ESG REPORT
About EDC Poul Erik Bech
We are a real estate agency with strong roots in Denmark. Our history goes back to 1978 when Poul Erik Bech founded the company based on the values; hard work, ethics and a solid business sense. These values are still at the core of our company.
Partner-run company: EDC Poul Erik Bech operates with a partner-driven structure, where experienced and dedicated real estate agents form a central core of the company. Our ideal partner structure means that each residential estate agengy or commercial centre is 50% owned by local partners, while the remaining 50% is owned by the parent company. This is a reality in the vast majority of our agencies and centres, which creates a high level of commitment and resilience.
The partner structure is an essential part of our company and culture, and it is connected with our goal of being a locally rooted company that together creates the best conditions for our customers. Our partners have a in-depth knowledge of local areas across the country. Our partner structure consists of more than 130 partners and ensures that our experience, expertise and competences span a wide range, which creates the best conditions for a continuous development of the company.
Independent: Our independence ensures that our decisions can be made internally without external ownership, as is the case in a large part of the real estate industry.
The group: EDC Poul Erik Bech is a broad group that includes 80 residential stores, 19 commercial centers, project departments across the country, LEA Ejendomspartner and Promana Bygningsrådgivning. We participate in and are co-owners of the EDC group.
We are dedicated to making a difference for our customers by offering a comprehensive range of property-related services. From valuations, sales and letting to conversion, consulting or administration of properties, we create value for our customers all over the country. We have a strong collaboration with one of the world's largest international brokerage companies, JLL, which is represented in 80 countries. This gives us the opportunity to offer Danish customers solutions for property-related tasks abroad. It also creates strong relationships with foreign foundations and companies that want to invest in Denmark.
EDC Poul Erik Bech was established in 1978. We are Denmark's largest and only nationwide real estate agency with residential estate agencies and commercial centers across the country. Employees + 600
Foundation ownership: The parent company, the non-profit foundation and EDC Poul Erik Bech Foundation, owns 60% of the company, Jane Bech owns 30% and Poul Erik Bech owns 10%. With the foundation's establishment in 2015, we future-proofed the company in relation to future generational changes, and at the same time, via the foundation, created the foundation for us to realise our primary desire to support associations that make a difference for vulnerable children.
Residential stores and commercial centres 99 Partners +130
ESG in real estate
Sustainability has become a central part of the real estate sector in Denmark. In particular, Copenhagen has been highlighted as a pioneer in sustainability, with ambitious goals to become the world's first 100% CO2 neutral capital. This is part of a broader trend, where major cities around the world are working towards reducing their CO2 emissions. Although many cities have set similar goals, it is Copenhagen's commitment and progress that makes the city a leader in this area.
Among investors and companies, sustainability is also an essential topic on the agenda. EDC Erhverv Poul Erik Bech's Expectations Survey 2024 shows that more than half of the respondents believe that sustainability plays a role in their current investment strategy. There is an increasing trend towards green thinking, some of the respondents have already energy optimised one or more of their properties or have plans to do so. The study also shows that investors are willing to pay more for a sustainable property.
Thus, the Expectations Survey shows that there is a general tendency towards prioritising sustainability for both economic and ideological reasons, but a major breakthrough has not yet occurred.
On the environmental front, Denmark has committed to being a low-emissions society and has set a goal to reduce greenhouse gas emissions by 70% by 2030 compared to the level from 1990. Denmark also has a goal to be independent of fossil fuels by 2050 and is investing heavily in renewable energy sources such as wind energy.
These concrete goals and initiatives do not only underline Denmark's and Copenhagen's commitment to sustainable development, but also serve as inspiring examples for other nations and cities.
Introduction
We know that the construction and property industry accounts for a whopping 30% of Denmark's total CO2 emissions. Furthermore, the buildings in Denmark account for approx. 40%* of the total energy consumption in the country. We want to take part in the many improvements that can and should be implemented in the segment.
It requires a collective effort from several parties to reduce the real estate industry's CO2 emissions. Through consulting and knowledge sharing as central elements, we can contribute to improved initiatives in the sustainable sector. And it is precisely here that we aim to make the most significant difference.
Our greatest potential to make a positive impact on the environment and society will therefore be linked to our advice to our clients. In this regard, EDC Poul Erik Bech commits to advice and inform our clients to the best of our ability about sustainable properties. To provide the best possible advice and recommendations, we have allied ourselves with a large number of individuals with experience in real estate and sustainability. In addition, we have established an internal ESG committee. These initiatives provide us with a nuanced understanding of the issues that we, as real estate agents and advisors, must navigate and contribute to.
As real estate agents and advisors, we can have a significant influence on our clients' decisions regarding property investments, thereby playing a role in reducing overall environmental impact.
The sustainable agenda is constantly evolving, and we commit to continuously expanding our knowledge base so that we can engage in dialogue with clients and partners seeking advice or collaboration in this area.
Compared to other sectors, our direct CO2 emissions are relatively modest. However, this does not change the fact that we must be aware that despite being limited, our CO2 emissions have a negative impact on the environment. Therefore, we have chosen to focus on initiatives where our activities as an office operation can make a real and noticeable indirect difference. These initiatives are outlined in the report.
Our ESG committee
We have established an ESG committee, consisting of several representatives from the company, each working within their respective areas. The purpose of the committee is to ensure that ESG remains on the company's agenda, to promote dialogue on new ESG initiatives, and further to ensure the integration of our goals into our ESG strategy. With the ESG committee, we will continuously explore measures that we can implement to contribute positively to the environment and society.
• Discussing current and future initiatives
• Consulting and generating ideas
• Creating a sustainable agenda
UN’s Sustainable Development Goals
We are conscious of how we can purposefully work to continuously understand and integrate essential sustainability principles into our business. We strive to actively support a sustainable agenda aimed at benefiting and impacting all aspects of our company, as well as contributing to the overall business community and society.
We have chosen to focus on working with the Sustainable Development Goals (SDGs) where we believe that the company can create the most impact. The selected SDGs serve as parameters that help shape the foundation of our business practices.
We will continue to strive to expand our horizons and incorporate sustainability practices into our processes.
7. Affordable and clean energy
We focus on implementing standards that promote sustainable energy practices. These standards serve not only to support the Sustainable Development Goals but also to create value for our company through energy savings, improved energy efficiency, and reductions in CO2 emissions. As part of our continuous efforts to promote sustainable energy, we undertake initiatives such as energy optimisation of our agencies, investing in wind and solar energy, as well as buying or planting forest.
8. Decent work and economic growth
We are committed to ensuring a healthy, safe and stable working environment for our employees. This focus underscores the importance of providing good working conditions, offering not only employment but also ensuring the rights and well-being of our employees. Decent jobs also extend across a wide range of age groups, including employing a significant number of young people aged 1524. In doing so, we contribute to reducing the percentage of young people being unemployed.
10. Reduced inequalities
We want to give back to the communities that we are a part of. Through the Poul Erik Bech Foundation, we aim to support charitable activities and humanitarian work for children. This could include local associations organizing outings for children, supporting them in having an active leisure time, assisting children and young people facing challenges, or supporting families with limited means in their everyday lives. Through our support, we aim to contribute to providing better conditions for more children and families, making them feel like a part of the surrounding community. In doing so, we seek to reduce inequality in society.
11. Sustainable cities and communities
As real estate and project agents, we take on a responsibility for the development of cities and communities. In collaboration with partners and other businesses, we serve as advisors in various construction projects, including the construction of residences guided by sustainable principles. We recognise the importance of creating inclusive and secure housing options for everyone. Through consulting, we can influence our customers' decisions about sustainable real estate investments that can promote sustainable cities as well as communities that reduce loneliness.
Environmental initiatives A sustainable vision
To reduce our carbon footprint
Energy l Recycling l Waste l Paper consumption l Food waste
On the following pages, we describe our efforts and results within the sustainability aspects related to the environment. This includes both initiatives that we have put into action and initiatives that we are seeking to implement.
Green investments in the future of the planet: Our initiatives
EDC Poul Erik Bech is committed to a sustainable future and continuously works to reduce its environmental impact through an ESG strategy. As part of our vision for a greener future, we will make green investments to minimize our footprint on the planet. The two largest contributors to CO2 reduction are the acquisition and/or planting of forests and the purchase of wind and solar energy. These initiatives are described on the following pages.
Knowledge about CO2 emissions
To reduce our CO2 footprint, we are working on calculating our CO2 emissions. This involves monitoring and reporting our emissions across various aspects of our business. By understanding our emissions, we can take targeted action to reduce them and implement the necessary measures to minimize our environmental impact.
We are committed to reducing our climate footprint and promoting sustainability in our business practices. Therefore, we have developed a strategy for initiatives that will be implemented to lessen our environmental impact.
Purchase/planting of forest and investing in wind and solar energy
Investment in wind and solar energy
Wind and solar energy are among the energy sources with the smallest climate footprint. By investing in these energy sources, greenhouse gas emissions— the main cause of global warming and climate change—are reduced.
Reduce our carbon footprint
Purchase/plantning of forest
• Reduction of CO2 footprint
One initiative in our strategy to reduce our CO2 footprint is the purchase and/or planting of forests.
The main purpose of acquiring and/or planting forests is to offset our CO2 emissions, as we aim to contribute to slowing down climate change and ensuring a greener future. At the same time, it also serves to promote biodiversity in ecosystems, which are likewise threatened by deforestation and climate change, among other factors.
We are committed to regularly reporting on our CO2 emissions, enabling us to strategically work on reducing them and implementing the necessary initiatives to minimise our impact on the environment.
Public transportation
Initiatives
We offer our employees a gross salary scheme for public transportation, with the aim of making it easier for our employees to choose greener transportation options and reduce traffic congestion.
Energy labeling and optimisation
A sustainable agenda
We are a nationwide company operating across locations. To reduce our employees' CO2 emissions from commuting, we encourage our employees to conduct meetings online whenever possible.
At our headquarter, we donate or sell our used IT equipment to organisations that can benefit from it. This initiative helps reduce waste and promote recycling. We encourage our stores and centres to do the same.
We regularly assess the properties we own for operating our business, considering energy labeling, and evaluate whether there is a need for optimisation and investing to reduce energy consumption.
Electricity supplier switch
We have switched to an electricity supplier that allows us to monitor and report our energy consumption at the store and centre level. This provides valuable insights enabling more targeted energy optimisation.
Waste sorting
Across our stores and centres, we focus on ensuring that waste sorting complies with applicable environmental regulations and rules. This includes proper sorting, recycling and disposal of waste products, ensuring that we do our part to protect the environment and promote sustainability.
Paper consumption
The use of paper is a natural part of promotional activities. It is a crucial parameter for engaging with potential customers in competition with the financial conglomerates' brokerage chains. To reduce our environmental footprint, we purchase only Swan-labeled paper and use FSC-labeled envelopes at our headquarter. We also require our stores and centres to adhere to these standards. We continuously monitor our consumption and explore areas where it can be reduced.
Focus on food waste
At EDC Poul Erik Bech, the availability of a cafeteria arrangement varies. Our headquarters at Bremerholm 29, Copenhagen 1069, offers a cafeteria for its employees. In contrast, most of our stores and centres have individual food arrangements.
We generally encourage our employees in the individual stores and centers to be mindful of food waste and sustainability regarding their food consumption and handling.
At our headquarters, we have implemented several strategies aimed at addressing issues related to food waste. A primary effort is the recycling of leftovers, which are incorporated into the dishes for the following days. Additionally, we offer our employees the opportunity to purchase surplus food at the end of the day. These initiatives are implemented with the goal of reducing food waste and ensuring the efficient use of resources.
We primarily purchase Danish and seasonal food items. This approach supports the local economy while also reducing our transportation-related CO2 emissions.
Temperate regulation
We have implemented temperature control at our headquarters, stores and centres to reduce energy consumption, especially in the centres that are closed on weekends.
These initiatives are part of our ongoing commitment to reduce our CO2 footprint and work towards a more sustainable future.
Social responsibility Sustainable, social initiatives
The
foundation l Career and education l Employee conditions l Working environment
On the following pages, we describe our efforts and results within the sustainability aspects related to society and our social responsibility.
Giving back to the community
We place a high value on social responsibility and aim to contribute positively to a sustainable agenda, both in relation to our own employees and the community in general. This is deeply rooted in our DNA. Through the Poul Erik Bech Foundation, we seek to give back to the communities that we are a part of.
The Poul Erik Bech Foundation primarily aims to support charitable activities and humanitarian work for children. This can include local associations organising outings for children, supporting them in having an active leisure time, assisting children and youth facing challenges, or supporting families with limited means in their everyday lives.
In the selection of projects, Poul Erik Bech Foundation emphasises the involvement of volunteer efforts and direct support to end-users. The foundation aims to bring joy, hope, and actively contribute to the communities that we are a part of.
Since its establishment in 2015, the foundation has received a total of DKK 65 million for donation, and in 2022, the foundation awarded a total of 69 local donations. In addition, there were centrally awarded donations and art initiatives.
There are many dedicated volunteers and worthy causes close to our hearts. One significant cause we have supported since 2016 is the work of BROEN Denmark's 32 local branches, with a total of DKK 5.5 million. In both 2022 and 2023, BROEN received DKK 1.1 million. The funds were used to help vulnerable children and youth become part of an active leisure offer.
JANE BECH
Through the profits of EDC Poul Erik Bech's brokerage business, we support associations that make an extraordinary effort for vulnerable children and youth. We aim to give back to the communities that we are a part of.
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In 2022, the foundation decided to donate DKK 6 million to Dansk Folkehjælp over a 5-year period. The donation is allocated to the association's project, "Skolestartshjælp," which aims to provide school start assistance to children of single parents on unemployment benefits or with a low disposable income. In 2023, Dansk Folkehjælp has so far received DKK 3 million out of the DKK 6 million.
The board of Poul Erik Bech Foundation ensures that the company lives up to its social responsibility. The board has access to the foundation's annual surplus and assesses individual applications received continuously. Both the board and management of the foundation work on a voluntary basis.
Do you know a local association in need of a helping hand? Click on the link below.
Knowledge sharing
It is important for us to share our knowledge with both internal and external partners. Therefore, we are dedicated to continually expanding our know-how and ensuring that our insights and expertise are accessible and applicable to those who can benefit from them.
We have a strong support system of diverse and specialised departments continuously working to collect, analyse, and convey significant knowledge. Through in-depth analyses, detailed studies and data dissemination, we have a robust professional foundation of knowledge, which we share with the world through articles, magazines, seminars, etc. This professional foundation enables us to assist various stakeholders in society in making well-informed decisions based on our expertise.
Local community development: Advising
As Denmark's largest and only nationwide real estate agency, we recognise our responsibility—not only to our clients but also to the local communities in which we operate. We believe that our activities can and should go hand in hand with the positive development of local areas. As we do not engage in constructing properties for rent or sale, we consider advisory services to be our primary competence when it comes to community development.
Partners and suppliers
We are committed to promoting sustainable business practices that consider environmental, social and governance (ESG) considerations. As part of our commitment to conducting business in a manner that is responsible to society and the environment, we seek to collaborate with suppliers who share our values and ambitions within the ESG framework.
At EDC Poul Erik Bech, we are committed to providing the best possible advice to our clients and partners regarding sustainable projects and investments. Our involvement in these projects reflects a deeper commitment to creating and preserving residential areas that are not only attractive but also contribute to a sustainable and vibrant local community.
By promoting sustainable practices within the real estate sector, we aim to contribute to reducing the overall environmental impact.
We aim to collaborate with suppliers who share our understanding of the importance of promoting responsible business conduct. This involves avoiding discriminatory behavior and corruption, promoting a healthy work environment, as well as strengthening employee relations.
Art for Varde
At the Poul Erik Bech Foundation, we contribute to the development of the local community in Varde, which is Poul Erik Bech's hometown. We believe that the development of an attractive city requires the preservation of the architectural heritage and the creation of new artworks. Therefore, we aim to support cultural and artistic activities in the city and donate artworks that contribute to creating a unique public space.
Artworks from Poul Erik Bech Foundation
Art in the villages
Art in urban spaces
Varde Garten and Kunsthaven Architectural heritage Award annual art prize
Career and educational conditions for employees
At EDC Poul Erik Bech, we prioritise our employees over the company's profits. We aim to retain our employees throughout their career, which we support through attractive career and educational opportunities.
Education
Career at EDC Poul Erik Bech
We have some of the industry's best educational opportunities. We offer our employees a comprehensive training and further education programs tailored to strengthen their professional skills and expand their knowledge. Additionally, we have our own internal training program, which many of our employees have completed. We encourage growth and development and are open to the development aspirations our employees may have. We also visit schools to share information about the educational opportunities available with us.
From trainee to partner
We aim to retain our employees throughout their careers. We seek to achieve this by offering attractive development opportunities for each individual employee. Our goal is to create an environment where our employees have the resources and support to pursue their career dreams. This has resulted in several individuals progressing from trainees to partners. All partners are offered leadership training.
Internal rotations
We want to support our employees' desire for development. Changes in interests, relocation, or other circumstances may lead some employees to seek a transfer to another department or location. We aim to retain our employees. Therefore, we often offer internal rotations and have approximately 50 internal rotations annually.
According to the Danish Association of Chartered Estate Agents, the EDC chain is the real estate agency with the highest number of trained real estate agents in Denmark. Throughout the years, we have engaged in educating a significant number of new real estate agents, as well as accepting interns, participate in educational events, and giving lectures at CPH Business.
We celebrate our employees
Anniversaries
We are pleased that a lot of our employees remain in the company for many years.
We want to acknowledge the hard work and dedication of our employees. Therefore, we have the pleasure of hosting anniversary parties annually for those employees who are celebrating milestones. All company employees are invited to the parties, and individual speeches are held for the jubilarians.
Social activities
It is a high priority for us to create a strong sense of community and a positive corporate culture where the wellbeing of our employees is at the center. Social activities play a significant role in these efforts. Therefore, we annually organise and participate in activities aimed at building good relationships across departments and supporting employee well-being.
As a nationwide company, separate activities are often organised for our employees. At our headquarter, we participate in events such as DHL and have a company football team. The same applies to several of our stores and centres around the country. Additionally, we host Christmas parties for all our departments, as well as a children's Christmas event where employees' families are also invited.
Employee benefits
In addition to the social initiatives, we also provide various employee benefits, including discount programs, rental of holiday apartments in Austria, and acknowledgments for milestone birthdays, weddings, baptisms etc.
Kick-off
At the beginning of each year, we host several kick-off events for our residential stores, commercial centres and support functions, respectively. The purpose is to kick off the year on a positive note, discuss expectations and unveil the goals for the year. Additionally, it is a celebration day where we recognise achievements in various categories.
Ensuring a good working environment
Workplace assessment
We strive to create a workplace that supports a positive working environment and a high level of employee well-being. To achieve this, we focus on incorporating our employees' thoughts and opinions, as reflected in our workplace assessment conducted every two years. In connection with the survey, we create an action plan that is accessible to all employees. The action plan supports any desires, improvements and initiatives that we aim to implement in the future.
As a company with over 600 employees, we recognise that the needs and preferences of our employees vary. To accommodate these factors, we provide as much flexibility as possible, allowing our employees to navigate based on what works best for them – balancing work and personal life. This includes options for working remote, as well as the ability for employees to plan their vacations according to their preferences.
Support during illness
Our employees' well-being is a major priority for us, and we strive to create a workplace where care is essential, both in good and challenging times. To support this, we have invested in a comprehensive employee insurance that ensures our employees to receive the assistance and guidance they need during illness. This includes agreements with external experts who can provide guidance on work-related issues, among other things.
Hjælpefond
We also offer health insurance through our employees' pension plans.
Our HR department is involved in our employees' illness processes and is always available to create the best conditions for employees through support and guidance. This includes handling practical matters such as coordination, appointment scheduling, phone calls, etc.
Our helping fund with the name, Hjælpefonden, for current and former employees of the Real Estate Agency Poul Erik Bech, as well as their relatives, was established on January 1, 1985. The purpose of the fund is to ensure the safety of individual employees in our company and their relatives if they find themselves in an unforeseen, financially difficult situation or face unforeseen life-changing conditions. Support is provided primarily in the form of financial assistance and is given anonymously.
Employee stability
Employee stability is a major focus in our company, especially during economic challenges or crises. We consider it our responsibility to avoid layoffs based solely on economic downturns, with the aim of ensuring the well-being and security of our employees. Our approach reflects our focus on maintaining a stable working environment and demon-
strates our commitment to the company's employees. If we find ourselves in a challenging situation or if there are internal changes in the company that impact an employee's job, we will try to optimise our use of internal capacity.
Compensation and development
It is our goal to have the ability and willingness to be among the top in the industry in compensating our employees. Through a guaranteed base salary, we contribute to creating security for our employees, which also helps us continually attract employees with a different background than the traditional real estate agent. We prioritise our employees over returns for shareholders, but we are aware that a healthy economy is a prerequisite for a secure workplace.
Maternity leave
Our maternity leave policies adhere to the new maternity leave law that came into effect on August 2, 2022. We refer our employees to our internal guide on maternity leave policies, where they can gain an understanding of the rules and procedures that apply to them and their maternity leave.
Diversity
In our efforts to create an inclusive workplace that accommodates diversity and different generations, it is important to highlight our commitment to employing individuals over 70 years old. We see the senior scheme as a crucial part of our company culture, valued by our customers and contributing to the positive culture we cherish.
Our senior scheme is designed to meet the needs of employees seeking a change in their professional lives during their senior years, creating a flexible work structure.
Knowledge sharing and experience are central elements of our work culture, and the seniors on our team possess invaluable wisdom and expertise. The senior scheme not only allows our older employees to maintain an active role but also fosters a dynamic environment where generations can learn from each other.
The culture operates by having the older generation share their experiences with the younger generation, while the younger generation brings fresh perspectives, innovative ideas, and new technological insights. We believe this contributes to a dynamic and innovative work culture where learning and knowledge exchange flow in both directions.
Governance
Our
governance
initiatives
Sustainable Development Goals l Quality control
Rules and regulations In the following pages, we describe the structures, rules, regulations as well as focus areas related to governance that apply in our company.
GDPR, money laundering and anti-corruption
We prioritise compliance with the General Data Protection Regulation (GDPR) in our commitment to protect the security and rights of our employees and customers. Responsible data processing is an integral part of our daily practices, and an area where we allocate significant resources to ensure compliance.
We consistently oppose any form of corruption and economic crime. Our business is built on a foundation of integrity, and we categorically reject bribery, corruption and any form of financial fraud.
Whistleblower scheme
We adhere to the EDC Group's ambition that our corporate culture should be characterised by a high degree of transparency, credibility and openness.
In accordance with the Whistleblower Act, the Anti-Money Laundering Act, and the Whistleblower Directive (Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law), EDC is obligated to have a whistleblower scheme. This entails a system where the company's employees can report violations or potential violations (both actions and omissions) within areas including, but not limited to:
We strive to maintain high standards of ethical behavior and transparency, ensuring that our business practices always align with our values. By distancing ourselves from corruption and ensuring responsible data processing, we create an environment where our employees and customers can feel secure and confident in their collaboration with us.
• Violations or potential violations of the Anti-Money Laundering Act
• Violations of any confidentiality obligations
• Misuse of financial resources
• Theft, fraud, embezzlement, bribery
• Serious or repeated legal violations
• Sexual harassment or other serious personal conflicts in the workplace, such as severe harassment, gender discrimination, assault or violence, etc.
Reports can be submitted by all employees, including part-time and full-time employees, freelancers, volunteers, paid and unpaid interns, associated with the EDC Group. The report can be made through EDC's support system or by personal or written contact with the EDC Group's corporate lawyer.
Reports can also be submitted by individuals who have previously worked for the EDC Group and who report information they have become aware of during the period they worked for the EDC Group.
Individuals who have not yet commenced work with the EDC Group, who obtain information during the employment process or other pre-contractual negotiations, can also submit a report under the EDC Group's whistleblower scheme. In addition, reports can be made by the EDC Group's collaborators.
RICS certification
EDC Erhverv Poul Erik Bech was admitted as a corporate member of the organization RICS (the Royal Institute of Chartered Surveyors) in 2011. RICS is an international organisation founded in England in 1868. RICS has approximately 125,000 members in 146 countries and aims to ensure the highest professional standards, coupled with stringent requirements for ethics and morality in the
Foundation governance
practice of its members. Our RICS certification confirms that we meet the most rigorous international standards for excellence and integrity in consultancy. This means that both Danish and international clients can confidently approach us, knowing that we adhere to the highest ethical and professional standards required of a modern, internationally oriented real estate agency.
Poul Erik Bech Foundation adheres to the recommendations for good foundation governance provided by the Danish Business Authority, which are directed towards commercial foundations. The foundation has completed the form for the 'Mandatory Statement on Good Foundation Governance, pursuant to Section 77a of the Danish Financial Statements Act.' Credibility should characterise the Poul Erik Bech Foundation, and we aim to achieve this through transparency about the foundation's work. Therefore, it is possible to read about all the foundation's projects on the website and occasionally in the press.
Networking groups
We have implemented an effective practice to promote collaboration, knowledge sharing and problem-solving across our various departments and business centres throughout Denmark. This is achieved by establishing business and product groups that meet regularly. These meetings serve as crucial platforms for our teams to exchange valuable experiences and best practices. Here, our employees have the opportunity to share insights and discuss specific cases to find the best possible solutions. Our management actively leverages the inputs and recommendations that emerge from these meetings, using these insights to make decisions that influence the future direction of our company. Our business and product groups are vital to our decision-making process and play a significant role in shaping the direction and success of our business.
Tax
We appreciate the importance of responsible tax payment as a fundamental part of our business principles. We fully comply with tax regulations and commit to contributing to society by paying our taxes as required.