Management report: 2016

The mission of the foundation is to support initiatives, activities and projects which contribute to maintain, strengthen and develop commercial and cultural relations between Denmark and the Asian countries, where the past commercial engagement of The East Asiatic Company has been prevalent. This is done through direct financial support and through activities organized in Asia House.

The work of the foundation is mainly carried out through activities in Asia House.  During the year, 37 arrangements and seminars were held.

Income statement: 1 January – 31 December 2016

NET RESULT-6,941,837
Operating income - Net2,137,722
Operating expenses-3,870,446
Salaries and related expenses-2,221,599
Operating result-3,954,323
Depreciation -2,639,904
Result before financial items-6,594,227
Financial income3,470,758
Other financial income – unrealized-3,818,368

Balance sheet: 31 December 2016

Other items2,734,239
Tangible assets8,877,806
Receivables 670,744
Period adjustments1,347,123
Current Assets2,017,867
TOTAL ASSETS101,422,422
Share capital 75,000,000
Grants provision2,000,000
Available reserves23,482,490
Current liabilities939,932

List of Grants: 2016

ReceiverAmount in DKK
Copenhagen University75,000
Chimalaya Charity Nepal100,000
Sakura Festival30,000
Publishing Company Turbine75,000
Trankebar Association150,000
Peter Johansen30,000
Copenhagen Business School20,000
Martin Iversen book launch100,000
Mogens Pilemand Ottesen10,000
Sino-Danish Incubator500,000
India Smart Cities project42,100
Maritime Museum of Denmark50,000
DJØF – Doing business in Japan20,000

Foundation Governance

The foundation follow the Recommendations on Foundation Governance, which are available on the website of the Committee on Foundation Governance.

Transparency and communication. We encourage an open communication with our surroundings and the projects in which we are involved. Chairman of the Board is the Foundation’s official spokesperson.

Responsibilities of the Board. The Foundation is led by a self-elected board consisting of 4 – 6 members, elected for periods of 3 year. Retirement age of board members are 75. The work of the Foundation and the board is formulated in an internal Rules of Procedure.

The following information is provided concerning our members of the board:

Remuneration of the Board. The remuneration of the board is a fixed amount unrelated to the annual financial result of the foundation. The individual board member’s fees are disclosed in note 2 to the audited accounts.

Board members

Erik Bøgh Christensen Steen Hemmingsen Henning Kruse Petersen Over Ullerup Kenneth P. Luciano
Born 1947 1945 1947 1951 1955
Gender Male Male Male Male Male
Joined Board 2006 2006 2005 2015 2016
Re-elected Yes Yes Yes No No
Period until end 2017 end 2016 end 2018 end 2017 end 2018
Independent Yes Yes Yes Yes Yes