New CBS centre to shed light on the Dan­ish own­er­ship mod­el

Enterprise foundations carry significant weight in the Danish business community, primarily as owners of major companies. They are behind some of the country’s largest groups, including global companies such as Novo Nordisk and A.P. Møller-Mærsk. 

Even so, systematic knowledge of how foundation ownership shapes companies’ development and role in society remains limited. A new research centre at CBS will now help change that.

The Center for Enterprise Foundations opens in June 2026 and will research a form of ownership that is widespread in Denmark but only known to a limited extent globally.

“There is still a major international knowledge gap around this type of ownership,” says Steen Thomsen, Professor at CBS.

He has researched the area for more than 30 years and will be academic director of the new centre.

A unique Danish model

The Danish foundation model often causes surprise abroad, Steen Thomsen explains.

“In many countries, ownership means private owners or shareholders, and that is why the Danish model often causes considerable surprise. When I explain it, many people struggle to understand how a foundation with no actual owners can control large companies,” he says and adds that the model is also met with scepticism.

“There is a persistent myth that foundation-owned companies are less competitive and become a little too soft around the edges, but our research has disproved that assumption,” Steen Thomsen explains and points to the Covid-19 crisis as a concrete example.

“During the Covid-19 crisis, we saw that foundation-owned companies were often more adaptable than companies with other ownership structures as they responded more quickly and were able to make more long-term decisions because they are less tied to shareholders’ short-term return requirements,” says Steen Thomsen.

However, he stresses that systematic research is still lacking in a number of areas, including the foundations’ importance to the wider business community and the impact of their large grants.

“We still do not know exactly what makes the foundation model work. It is still somewhat a mystery. We assume that long-term thinking plays a central role, but we still need to quantify how this translates into competitiveness,” says Steen Thomsen.

CBS wants to elevate research internationally

The goal reaches far beyond Denmark’s borders. Over time, the centre is set to develop into an international hub for research into foundation ownership.

The centre will be anchored at the Department of Accounting at CBS, but it will bring together researchers across the university and engage in international partnerships with academic environments and the business community.

For Peter Møllgaard, President of CBS, the widespread foundation model in Denmark is a position of strength but also a responsibility:

“We have a Danish model followed with great interest by the rest of the world. I see that model as a cornerstone of Danish competitiveness, which also means that we have a responsibility to deliver solid research to qualify the debate.”

At the same time, he highlights the need for a critical and constructive dialogue with the business community:

“We need not only to understand the foundations, but also to challenge them, which requires a resourceful academic environment that can collaborate with practice but also ask critical questions.”

The foundations themselves also welcome the initiative.

“There are many opinions about foundation-owned companies and this form of ownership, but far too little knowledge,” says Peter Haahr, CEO of Leo Fondet.

“We need research that puts the foundation model under scrutiny and documents its strengths as well as its weaknesses scientifically. Otherwise, we risk a debate driven by myths rather than facts.”

He points out that more knowledge is crucial to the continued development of the foundation model – also beyond Denmark:

“If foundation ownership and the Danish foundation model are to remain strong and inspire internationally as well, we need to be able to show clearly how the model works and creates value. Research plays a key role here.”

The centre will be launched at an event at CBS on 2 June.