Good Foundation Management

Openness and communication

Fonden Sol og Strand by Margit og Kjeld follows the recommendation that the board adopts guidelines for external communication, including who speaks to the public on behalf of the commercial foundation.

The guidelines must meet the need for openness and the stakeholders' need and opportunity to obtain relevant updated information about the foundation's affairs.

The chairman of the foundation, Jens Stadum, as well as the foundation's founder, speaks on behalf of the foundation.

Board member and CEO of Sol og Strand Feriehusudlejning A/S, Per Dam, comments on the foundation's significance in relation to Sol og Strand's daily collaboration with homeowners, holiday guests, and employees.

Furthermore, the board's statement on how and to what extent the foundation complies with 'Recommendations for Good Foundation Management' will be available on the foundation's website and annual report.

The Board

The board consists of five members who are responsible for the overall and strategic management of the foundation. The board must safeguard the foundation's interests in accordance with the foundation's purpose.

The board members of Fonden Sol og Strand by Margit og Kjeld are initially appointed for a 2-year term and may then be reappointed 2 times. A reappointment period can last 5 years. A maximum of 12 years in total.

The foundation does not follow the recommendation regarding the establishment of an age limit for a board member. This decision has been made on a conscious and well-considered basis and supports, in the board's opinion, the foundation's long-term interests and purpose, including the preservation of continuity, competencies, flexibility, and suitability over age.

The board's tasks and responsibilities

Fonden Sol og Strand by Margit og Kjeld follows the recommendation that the board chairman organizes, convenes, and leads board meetings to ensure effective board work and create the best possible conditions for the board members' work individually and collectively.

In the event that the board deems it necessary for the board chairman to perform specific operational tasks for the commercial foundation, there must be a board decision ensuring that the board maintains an independent management and control function. Additionally, a proper division of labor between the chairman and the other board members should be ensured.

In order to ensure the commercial foundation's operations in accordance with the foundation's purpose and interests, the intention is for the board to assess the foundation's overall strategy and distribution policy at least once a year based on the articles of association.

The composition of the board

Fonden Sol og Strand by Margit og Kjeld follows the recommendation that the board continuously evaluates and ensures that it represents a broad spectrum of the competencies it should possess to best perform the tasks assigned to the board.

When appointing and setting new board members, consideration is given to diversity in relation to gender, age, professional experience, etc.

In determining the composition of the board, a good balance between continuity and renewal among the board members is ensured.

A board member may resign from the board at any time during the appointment period.

Only the foundation authority can dismiss a board member during an appointment period.

The composition of the board will be presented in the annual report and on the foundation's website, and the same applies to the following information about the board members:

• Name and position
• Age and gender
• Date of joining the board, possible re-election, and current term.
• The member's other positions – roles in management, committees, institutions, boards, foundations, etc.

Independence

Fonden Sol og Strand by Margit og Kjeld follows the recommendation that a suitable portion of the board members are independent. Out of the board's 5 members, 2 members are independent.

A board member's independence must be assessed based on their ability and willingness to impartially and objectively pursue the foundation's purpose. The board must therefore not be influenced by any interests other than the pursuit of the foundation's purpose.

A board member is not considered independent if they:

• are, or have been within the last three years, a member of the management or a senior employee in the foundation or a significant subsidiary or associated company of the foundation,
• have received significant remuneration within the last five years, including distributions or other benefits, from the foundation/group or a subsidiary or associated company of the foundation in any capacity other than as a member of the foundation's board or management,
• have had a significant business relationship (e.g., personally or indirectly as a partner or employee, shareholder, customer, supplier, or management member in companies with a similar connection) with the foundation/group or a subsidiary or associated company of the foundation within the last year,
• are, or have been within the last three years, employed or a partner at an external auditor,
• have been a member of the foundation's board or management for more than 12 years,
• are closely related to or otherwise connected to individuals who are not considered independent,
• are a founder or significant donor if the foundation aims to provide support to their family or others who are particularly close to them, or
• is a member of the management in an organization, another foundation, or similar, that receives or has repeatedly received significant donations from the foundation within the last five years.

In Fonden Sol og Strand, as of April 2026, there are 2 independent members, which will be in accordance with the recommendation for board composition.

Remuneration

The foundation follows the recommendation that board members in commercial foundations are compensated with a fixed remuneration that reflects the work and responsibility of the position. Remuneration is stated in the annual report.

Evaluation

Once a year, the board, the chairman, and the individual members' contributions are evaluated. The results will subsequently be discussed in the board.

The evaluation should serve as a basis for continuous improvement of the board's work and ensure that the board consistently has the right composition in relation to competencies. Additionally, the work of the foundation administrator is evaluated annually.

The Fonden Sol og Strand by Margit og Kjeld
Chairman Jens Stadum,
April 2026