The Benevolent Foundation of The East Asiatic Company Limited (EAC Foundation) was established on 9 June 1988, by the Company and its Managing Directors Henning H. Sparsø, John Arthur Hansen, and Flemming Hasle.
The Foundation’s charter included a Deed of Gift issued by the Company, whereby EAC committed to make annual contributions to the Foundation equal to 2% of its annual profits. The initial capital injection was DKK 2,363,000.
The terms of the Deed of Gift were subsequently amended and in April 2006, the Company had fulfilled its financial obligations under the amended deed and served notice of termination. Thus, except for income from investments, the Foundation would thereafter not receive any further capital injections. The Foundation capital in 2006 had reached DKK 150 million.
Asia House is owned by the Foundation. Asia House was built in 1897 by The East Asiatic Company and served as the Company’s first head office in Denmark from 1898 – 1907. Asia House was given to the Foundation in 2006 as a gift from The East Asiatic Company. The Foundation is today domiciled in Asia House.
East Asiatic House
East Asiatic House, adjacent to Asia House, served as head office of The East Asiatic Company from 2006 until the Company’s name was changed to Santa Fe Group, and its head office moved to London, UK. The Foundation acquired the office building in 2017 and in collaboration with municipal and other private parties, the Foundation established Innovation House China-Denmark, a business start-up facility, making it easier for entrepreneurs and companies to do business in each other’s country.