According to section 60 of the Commercial Foundations Act, the board of directors must take a position on the Recommendations on Foundation Governance. The board of directors has considered and adopted a position on each recommendation as set out below.

No. 1.1 It is recommended that the board of directors adopt principles for external communication that address the need for transparency and stakeholders' needs and possibilities to obtain relevant up-to-date information about the circumstances of the foundation.

The foundation follows the recommendation.

No. 2.1.1 It is recommended that, in order to secure the activities of the commercial foundation in accordance with the purposes and interests of the foundation, the board of directors should, at least once a year, take a position on the overall strategy and distribution policy of the foundation on the basis of the articles of association.

The foundation follows the recommendation.

No. 2.1.2 It is recommended that the board of directors regularly address whether the foundation's asset management is in line with the purpose of the foundation and its long- and short-term needs.

The foundation follows the recommendation.

No. 2.2.1 It is recommended that the chairman of the board of directors organize, convene and chair meetings of the board of directors in order to ensure effective board work and to establish the best conditions for the work of the board members, individually and collectively.

The foundation follows the recommendation.

No. 2.2.2 It is recommended that if the board of directors, in exceptional cases, asks the chairman of the board of directors to perform special activities for the commercial foundation which extend beyond the duties of chairman, a board resolution to that effect be passed to ensure that the board of directors maintains its independent, general management and control function. Appropriate allocation of responsibilities should be en- sured between the chairman, the vice-chairman, the other members of the board of directors and the executive board, if any.

The foundation follows the recommendation.

No. 2.3.1 It is recommended that the board of directors regularly, and at least every second year, assess and stipulate the competences that the board of directors needs to possess in order to best perform the tasks incumbent upon the board of directors.

The foundation follows the recommendation.

No. 2.3.2 It is recommended that with due respect of any right in the articles of association to make appointments, the board of directors approves a structured, thorough and transparent process for selection and nomination of candidates for the board of directors.

The foundation follows the recommendation.

No. 2.3.3 It is recommended that members of the board of directors are appointed on the basis of their personal qualities and competences, taking into account the collective competences of the board, and that when composing and nominating new members to the board, the need for introducing new talent is weighed against the need for continuity and the need for diversity in relation to, inter alia, commercial and grants experience, age and gender.

The foundation follows the recommendation.

No. 2.3.4 It is recommended that in the management commentary in the annual report and on the commercial foundation's website, if any, there is an account of the composition of the board of directors, including its diversity, and that the following information is provided on each board member:

• the name and position of the member,

• the age and gender of the member,

• date of original appointment to the board, whether the member has been re-elected, and expiry of the current election period,

• any special competences pos- sessed by the member,

• other managerial positions held by the member, including positions on executive boards, boards of directors and supervisory boards and board committees in Danish and foreign foundations, enterprises and institutions, as well as other demanding organisation tasks,

• whether the member owns shares, options, warrants and similar in the foundation's subsidiaries and/or associated companies,

• whether the member has been appointed by authorities/providers of grants etc., and

• whether the member is considered independent.

The foundation follows the recommendation.

No. 2.3.5 It is recommended that the majority of the members of the board of directors of the commercial foundation are not also members of the board of directors or executive board of the foundation's subsidiary(ies), unless it is a fully-owned actual holding company.

The foundation follows the recommendation.

No. 2.4.1 It is recommended that an appropriate proportion of the board of directors be independent. If the board of directors (excluding employee representatives) is com- posed of:

• up to four members, at least one member should be independent,

• between five and eight members, at least two members should be independent, or

• nine to eleven members, at least three members should be independent, and so on.

To be considered independent, this person may not, for example:

• be or within the past three years have been member of the executive board or a senior employee in the foundation or an essential subsidiary or associated company to the foundation,

• within the past five years have received larger emoluments, including distributions or other benefits from the foundation/group or a subsidiary or associated company to the foundation in other capacity than as member of the board of directors or executive board of the foundation,

• within the past year have had a significant business relationship (e.g. personal or indirectly as part- ner or employee, shareholder, customer, supplier or member of the executive management of companies with corresponding connection) with the foundation/group or a subsidiary or associated company of the foundation,

• be or within the past three years have been employed or partner at the external auditor,

• have been a member of the board of directors or executive board of the foundation for more than 12 years,

• be a close relative or in another way be very close to persons who are not considered as independent,

• be the founder or a significant donor if the purpose of the foundation is to grant support to this per- son’s family or others who are especially close to this person, or

• be a member of the management of an organisation, another foundation or similar, which receives or repeatedly within the past five years have received significant donations from the foundation.

The foundation’s board of directors is composed of four members. All members are appointed in accordance with the regulations.

Name: Bruno Månsson
Gender: Male
Age: 76
Role/occupation:
Partner: Paragraf Plus Advokater I/S
CEO: KoldCo Greenland ApS
CEO: KoldCo ApS
CEO: Det Ny Højtoft ApS
CEO: Ny Højtoft K/S
Chairman: EUROVENUE (FOND)
Chairman: GREENLAND ICE CAP PRODUCTIONS A/S
Chairman: FONDEN SPRING NORDIC
Board member: Ejendomsfonden for Autisme
Board member: Boligfonden Autisme
Board member: Børnelungefonden
Board member: Foreningen Folkemødet
Competences: Corporate law, employment law, torts, negotiations, insurance law, construction law, intellectual property, contract law, administrative law, dispute resolution, arbitration, international law, legititation, structuring not-for-profit organizations, foundations and associations and relevant direct- and indirect taxes, as well as governance and compliance
Elected for the board, year 2022
Re-elected for the board, year: not relevant
End of current election term, year 2024
Independence: Independent

Name: Erik Ludvig Find
Gender: Male
Age: 44
Role/occupation:
Chairman: ALFA Properties A/S
Chairman: ALFA Work Søborg A/S
Vice-chairman: ALFA DEVELOPMENT A/S
Board member: Udviklingsselskabet af 1. juli 2019 A/S
Board member: Nextfood ApS
Board member: ALFA Ventures ApS
Board member: 10x Impact ApS
Board member: xbuild A/S
Founder: 10x Impact ApS
Competences: Construction, contract negotiation, entrepreneurship, risk management, project management, investment management, business strategy, asset management, valuation, financial modelling
Elected for the board, year 2022
Re-elected for the board, year: not relevant
End of current election term, year 2024
Independence: Not independent

Name: Andreea Iona Kaiser
Gender: Female
Age: 46
Role/occupation:
Chairman: Udviklingsselskabet af 1. juli 2019 A/S
Chairman: ALFA DEVELOPMENT A/S
Chairman: Rovsingsgadekvarteret P/S
Board member: ALFA Properties A/S
Board member: ALFA Work Søborg A/S
Board member: CBio A/S
Board member: ALFA Ventures ApS
Board member: xbuild A/S
Founder: ALFA DEVELOPMENT A/S
Founder: Herlev - Big Shopping PropCo ApS
Competences: Real estate development, valuation, portfolio management, investments, financial modeling, business strategy, asset management, financial analysis, due diligence, strategy, risk management
Elected for the board, year 2022
Re-elected for the board, year: not relevant
End of current election term, year 2024
Independence: Not independent

Name: Omid Gardezi
Gender: Male
Age: 49
Role/occupation:
CEO: A+ Holding ApS
CEO: Liirn ApS
Chairman: Mindpool (USA)
Founder: Saints (USA)
Business advisor: Scientia Venture (USA)
Brand Strategy Advisor: Harvard Innovation Labs (USA)
Board Member: Raise Green (USA)
Senior advisor: Syntax (USA)
Senior Advisor: Locus Analytics (USA)
Board member: UNLIVE (DK)
Competences: Strategy, creative direction, digital strategy, advertising, strategic partnerships, brand development, content strategy, marketing communications, integrated marketing, digital marketing, concept development, social media marketing, marketing strategy, business strategy, graphic design
Elected for the board, year 2022
Re-elected for the board, year: not relevant
End of current election term, year 2024
Independence: Independent

Name: Alison Marambe Fort
Gender: Female
Age: 45
Role/occupation:
CEO Katapult Foundation (Norway)
Impact Partner Katapult VC (Norway)
Board Member Toniic (USA)
Director AFORT Consultants Ltd (UK)
Advisory Board Member Tripple Family Office (Australia)
Advisory Board Member University of Cambridge Institutet Sustainability Leadership Canopy and Multigenerational Leadership Programme (UK)
Board Member Planetary Responsibility Foundation (Denmark) 
Competences: CEO, Director, Governance Committee member, public speaker, impact investing expert, AI Ethics advisor
Elected for the board, year 2024
Re-elected for the board, year: not relevant
End of current election term, end of 2025
Independence: Independent

No. 2.5.1 It is recommended that members of the board of directors be appointed for a minimum period of two years and a maximum period of four years.

The foundation follows the recommendation.

No. 2.5.2 It is recommended that an age limit for members of the board of directors be set, which is published in the management commentary or on the foundation's website.

The foundation follows the recommendation.

No. 2.6.1 It is recommended that the board of directors establish an evaluation procedure in which the board of directors, the chairman and the contributions and performance of individual members are evaluated annually, and the result is discussed by the board of directors.

The foundation follows the recommendation.

No. 2.6.2 It is recommended that once a year the board of directors evaluate the work and performance of the executive board and/or the administrator (where relevant) in accordance with predefined clear criteria.

The foundation follows the recommendation.

No. 3.1.1 It is recommended that the members of the board of directors of commercial foundations be remunerated with a fixed remuneration and that members of a potential executive board be remunerated with a fixed remuneration, possibly combined with a bonus which should not be dependent upon accounting results. The remuneration should reflect the work and responsibilities consequential to the position.

The foundation follows the recommendation.

No. 3.1.2 It is recommended that the financial statements provide information about the full remuneration received by each member of the board of directors and any executive board from the commercial foundation and from the foundation's subsidiaries and associated companies. Furthermore there should be information on any other remuneration which members of the board of directors and an executive board, if any, have received for performing other work or tasks for the foundation, the foundation's subsidiaries or associated companies, except for the remuneration of employee representatives as employees.

The foundation follows the recommendation.

Recommendations on good governance