Novo Foundation established
The Novo Foundation is established on 1 January with Thorvald Pedersen as Chair, with both Thorvald and Harald Pedersen as life members of the Board. Novo Terapeutisk Laboratorium’s annual general meeting decides to set up a Foundation and to allocate DKK 100,000 of the profit to create a foundation. The Articles of Association state that the purpose of the Novo Foundation is “… to provide support for social, humanitarian or scientific causes …”. Today, the Articles of Association of the Novo Nordisk Foundation repeat this wording but in reverse order. The Articles of Association of the Novo Foundation also state that “The Board of the Foundation, when making its disbursements, shall consider optimally protecting the interests of the company …”. The Board of Directors decides who receives grants.