The foundation has already, due to the enactment of new legislation for foundations of January 1st 2015, adjusted statutes and rules of corporate procedure, to ensure the foundation lives up to current legislation. In conjunction with the annual report of 2015, the foundation has followed the new recommendations for recommendation 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 eight 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 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 2023.
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.