Purpose and Trust Deed

Villum Fonden is a non-profit foundation established in 1971 by Villum Kann Rasmussen, founder of VELUX A/S and VKR Holding A/S. The Foundation has three overarching purposes (in order of priority): to be a responsible co-owner of the corporate group, to be a prudent steward of the Foundation’s assets, and to be an engaged philanthropic actor.

As co-owner of the corporate group, the foundation – together with the other shareholders – must work to provide the corporate group with the best possible framework for carrying out its activities. This is done by appointing the board of VKR Holding together with the other shareholders, and also maintaining a financial contingency that can be used as needed by the group, and that can also be used to buy the B shareholders’ shares in the company if these come up for sale.

The foundation’s finances and assets must be managed in such a way that the foundation can meet its obligations at any time. The assets are invested diversely and must ensure the highest possible risk-adjusted return. We have a particular focus on green, climate-friendly investments and combating climate change. Philanthropic distributions should be made if the proceeds from the foundation’s co-ownership of the group supplemented by the return on the foundation’s assets so allow. Thus, it is not a goal in itself to build up assets in the foundation beyond what is to be used for the foundation’s obligations – other funds must be returned to society through philanthropic grants.