�鶹��

I �鶹�� har vi en række politikker, som tilsammen danner rammen for arbejdet i �鶹��. Bestyrelsen drøfter politikkerne årligt for at sikre, at de er tidssvarende.

Politikker

God forskningspraksis

�鶹��s overordnede kriterium for bevilling af forskningsmidler er, at ansøgningens videnskabelige indhold, ansøgers kvalifikationer og det faglige miljø på værtsinstitutionen er på et højt internationalt niveau, og at forskningen kan gøre en forskel for menneskers sundhed og tilværelse. Vi ønsker at sikre, at bedømmelsen af ansøgninger foregår ensartet.

Grundlæggende tilstræber fonden, at alle ansøgninger undergår peer review, og at dette sker med flertal af fondsuafhængige eksperter. Til vurdering af løbende projektansøgninger har fonden etableret to permanente bedømmelsespaneler med et flertal af eksterne og udenlandske eksperter. Til vurdering af større personlige og strategiske ansøgninger sammensættes ad hoc bedømmerpaneler af internationale eksperter. Alle medlemmer af bedømmerpaneler skal leve op til fondens habilitetsregler.

Alle bedømmelser udmunder i en indstilling til fondens bestyrelse, som foretager den endelige tildeling af bevilling i overensstemmelse med lovgivningens krav. Vurderingsprocedurer for ansøgninger og indstillinger justeres løbende i takt med udvikling og implementering af nye virkemidler.

I 2014 vedtog vores bestyrelse ”�鶹��s standard for god forskningspraksis”, som i dag er indarbejdet i fondens generelle bevillingsvilkår. Vores standarder understøtter grundlæggende principper for god forskningspraksis såsom forskningsintegritet, transparens og ansvarlighed. Alle bevillingsmodtagere skal underskrive dette dokument før de kan modtage bevilling.

�鶹��s bevillingsbetingelser refererer bl.a. til Forsknings- og  fra 2014.

Vi forventer desuden, at forskning sker i overensstemmelse med ”” jvf. EU’s HORIZON 2020.
 

Denne politik er godkendt på bestyrelsesmøde i �鶹�� den 12. marts 2024.

Datetik

(Engelsk)

Purpose

This Data Ethics Policy describes the overall ethical principles governing how the Lundbeck Foundation, including Lundbeckfond Invest A/S (together the “Foundation”), uses data. The Policy supplements the Foundation’s existing privacy notices on data protection.

The purpose of the Policy is to ensure that data is used responsibly, transparently and in accordance with the Foundation’s purpose, values and applicable legislation. 

We strive to adhere to the principles set out herein, and expect grant recipients, reviewers, and employees to comply with it, and with due regard for, local conditions and norms.

Scope

This Policy applies to the Foundation’s members of the Board of Directors, Executive Management, employees and other persons acting on behalf of the Foundation.

The term “data” covers data of all types and from all sources, including publicly available data, data collected from grant applicants, their research, reviewers, commercial partners or employees, as well as statistical, financial and corporate data and derived data.

Data is used in our operations and to enable applications and their reviews. We strive to offer clarity on the type and source of data used, and to communicate its purpose to all involved via relevant privacy notices and guidance.

Principles and Content

The Foundation’s use of data is guided by the following principles:

Human interests before commercial interests

Data used by the Foundation should ultimately have a human benefit. If there is a conflict between human and commercial interests, human interests shall always prevail.

Transparency

The Foundation strives to ensure clarity regarding the type and source of data used and to communicate the purpose of data use to all relevant parties through privacy notices and guidance. When personal data is processed, the legitimate reason for doing so must be clear, or properly informed consent must be obtained where required.

Anonymisation

Data should be anonymised or pseudonymised unless personalisation is necessary to achieve the intended purpose.

Autonomy

The Foundation believes that individuals should have control over the use made of their data. The Foundation does not use automated decision‑making on data provided to or collected by the Foundation.

Accountability and governance

Accountability is an integral part of responsible data use. The Foundation seeks to reduce risks to individuals and to mitigate undesirable social and ethical implications arising from the use of data.

We endeavour to integrate data ethics into our daily management and business decisions, including when acting as a stakeholder in other concerns.

Even with effective standards, policies and processes in place, data usage may still lead to challenges, problems and errors. We seek to prevent this by developing a positive culture among employees that promotes openness and encourages continuous improvement of processes and systems. 

Roles and Responsibilities

The Board of Directors of the Foundation approves this Policy and oversee its implementation. Executive management is responsible for ensuring that the Policy is applied in practice and integrated into the organisations’ daily operations.

The Policy is overseen by the Data Protection Officer (DPO), who monitors compliance, advises on data ethical matters and reports to executive management as appropriate. All employees and persons acting on behalf of the Foundation are expected to comply with this Policy and apply its principles in their work.

Publication, Reporting and Documentation

This Policy is published on the Foundation’s website. The Foundation reports on its policy for data ethics as part of the management report in accordance with section 99d of the Danish Financial Statements Act. 

Review and Updates

This policy will be reviewed and updated annually.

This Policy was approved by the Board of Directors at the meeting held on 26 Marts 2026.

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(Engelsk)

�鶹��’s Sustainability Policy

1. Introduction

�鶹�� (“the Lundbeck Foundation or the Foundation”) is a Danish enterprise foundation. The Foundation’s activities involve:

• Partner to society. The Foundation channels profits back to society through grants and partnerships, which are anchored in the Foundation’s purpose of 'Bringing discoveries to lives'. The Foundation uses its active public voice to improve the world's understanding of the brain and create better treatments of brain disorders while also developing the Danish life science ecosystem by improving conditions for science, innovation and economic growth in Denmark.
• Strategic ownerships. The Foundation is a long-term owner of multiple healthcare companies headquartered in Denmark. The ambition is to position and maintain the companies as international market leaders within their industry segment building the route to market for new treatments and therapies for patients all over the world.
• Asset management. The Foundation makes financial investments across asset classes, including equities, fixed income and real assets. This entails direct investments and indirect investments via asset managers to ensure long-term financial stability and robustness and allow the Foundation to invest in the future of healthcare and support new scientific research. The Foundation's biotech investments contribute to financial value creation while also developing people and businesses in the Danish life science ecosystem.
• Internal practices. The Foundation is a knowledge-based organisation with office-based activities, and the direct environmental and social impacts stem mainly from administrative functions.
   

2. Scope

The sustainability policy is applicable to the Foundation’s internal practices, all grants provided by the Foundation, all direct investments made by the Foundation and indirect investments made through external asset managers on behalf of the Foundation. 

3. Roles and responsibilities

The Foundation’s CEO is the policy owner and is responsible for reporting information on responsible grant-giving and investments and engaged ownership to the Board of Directors. The policy is reviewed and approved annually by the Board of Directors. The leadership team is responsible for integrating the policy and associated processes in the Foundation’s daily operations. 

4. The Foundation’s sustainability focus areas

The purpose of the Lundbeck Foundation is to create powerful ripple effects that bring discoveries to lives by actively investing in business and science at the frontiers of their fields. To achieve its purpose the Foundation engages in a range of activities that generate distinct sustainability impacts, risks and opportunities (IROs). 

These IROs are identified and prioritised through the Foundation’s Double Materiality Assessment (DMA), ensuring that sustainability focus areas are aligned with the Foundation’s purpose, strategy and business model, and support long-term value creation and risk mitigation. Sustainability is managed in accordance with the same principles of good governance, accountability and transparency that guide the Foundation’s overall activities.

The concept of double materiality in sustainability refers to the idea that sustainability performance should be evaluated based on two interrelated aspects:

• How sustainability issues impact the Foundation and its financial health and outlook, both directly and indirectly, referred to as financial materiality
• How the Foundation impacts the wider world i.e., people and environment both directly and indirectly, referred to as impact materiality. 

Based on the outcome of the Double Materiality Assessment in 2024, the Foundation found the following sustainability matters to guide value creation and risk mitigation.

Health

Advancing Health and especially brain health is a key strategic pillar for the Foundation, through funding of research, biotech investments, long-term ownerships of healthcare companies and support for collaboration in the research ecosystem.

People

Sound working conditions and inclusive corporate cultures with a focus on employee engagement and development are crucial for retaining and attracting talent for the Foundation and portfolio companies.

Climate change

As a long-term investor and asset owner, the Foundation’s capital can be linked to greenhouse gas emissions across the portfolio. Climate change poses long-term risks to health, society and economic stability, including the sustainability of healthcare systems.

Business ethics & good governance

Business ethics and good governance are central to the Foundation’s governance practices with a strong focus on fostering ethical decision-making across portfolio companies, as well as in investment and grant-giving processes.

5. Sustainability in the Foundation’s practices

5.1 Internal practices

5.1.1 Environmental issues 

The Foundation calculates Scope 1 and 2 emissions, as well as significant scope 3 categories. The Foundation’s climate impact is primarily driven by the following scope 3 categories:

• The Foundation’s supply chain: Emissions coupled to i) fuel and energy related activities not included in Scope 1 or 2 (Category 3) and ii) business related travel (Category 7)

• The investment portfolio: Greenhouse gas emissions associated with portfolio companies. The emissions accounted for (financed emissions) are proportional to the ownership share of the investee or asset. The Foundation relies on the PCAF standard to calculate financed emissions. 

As air travel is a significant part of the CO₂e footprint in the supply chain, the Foundation seeks to limit unnecessary travel and use high quality carbon offsetting to compensate for air travel that we deem necessary for the Foundation’s activities.

5.1.2 Social issues

The employees of the Foundation are crucial, given the importance of retaining and engaging employees, as well as attracting specialised talent across the organisation. The workforce represents different genders, educational backgrounds, experiences, ages and nationalities. These differences are considered a source of innovation and quality assurance, and the Foundation seeks to foster an environment where the employees thrive.

Every two year the Foundation conducts an employee engagement survey to track wellbeing and progress. Market benchmarking is used in determining employee remuneration. The Foundation also discloses diversity data in its annual reporting.

5.1.3 Governance 

The Lundbeck Foundation is committed to transparency and integrity, operating under a clear governance framework and relevant policies that define the direction of the operating model for the Foundation’s broad range of commercial investments and philanthropic grant activities. The Foundation’s governance structure is based on four core principles: Compliance, independence, transparency, and checks & balances. 

The Foundation annually reviews its governance vis-à-vis The Recommendations on Foundation Governance, which applies to enterprise foundations and explains any divergence in the annual report. 

5.2 Partner to society

The Foundation wants to support the best scientific research that can shape positive outcomes and push the frontiers of our collective knowledge, including building the next generation of scientific talents. The Foundation is committed to integrity, transparency and accountability. Applications are handled and evaluated through a rigorous assessment process, which includes peer reviews conducted by international third-party expert panels who operate in compliance with the Foundation’s principles of impartiality.

Best practices, such as the Danish Code of Conduct for Research Integrity, as well as environmental, social and governance considerations, are integrated into the Foundation’s grant processes. The Foundation also takes active measures to ensure an inclusive and non-biased application, screening and selection process.

It is a prerequisite that researchers who receive funding from the Foundation within the field of biomedical sciences are affiliated with institutions that have their own published codes and guidelines for good research practice. The Foundation thus seeks to primarily ensure prudent sustainability practices through the affiliated institutions.
 

5.3 Responsible investment and ownership across asset management and strategic ownerships

The Foundation is committed to responsible investment and engaged ownership principles. Sustainability considerations are an integral part of the Foundation’s investment and engaged ownership processes and are used to underpin the investment thesis and drive long-term value creation. The figure below outlines the Foundation’s differentiated responsible investment and ownership activities across a broad spectrum of asset classes and sectors where the Foundation invest directly and indirectly.

5.3.1 Investment

5.3.1.1 Investment: Exclusion List Screening

The Foundation excludes investments in companies involved in illegal weapons or tobacco production. The Foundation refrains from investing in companies with recurring breaches of human and labour rights, incidents of corruption or bribery, or is not upholding environmental regulations. Companies with activities in Adult Entertainment, Gambling, Fossil Fuel Extraction and/or Production, Alcohol Production, Palm oil Production or Pesticide Production are flagged. Thresholds are regulated in the Foundation’s Investment Policy. The Foundation allows investments within these industries but will refrain from investing in companies with significant adverse social or environmental impacts without a credible plan to mitigate these.

5.3.1.2 Investment: ESG Due Diligence

Sustainability is considered in the due diligence phase and is modified to the specific investment type and asset class. The due diligence considers material sustainability impacts, risks, and opportunities of the potential investment. The due diligence of a potential target-company or asset manager is based on qualitative and quantitative information. Information can stem from corporate reporting, third-party ESG data and reports, and dialogue with the company or asset manager. The outcome of the sustainability analysis is integrated into the investment recommendation for investments presented to the investment committee.

5.3.2 Ownership

Sustainability is an integrated part of the Foundation’s ownership.  The ownership approach depends on the investment type and level of influence, where the observations derived from the due diligence process inform what the material sustainability matters are. 

Sustainability metrics are collected as part of reporting activities to monitor developments to assess impact progress and associated risks and opportunities across all asset classes. For data collection, the Foundation relies on established ESG reporting standards such as the CSRD, SFDR, GRI and EDCI. For private companies, ESG data is gathered directly from portfolio companies or asset managers either through surveys or investor platforms. 

5.3.2.1 Ownership: Financial Investments 

For the listed equity and corporate bond portfolio, a biannual screening is conducted to ensure that investments align with the Foundations values, purpose and ethics, and prevailing standards for ESG factors.

5.3.2.2. Ownership: Life science investments – strategic ownerships

The Foundation engages with companies directly through board positions, management dialogue and voting.

Overall, the Foundation expects its strategic ownerships to show:

• A commitment to UN Global Compact
• A sustainability strategy which is tracked and reported regularly
• Active measures to track impact and performance across relevant environmental, social and governance (ESG) factors. 

The Foundation acknowledges that sustainability efforts must be proportional to company size, resources and maturity level.

5.3.2.3 Ownership: Life science investments – biotech investments

The Foundation engages with companies directly through board positions, management dialogue and voting.

As investments are in early-stage companies, focus is on future proofing companies during the ownership period by ensuring scalable, proportionate sustainability practices, policies and data that can evolve alongside scientific and commercial progress. The Foundation continuously seeks to develop practical tools to support portfolio companies on initiating appropriate actions as they mature.

5.4 Good R&D practises across investments and philanthropy in life science

The Foundation is not directly engaged in scientific experiments but expects all grant recipients, direct investments and ownerships to comply with the principles of ‘Good Research Practise’ set forth by the Medical Research Councils. 

The Foundation considers animal experiments and clinical trials instrumental in the advancement of scientific discoveries and the development of new medicines. 

• Regarding the use of animals in research, the Foundation expects its partners and recipients to actively support the 3Rs (replacement, reduction & refinement) in their approach to animal-based research and assume responsibility for ensuring that all animal experiments conducted at Danish or foreign institutions comply with the national rules and legislation. 
• Regarding clinical trials, the Foundation expect its partners and grant recipients to conduct all trials and clinical research activities in accordance with national laws, international conventions, as well as international ethical and human rights principles. These principles respect the rights, integrity, and dignity of all participants - to ensure their safety and well-being.

6 Reporting

The Foundation tracks and reports its progress on sustainability through the annual sustainability report and the biannual ‘Communication of Progress’ report to UN Global Compact. The Foundation also conducts a specific ‘Sustainability Review’ once per year with the Board of Directors.

Approved by the Board on 26 March 2026

Investeringspolitik

(Engelsk)

Investment Policy

The objective of the Lundbeck Foundation’s investing activities is threefold: 

• to ensure cash reserves to fund the Lundbeck Foundation’s long-term ownerships
• to keep the Lundbeck Foundation’s grant allocation activities at a stable level each year
• to add value for research, patients, and society in general

The Lundbeck Foundation’s investing activities are spread across three areas of investment:

• Strategic investments are related to the Lundbeck Foundation’s role as a long-term owner of healthcare enterprises with the potential to become global leaders. Today, these comprise H. Lundbeck, ALK, Falck, Ferrosan Medical Devices, Ellab and WS Audiology.
• �鶹�� BioCapital deals with the Lundbeck Foundation’s direct investments in biotech both in Denmark and internationally.
• �鶹�� Invest handles the Lundbeck Foundation’s financial and alternative investing activities (in forests, property, etc.). 

The Lundbeck Foundation’s investing activities are diversified. This primarily entails diversification within asset classes, i.e. cash and cash equivalents, government bonds, corporate bonds, shares and real assets. The investing activities are subject to limitations on concentration per geographical area and within certain industries, such as pharmaceuticals. The objective of this diversification is to deliver stable positive returns with moderate risk.

Learn more about our three investment areas here.

All investments must adhere to the Lundbeck Foundation’s values, objectives and CSR, as set out in the annual report. Furthermore, both investment processes and investments themselves must be sustainable. Companies in which the Lundbeck Foundation is represented on the board must strive to comply with corporate governance rules.

The Lundbeck Foundation does not invest in the tobacco and arms industries, that violate international agreements. Investments are assessed twice annually against the ESG (Environmental, Social and Corporate Governance) profile.

Skattepolitik

Med betydelige uddelinger til sundhedsvidenskabelig forskning og kontrollerende aktieposter i tre af Danmarks største virksomheder er �鶹�� en af landets største erhvervsdrivende fonde. Fonden har dermed stor betydning for den sociale og økonomiske udvikling i Danmark og således også et betydeligt samfundsansvar.

Derfor ønsker vi at være en åben, transparent og ansvarlig organisation i alle forhold. Og derfor tog vi i 2015 som den første erhvervsdrivende fond i Danmark skridt til at udarbejde og offentliggøre en skattepolitik. Skattepolitikken omfatter ikke kun selve fonden, men danner også ramme for vores tre datterselskaber, Lundbeck, ALK og Falck, der ligeledes har offentliggjort deres skattepolitikker på deres hjemmesider. Skattepolitikken er baseret på fire principper og kan læses her (Kun på engelsk):

Hent �鶹��s skattepolitik

Lundbeck Foundation’s Tax Policy

Introduction

As a significant contributor to Danish research and with substantial ownership positions in major Danish corporations, the Lundbeck Foundation (the Foundation) plays an important role in Denmark’s social and economic development. We recognise that such influence carries a corresponding responsibility, including in the way we approach tax.

The distinction between legal tax optimisation and illegal tax evasion has evolved into a debate on the ethics of corporate tax deductions and the lack of transparency in corporate tax affairs. This document intends to make our position and policy on tax clear.

The Tax Policy is reviewed annually.

Approved by the Foundation’s Board of Directors on 26 March 2026.

Taxation of Foundations

The Foundation is subject to Danish corporate tax rules and is also covered by the Danish Foundation Tax Act, which sets out the specific tax framework for Danish foundations. Under this legislation, grants and donations awarded to support charitable and public benefit purposes are deductible when determining the Foundation’s taxable income. This ensures that our taxation reflects both the general principles of Danish corporate tax law and the role that foundations are intended to play in advancing research and society.

Scope of the Tax Policy

This Tax Policy applies to the Foundation and its subsidiaries.

It covers all taxes and tax-like charges that are relevant to the Foundation and its controlled entities, whether the obligation is borne by the entity or handled on behalf of a tax authority. This includes amounts the Foundation or its controlled entities are required to administer, collect, withhold and remit in any jurisdiction.

Where the Foundation holds interests in entities it does not control, this may, for example, include associates or joint ventures where other shareholders exercise control. As a matter of governance, this Policy does not apply to those entities. However, the Foundation expects that these entities act consistently with the principles of this Policy in their oversight and conduct.

1.  LFI Silva Investment Ltd does not have its own tax policy. Via this policy, the company complies with the UK’s section 19(2) of schedule 19 Finance Act 2016.

 

Purpose of the Tax Policy

The Foundation is guided by a clear commitment to making a positive impact on society and demonstrating an important level of responsibility. This Tax Policy translates that commitment into clear expectations for how tax matters are governed, assessed and handled across the Foundation and its subsidiaries.

Our approach to tax is part of how we uphold our broader responsibilities as a foundation.

The policy serves two primary objectives. Its first objective is to establish the standard for appropriate tax conduct. Additionally, it ensures that tax considerations are recognised as an integral aspect of responsible governance, evaluated at the relevant stage, and subject to accountability.

Core Principles

Compliance is fundamental

We meet the tax obligations applicable to our activities and comply with tax laws and reporting requirements in the jurisdictions where we operate. Any form of tax evasion is prohibited.

Decisions are guided by the purpose of the law

Where tax rules involve judgement or interpretation, we seek outcomes that align with the intent of the relevant legislation. We do not pursue arrangements that are artificial in nature or that conflict with the policy intent of applicable tax rules.

Tax risk is governed with discipline 

As an enterprise foundation with diverse and far‑reaching activities, our operations, structures and investments naturally give rise to tax considerations across jurisdictions and transaction types. A disciplined approach to tax risk supports sound decision-making and appropriate oversight of potential exposures. Accordingly, tax is considered alongside other key matters before entering into transactions or making investment decisions.

Where tax considerations are relevant to significant transactions, investments or structural decisions, they are incorporated into decision-making and approval processes. Accountability and integrity guide our conduct throughout this assessment.

By managing tax risk proactively, we safeguard the resources that enable us to reinvest in society, uphold our commitment to responsible tax behaviour.

 

Governance

Governance framework

The Board of Directors holds the ultimate responsibility for all tax matters at the Foundation. The Board of Directors approves the Foundation’s Tax Policy and retains responsibility for the policy’s oversight.

The CEO is accountable and retains responsibility for compliance with this Tax Policy across the Foundation’s activities. Day-to-day oversight of tax risk management rests with the Finance team, including the Head of Tax. The Finance team manages the Foundation’s tax matters and ensures tax considerations are embedded in relevant activities and decision-making processes.

Responsibility for implementing the Tax Policy within the Foundation’s subsidiaries lies with the management of each subsidiary.

External advisors may be engaged where specialist expertise is required. External advisors may also be engaged in connection with significant transactions, matters involving critical tax considerations, or where material uncertainty exists regarding the interpretation or application of tax laws and regulations.

The Foundation’s tax matters, tax risks and adherence to this policy are reported to the Board of Directors.

Tax governance in the investment process

The Foundation has adopted the Danish pension sector’s Tax Code of Conduct, which provides a shared framework for responsible tax conduct in relation to unlisted investments made via external asset managers.

We engage proactively with potential external asset managers on tax governance to ensure that our tax requirements are appropriately incorporated, where relevant, into the contractual documentation governing the investment.

To support continued alignment with the Tax Code of Conduct, we may conduct spot checks on the general tax practices of external asset managers and expect constructive engagement where any areas of concern are identified.

 

Transparency

Disclosures 

We recognise that stakeholders have a legitimate interest in understanding how we approach tax matters, and that clear disclosure supports confidence in how tax matters are governed. We approach tax disclosure with the same commitment to clarity and accountability that guides all our work.

We provide information on our approach to tax through our public reporting, including key indicators such as corporate tax payments and the effective tax rate. We also make available a consolidated list of our legal entities by jurisdiction, supporting clarity on our organisational structure and where we operate. Our financial statements include tax disclosures prepared in accordance with applicable accounting standards, supporting an informed understanding of our tax profile.

Stakeholder dialogue 

We welcome dialogue on tax matters. Stakeholders seeking information about our tax approach may contact us directly.

We provide employees across the Foundation and its subsidiaries, as well as relevant affiliates, with confidential channels to raise concerns, including those related to tax, through our established whistleblower system.

Engagement with tax authorities

We engage in dialogue with tax authorities in Denmark and internationally.

Where interpretations of laws and regulations materially differ, we seek to clarify significant matters through dialogue with the relevant tax authorities and, where available, by requesting a binding ruling or similar guidance. Where disputes arise, we seek resolution through principled dialogue and, where appropriate, formal dispute resolution mechanisms, consistent with our legal and regulatory obligations. We are committed to providing information reasonably required to assess the positions of the Foundation and its subsidiaries.

When requested by the authorities, we make ourselves available to provide assessments of the consequences of tax measures in support of compliance and mutual trust.

 

Our approach to tax planning

Business decisions are taken on the basis of commercial objectives. Our organisational structure reflects the operational, regulatory and strategic requirements of the business. This means that activities and investments are placed where they make good business sense and ensure we compete on equal terms in the industry. Tax considerations are integrated into our governance and decision‑making processes to ensure compliance and long‑term alignment between business substance and tax outcomes, but they do not drive commercially led objectives.

Substance, accountability and commercially driven structures

Our approach to tax planning is grounded in commercial substance, responsible governance, and the way our business operates in practice. We aim for our arrangements to be supported by coherent and credible business rationale.

We do not engage in structures whose purpose is tax avoidance, nor do we use arrangements that obscure the underlying commercial reality or the identity of beneficial owners. Decisions about where we locate activities, functions, and entities are driven by commercial, operational and regulatory needs.

The Foundation does not use entities in low or zero tax jurisdictions for aggressive tax planning or to shift profits away from where value is created. Where entities within the Group operate in such jurisdictions, this reflects commercial or historical circumstances or to avoid double taxation.

Where tax rules require interpretation or judgement, we exercise it in a considered manner consistent with sound governance practices. We seek outcomes that are well‑reasoned and appropriate to the circumstances of the business.

Tax incentives

Governments use tax reliefs and incentives to encourage investment, employment and economic development. Incentives are employed in accordance with our business operations and the intent of applicable legislation. They are utilised when qualifying activities have been conducted and serve a commercially justified purpose. For instance, research and development incentives offered in Denmark have been applied in relation to R&D initiatives carried out within the Group.

Transfer pricing and the impact on profit allocation

Transfer pricing influences how profits are allocated across the jurisdictions in which the Foundation and its subsidiaries operate. We apply the arm’s length principle to all intercompany transactions, in line with applicable OECD Transfer Pricing Guidelines, unless legally required to apply other pricing mechanisms. The guidelines aim to achieve an allocation of profits to the jurisdictions in which the relevant economic activities occur and value is created. Intra‑group prices are set using methods that reflect the characteristics of the transactions and the functions, assets and risks of the entities involved.
 

Tax risk management

Tax risks may take on several forms including compliance, financial, reputational, operational and political risks. These risk types are often interconnected, and we treat tax risk management as part of the Foundation’s overall risk oversight.

We work to minimise tax risks by managing them deliberately and consistently as part of the Foundation’s overall risk management framework to support stable growth. In determining the appropriate risk response, we maintain a low level of acceptable tax risk to comply with our obligations to report and pay taxes on a timely basis.

Tax risk assessment and management are carried out at the Foundation, subgroup and entity level. Significant risks are mitigated to what is considered to be an acceptable level.

Tax risks are addressed through structured engagement between relevant internal stakeholders and, where appropriate, external advisors to support the assessment and handling of complex or significant matters. This helps ensure that tax risks are monitored and addressed in alignment with other business risks and governance processes.

Approved by the Foundation’s Board of Directors on 26 March 2026.
 

Vederlagspolitik

Findes kun på engelsk:

Remuneration Policy for �鶹�� and Lundbeckfond Invest A/S (together ‘the Foundation’)

1  Introduction & Purpose

This remuneration policy (the “Policy”) describes the framework and practice for the remuneration of Board of Directors and employees in two legal entities; �鶹�� (LF) and Lundbeckfond Invest A/S (LFI). The policy creates the framework for both entities which together are referred to as the Foundation and comprise a very broad range of activities; Business ownership, financial asset management, direct biotech investments, grants activities for scientific research etc. The different activities are grouped in one organisation, and the two legal entities have identical Board of Directors (the “Board”), CEO and Leadership Team (LT).

The remuneration policy applies to all employees in the Foundation and the purpose is to define the framework for remuneration ensuring that:
a)    The Foundation can attract, develop, motivate and retain qualified employees, including members of the Board, CEO and the LT.
b)    Remuneration components support the Foundation’s short-term and long-term objectives.
c)    Interests of the CEO and Leadership Team converge with the interests of the Foundation.
d)    Remuneration practice in the Foundation takes into consideration market practice as well as recommendations for good corporate governance and foundation governance.
e)    Transparency is provided to the Foundation’s stakeholders.
 

2  General Remuneration in the Foundation

Remuneration in the Foundation consists of four components, i.e.
-    fixed base salary (applies to all)
-    performance based incentives (applies to selected employees)
-    company pension contribution (applies to all)
-    other benefits in kind

The term Total Compensation is used as the aggregate value of the four remuneration components. 
 

2.1 Remuneration components

Fixed base salary is the dominant component in the remuneration in the Foundation. The level is defined by the role and position of the individual employee, who will fulfil objectives and responsibilities as agreed with his/her superior, and thereby contribute to realising the Foundation’s strategy while adhering to the Foundation’s cultural values and leadership principles. Benchmarks from the talent pool and peers in Denmark are used for guidance regarding the level of fixed base salary, but other factors such as education, professional experience and competencies etc. are also considered. Further, attention is given to the principle of equal pay for equal jobs when deciding on salary levels.

The fixed base salary will be competitive, taking total compensation into consideration, but not excessive. No maximum salary levels apply. Fixed base salary is reviewed once a year and may be adjusted accordingly. Fixed base salary is paid in cash only.

Performance based incentives is used in accordance with market practice for further motivating, rewarding and driving the right behaviour and performance. The incentive structure in the Foundation includes four different programmes:

a)    An annual bonus programme for the CEO (‘CEO bonus’). In line with the recommendations for Foundation governance, the CEO is primarily paid a fixed base salary but in addition also offered a short-term incentive programme to ensure alignment between the CEO’s remuneration and the long-term development of the Foundation Group, which comprise a broad range of commercial and philanthropic activities. The bonus is based on several elements, including the financial results of the subsidiaries and the financial investment activities. The incentive is capped as a percentage of the annual fixed base salary. Settled bonus is paid in cash.

b)    An annual/short term incentive programme (‘STIP’) applicable to selected managers/employees across the organisation. The purpose of the incentive is to create an incentive for participants to go the extra mile in the strategy execution and to ensure market conformity for the remuneration of employees in key positions. The pay-out is settled once a year, based on pre-defined performance criteria (KPIs) and business behaviour. In case of misconduct the CEO can decide to reduce or cancel bonus settlement regardless of performance.

c)    Strategic Ownerships Incentive Programme for investment professionals working with strategic investments. The purpose of this incentive is to ensure participants’ attention on value creating of the strategic portfolio. A shared bonus pool is defined once a year based on rolling last five years’ performance. The incentive is capped as a monetary value, based on the role and position of the participants. Settled bonus is paid in cash.

d)    Invest Incentive Programme for investment professionals working with financial investments. The purpose of this incentive is to ensure participants’ attention on creating a high and stable revenue from the investment activities and to align with market practice for asset Management professionals to attract and retain qualified resources. A shared bonus pool is defined once a year based on rolling last four years’ results. The incentive is capped as a monetary value, based on the role and position of the participants. Settled bonus is paid in cash.

e)    BioCapital Incentive Programme for investment professionals working with the direct biotech investments. The purpose of this incentive is to ensure participants’ focus on financial value creation from equity investments and to align with market practise for investment professionals in this sector. A shared bonus pool is defined based on the financial return of the portfolio for a rolling period of six years. The incentive is capped as a monetary value based on the role and position of the participants. Settled bonus is paid in cash.

Performance based incentives are subject to claw back. Claw back comes into effect if bonus has been paid out based on information which has subsequently proven misstated or inaccurate and if the beneficiary has actively or passively acted in bad faith.

Company pension contribution provides employees with pension payments for retirement and a basic financial cover in case of critical illness, loss of employability or death. In general, employees are covered by mandatory defined contribution plans with a pension insurance company to which the Foundation and the employee jointly contributes. An amount of 14% of fixed base salary is paid by the Foundation and 5% of fixed base salary is paid by the employee. Historical arrangements do exist where employees are paid pension contribution as a cash allowance.

Other benefits in kind includes health insurances, health checks and customary employment benefits such as mobile phone, broadband connection at home etc. Further, members of LT and selected employees are offered a cash transport allowance. Only the CEO has a company paid car.

Situational benefits, such as maternity/paternity leave are also offered to employees. In extraordinary cases, relocation allowance may also be relevant, e.g. when recruiting a non-resident candidate.

If the CEO or an LT member serves as Board member in his/her capacity as employee of the Foundation, the board fees, value of warrants or other compensation elements will be deducted in such member’s base pay.
 

2.2 Process

Once a year following the annual performance and appraisal dialogues, the individual’s total compensation may be adjusted. Target performance is used for such considerations if any incentive scheme applies.

With regard to STIP, the bonus settlement is dependent on the individual’s conduct i.e. business behaviour, compliance with the Foundation’s business processes and values, which is reviewed in the annual development discussions. 
 

3  Remuneration of the CEO and the Leadership Team (LT)

The remuneration to the CEO and members of the Leadership Team is intended to ensure the Foundation’s continued ability to attract and retain qualified members with the desired competencies within specific key areas, and to ensure the fulfilment of the Foundation’s strategic journey. 

3.1  Remuneration components for CEO and LT

 

Remuneration Component	Applies to
Fixed base salary	All
Performance based incentives CEO bonus STIP Invest Incentive Programme BioCapital Incentive Programme	CEO All members of LT excluding the CEO Only SVP Invest Only SVP BioCapital
Company pension contribution	All
Customary employment benefits	All
Other benefits Company car Transport cash allowance	CEO All members of LT excluding the CEO
Performance based incentives CEO bonus STIP Invest Incentive Programme BioCapital Incentive Programme	The Foundation can terminate members of LT with 9 months’ notice[1]. The Foundation can terminate the CEO with a 24 months’ notice. The Foundation has no contractual obligations regarding the use of severance payments for CEO and LT.

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3.2  Process

The remuneration to the LT is reviewed on an annual basis. The Board’s Chairmanship decides any adjustment to the Total Compensation level, based on input from the CEO and benchmarks when applicable. With regards to the CEO’s compensation the Board decides based on input from the Chairmanship. The fixed base salary is then adjusted accordingly to change the total compensation level.

4  Remuneration of the Boards

The remuneration to members of the Boards is based on fixed remuneration only in line with the recommendations of foundation governance. No performance based incentive or other variable remuneration is offered to members of the Boards. 

4.1  Remuneration Components

All ordinary Board members receive a fixed annual base fee.

The Chair receives 3 x annual base fee, while the Deputy Chair receives 2 x annual base fee.

Further, the members of the Investment Committee and the Grants and Prizes Committee receives an additional committee member fee of 1.2 x the annual base fee of LF. The chair of a committee receives 1.5 x the committee fee. Furthermore, members of the Grants and Prizes Panel receive an annual fee.

No additional fee is paid to Board members to cover travelling, accommodation, etc. Instead, Board members are reimbursed for direct costs associated with the Board work.

No pension schemes are included in the remuneration to the Boards and no special termination terms apply to the Board members in the event of resignation from the Board. There are no special retention or redundancy schemes for the Board Members.

In addition to the Board fee received from LF and LFI, a Board member may also serve as a Board member of a strategic ownership. Such board fees are additional to the fee paid by LF and LFI.

Board members of LF and LFI who are employee elected representatives of strategic ownerships (subsidiaries), are not restrained from receiving variable remuneration from that specific position. 
 

4.2  Process

Board fees are reviewed by the Board itself on annual basis and any change is based on appropriate benchmarks. 

5  Governance and practice

Remuneration decisions in the Foundation, such as salary adjustments, bonus settlements, etc. is always grandparent approved. Due to the organisational size of the Foundation, the CEO usually acts as grandparent.

In case of remuneration decisions regarding members of the LT, the Chairmanship acts as grandparent and in case of the CEO the Board acts as grandparent. In general, the CEO is accountable for the Foundation to comply with the remuneration policy and to bring any deviances forward to the Board.

The Board can decide to deviate from the policy to the extent the deviation is legally acceptable under applicable law.
 

5.1  Reporting and review of remuneration

The CEO will provide the Chairmanship with an overview of paid remuneration to the LT as a minimum once a year. The overview will include members of the LT as well as senior employees in the investment teams, dependant on the nature and value of incentive schemes. Further, considerations on gender diversity in the Foundation are included. 

At least every third year, the CEO prepares a discussion with the Chairmanship on current incentives, including historical pay-outs and considerations of the fit-for-purpose, regarding future short-term and long-term objectives for the Foundation.

The remuneration policy is updated on an annual basis.

6  Effective date and publication

The policy is effective from the date of the Board approval and is made available on the Foundation’s website.

Approved by the Board, 12 March 2025.

Uddelingspolitik

Introduktion

I henhold til �鶹��s fundats § 4b har fonden to formål: 

• At sikre og udbygge Lundbeck-koncernens virksomhed
• At foretage uddelinger til de i fundatsens § 6 nævnte formål

Som konsekvens af Erhvervsfondsudvalgets anbefalinger, opdeles fondens uddelingsformål i følgende typiske hovedkategorier:

• Sociale Formål
• Forskning
• Kultur
• Stifterfamilien
• Medarbejdere i koncernen
• Dattervirksomheder

De i § 6 beskrevne uddelingsformål kategoriseres på følgende vis: 

§ 6 a)

Fonden kan uddele legater til descendenter efter legatstifterens og dennes ægtefælles forældre. (Stifterfamilien) 

§ 6 b)

Fonden kan yde støtte til og i øvrigt foretage uddelinger til fordel for nuværende og tidligere medarbejdere i Lundbeck-koncernen, herunder til uddannelse, til ferier og til ferieformål. I det omfang der ikke i det konkrete tilfælde er behov for at uddele på et andet tidspunkt af året, sker sådanne uddelinger én gang årligt på den afdøde fabrikant Hans Lundbecks fødselsdag den 20. juli. (Medarbejdere i koncernen)

§ 6 c)

Fonden kan uddele hæderspriser til læger, videnskabsmænd og andre. (Forskning)

§ 6 d)

Fonden kan yde støtte til videnskabelige formål, fortrinsvis specielle opgaver. (Forskning)

§ 6 e)

Fonden kan støtte specielle forskningsopgaver inden for Lundbeck-koncernen. (Dattervirksomheder)

§ 6 f)

Fonden kan yde støtte til hospitaler og til bekæmpelse af sygdomme. (Forskning)

§ 6 g)

Fonden kan støtte uddannelse i videste forstand, eventuelt som rentefrie lån. (Forskning)

§ 6 h)

Fonden kan uddele legater til sygeplejersker. (Forskning)

§ 6 i) 

Fonden kan anvende indtil 3% af årets overskud før skat med fradrag af ikke-udloddet overskud i dattervirksomheder og associerede virksomheder, herunder LFI A/S, til understøttelse af gamle og/eller syge samt trængende. (Sociale Formål)

§ 6 j)

Fonden kan støtte andre af bestyrelsen bestemte formål. Støtte til sådanne andre formål må dog i et kalenderår kun udgøre op til 25% af årets samlede uddelinger. (Alle hovedkategorier) 

Bestyrelsen har det overordnede ansvar for fondens uddelinger. Bestyrelsen har besluttet, at ovenstående formål hovedsageligt skal opfyldes gennem uddelinger til støtte af forskning inden for sundhedsvidenskab, der fører til øget forståelse af hjernen og til bedre forebyggelse, diagnosticering og behandling af hjernesygdomme. Uddelinger til støtte af forskning sker hovedsageligt gennem åben konkurrence på basis af ansøgninger indsendt efter opslag. Der kan dog også gives bevillinger uden opslag. 

Fonden opererer primært med følgende typer af bevillinger: 

• Personlige forskningsbevillinger inden for sundhedsvidenskab med fokus på bevillinger, der fører til øget forståelse af hjernen og til bedre forebyggelse, diagnosticering og behandling af hjernesygdomme
• Strategiske/tematiske forskningsbevillinger inden for sundhedsvidenskab, der fører til øget forståelse af hjernen og til bedre forebyggelse, diagnosticering og behandling af hjernesygdomme.
• Priser til fremragende forskere
• Bevillinger til forskningsformidling og undervisning inden for STEM fra gymnasieniveau og opefter
   

Udvalg og paneler

Til at facilitere uddelinger inden for de førnævnte områder har fonden følgende stående udvalg, paneler og komiteer, som fungerer som rådgivende, indstillingsgivende og i visse tilfælde udmøntende organer for fondens bestyrelse. 

 

Forsknings- og prisudvalget (FPU)

Bestyrelsen har nedsat et forsknings- og prisudvalg (FPU) bestående af forskningskyndige, fundatsvalgte medlemmer af fondens bestyrelse. Udvalget bistås af den adm. direktør og forskningsdirektøren, som dog ikke er medlemmer af udvalget. FPU har overordnet ansvaret for at følge implementeringen af den til enhver tid gældende strategi for fonden på uddelingsområdet og rådgiver bestyrelsen i forhold til forskningsstrategiske og -politiske emner. Den fulde beskrivelse af ansvar og opgaver fremgår af kommissoriet for FPU. 

Endvidere er der en række paneler, der understøtter arbejdet med de uddelingsrelaterede aktiviteter. Det drejer sig om følgende:

• Internationaliseringspanelet
• Talentpanelet
• Grants & Prizes Panel
• Selection Committee for The Brain Prize
• Scientific Enrichment Prize Panel

Formål og opgaver for hvert af disse paneler er beskrevet i selvstændige governance-dokumenter, der godkendes af bestyrelsen på årsbasis. 

Målsætninger for fondens uddelinger

Målet for fondens uddelinger er at opfylde fondens strategi forankret i fundatsens § 6. 

 

Kompetencefordeling

Forskningsdirektøren varetager den daglige ledelse af afdelingen ’Grants & Prizes’, både i forhold til implementering af uddelingsstrategien og personaleansvar. 

Bestyrelsen beslutter fondens uddelinger og bærer ansvaret for disse. Udmøntningen af bestyrelsens uddelingsbeslutning kan dog uddelegeres til et panel/en komité via et bevillingsmandat. 

Denne politik er godkendt på bestyrelsesmøde i �鶹�� den 12. marts 2024.

Kommunikationspolitik

En effektiv, sammenhængende og målrettet ekstern og intern kommunikation er en forudsætning for, at �鶹�� (herefter ’Fonden’) kan føre sin strategi ud i livet og fremstå som en attraktiv samarbejdspartner og arbejdsplads samt en kompetent uddeler, ejer og investor. Derudover er åbenhed og transparens i Fondens kommunikation med omverdenen en væsentlig del af Fondens strategi og værdiskabelse, hvor ’Aktiv Samfundsstemme’ er ét af fem værdiflag.

1.    Principper

Følgende principper formulerer de overordnede retningslinjer for, hvordan Fonden arbejder med kommunikation. 

Åbenhed og transparens

Åbenhed og transparens er nøgleværdier for Fonden, der gennem mange år er blevet anerkendt som en af Danmarks mest åbne og transparente fonde. Det gælder alle aktivitetsområder, herunder Fondens langsigtede værdiskabelse, hvilke typer projekter der kan opnå bevilling, samt Fondens tilgang som engageret ejer og aktiv investor. Hvor det er muligt og ikke i strid med andre hensyn, som fx Fondens ejerskab af børsnoterede virksomheder, vil hensynet til transparens derfor altid være centralt og tungtvejende. Børsretlige forpligtigelser vil altid have forrang. 

 

Samarbejde med medier

Et godt og konstruktivt samarbejde med Fondens interessenter og samarbejdspartnere er afgørende for Fondens virke og medvirker til realisering af Fondens strategi. Det forudsætter udover det nævnte fokus på åbenhed og transparens, at Fonden udviser en imødekommende tilgang til samarbejdet med medier – både når det gælder redaktionelt indhold og debat, og også når der udtrykkes kritik af Fonden. Den proaktive inddragelse af såvel egne som eksterne medier i udførelsen af Fondens virke er et centralt element i Fondens kommunikation med omverdenen. Eksterne medier skal derfor mødes med åbenhed og professionalisme, og mediehenvendelser skal besvares inden for en rimelig tid. Samtidig skal det sikres, at de oplysninger og budskaber, der kommunikeres fra Fondens side, er retvisende og præcise.

 

Formidling og deling af viden

Med sin 2030 strategi, ’Bringing Discoveries to Lives’, har Fonden artikuleret et tydeligt fokus på hjernen. Det omfatter både formidling af nye forskningsresultater og formidling af ny viden til den bredere befolkning vedrørende hjernen. Fonden formidler ligeledes løbende ny viden om de projekter, som tildeles støtte, og tilstræber at gøre dette i et tilgængeligt sprog for den bredere videnskabs- og sundhedsinteresserede dansker.

 

Strategisk fokus: Aktiv samfundsstemme

Fondens 2030 strategi inkluderer værdiflaget ’Aktiv Samfundsstemme’, der udtrykker Fondens ønske om at være med til at sætte dagsorden i Danmark inden for udvalgte, relevante områder. Fonden har konkret udvalgt tre hovedagendaer for sin eksterne stemme – Hjernesundhed, Forskningens vilkår og Fonden som ejerskabsmodel – hvor Fonden ønsker og mener at kunne bidrage konstruktivt med nuancerede holdninger, faglig viden og relevant indsigt.  

 

2.    Målgrupper 

I sin kommunikation arbejder Fonden med et bredt felt af målgrupper. Fondens kommunikation henvender sig først og fremmest til målgrupper i Danmark, men der vil også være vigtige internationale kommunikationsopgaver i relation til The Brain Prize, Neurotorium og Fondens BioCapital-portefølje, der henvender sig til målgrupper uden for Danmark.

Målgrupperne for Fondens kommunikation omfatter særligt interessenter og samarbejdspartnere indenfor Fondens ejerskaber og investeringer, herunder healthcare-industrien og biotek-investormiljøet, samt aktører med interesse i Fondens støtte til forskning og neuroscience, herunder potentielle ansøgere til Fondens uddelinger og aktører i dansk forskning og på universiteterne. Derudover er den bredere videnskabs- og sundhedsinteresserede del af befolkningen samt relevante politiske beslutningstagere vigtige målgrupper for Fonden.

 

3.    Roller og opgaver

Fondens CEO �ڲ����ٱ�æ������� de overordnede rammer og mål for kommunikationsarbejdet i samarbejde med SVP for Corporate Affairs og Fondens kommunikationschef.  

CEO og ledergruppen tegner Fonden i offentligheden gennem medieinterviews og lignende (fx som oplægsholder på relevante konferencer). CEO er den primære talsperson i alle spørgsmål om Fondens overordnede formål og virke, mål og strategi, mens medlemmer af ledergruppen og kommunikations­chefen i enkelttilfælde og efter forudgående aftale med CEO kan repræsentere og tale på vegne af Fonden inden for eget ansvarsområde og/eller særlige temaer. Hertil vælges altid den i ledergruppen, der har de bedste forudsætninger for at repræsentere Fonden i den pågældende situation.

SVP for Corporate Affairs er overordnet ansvarlig for kommunikationsarbejdet og Fondens kommunikationsstrategi, der lægges i samarbejde med Fondens kommunikationschef, som herefter prioriterer den løbende indsats i afdelingen og udarbejder og driver en kommunikationsplan med udgangspunkt i disse prioriteter. Det omfatter bl.a. følgende:

• At Fondens strategi og værdiflag kommunikeres internt og eksternt
• At Fondens aktiviteter opnår den optimale mediedækning
• At kritiske områder for Fondens omdømme løbende afdækkes og mitigeres
• At der etableres relevante eksterne netværk, som styrker kommunikationen på tværs af Fondens aktivitetsområder, herunder med Fondens ejerskaber.
• At nye medier, herunder sociale og digitale (fx AI), anvendes i Fondens kommunikation
• At der indtænkes kommunikationspartnere i organiseringen, samarbejdet og udførelsen af det daglige kommunikationsarbejde

Bestyrelsen for Fonden er som udgangspunkt ikke involveret i den løbende kommunikation. Alle pressehenvendelser til bestyrelsen henvises til bestyrelsesformanden, og bestyrelsens medlemmer vil derfor ikke udtale sig om eller på vegne af Fonden. Bestyrelsesformanden udtaler sig typisk kun ved særlige begivenheder efter forudgående dialog med Fondens CEO og/eller SVP for Corporate Affairs.

Fondens medarbejdere og ledere deltager i kommunikationsarbejdet i relevant omfang og sikrer, at medarbejderne i kommunikationsafdelingen er opdateret og forud informeret om vigtige begivenheder samt relevant viden og fakta.

Alle Fondens medarbejdere har et ansvar for, at Fondens kommunikation er i overensstemmelse med denne kommunikationspolitik.

Medarbejdere i Fonden skal til enhver tid omgående informere kommunikationschefen om henvendelser fra pressen, der herefter er ansvarlig for at håndtere henvendelsen samt identificere den rigtige talsperson i Fonden og om nødvendigt orientere Fondens CEO og derigennem bestyrelsen, når dette er relevant. 

For medarbejdere og ledelse i Fonden gælder i øvrigt, at optræden i medier generelt, herunder ved interviews eller deling af indhold, artikler og gennem opslag på sociale medier, sker under hensyntagen og respekt for Fondens værdier og principper som repræsentant herfor.

4.    Generelt for ekstern kommunikation

Enhver væsentlig information om Fonden, der deles med omverdenen via medierne, skal så vidt muligt gøres tilgængelig for Fondens ansatte senest samtidig med offentliggørelse.

Sager, der vedrører Fonden og et eller flere af Fondens strategiske ejerskaber, skal så vidt muligt håndteres i samarbejde med kommunikationsafdelingerne i de respektive ejerskaber.

Sager af fortrolig og/eller personfølsom karakter må ikke deles eller kommunikeres offentligt, eksternt eller internt, uden forudgående samtykke fra de involverede og efter aftale med CEO – og i øvrigt under hensyntagen til gældende regler og persondataforordningen (GDPR) mv.) mv.

Denne politik er godkendt på bestyrelsesmøde i �鶹�� den 12. marts 2024.

Kommissorium

Kommissorium for �鶹��s Investeringsudvalg

1. Objectives

The Board of Directors of the Lundbeck Foundation has established an Investment Committee whose main objectives are:

-    to consider the basis for decisions and recommendations on investments that require approval by the Board of Directors,
-    to monitor the Foundation’s investment activities in accordance with the investment policy approved by the Board of Directors,
-    to approve investments within the framework of the investment policy, and
-    to provide guidance to the management on specific material investments and on market developments in general.

 

2. Tasks/responsibilities

Pursuant to the Lundbeck Foundation’s Statutes and the legal rules governing foundations, the Board of Directors has the overall responsibility for managing investments. The Board of Directors lays down the detailed guidelines for such investment management in the investment policy in force from time to time.

In cooperation with the CEO, the Investment Committee is responsible for:
-    drafting the investment policy; and
-    monitoring compliance with the investment policy and investment performance.

The CEO together with the SVP of Invest, the SVP of Strategic Ownerships and the SVP of BioCapital are responsible for carrying out the decisions of the Investment Committee and for overseeing the ongoing management and optimisation of the investment assets.
 

3.  Composition and appointment of the Investment Committee

The Lundbeck Foundation’s Investment Committee consists of 3-5 members of the Foundation’s Board of Directors and usually includes members elected pursuant to the Statutes who have investment and/or business experience.

The members of the committee are appointed by the Board of Directors for a term of one year at a time, with the possibility of reappointment. The appointment takes place at the annual meeting of the Board of Directors and follows the normal term of office of the Board of Directors.

The chair of the Investment Committee is appointed by the Board of Directors of the Lundbeck Foundation. SVP Finance acts as secretary to the Investment Committee.
 

4. Frequency of meetings and attendance

As a general rule, the Investment Committee meets four times a year (February/March, May, August/September and November).

In addition to the members of the Investment Committee, meetings are attended by: (i) CEO, (ii) SVP of Invest, (iii) SVP of Strategic Ownerships, (iv) SVP of BioCapital and (v) SVP of Finance.

The agenda of the meetings of the Investment Committee must include:

-    General update on performance 
-    Review of market developments and discussion of market outlook
-    Discussion of investment themes
-    Concrete investment cases
-    Potential investment cases (“High-potential targets”)
-    Preparation for the Board of Directors’ annual review of policies and mandates
 

6. Changes

The Board of Directors of the Lundbeck Foundation decides on the dissolution of the Investment Committee and any changes in the terms of reference of the committee.

Approved by the Fundation’s Board of Directors on 12 March 2025

Kommissorium for �鶹��s forsknings- og prisudvalg

1. Formål

Bestyrelsen har nedsat et forsknings- og prisudvalg (FPU), hvis formål er at sikre den overordnede kvalitet i udmøntning af uddelinger og priser i henhold til �鶹��s værdiflag, herunder aktiviteter vedrørende The Brain Prize (TBP), samt at rådgive �鶹��s bestyrelse i forhold til sundhedsvidenskabelige, forskningsstrategiske og -politiske emner i henhold til fundatsen §6 (c,d,e,f,g,h).
 

2. Arbejdsopgaver/ansvarsområder

Bestyrelsen �ڲ����ٱ�æ������� hvert år udmøntningen af fondens uddelinger ved godkendelse af tilhørende kommissorier.

FPU har ansvaret for:

• At følge implementeringen af kommissorier for virkemidler
• At nye virkemidler godkendes og årligt forelægge den samlede grant portfolioen til godkendelse hos bestyrelse, som også godkender de overordnede budgetmæssige prioriteringer til virkemidlerne.
• At godkende Talentpanelet sammensætning og sikre, at panelet følger bevillingsmandatet.
• At bedømme ansøgninger og godkende bevillinger som en del af G&P panelet
• At bedømme og godkende strategiske og startup bevillinger (bevillingsmandat ≤ 20 mio.)
• At bedømme og godkende Young Investigator og Talent priserne (bevillingsmandat)
• At godkende SEC-bevillinger med videnskabelige studier efter indstilling fra G&P (bevillingsmandat)
• At godkende bevillinger til skolarstipendier (bevillingsmandat)
• At godkende Scientific Enrichment Prize-vindere og Scientific Enrichment-bevillinger efter indstilling fra hhv. Scientific Enrichment Prize-panelet og G&P
• At indstille modtagere af TBP til fondens bestyrelse.
• At overse TBP Selection Committee’s og Advisory Board’s arbejde.
• At rådgive bestyrelsen i forhold til forskningsstrategiske og -politiske emner
   

3. Forsknings- og prisudvalgets sammensætning og udpegning

FPU består af 3-4 medlemmer. Udvalgets medlemmer udpeges af bestyrelsen blandt de fundatsvalgte medlemmer, som har forskningserfaring. Formanden for udvalget udpeges af fondens bestyrelse.
 

4. Udpegningsperiode

Medlemmerne af FPU udpeges for en periode på ét år med mulighed for genudpegning. Udpegelsen finder sted på bestyrelsens årsmøde og følger bestyrelsesmedlemmernes normale bestyrelsesperioder.
 

5. Bedømmelse af ansøgninger

FPU er sammen med forskningsdirektøren ansvarlig for at vurderingen af sundhedsvidenskabelige projekter og ansøgninger får den rette faglige bedømmelse i forhold til virkemidlets mål. Dette kan ske gennem fondens Talentpanel, Grants & Prizes Panel, Internationaliseringspanel eller i form af ad-hoc nedsatte bedømmerpaneler med videnskabelig ekspertise inden for et særligt område. De faste paneler har selvstændige kommissorier og bevillingsmandater, der godkendes årligt af bestyrelsen. Forskningsdirektøren har ansvaret for, at der til enhver tid er en gruppe af eksterne ad hoc bedømmere med passende kompetencer til rådighed herfor.
 

Bedømmelse og godkendelse af strategiske bevillinger
FPU følger retningslinjerne for bedømmelse og godkendelse beskrevet i ”Grant Mandate for the Lundbeck Foundation Grant and Prize Committee”

Bedømmelse og godkendelse af startup bevillinger
FPU følger retningslinjerne for bedømmelse og godkendelse beskrevet i ”Grant Mandate for the Lundbeck Foundation Grant and Prize Committee”

Godkendelse af SEC bevillinger med videnskabelige studier
FPU følger retningslinjerne for bedømmelse og godkendelse beskrevet i ”Grant Mandate for the Lundbeck Foundation Grant and Prize Committee”

Godkendelse af skolarstipendier 
FPU følger retningslinjerne for bedømmelse og godkendelse beskrevet i ”Grant Mandate for the Lundbeck Foundation Grant and Prize Committee”

Talentpanelet består af 11-15 internationalt anerkendte forskningseksperter uden anden tilknytning til fonden og med faglig ekspertise, som bedst muligt dækker det sundhedsvidenskabelige forskningsområde inden for hvilket bevillingen ønskes tildelt. Medlemmerne i panelet kan maksimalt sidde i panelet i seks år (3+3 år).

Grants & Prizes Panelet består af seks medlemmer, heraf FPU’s tre medlemmer samt tre eksterne medlemmer. Panelets eksterne medlemmer udpeges af bestyrelsen, og det tilstræbes, at halvdelen af panelmedlemmerne er udlændinge med komplementære kompetencer. Formanden for FPU er formand for panelet. FPU’s medlemmer udpeges for en periode på ét år med mulighed for genudpegning jf. reglerne for fondens fundatsvalgte medlemmer, mens de tre eksterne medlemmer udpeges for et år ad gangen med mulighed for genudpegning. De eksterne medlemmer i panelet kan maksimalt sidde i panelet i seks år.

Internationaliseringspanelet består af 2-3 medarbejdere i Grants & Prizes samt ét FPU-medlem per under-panel. Bedømmelse og godkendelse er beskrevet i ”Grant Mandate for the Lundbeck Foundation Grant and Prize Committee”
 

6. Bedømmelse af forskerpriser

The Brain Prize

Selection Commitee’s (SC) virksomhed er fastlagt i ”Terms of Reference” for TBP og i den særlige instruktions-beføjelse for SC. FPU har på vegne af fondens bestyrelse ansvaret for udarbejdelsen af bestemmelserne for TBP samt at udarbejde og godkende instruktionsbeføjelsen for SC. FPU påser, at SC’s forslag er i overensstemmelse med bestemmelserne for TBP og indstiller SC’s forslag til modtagere af TBP til �鶹��s bestyrelse, som træffer den endelige afgørelse. 

Bedømmelse og godkendelse af Young Investigator og Talentpriserne

FPU følger retningslinjerne for bedømmelse og godkendelse beskrevet i ”Grant Mandate for the Lundbeck Foundation Grant and Prize Committee”

Scientific Enrichment Prize

Scientific Enrichment Prize panelet bedømmer de indkomne nomineringer efter de i opslaget angivne kriterierne og fremsender deres bedømmelser og en begrundet indstilling af årets vinder til godkendelse af FPU. I fald FPU ikke billiger beslutningen kan FPU beslutte at bede Scientific Enrichment Panelet revurdere deres bedømmelse eller helt bortfalde uddelingen det år. 

7. Forretningsorden

FPU fastsætter selv sin forretningsorden.
 

8. Sekretariat

FPU sekretariatsbetjenes af Grants & Prizes.

9. Ændringer af kommissorium og nedlæggelse af udvalget

�鶹��s bestyrelse træffer beslutning om nedlæggelse og eventuelle ændringer i kommissoriet og bevillingsmandater for FPU ved at beslutte dette på fondens bestyrelsesmøder.

Godkendt af fondens bestyrelse 12 marts 2025