Good fund management

Openness and communication

The Sol og Strand Foundation, Sol og Strand Margit and Kjeld, follows the recommendation that the board of directors adopt guidelines for external communication, including who speaks to the public on behalf of the commercial foundation.

The guidelines must meet the need for transparency and the needs and opportunities of stakeholders to obtain relevant, up-to-date information about the fund's circumstances.

The chairman of the fund, Jens Stadum, speaks on behalf of the fund.

Per Dam, board member and CEO of Sol og Strand A/S, comments on the importance of the fund in relation to Sol og Strand's daily collaboration with homeowners, holidaymakers, and employees.

Furthermore, the board of directors' statement on how and to what extent the fund complies with the "Recommendations for Good Fund Management" will be available on the fund's website and in its annual report.

 

The Board of Directors

The Board of Directors consists of five members who are responsible for the overall and strategic management of the fund. The Board of Directors must act in the interests of the fund in accordance with the fund's objectives.

The board members of the Sol og Strand Foundation Sol og Strand Margit and Kjeld are initially appointed for a two-year period and may then be reappointed twice. A reappointment period may last for five years.

Furthermore, the recommendation regarding the age limit for board members is followed – the age limit is 75 years. These restrictions do not apply to founders.

 

The duties and responsibilities of the Board of Directors

The Sol og Strand Foundation, Sol og Strand Margit and Kjeld, follows the recommendation that the chair of the board organizes, convenes, and chairs board meetings with a view to ensuring effective board work and creating the best possible conditions for the work of the board members individually and collectively.

If the board of directors deems it necessary for the chair of the board to perform specific operational tasks for the commercial foundation, a board resolution must be in place to ensure that the board maintains an independent management and control function. In addition, a proper division of labor between the chair and the rest of the board should be ensured.

In order to ensure that the commercial fund operates in accordance with the fund's objectives and interests, the intention is that the board of directors will, at least once a year, review the fund's overall strategy and distribution policy on the basis of the articles of association.

 

Composition of the Board of Directors

The Sol og Strand Foundation, Sol og Strand Margit and Kjeld, follows the recommendation that the board of directors regularly assesses and ensures that it represents a broad spectrum of the competencies it needs to perform the tasks incumbent upon the board of directors in the best possible manner.

When appointing and selecting new board members, consideration is given to diversity in terms of gender, age, professional experience, etc.

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

A member of the board of directors may resign from the board at any time during the term of appointment.

Only the fund authority can dismiss a board member during a term of appointment.

The annual report and the fund's website will show the composition of the board of directors, as well as the following information about the board members:

• Name and position
• Age and gender
• Date of joining the board, re-election (if applicable), and current term of office.
• Other positions held by the member – positions on executive boards, committees, institutions, boards of directors, foundations, etc.

 

Independence

The Sol og Strand Foundation, Sol og Strand Margit and Kjeld, seeks to follow the recommendation that an appropriate proportion of the board members be independent.

The independence of a board of directors must be assessed on the basis of its ability and willingness to pursue the fund's objectives in an impartial and unbiased manner. The board of directors must therefore not be influenced by interests other than the pursuit of the fund's objectives.

A board member is not considered independent if he or she:

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

As of December 2024, the Sol og Strand Foundation Sol og Strand Margit and Kjeld will include one independent member, and the board of directors aims to supplement the board with an additional independent board member, so that there will be two members considered independent, which will be in accordance with the recommendation for board composition.

 

Remuneration

The fund follows the recommendation that board members of commercial foundations be remunerated with a fixed fee that reflects the work and responsibilities of the position.

 

Evaluation

Once a year, the board, the chairperson, and the contributions of individual members are evaluated. The results are then discussed by the board.

The evaluation shall form the basis for continuous improvement of the work of the board of directors and shall ensure that the board of directors always has the right composition in terms of competencies.

 

The Sol og Strand Foundation Sol og Strand Margit and Kjeld'
Chairman Jens Stadum,
March 2025