Industrial Foundations play a prominent role in the Danish business world as they are the controlling owners of large publicly traded companies such as AP Møller-Maersk, Carlsberg, and Novo Nordisk. Because of their dual purpose of for-profit and non-profit donation activities, it is essential that Boards of Industrial Foundations are equipped with the competencies and knowledge to deal with these two very different business models. The new law on Industrial Foundations has imposed a number of new tasks on the boards along with increased awareness of the importance of corporate governance. The business framework of Industrial Foundations is characterized by these points, amongst others:
Industrial Foundations have no owners, only company articles, and are therefore heavily reliant on their Boards
Industrial Foundations are bound by a set of rules which are documented in the company articles that set the framework for their purpose and code of conduct
Industrial Foundations are subject to the supervision of Fondsmyndighedens (the Department of Civil Affairs)
Some Industrial Foundations are managed by the founding families, who continue to take a strong personal interest in the firm
Curriculum and Approach
This two-day program is case-based and centers around the implementation of the new law and the important duties that the Board oversees, such as active ownership, corporate governance, mergers and acquisitions and changes to the company articles. The program also focuses on the all-important tasks of sound board leadership, including the independence of directors, board competencies and evaluation, the board and EMT relationships, the Foundations strategy and risk management.