Management Report 2022
The foundation’s most important activities
The East Asiatic Company’s Benevolent Foundation (the Foundation) is an independent, self-owned institution, founded by A/S The East Asiatic Company (EAC) and its management in June 1988. The foundation owns and has its registered office at Asia House, lndiakaj 16, 2100 Copenhagen Ø. Asia House was built in connection with the establishment of EAC in 1897 and was the Company’s headquarters until 1907.
The purpose of the foundation
It is the Foundation’s purpose, through financial support or through the use of Asia House, to contribute to maintaining, strengthening and developing the relations between Denmark and the Asian countries, where the EAC’s historical efforts and significant business commitment have created respect in particular. The foundation also aims to manage EAC’s historical heritage and disseminate knowledge of the company’s business history.
The Foundation’s grant policy
Fulfillment of the Foundation’s purpose is realized primarily through activities and projects organized and carried out by Asia House as well as direct financial support for initiatives that are developed in collaboration with the Foundation’s secretariat.
Main activities
The purpose of the ØK Foundation is to create a network and relations between Denmark and Asia, establish dialogue, and forge new contacts. Although the corona pandemic did not affect Europe to a serious extent in 2022, several Asian countries have continued to be subject to changing restrictions that have had a negative impact on the possibilities for physical meetings, while on the other hand there has been an increased use of virtual contacts.
Asia House’s project activities have continued, i.a. with two projects supported by the Danish Industry Foundation. Danish Asian SME Network establishes contacts between Danish businesspeople in Southeast Asia and Danish small and medium-sized companies, which can use already established Danish businesspeople as sparring partners when approaching the markets of the Philippines, Indonesia, Malaysia, Thailand, and Vietnam. Nordic Asian Venture Alliance is a platform for Danish and Nordic start-ups and investors who want contacts in Northeast Asia, especially Japan and Korea. The platform also supports Japanese and Korean investors wanting to explore opportunities in Denmark and the Nordics in general.
The foundation has supported the ØK-Klubben’s communication activities about the business history of the EAC and, within the framework of its youth strategy, which wants to provide support to young talents and arouse their interest in Asia, has, among other things, awarded a prize for the best bachelor’s thesis at fur programs at Copenhagen Business School, held events in Asia House and, together with Orient’s Fond, provided support for the preparation of teaching material on the importance of the EAC for Denmark.
Asia House has been used for meeting activities, seminars, and events, some of which were fully funded by the EAC Foundation, and others were held by associations and associations with subsidies from the EAC Foundation. Asia House’s partners also used the meeting facilities, and rooms were rented out to external clients.
The foundation’s other property, East Asiatic House, lndiakaj 20, has been leased to the company behind Fresh.land since 2020.
Henning Kruse Petersen, who for many years has contributed committedly and with great insight, stepped down from the board at the end of 2022 in accordance with the Foundation’s age requirement, and the Foundation is very pleased to welcome Barbara Ann de Scheel Agersnap, director of Copenhagen-Malmö Port, as a new member of the Foundation’s board.
Income statement
Asia House’s income from project activities, events and membership dues totaled DKK 3,372,112 for 2022. Net revenue increased from DKK 1,324,295 in 2021 to DKK 3,372,112 in 2022, primarily because of periodization of payments of project support. The income from share dividends and bond interest amounted to DKK 2,747,568. In addition, the Foundation’s assets had an unrealized net price loss of DKK 5,220,545. The operating expenses for the year amounted to DKK 1,605,258, while the total salary expenses were DKK 3,337,790 The result for the year amounts to a deficit of DKK 5,152,276 incl. depreciation on buildings and fixtures with DKK 607,389. The foundation’s equity amounts to DKK 104,348,898 per 31 December 2022, which is a decrease of DKK 5,006,325.
In light of the volatile development on the capital markets, the board considers the year’s result to be satisfactory.
Foundation Governance
The Foundation follows the recommendations for ‘good foundation management’, and reference is made to the completed form for a statutory report on good fund management, cf. §77a of the Accounting Act, which is available on the Foundation’s website (www.eacfoundation.dk) (in Danish).