The foundation is a corporate foundation and, thereby, subject to the corporate foundation law. The Danish business authority, Erhvervsstyrelsen, is the governmental supervisor of Gerda & Victor B. Strand's Foundation.
Gerda & Victor B. Strand's Foundation's primary purpose is to secure and support the economic foundation of the companies associated with the Toms Group A/S. This is done to ensure that their future existence and development is built on good commercial and economic understanding.
The foundation has already, due to the enactment of new legislation for foundations, adjusted statutes and rules of corporate procedure, to ensure the foundation lives up to current legislation. In conjunction with the annual report of 2021, the foundation has followed the new recommendations on Foundation Governance. A detailed breakdown of how the foundation has addressed these demands can be found at https://godfondsledelse.dk/ (in Danish).
Gerda & Victor B. Strand's Foundation is run by a board of seven members. Three of which 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 at the end of the year, in which the member turns 75. A minimum of 5 board meetings must be held per year. Employee representatives are appointed for a period of 4 years. There is one female member among the appointed board members. It is the objective of the board to have 2 female board members by 2025.
Members of the board are paid a fee of DKK 160,000 a year. The Deputy Chairman receives 1½ times the base fee and the Chairperson receives 3 times the base fee. The Chairman of Toms Gruppen A/S, who is also member of the Foundation, receives ½ times the base fee.The Chairman of the investment committee receives a supplement of ½ times the base fee. The Foundation has no management, and administration is handled by Toms Group A/S. The total number of hours for administration is estimated to be approx 60 hrs per year. A detailed review of Gerda & Victor B. Strands Foundation's fulfillment of Recommendations of Foundation Governance can be read here: