ANNUAL REPORT 2015 Management report Poul Due Jensens Fond (Grundfos Fonden) The Poul Due Jensens Fond (the Foundation) was established in 1975 by the founder of Grundfos, Poul Due Jensen, with the aim of ensuring a financially sound and sustain able development of Grundfos and its affiliated companies. The Foundation owns 88 per cent of the Grundfos Group. As the majority owner of Grundfos, the Foundation is therefore des tined and committed to continue owning, protecting and developing Grundfos. product development, employee and talent development, as well as sustain ability and corporate social responsibility • December: Risk profile, status on overall economic targets for the Grundfos Group and the founder’s set of values. for employees with special needs • Retaining workers in danger of losing connection with the labour market • Handling redundancies with dignity SUPPORT the local community if possible • Integrating marginalised groups from the surrounding community in the work force • Engaging in activities that improve the quality of life and standard of living in the local community ENGAGE in the public debate • Grundfos is a public voice which defends those who find it difficult to get a foot hold in society Active ownership in a nutshell The Foundation’s majority ownership of the Grundfos Group focuses on more than economic indicators. Sustainability in the broadest sense of the word is just as impor tant as profit. According to the purpose set out in the the Charter of Poul Due Jensens Fond, the Board of Directors has carefully considered what constitutes sustainable growth and development for Grundfos, and how best to achieve this without inter fering in the daily operation of the business. History and purpose set the overall direction for management Using Grundfos’ historical recipe for success as its starting point, the Board of Directors has agreed on a new set of eight themes that define the Foundation’s understanding of sustainable development. Over the course of the calendar year, the Group systematically reports to the Foun dation on eight themes: • March: Financial situation, business and market development and strategy imple mentation • August/September: Technology and “Poul Due Jensen believed that a company’s responsibility to society goes beyond fulfilling legal obligations and paying tax. He made this belief a cornerstone of the Grundfos vision and regarded it as a legacy worth defending. Today, this belief is often referred to as corporate social responsibility.” Social responsibility Foundation governance In 2015, the Foundation completed the pro cess of integrating the legislation of the new Danish Act on Commercial Foundations into the Charter. It also defined its ambitions concerning compliance with the new Recom mendations on Foundation Governance. Compliance with new Act on Commercial Foundations Since its first publication in 1975, the Foun dation Charter has been amended several times to address changes in the business and legislative landscape. In 2015, two minor formal changes have been made to the Foundation Charter in order to comply with new requirements in the Act on Com mercial Foundations. The first change names the founder. The second lists the full story on how the basic capital was established. • The full revised Charter is available at www.poulduejensenfoundation.com/ charter - Niels Due Jensen In 2015, the Foundation has become more vocal in its expectations regarding corpor ate social responsibility. It encourages Grundfos to truly ‘walk the talk’ of corporate social responsibility. This can happen on three levels: CARE for Grundfos employees • Practising onthejob inclusion by ear marking jobs in the Grundfos workforce
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