Foundation’s purpose and interests, the Board of Directors shall at least once a year take a position on the Foundation’s overall strategy and grant policy on the basis of the Articles of Association.

2.1.2 The Fund follows: The Board of Directors continuously considers whether the Foundation’s asset management corresponds to the Foundation’s purpose and needs in the short and long term.

2.2 The Chairman and the other members of the Board of Directors

2.2.1 The Foundation follows: It has been decided that the Chairman of the Board of Directors organises, convenes and chairs the Board meetings in order to ensure efficient Board work and create the best possible conditions for the work of the Board members individually and collectively.

2.2.2 The Foundation follows: If, in addition to the position of Chairman, the Board of Directors exceptionally requests the Chairman of the Board of Directors to carry out special operational tasks for the commercial foundation, there must be a decision of the Board of Directors to ensure that the Board of Directors retains the independent overall management and control function.

2.2.3 The Foundation follows: Any transactions that the Foundation has entered into with companies prohibited by interest are disclosed in the Foundation’s annual accounts. The board has also chosen to inform itself that there may be no transactions. (NEW POINT)

2.3 Composition and organisation of the Board of Directors

2.3.1 The Foundation follows: The Board of Directors assesses and determines on an ongoing basis the competences that the Board of Directors must have at its disposal in order to be able to perform the tasks incumbent on the Board of Directors in the best possible way.

2.3.2 The Foundation follows: The Board of Directors has, with respect to any right of appointment in the Articles of Association, ensured a structured, thorough and transparent process for the selection and nomination of candidates to the Board of Directors.

2.3.3 The Foundation follows: Board members are appointed on the basis of their personal qualities and competencies taking into account the overall competencies of the Board of Directors, and when composing and nominating new Board members, the need for renewal – in conjunction with the need for continuity – and the need for diversity in relation to, among other things, work and grant experience, age and gender, are taken into account.

2.3.4 The Foundation follows: The Board of Directors consists of the following persons: (see further description under Board of Directors)

Peter Hald Appel, Attorney-at-Law (H),

Elisabeth Fogtdal Nøjgaard, former lawyer (L)

Jesper Jørgensen, state-authorized public accountant

Lars Knonow, state-authorized public accountant

Nidha Rizwan

Julius Damsgaard

The Code also includes requirements for disclosure of management positions, including positions in executive boards and boards of directors and supervisory boards, including management committees, in Danish and foreign foundations, companies, institutions and demanding organisational tasks.

2.3.5 The Foundation has no subsidiaries, which is why this point is not relevant.

2.3.6 The Foundation does not follow: Each year, the Board of Directors actively considers and elects the position of Chairman and Deputy Chairman every four years.  As stated in the Foundation’s charter, the Chairman and Deputy Chairman are elected every four years.

2.4 Independence

2.4.1 The Foundation follows: An appropriate proportion of the members of the Board of Directors are independent of the Foundation.

2.5 Term of appointment

2.5.1 The Foundation follows: The members of the Board of Directors are appointed for a period of four years, with the possibility of re-election once.

2.5.2 The Foundation follows: An age limit of 70 years has been set for the members of the Board of Directors.

2.6 Evaluation

2.6.1 The Foundation follows: The Board of Directors establishes an evaluation procedure in which the contributions and results of the Board of Directors, the Chairman and the individual members are evaluated annually and the results are discussed in the Board.

2.6.2 The Foundation follows: The Board of Directors evaluates the work and results of the Executive Board once a year in accordance with pre-determined clear criteria.

3.1 Remuneration of the Board of Directors and any Executive Board

3.1.1 The Foundation follows: Members of the Board of Directors and the Executive Board are remunerated with a fixed remuneration. The remuneration is sought to reflect the work and responsibilities that follow from the position.

3.1.2 The Foundation does not follow: Due to the composition of the Board of Directors, cf. the Trust Deed, the fees of the individual Board members are not disclosed. However, the annual accounts provide information on the total remuneration received by the Board of Directors and the Executive Board from the Foundation. In addition, the annual accounts disclose any other remuneration that board members receive for the performance of tasks for the foundation.