The foundation is a non-commercial foundation is 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, with the goal of protecting the inhabitants (humans, animals, and vegetation) of Greenland, who are affected by climate change and accompanying cultural changes.”
The foundation annual accounts are audited by an independent accounting firm.
Financials and alignment.
The foundation is funded by five founding partners: Greenland Ventures, Greenland Ruby A/S, Rana Gruber, LNS Greenland and Hartmann’s. Distribution of assets will leave the foundation through distribution in accordance with the objective laid down in the charter.
Greenland Ruby A/S and founding member Hartmann’s became a sponsor as well and will each donate a percentage of sales revenues outside Greenland to the PinkPolarBear foundation. Number of other sponsors will grow in time.
Common language in this is to be found in the United Nations Global Impact principles already adopted by many of the Greenlandic Companies. It is also foreseen that the PinkPolarBear Foundation becomes a member of the CSR Greenland organization as well to link further with local society via the Greenland Business Association.