The foundation has already, due to the enactment of new legislation for foundations of January 1st 2014, adjusted statutes and rules of corporate procedure, to ensure the foundation lives up to current legislation. In conjunction with the annual report of 2014, the foundation has followed the new recommendations for ethical foundation management. A detailed breakdown of how the foundation has addressed these demands for ethical foundation management can be found at https://godfondsledelse.dk/ (in Danish).
Gerda & Victor B. Strand's Foundation is run by a board of eight members. Three of these are employee representatives from the Toms Group A/S. Board members of the foundation are appointed for a four year-period and cannot sit on the board for longer than the end of the year, in which the member turns 75. There has to be, a minimum of, five board meetings a year. Employee representatives are appointed for a period of 4 years.
Members of the board are paid a fee of DKK 150.000 a year. The Deputy Chairperson receives the one and a half times the base fee and the Chairperson receives three times the base fee. The Chairperson of the Toms Group A/S, who is also a member of the foundation board only receives half the base fee.