Center for Enterprise Foundations
The Center for Enterprise Foundations (CEFS) advances knowledge of enterprise foundations—foundations that own companies—through empirical research on their economic and social significance, value creation and impact, as well as long-term ownership, governance, and related topics.
About (Panel content)
About us
Center for Enterprise Foundations (CEFS) is a research center at Copenhagen Business School, established in 2026 to advance knowledge of enterprise foundations – foundations that own companies – and their contribution to society.
The foundation model has many unique characteristics such as long-term ownership, purpose commitment, non-profit oversight, philanthropy and the proven ability to foster great companies.
The center serves as a hub for collaboration between scholars on a mission to understand this phenomenon. Through interdisciplinary research, workshops and seminars, as well as dialogue with foundations and policymakers, CEFS aims to contribute to knowledge creation and informed debate on enterprise foundations in Denmark and abroad.
“The Center for Enterprise Foundations provides a permanent academic home for research on foundation ownership, ensuring that this distinctive governance model is studied with the depth it deserves.” Steen Thomsen
Professor and Center Director
Enterprise Foundations in Europe: An Introduction
Stay informed
Research (Panel content)
Our research
Research at the Center for Enterprise Foundations (CEFS) focuses on foundation ownership as a distinct governance model. The center studies how the model creates value for business and society. CEFS is an interdisciplinary center drawing on economics, finance, law, and management studies. It serves as a hub for international studies. Its research aims to guide enterprise foundations, regulators and potential founders on best practice solutions to business challenges.
Projects and Activities
Advancing Foundation Ownership (Foundation project 3.0)
Advancing Foundation Ownership (Foundation Project 3.0) is a research initiative launched in 2026 that builds on and extends the project Long‑Term Ownership and Value Creation in Enterprise Foundations (Foundation Project 2.0). It provides a long‑term research framework for the Center for Enterprise Foundations, supporting ongoing and new research on foundation ownership, governance, purpose, and long‑term value creation.
The 8 research areas of this project:
1) Performance determinants in foundation-owned companies
2) Innovation in enterprise foundations and foundation-owned companies
3) Ownership and governance models
4) The economic consequences of enterprise foundation legislation
5) Foundation ownership and company purpose
6) Active ownership
7) Measuring the societal effects of philanthropy and business activity
8) Leveraging the role of enterprise foundations in sustainable corporate governance
Long‑Term Ownership and Value Creation in Enterprise Foundations (Foundation Project 2.0)
Long‑Term Ownership and Value Creation in Enterprise Foundations (Foundation Project 2.0) is a research project examining how enterprise foundations contribute to business performance and societal value through long‑term ownership. The project focuses on foundation‑owned companies and explores how this distinctive ownership model shapes corporate governance, strategic decision‑making, and value creation over time.
The 9 research areas of this project:
1) Growth and Value Creation in Foundation-Owned Danish Companies
2) Foundation-Owned Companies in Europe
3) Value Creation in Listed Foundation-Owned Companies
4) Long-Term Ownership in Foundations, Family Businesses, and Associations
5) Foundation Governance and Value Creation
6) Philanthropy and Value Creation (Impact) in Danish Foundations
7) CSR and Sustainability in Foundation-Owned Companies
8) Book Publication: The European Enterprise Foundations
9) The role of Enterprise Foundations in the Corona crisis
Special Interest Group (SIG) on Enterprise Foundations of the European Law Institute
The Special Interest Group in Enterprise Foundations and Responsible Business Ownership (SIG) is chaired by Steen Thomsen and Mark Ørberg (CEFS) and Anne Sanders (Bielefeld University). The SIG brings together researchers and practitioners to examine how enterprise foundations can support long-term and responsible business ownership.
The group focuses on:
- comparative legal analysis across jurisdictions
- governance and ownership structures
- best practices for responsible, long-term stewardship
Through this work, the SIG contributes to a more coherent European understanding of enterprise foundations and strengthens the link between research, policy, and practice.
The SIG provides a platform for exchange and collaboration, including activities carried out in cooperation with the European Law Institute (ELI).
The European Model Law on Enterprise Foundations
The European Model Law on Enterprise Foundations is a central outcome of a project developed within the European Law Institute, and led by Steen Thomsen and Mark Ørberg (CEFS) and Anne Sanders (Bielefeld University).
The Model Law was formally adopted by the European Law Institute as a soft-law instrument, providing a common European reference for legislators and practitioners.
It responds to a structural gap in many legal systems: enterprise foundations operate between foundation law and company law, but are rarely addressed explicitly in either. The Model Law offers a clear and flexible framework covering:
- establishment and legal recognition
- governance and fiduciary duties
- the relationship between foundations and controlled companies
- safeguards for accountability and long-term ownership
Rather than binding rules, it sets out best-practice principles that can be adapted across jurisdictions.
Read the European Model Law on Enterprise Foundations HERE
Novo Nordisk Foundation Endowed Professorship
Professor Steen Thomsen is the Novo Nordisk Foundation Endowed Professor of Enterprise Foundations. The purpose of the Novo Nordisk Endowed Professorship is to conduct research on enterprise foundations and their role in society. The Professorship is dedicated to the study and dissemination of knowledge regarding enterprise foundations and their impact on corporate governance and broader society.
Publications & Media
Publications
The Governance of Foundation-owned Firms
Henry Hansmann (Yale), Steen Thomsen (CBS)
Journal of Legal Analysis 13 (1), 2021, 172-230
Sustainable Corporate Governance: A review of research on long‐term corporate ownership and sustainability
N Kavadis, S Thomsen
Corporate Governance: An International Review 31 (1), 2023, 198-226
The Anatomy of Nonprofit Control of Business Enterprise
Ofer Eldar (Berkeley); Mark Ørberg (CBS)
Yale Journal on Regulation 2025
Foundation Ownership and Sustainability
David Schröder, Steen Thomsen (CBS)
Journal of Corporate Finance 91, 2025
Enterprise Foundations as ‘Non-profit Organizations’ Under the EU Pillar Two Directive
Mark Ørberg, Louise Blichfeldt Fjord (CBS)
Intertax, 2023, p. 472-486
Foundation Ownership and Creditor Governance: Evidence from Publicly Listed Companies.
B. Buchanan; Caglar Kaya.
8 Journal of International Financial Markets, Institutions & Money, Vol. 93, 6.2024
Beyond Ownership as Usual: The Implications of Steward-Ownership for Management Research
L Manelli, S Pek, M Waldkirch, H Hachigian, A Jamal, S Thomsen et al.
Journal of Management Inquiry, 10564926251357812
Enterprise Foundations and Faithful Agency as Drivers of Sustainable Long-termism in Philanthropy
Mark Ørberg
European Business Organization Law Review, 26.8.2024
Enterprise foundations: law, taxation, governance, and performance
S Thomsen, N Kavadis
Annals of Corporate Governance 6 (4), 227-333
Foundation Governance for The Purposeful Ownership of Enterprise.
T. McNulty, T. and S. Thomsen.
European Management Review 2026.
Corporate Purpose, Sustainability and Law
S. Thomsen
Forthcoming. European Company and Financial Law Review.
Firms' Potential for Economic Sustainability and Firm Value: The Moderating Role of Blockholders. Kyaw, K., Thomsen, S., & Treepongkaruna, S.. Sustainable Development, 2022. 30(5), 884-901.
Firm Environment and Employee’s Crime Rate: Evidence From Denmark Conyon, M. J., Jeong, J., Kleven, H., & Thomsen, S. (2025. Applied Economics Letters.
Greenwashing, Carbon Emission, and ESG
Treepongkaruna, S., Au Yong, H. H., Thomsen, S., & Kyaw, K. (2024)
Lockdowns and COVID-19 Deaths in Scandinavia Conyon, M. J., He, L., & Thomsen, S. (2020).. Covid Economics, (26), 17-42
Enterprise Foundation Law in a Comparative Perspective
Editors: Anne Sanders, Steen Thomsen
Book. Intersentia
European Enterprise Foundation Model Law
Including guidelines (best practice recommendations) and tax principles. Prepared for the European Law Institute project on enterprise foundations by project reporters Steen Thomsen and Anne Sander with project assistant Mark Ørberg, Approved by the ELI Council 22 September 2025.
Media
Steen Thomsen & Anne Sanders / Europe’s quiet champions of responsible ownership deserve better law
In: ECGI Global (web), 21.1.2026
Steen Thomsen / Fondsmodellen er et bedre alternativ til formueskatten
In: Børsen, 2.3.2026
Mark Ørberg advarer mod lempelser i fondsloven: “Man risikerer simpelthen at udvande formålet”
In: Fundats.dk, 16.9.2025
Steen Thomsen / Med denne model kan medarbejderstyrede virksomheder blomstre frem
In: Børsen.dk, 6.6.2025
Steen Thomsen & David Schröder / Purpose That Matters: What Foundation Ownership Teaches Us About Sustainable Capitalism
In: Harvard Law School Forum on Corporate Governance, 28.5.2025
Steen Thomsen / Er det tid til en opdatering af god fondsledelse?
In: Børsen, 3.6.2024
Steen Thomsen / Potentielt angreb på den danske fondsmodel
In: Børsen, 21.2.2024
Podcasts
Mark Ørberg
E210: Erhvervsdrivende fondes anatomi med Mark Ørberg.
In: Rig på Viden (2025) Producer: André Thormann
Steen Thomsen
E205: EU model for erhvervsdrivende fonde med Steen Thomsen.
In: Rig på Viden (2025) Producer: André Thormann
Mark Ørberg
E80: Connecting Philanthropy Academia & Practice
European Research Network on Philanthropy, 03.04.2024.
Why Philanthropy Matters
Caglar Kaya
E157: Board Governance in Foundations
In: Rig på Viden (podcast), 21.5.2024. Producer: Benjamin Zumofen
Fabian Ahrens
E155: Foundational Ownership, Good or Bad?
In: Rig på Viden (podcast), 23.4.2024. Producer: André Thormann
Mark Ørberg
E137: Hvorfor har vi erhvervsdrivende fonde
In: Rig på Viden (podcast), 7.11.2023. Producer: Benjamin Zumofen
Caglar Kaya
E107: Foundation Ownership and Credit Risk
In: Rig på Viden (podcast), 18.4.2023. Producer: André Thormann
Steen Thomsen
E63: Ulighed og erhvervsdrivende fonde
In: Rig på Viden (podcast), 15.3.2022
Claus Richter
E61: Erhvervsdrivende fondes rolle under krisetider
In: Rig på Viden (podcast), 1.3.2022
David Schröder
E47: Foundational Ownership and Returns
In: Rig på Viden (podcast), 23.11.2021
Steen Thomsen
E5: Erhvervsdrivende fonde – fremtid eller fortid?
In: Rig på Viden (podcast), 25.8.2020
Course in Enterprise Foundations
Curious about enterprise foundations?
Join the elective “Enterprise Foundations and Responsible Ownership” in Fall 2026/2027.
News & Events (Panel content)
People (Panel content)
Staff and people connected to CEFS
The staff and people connected to CEFS include the day‑to‑day management team (the center director and the center coordinator), center researchers, and affiliated researchers.
Center Director:
Steen Thomsen
st.cefs@cbs.dk
Center Coordinator:
Melisa Gacic
mg.cefs@cbs.dk
Affiliated researchers
Aldo Laudonio, Assoc. Professor
Università Magna Græcia di Catanzaro
Rasmus Feldthusen, Professor
University of Copenhagen
Tom Kirchmaier, Professor
London School of Economics
Associated institutions
The Foundation Center Network (FCN)
- Centre for Family Business Law, University of Warsaw
Foundation Advisory Board
The Foundation Advisory Board is chaired by the President of CBS and foundation directors. It serves as a forum for dialogue and exchange. It has no decision-making authority and does not influence research methods or research outcomes.
Peter Møllgaard, President
Copenhagen Business School
Lars Nørby Johansen, Chair of the Board
William Demant Fonden
Tommy Thomsen, CEO
Lauritzen Foundation
Søren Staugaard Nielsen, CEO
Rambøll Foundation
Peter Haarh, CEO
Leo Foundation
Lene Skole, CEO
Lundbeck Foundation
Kim Füchsel, Quaestor
Carlsberg Foundation
Daniel Damjanovic, Member of the Foundation Council
Inter IKEA Foundation
Academic Advisory Board
The center is supported by an international Academic Advisory Board of leading scholars who contribute to its strategic development and help ensure high academic quality.
Colin Mayer, Professor
Oxford University
Anne Sanders, Professor
Bielefeld University
Dorothy Lund, Professor
Columbia University
Belen Villalonga, Professor
New York University
Morten Bennedsen, Professor
Copenhagen University
Elizabeth Pollman, Professor
University of Pennsylvania
Randall Morck, Professor
University of Alberta
Ofer Eldar, Professor
UC Berkeley
Claudine Gartenberg, Assoc. Professor
University of Pennsylvania