ANNUAL REPORT 2014 Poul Due Jensen Foundation (Grundfos Foundation) Annual Report 2014 Poul Due Jensen Foundation was established in 1975 by the founder of Grundfos, Poul Due Jensen, with the aim of ensuring a financially sound and sustainable development of Grundfos and its affiliated companies. The values are now included in the Foundation charter. Furthermore, the Foundation has formulated overall financial and market-related objectives for the Grundfos Group which should be taken into consideration both in short- and long-term planning, while of course also acknowledging global economic cycles. For the Foundation it remains critical that Grundfos is a developer of highly innovative products and solutions which are the best in their market, while always striving for environmental and social sustainability in all processes and activities. clean water for the world’s most vulnerable lie very close to Grundfos’ core business, namely that of pumping water. Donations and prizes within research and innovation aim to inspire inwards and build relations with Danish research environments. Finally, donations within the area of social responsibility reflect the ambition of the founder, Poul Due Jensen, who always believed that people, no matter how or where they are born, are valuable and able to contribute. A responsible company owner Poul Due Jensen Foundation owns 88 per cent of the Grundfos Group. The large shareholding means that it is imperative that the Foundation exercises responsible ownership towards the Grundfos Group. In 2014, the Foundation has taken significant steps towards clarifying and further describing its role vis-à-vis the Grundfos Group by updating the Foundation charter and creating a solid and viable organisation. Great results with limited funds In 2014, the Poul Due Jensen Foundation distributed DKK 18.5m. The funding went to 25 projects and six prizes. Of the donations, 73 per cent or DKK 13.5m was used to secure clean and safe water, 20 per cent or DKK 3.7m was used within the area of research and innovation, and finally 7 per cent or DKK 1.3m was donated to social purposes in Denmark. New management and secretariat Historically, the Poul Due Jensen Foundation has been run by its chairmanship, but in 2013 the Foundation Board decided to begin a process to streamline and professionalise daily management by the Foundation. In 2014, steps were taken to implement this decision, and the Foundation Secretariat now comprises four staff members. The Secretariat is led by Executive Director Christian Hartvig, who maintains relations with the Foundation Board, the Grundfos Group, partners and authorities as well as ensuring sound financial management of the Foundation. To complete the Secretariat, three colleagues have joined him: Pia Rask, who handles project applications and develops the Foundation’s donation portfolio, Anne B. Christensen, who is in charge of communication activities, and Lisbeth Bech, Niels Due Jensen’s secretary, who helps the Foundation with her expertise in organisational and financial matters. Setting directions for the future In the course of 2014, the Foundation’s Board of Directors has confirmed the overall business objective for the Grundfos Group as follows: 2014 DONATIONS Humanitarian aid Research & innovation Social responsibility “Grundfos is a global leader in advanced pump solutions and a trendsetter within water technology. We contribute to global sustainability by pioneering technologies that improve quality of life for people and care for the planet.” The Foundation aims to ensure that the companies in the Grundfos Group operate in accordance with the founder’s set of values: • Sustainable • Open and trustworthy • Focused on people • Independent • Partnership • Relentlessly ambitious 20% 7% 73% Clear donation profile Donations given in 2014 were to a greater extent than before related to Grundfos’ core competences. Donations to secure The Foundation wants to ensure that all projects are designed to benefit people, the environment and the economy, and that water projects in particular should include co-ownership and capacity building in the recipient communities.
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