Corporate structure and governance
The structure of the Carbon Challenge Group and its corporate governance are designed to promote efficiency in achieving its objectives, as well as providing transparency and accountability to all partners, contributors and to the general public.
The group is led by Carbon Challenge Holding AG, registered in Zug/Switzerland, with operating subsidiaries to be dedicated to the various businesses: Academy, Boathouse and sailing team, as well as the Carbon Challenger Foundation. These subsidiaries will be co-owned by Carbon Challenge Holding and various partners appropriate the nature of each respective activity. Each entity will conduct separate accounting and there will be no cross-subsidization between the different business units. All financial flows between the operating companies and the Holding will be made transparent to the shareholders and the sponsors of the activities relevant to their respective engagements.
The Foundation will finance scientific and/or communication efforts that can contribute to the awareness and understanding of global warming and related sustainability issues. It will be financed by Carbon Challenge Holding and private donations and will be managed at arm’s length by a specifically appointed, independent board.
Carbon Challenge Holding and its subsidiaries are run as commercial businesses, with a view to deliver operating efficiency and to be in line with the culture of its clients. However, Carbon Challenge, given its specific mission, has a strong social responsibility dimension.
The Holding will contribute fifty per cent of its annual net profits to the Carbon Challenger Foundation in 2008, with annual contributions thereafter declining five percentage points annually before reaching a base level of twenty-five per cent. In every year, the minimum contribution by the Holding shall be CHF 250,000.
The Foundation is a Swiss-based charitable trust whose mandate is to organise, promote and finance worldwide climate protection educational projects for children and young people. Its supervisory board is made up of managers from the Group, as well as sponsors and prominent honorary members.
Adherence to the mission will be ensured by the voluntary adoption of best Corporate Governance practices normally applicable to listed companies, including disclosure, with reference to the Swiss Code of Best Practice for Corporate Governance, on a comply or explain basis.
The composition of the Board of Directors of Carbon Challenge Holding AG will be carefully balanced among the founders and independent individuals, with the explicit aim of balancing the legitimate shareholders’ and stakeholders’ interests, and guaranteeing the fulfilment of the specific mission of Carbon Challenge.
The Board is made up of the following people:
Dr. Olivier Lefebvre (Chairman)
Uwe Sasse
Hans-Rudolf Aufdermauer
Dr. Thomas Robl
In the current establishment stage, all activities are being managed in project mode by Carbon Challenge Holding AG. Activities will be incorporated into the corresponding operating companies in the coming months, when considered appropriate by Carbon Challenge Holding AG and its partners.