Governance and policies

The LEGO Foundation is managed by a Board of Directors composed of six members elected in accordance with its charter. The Board approves the strategy of the Foundation and makes decisions about how the Foundation directs its use of resources, including grants.

Furthermore, the Board also supports and supervises the organisation, making sure that the Foundation is managed appropriately and in accordance with applicable legislation and its charter.

The Board of Directors has appointed a CEO who is responsible for the overall leadership and day-to-day management of the Foundation. In 2020 the CEO was supported by a leadership team of nine members. As a result of the increased activity level and to focus and delegate further professional management resources to the overall leadership, the Foundation appointed the former Head of Global Programmes as Chief Impact Officer as from 1 January 2021.

A minimum of four board meetings are held each year, supplemented by additional video calls when necessary. In 2020 certain board meetings were held as online video calls due to COVID-19 restrictions.

The work of the Board is regulated in its Rules of Procedure. The Rules of Procedure are drawn up to describe the responsibilities of the Board of Directors and the CEO, as well as regulating the operation of the board work.

The Board of the Foundation reviews the Foundation's strategy and the distribution policy on an annual basis and warrants that policies and procedures are in place to ensure good governance.

The six members of the Board are elected for a period of two consecutive years, taking the need for new talent and continuity in the Board’s work into consideration. In compliance with the Recommendation on Foundation Governance, two members are independent.

In accordance with the Board's Rules of Procedure, the Board of Directors annually evaluates the competences and composition of the Board to ensure that the required collective competences are present to serve the overall purposes of the Foundation.

New board members are nominated and appointed with due respect to the rights in the Foundation's charter. Members of the Board are appointed based on their personal qualities and competences.

No one over the age of 75 can be elected or re-elected to the Board.

The independent members of the Board are rewarded a fixed remuneration that does not depend on the financial results. Board members associated with the founder’s family or members who are also employees of an entity associated with the founder’s family do not receive any remuneration for the Board work at the Foundation. The remuneration of each member is specified in the annual report. No board members received extraordinary remuneration for special tasks in 2020.

The Foundation is providing transparency with regards to all its activities via information on the LEGO Foundation website, where the activities of the year are described in more detail.

The LEGO Foundation Board of Directors has approved the LEGO Foundation 2020 Mandatory Report on Recommendations on Foundation Governance.

With reference to the Danish Financial Statement Act (årsregnskabsloven § 77a, stk. 2 and BEK no. 558 01.06.2016) the Mandatory Report on Recommendation on Foundation Governance is published at the LEGO Foundation website: www. legofoundation.com/en/about-us/governance-and-policies/reports-on-foundation-governance/.

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