Who sits on our boards, what are their guidelines and how are they compensated?
Our boards select their own members. The boards aim to have a balanced membership in order to ensure that the board, collectively, is well informed about all of the areas that VILLUM FONDEN and VELUX FONDEN make grants to.
Both foundations require that at least one member of its board be a descendant of founder Villum Kann Rasmussen.
The work of the boards
The boards are responsible for the foundations' strategies and make the final decisions on all grants and other important issues – e.g. policies for asset management and governance, and for VILLUM FONDEN also the policies for the co-ownership of VKR Holding A/S. This takes place at board meetings approx. every other month.
In addition to the board meetings, the members participate in an annual strategy day, and the chairs also participate in preparatory meetings, etc.
As a rule, the board members also participate in meetings in one or more of the foundations' working groups and committees. These meetings have the same frequency as the board meetings.
The trust deeds state that all board members must be “authoritative, of impeccable reputation, trustworthy and mature”.
Members of VILLUM FONDEN board of directors must also be “business-minded”, and at least two members must “have, or have had, an affiliation with the VKR Group”.
VELUX FONDEN board of directors seeks to include individuals who possess insight into business administration and finance, or into culture and education.
Regular members may sit on the board of directors for a maximum of 10 years. Descendants of Villum Kann Rasmussen may sit on the board of directors for 15 years. For both types of members, the maximum age is 75.
Members of VILLUM FONDEN’s board of directors receive DKK 325,000 annually in compensation. The chair's remuneration is DKK 812,500 annually, and the vice-chair's remuneration is DKK 542,750 annually. Observers receive DKK 110,000 annually.
Members of VELUX FOUNDEN’s board of directors receive DKK 150,000 annually in compensation. The chair's remuneration is DKK 300,000 annually, and the vice-chair's remuneration is DKK 225,000 annually. Observers receive DKK 75,000 annually.
In addition members of the boards receive compensation if they are engaged in the foundation's working groups or committees.