Foundation Governance

Hedorf Foundation follows and strives to live up to all the recommendations for fund governance set out by the Committee on Fund Governance.

The activities of the Foundation are laid down in the “Fundatsen for Generalkonsulinde Anna Hedorf og Generalkonsul Frode Hedorf’s Fond”, established on September 20, 1960 and given royal confirmation on November 30, 1963. The purpose of the fund is to promote trade and transportation by supporting the further education of young people in these sectors and to carry out special research and analysis tasks. The foundation charter can be read here:

FUNDATS for Generalkonsulinde Anna Hedorf and Generalkonsul Frode Hedorf’s Foundation.

The Foundation has established Hedorf A/S, a wholly-owned investment company that manages the investment of the Foundation’s funds. Investments are primarily made in listed equities and bonds.

The articles of association for Hedorf A/S can be found here.

Hedorfs Fond also runs Hedorf’s Kollegium, which has 52 rooms that are rented out through a joint assignment.

Read more about Hedorf’s Kollegium here.

Reporting in accordance with the Recommendations for Fund Governance can be found in Foundation Governance.

The Board of Directors is responsible for the overall management of the Foundation. The board consists of three people. The two members are appointed by the Danish Chamber of Commerce and the Danish Society for Education and Business (DSEB), while the third member is appointed by the members appointed by these two parties jointly.

In addition to general business understanding, the competencies of the Board of Directors must cover knowledge of trade, transportation and finance, as well as related insight into education and research in these areas. Board members are appointed for a four-year term and must retire no later than the end of the year in which they reach the age of 75.

At least one member of the board is independent.

The work of the Board of Directors is led by the Chairman, and the Board of Directors conducts an annual management evaluation to ensure that the entire Board of Directors has the necessary competence to manage the Foundation in accordance with the Charter. In connection with the board evaluation, the succession plan for board members is updated.

For their work in both Hedorf’s Foundation and Hedorf A/S, the board members are remunerated with a fixed amount of DKK 140,000. The chairman of Hedorf A/S receives 1.5 times this amount and the chairman of the Hedorf Foundation receives 2 times this amount.

A description of the board’s background and competencies can be found here.

The board appoints a director who is responsible for the day-to-day operations of Hedorf Foundation, Hedorf A/S and Hedorf’s Kollegium, where the director also acts as efor. The CEO’s performance is assessed annually in connection with the annual board and management evaluation.

The board meets 4 to 6 times a year as needed. Meetings are chaired by the President.

Due to the structure, size and activity of the Foundation and the wholly-owned subsidiary, the Board of Directors has decided that the Board of Directors of the Foundation and Hedorf A/S should coincide. However, the chairman of Hedorf’s Foundation cannot also be the chairman of Hedorf A/S.

The Board of Directors of Hedorf Foundation has approved rules of procedure that define the responsibilities and obligations of the Foundation in general and the roles, tasks, duties and responsibilities of the Chairman specifically.

In addition, the rules of procedure lay down rules for the day-to-day management of the Foundation.

To fulfill its purpose, the Foundation awards a number of educational scholarships and research prizes as well as support for relevant projects. Total distributions depend on the return on the Foundation’s assets and have been around 5 MDKK in recent years. annually.