Descendants of the founder
According to the Charter, descendants of Poul Due Jensen should always occupy four seats on the Foundation’s Board (if possible). The Founder’s children are entitled to seats on the Board for as long as they wish, but only until the age of 70. After that, these four family members may be re-elected by a simple majority for two years at a time. Descendants are up for election according to a rotation principle.
The Charter sets out that the Board includes 4 external members, who are elected for a four-year period and may be re-elected. Individuals nominated for these seats must be highly competent in areas such as technology, finance, sales or general management. The external Board Members cannot be members of the day-to-day management of Grundfos.
Employee representatives occupy the last 4 of the 12 seats on the Board in accordance with the Danish Act on Commercial Foundations. The employee representatives are elected among the Grundfos Group’s EU-based employees and serve for 4 years. The latest eletcion took place in 2016.
The next employee elections will be held in 2020. More about elections on Insite.
Two of the board members and one employee representative also serve on the Grundfos Board of Directors.