The foundation is a non-commercial foundation and once established (Q12019) it will be governed by the Greenlandic Foundation Act and will have the Danish Department of Civil Affairs as the authority ensuring compliance with the act.
The objective is the sole purpose of the existence of the foundation which is clearly laid out in the charter: "support international polar research in all disciplines, especially protecting the inhabitants (humans, animals and vegetation) of Greenland, who are affected by climate change and accompanying cultural changes”.
The foundation will have its accounts audited by an independent accountant firm.
Financials and alignment.
The foundation is funded by three founding partners to start with. Other partners and sponsors will follow in time and the foundation will grow step by step. Distribution of assets will leave the foundation through distribution in accordance with the objective laid down in the the charter.
Greenland Ruby A/S and other sponsors and founding members like Hartmann’s in Copenhagen, donate a percentage / promillage of sales revenues outside Greenland to the PinkPolarbear foundation.
Common language in this is to found in the United Nations Global Impact principles already adopted by many of the Greenlandic Companies. It is also foreseen that the PinkPolar Bear Foundation becomes a member of the CSR Greenland organization as well to link further with local society via the Greenland Business Association.