Annual Report 2016-2017

annual report 2016 | 2017 How AIESEC in Denmark got closer to its vision of achieving Peace and Fulfilment of Humankind’s Potential.

Contents Letter from the President 4 major developments & events in 16/17

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incoming exchange (icx)

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outgoing exchange (ogx)

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marketing 13 talent management 15 Conferences & events 16 Governance & Accountability 17 Management’s Statement of the Consolidated Accounts

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Financial Statements 20 supporters 25 national team 17/18 26

Letter from the President The term 15/16 brought several important changes setting the organisation on a good path, we decided that the year 16/17 is the time to focus on the core, exchange and financial sustainability. Both factors experienced a decline in the past years. In order to get on the opposite trend, it was important that we rather build upon what was started and start walking the talk.

We as generation 2016 – 2020 believed that exchange equals impact and the more exchanges AIESEC in Denmark would enable, the more impact would be created. Therefore, it was important for us to narrow the focus on our core activities and assure that everything what we did had clearly contributed to exchange. With limited resources, we needed to start focusing on “must have” activities and putting aside “nice to have” activities. Additionally, the national board was recording negative financial performance for the past four years, which meant for us to secure cost management optimization and diversify revenue streams.

Were we successful? We believe we were. We are glad to see positive trends in our focus products, Incoming Global Talent and Outgoing Global Volunteer (previously known as Outgoing Global Citizen). Moreover, positive closing balance of the national board operational budget was achieved after a long time. We leave proud but also humble. Because we know how much work has been done before and we can see how much work is expected from the generation after us to achieve Peace and Fulfilment of Humankind’s potential…

4 (The National Executive Board ‘MC Grow’ - Moniek Van Waaijenburg, VP ICX Products and B2B Marketing, Stefan Volkmann, VP Finance and Talent Management, Lukas Kucera, President, Fahed Mguissi, VP OGX Products and B2C Marketing)

major developments & events in 16/17 Aim of this page is to summarize the key actions on global and national level which had major influence on the direction and entity performance, which is reffered to on the next pages.

Global In the term 1516 the major global event was the creation of the mid-term ambition AIESEC 2020. This naturally shaped the direction for the term 1617, which was in the domain of creating and implementing the roadmap towards the mid-term ambition for next 5 years. Globally, alignment and standardization were predominant for the term. As a result of it, refreshed team and exchange standards as well as new finance standards were born, alignment of term timelines across national teams has been almost fully implemented, and the names of our products were aligned internally and externally. Therefore, we newly recognize products Global Volunteer (former Global Community Development Programme), Global Talent (former Global Internship Programme) and Global Entrepreneur (new product).

Another major development was deployed at the beginning of the Q2 2017 by the global team. The new customer interface of our platform on AIESEC.org was born. The main goal was to significantly improve user experience. Unfortunately, it was deployed with a large amount of bugs and did not have immediate improving effects.

National Major changes were implemented in the national team itself. Due to bad financial performance last year, the national team for the term 1617 was cut down to 4 members. This led to restructuring the national team responsibilities and resulted in a structure of National President, National responsible for incoming products including responsibilities of B2B digital marketing (MCVP B2B), National responsible for outgoing products including responsibilities of B2C digital marketing (MCVP B2C) and National responsible for Human Resources and Finance (MCVP F & TM). Moreover, due to global alignment of term timelines, the national team served 13 instead of 12 months (July – July).

In the term 1617, there was implemented yearly focus in AIESEC products. Incoming Global Talent product was continued as the main focus product. Regarding outgoing exchange products, the focus was put on Global Volunteer. In order to succeed in the focused products aligned marketing materials were introduced to individual local entities and were used across the country.

The timeline changes were not introduced only on the national level. They had influence also on the local boards. In the term 1617, the new local boards for the year 2017 did not start in April but newly in January. This resulted in challenges in the election and transition period as well as changes to the conference cycle needed to be made.

Last, the office of the national team was moved at the end of the term from the office space in CPH Business to office space in Symbion A/S.

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incoming exchange (icx) Global Talent internships – Intro For us in AIESEC it is important that we are relevant to Denmark and Danish corporate sector too. Currently, we see Denmark facing significant struggles in finding technical talents in IT and engineering fields, as well as talents which would support Danish SMEs to expand to new countries. For that reason, we specialise exactly in that; finding the talents that are hard to find in Denmark itself. With the Global Talent product, we support international talents throughout a paid full-time 3-18 month internship at Danish companies. Not only does the product support our clients with finding the talents, but also it supports them and the intern with all the formalities, the social support and integration. Last, but not least we assure that there is a proper space and attention given t tofor personal development.

The Incoming Global Talent Journey Overall, in July 2016 the term 2016-2017 started with an instability in membership. In total, in all six local entities (AAU, Aarhus, VIA, SDU, CBS and UNIC (Universities in Copenhagen)) there was a total amount of 14 voluntary members (including Vice Presidents) running the Incoming Global Talent product on local level. In SDU, for example, no members were left in the Global Talent product team, although there was a significant performance (up to 20 internships) in the product the recent years before. The operations and accounts from AIESEC in SDU were taken over by the national office for the time. The rest of the entities also struggled with small membership population as well as lacking operational knowledge and process errors. One of the entities struggling with lack of experience was Horsens, which had just started the Global Talent product only in April 2016. Next to this, the leadership pipeline for the position of Incoming Global Talent Vice President was also non-existent in 4 out of 6 entities. Therefore, the focus was first on the recruitment of new AIESEC members in the fall of 2016 in the local chapters and ensuring they were educated and trained so that they strive for excellence and have knowledge to do the rightful operations and ensure they were executed with a high quality expected by our company partners and interns.

In the results, July 2016 – December 2016 operations have shown very low results in all of the local entities because of previously stated reasons. In the overall term of July 2016 – June 2017 there was a drop in all stages; opens (new contracts signed), approves (interns matched to a company) and realizations (interns starting their experience). However, as mentioned before, in the first semester, there were several action steps taken to achieve more stability and a foundation for sustainable growth for the years to come. Mostly, there was a big focus on education, information management and Incoming Global Talent Performance over time The chart demonstrates performance of individual KPIs in 16/17 in comparison with previous two years. Moreover, it is broken down into individual semseters for better understanding of the pipeline left.

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Open - # contract signed Approved - # talents matched Realized - # talents started

process optimisation. Very detailed standard operations were created, followed by optimization and restructuring of the CRM and knowledge hub. In order to support these activities new educational materials were rolled out. Because of this, education of the entities and new members in fall was easier and faster. Processes moved smoother and the problems in the processes before (e.g. wrong visa applications) did not happen again.

From January 2017, the new Vice Presidents of Incoming Global Talent started in the local chapters, including SDU who had recovered and had new membership. As they started with process standardized and implemented, it was faster for them to move to performing stage (at least for some of them). Next to this, the national level increased focus on digital marketing which led to a growth in a number of pull leads. All of this resulted in a growth in amount of new contract signed (opens) and interns matched to a company (approves). As the chart below demonstrates, AIESEC Denmark achieved in the first 6 months of 2017 almost the same results as for all year of 2016.

All of this indicates an increasing stability in operations for the 2017-2018 term, and the fact the human resources on local ground are stronger to take care of operations by themselves. Also, it gives a better outlook for realizes (interns starting their experience) for the 2017-2018 term. The future of incoming Global Talent is therefore to focus on capitalising on this stability and continuous processes as well as the four main value propositions: Talent Acquisition, Support with Formalities, Social Support and Leadership Development.

1) Talent Acquisition With the Global Talent product, we find the right talents that are lacking in Denmark. For that reason, it is important for us to understand the needs of the Danish sectors and keep our purpose relevant. We are proud to say that Dansk Industri recognised us nationally for supporting businesses lacking IT talents.

“Not enough IT specialists are being produced in

Denmark. This is a very big and growing problem that comes on the back of sweeping digitisation.

Many businesses are forced to recruit IT specialists from abroad, but everyone is competing for them as well. Many businesses will therefore be able to benefit from using AIESEC.1)

”

In the year July 2016 – June 2017, we matched - Charlotte Rønhof, deputy director at the 19 talents to companies in all over Denmark. The Confederation of Danish Industry main talent that we as AIESEC provided for the Danish corporate sector, was largely in IT and technology sector (84%), where the other portion was in marketing (for expansions), sales and finance (16%). We mostly supported smaller companies; either start-ups and small medium enterprises (SMEs). Only 21% of our interns were supporting multinational companies (MNCs) From the talents we found abroad, most of them were male (63%). Their origin was mostly from North Africa (37%) and South America (32%). Namely, Brazil and Tunisia were the main providers. Both countries were also strong international partners during the term.

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1) 23/8/2016 - http://raadgiverne.di.dk/forretningsudvikling/forretningsudvikling/internationalisering/senestenyt/Pages/Udlaendingeskalafhjaelpemangelpaait-specialisteriDanmark.aspx

“When you would like to have foreign labour

working at your company in Denmark, there is also a lot of paperwork to be arranged. According to Michael Gram, CEO of MapsPeople, Aalborg, this is something that can kill the intentions of bringing foreign employees to Denmark. “But, honestly, I do not know what the procedure is like at all, because AIESEC took care of it! They arranged airport pickups, helped them get a CPR number, a bank account and a place to live. We did not have to take care of any of it by ourselves, “he says.2) -Techsavvy Media

”

2) Formalities support In the times of continuously changing Danish immigration policies, taking the burden and worry from the companies away to assure that the talents have all legal documents sorted is an important support we provide.

Throughout the year, we have focussed on improving the whole process and unravelling all possible formalities and documents as well as strengthening the contact and partnership with Styrelsen for International Rekruttering og Integration (SIRI) by having frequent contact and asking for frequent support, also for incoming Global Volunteer experiences. For the incoming Global Volunteer experiences, this year was the first time having a complete overview of how to apply and deal with the XG1 voluntary visa and had 8 interns outside of Europe legally doing a voluntary experience in Denmark because of it. According to all the information we got, we changed some of our internal processes and more documents to ensure the smooth run of our processes. Next to the permit applications, CPR registration, bank account registration and tax registration were also documented in more detail. Lastly, an important hack for Denmark; we made a comprehensive guide how to hack the accommodation search system and overview of the best portals.

3) Social support One of the main focuses this year was to ensure the talents can contribute to Denmark also beyond the time of their internship. Therefore, we focused on ensuring that the talents are comfortable in Denmark through exploring Danish society, Danish events and traditional places; all to make them feel integrated.

We focussed a lot on ensuring the experiences of the talents in Denmark were positive; from the first day of arrival to the finishing of the experience. As the talents were not well connected among each other or AIESEC in the past, we decided to do it differently. We established national intern activities organised regularly.

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Throughout the term, the interns stayed connected, and many activities were organised. From a Danish Julefrokosten, a typical 2) 29/6/2017 - http://techsavvy.media/ceo-for-mapspeople-vi-faar-frisk-pust-ind-med-aiesec-praktikanter/

Danish farm visit, Tivoli visit, Bakken in Copenhagen, various castles, national conferences, welcome and goodbye drinks. Almost on biweekly basis there was an activity to engage them (some on local scale, some on national scale). The group of interns has evolved to a socially cohesive group. Overall, from the 28 internal evaluations given by talents who undertook the incoming Global Talent product, the average experience and evaluation of AIESEC in Denmark was rated as 8.4 out of 10. Also 90% of the interns answered that they would ‘definitely recommend’ their AIESEC experience to a friend.

From all interns that were finishing their internships in the term 20162017 55% of the interns remained in Denmark after their experience.

Looking specifically at the field in IT, 62% of the interns remained in Denmark.

62% IT interns stayed in Denmark

“AIESEC became my family

here during my stay in Denmark. AIESEC AAU is one of the examples of being cosy and helpful all the time. I was very happy to meet them.

- Selen, intern in MapsPeople, Aalborg

” One of the year’s big successes in intern management; In CITIUS 2016 we had 20 interns from all over Denmark attending the national conference in Aarhus.

4) Leadership development

66%

Lastly the vital part of the AIESEC’s Global Talent product and the experience is ensuring that the interns experience leadership development. We do this by 1 on 1 coaching with the talent focusing on their learning goals as well as via evaluation with the company.

Our talks serve mostly to follow up whether the talent contributes to the company, Denmark and developing him/herself personally and professionally.

Acknowledged significant personal development

“I can talk to random people now and be able to open a conversation to those people whom I newly met. A thing I struggled with before.

- Venus, intern in DSV, Cph

”

This year, we focussed on improving the incoming manuals and making sure that all standards were provided. This included closer cooperation with the sending entities abroad, stricter tracking of the standards, personal goal setting, but also more extensive cultural integration. Next to this a more structured follow-up of personal 1 on 1s. Throughout the last three months of the term, we put effort into aligning closely with the new AIESEC International standards, especially the standards for Leadership Development.

When we asked interns in our internal survey ‘Do you believe you developed personally’. 66% of interns indicated the significant personal developement and 31% answered that they developed somewhat. Only 3% indicated that there was no personal development throughout their AIESEC experience in Global Talent.

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Incoming Global Volunteer Journey In the term 2016-2017, the national team still took care of autumn realizations of Efterskole project.

However, after the end of the autumn edition of the project, the project has been dowscaled to AIESEC AAU to take over all operations. This has been a strategic move in order to support the next national teams to be less operational and have more time to focus on development of the association. The choice of AIESEC in Aalborg came naturally as it was the only entity which had built capacity to drive Global Volunteer product and had 3 years experience with different projects within the product.

Moreover, AIESEC in Aalborg managed to set up an asylum centre project called ‘The Other Side Of Us’. An incoming Global Volunteer project hosting 6 volunteers in a brand-new project. This project was aimed at supporting the integration between asylum seekers in Denmark. AIESEC AAU partnered with Ungdommens Røde Kors, DUF og Jammerbugt Asylafdeling to realise a 8-week project in the asylum centres in Vrå and Harken. The 8-week project took place between April and June 2017, and hosted 6 interns. Three from Iran and three from Egypt. Outside of the amazing impact it made. It was also the first project in the history of AIESEC Denmark that successfully covered non-EU voluntary interns on a XG1 visa. This visa scheme is particularly for non-EU volunteers in Denmark, and difficult in application process. Outside of this specific new project, AIESEC in Aalborg also continue to manage to realise several other volunteers in local high schools and primary schools.

“8 weeks in the spring, our

Jammerbugt Asylafdelings center in Vrå and Harken has had extra leisure time. This has been possible because six young student students from the organization AIESEC have volunteered to create active leisure life for asylum seekers. This unique project has come about as a largescale collaboration between AIESEC, the Red Cross of the Youth , DUF and Jammerbugt Asylafdeling.

”

-Per Svanholm Christensen, project leader

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outgoing exchange (ogx) Global Volunteer internships – Intro While our incoming exchange products bring international outlook to the Danish sector as well as build leadership and raise awareness of the unique Danish culture among foreign young talents, the Outgoing Exchange products aim to enable leadership development among youth in Denmark and spread a bit of Danishness into the world. Even though AIESEC offers 3 Outgoing Exchange products, Global Talent, Global Entrepreneur and Global Volunteer, we have decided to fully focus on Global Volunteer product for entire year. As a pilot we ran Global Entrepreneur product as a solution for spring mandatory internships for AP and Top-Up degree students. The choice for Global Volunteer product came naturally as the data from previous years show that there is high demand for volunteering experiences as well as historically the highest conversion among all our products.

Moreover, the product has been the most successful among Danish youth which is the main focus for AIESEC Denmark. However, any young person can use AIESEC Denmark to enable their leadership development. It is our mission to develop youth leadership with qualities of self-awareness, solution orientation, world citizenship, and ability to empower others.

“It is hard for me to

understand where the strength of these kids comes from. But they remind me what human is actually capable of. They remind me that there are almost no challenges that we cannot overcome when we have the will to do it.

”

- Mie, volunteer in a project Hope for the Kids in Colombia

The Outgoing Global Volunteer journey Overall, in July 2016 the term 2016-2017 started with 26 young people abroad developing their leadership with AIESEC and 16 more ready to start their experience abroad. Considering that summer holidays just started and, thus, the number of active AIESEC members significantly lowered, the national team needed to take even more operational responsibilities to ensure that every single AIESEC customer abroad lives the promised AIESEC experience. Moreover, as AIESEC SDU needed to be re-established, the national team took over the local operations for 4 months. Besides wearing the operational hat, the national team worked also on strategy creation for penetrating the market of AP students who needs mandatory internships and thus preparing plan for operation in autumn semester as well as aligning all marketing across individual entities. All of this was handled by the National Vice President for Outgoing Exchange and B2C Marketing, and 5 members of the National Support Team.

Thanks to all the efforts of the national and local teams, 13 young people went on volunteering experience with AIESEC between December and March, mostly as fulfilment of their mandatory university internships. In total for the period, 15 customers started their AIESEC experience abroad which was almost 100% increase in comparison with the same period of previous fiscal year (8). The entity which contributed the most to the performance was AIESEC VIA (6).

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Majority of the experiences (11) undertaken were of the product Global Volunteer, even though we planned to sell Global Entrepreneur. The reason for this was underdeveloped global branding and alignment for the product as the experiences which were undertaken fall into the definition for Global Entrepreneur. Unfortunately, the receiving entities still branded them as Global Volunteer. However, the national team for the next term should expect increase in sales of Global Entrepreneur product with improving global categorization and branding.

After this achievement, the entity started preparing for the main peak sales, the summer peak. The national team focused strongly on educating the new Local Vice Presidents, improving the customer experience and B2C marketing. Moreover, the start of the year 2017 is also specific in adjustments and many workarounds due to constantly changing global information system (EXPA and OP) which was causing worsening of user experience.

Looking at the Q1 and Q2 sales results within OGX, AIESEC Denmark did not achieve the same number in comparison with previous year. The reason why this report refers suddenly to the number of sold experiences (Approved) and not undertaken experiences (Realized) is that majority of experiences sold in the period from January to June are undertaken after the end of the fiscal year (after June) and, thus, the report would not accurately reflect on the performance of the entity during the fiscal year 2016/2017. While for the first 2 quarters in 2016 AIESEC in Denmark managed to achieve to sell 44 experiences abroad, in 2017 it was only 38. AIESEC in Denmark managed to grow in Global Volunteer product from 27 to 31 Approved experiences. Unfortunately, the entity dropped in the remaining products, Global Talent (from 13 to 7) and Global Entrepreneur (from 4 to 0).

Breaking down the performance into results of individual local entities, there are visible 2 extremes.

The positive extreme was achieved by CBS, which grew from 7 sold experiences to 16. On the other hand, AIESEC AAU is accountable for the negative extreme as the local committee dropped from 9 to 2 sold experiences abroad. The reason for the significant underperformance in outgoing exchange of AIESEC AAU was inexperience of the newly appointed Local Vice President for Outgoing Exchange starting from February 2017 who was dismissed later in April. Moreover, the national team also sold 6 experiences in the first 2 quarters of 2016 but did not sell any in the same period of 2017. The reason for the decrease in exchange performance of the national team was due to a shift from operational focus to strategical focus. In our believes the purpose of the national team is to strategically support the long-term development of AIESEC in Denmark. Thus, all outgoing exchange operations were downscaled to the local entities.

The overall results in Outgoing Exchange for the fiscal year 2016/2017 turned out positive with a slight increase in comparison with previous term. The total number of sold experiences (Approved experiences) was 65, while the previous term accomplished 59. In total, 58 leadership development experiences were undertaken in the fiscal year 2016/2017, which accounts for 29% yearly growth.

29% 12 Growth in Realized OGX Experiences

marketing B2C Marketing In term 2015/2016 the national team had both the National Vice President for Outgoing Exchange and the National Vice President for Marketing on board, which helped to build more efficient infrastructure for B2C marketing. However, the national team in the term 2016/2017 needed to make financial cuts and could not afford to have one position solely in charge of marketing. Even though the term 2016/2017 merged the responsibilities for the OGX products and marketing for them into one position, keeping and developing the B2C Marketing infrastructure was still a priority.

Nevertheless, it meant to build a strong national support team for B2C Marketing.

The team accomplished a lot in the term. In the summer many important steps were achieved. First, all local Facebook and Instagram pages were merged together into one national page in order to improve audience engagement as well as message alignment. Second, basic market research among university and college students was performed. Based on this research an aligned promotional design for Global Volunteer, offline as well as online, was created and redistributed among all local entities.

Third, the website was recreated and improved. However, the website of AIESEC Denmark became an ongoing project for the entire year.

Moreover, AIESEC Denmark has been acknowledged by TechSoup as a not-for-profit organization in Denmark and received Google package for not-for-profits. This supported us to extend our online marketing with AdWords, which we could not afford otherwise. However, the next term should take it further and improve the connection among individual tools AIESEC Denmark is using and create a coherent digital ecosystem.

From Q4 2016, the team worked on digital content strategy and execution.

User generated content played the crucial role. Therefore, it took a lot of effort to first educate the local entities, which then educated our customers about creating a content in a form of either blog or vlog. We believed that user generated content is the best way of showcasing our products, leadership development experiences.

Due to the merge of our social media accounts, there cannot be provided any comparison of the performance. Nevertheless, the performance of our website where majority of our social media actions led has clearly improved.

B2B Marketing From January 2017, there was more focus on the B2B digital marketing in order to attract more leads for AIESEC in Denmark. This was to make it easier for companies to find us, instead of us having only cold leads to follow up on. In B2B marketing there was a focus on improving the content on the LinkedIn page of AIESEC in Denmark. Our posts

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got increasing reach and the amount of unique impressions of the page increased between January – July 2017. The focus was on leading people to the website and to contact us for more information.

Next to this, there was a focus on following up fast on the leads that came in through the inbound leads on the website and ensuring there was a contact with the company who reached out in maximum 4 hours.

The website inquiries were made instantly visible to the national team, so easier and faster to follow up on. In the end, the fast follow-up on the inbound leads led to a cooperation with Trustpilot, Danske Bank, Archii and OrderYOYO, new contracts signed for Fynske Medier in Odense, a partnership with organisation Symbion and a new office for the national team. It also led to meetings with TDC, Danfoss and Rockwool that were scheduled after the functional term of MC Grow.

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talent management In the recent years, the global trend in transforming the organization and its volunteering membership of many AIESEC countries shifted from quantity to quality. AIESEC in Denmark is part of this story. In the beginning of the decade, AIESEC wanted to achieve more impact by simply getting more young people engaged in local membership. While this helped to boost the number of exchanges realized throughout a year, the actual quality of the engagement of local volunteers did not always reflect upon our promise. Internally, we measure this relationship as “productivity”, meaning: how many exchanges does one member realize throughout a year on average. Looking back at the situation a few years ago, where it took on average two members to facilitate one exchange, it became clear that the organization was engaging more volunteers than it could deliver value to.

As a consequence, the decision to make the organizational structure leaner was made in 1516. Since then, we concentrate on giving our volunteers responsibilities, where they contribute more directly to the ways in which AIESEC creates societal and personal value. This meant cutting membership positions, as the chart shows. On the flipside, this helped us achieving a critical productivity goal: over the past 5 years, we managed to double our volunteer productivity.

Now, on average, each volunteer is also enabling one exchange.

“I had no idea what AIESEC even

was, I just wanted to do volunteer work, so I decided to sign up. This quickly proved to be one of the best decisions I ever made. AIESEC has already given me so much experience with event planning, leadership development, public speaking and so much more. Most importantly, it has given me some of my best friends.

- Nicklas, AIESEC AAU

”

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Conferences & events Building upon past experiences, we recognized the value of event-based training and shaping of youth leadership skills. While the term duration of the local management boards was aligned internationally, we took the opportunity to also adjust the dates of our national conferences, as well as to rethink the concept behind them. We started with a kick-off workshop weekend for the local boards and national support teams in July; various local entity visits in early Fall; a first national conference in early November; national president elections and a local board transition summit in December; local visits during spring; a second national conference in early April; and closing with a ‘summer camp’ retreat week in July again. Fortius conference stayed in the cycle but was moved to late August.

The year was initiated with a two-day workshop for selected members by our learning partner INTENZ. Our strong similarity in value-based leadership and communication allows us to translate a lot of INTENZ’s models into our everyday volunteer management practice. Thus, the majority of the local executive boards were equipped with a similar vocabulary and leadership tools to start the fall semester 2016.

During the initial national conference of the year, we used Simon Sinek’s golden cycle to build a more didactic conference agenda flow. This change received highly positive acclaim. As a most impactful achievement, we managed to boost the attendees’ sense of ownership for exchange, and the relevance that our products make to Danish society.

March’s ALTIUS’17 built upon the didactic successes of the previous conference. On top, we used external speakers to enrich our understanding of the world, kickstarted a national partnership with JCI Denmark, and invited an AIESEC chapter from abroad to enjoy all of this with us.

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Planned since years, but never realized, we finally managed to execute a summer camp event, which makes use of the summer holiday season in July. Together with a selected number of AIESEC members, the national board went on a 4-day retreat into a forest hut. Blessed with continuous sunshine, we took our time to focus on building individual self-awareness and leadership potential, all without tying it to our operations, but solely considering our individual passions and dreams. A strong success!

Governance & Accountability Governance Stakeholder demands for good governance to evolve, so do the codes, international standards and practices according to which businesses are managed. AIESEC is not a business; however, being a social enterprise organization we always lead by example and put in practice higher demands than the ones we expect from the corporate sector.

Governance refers to the system by which AIESEC is directed and controlled, the goals towards which the organization is managed and the major principles and frameworks which regulate the interaction between the Association and our stakeholders.

Governance Structure Local Chapters The local chapters of AIESEC Denmark are autonomous associations, whose membership comprises of students and new graduates; and lead by a yearly elected President and its execturive Vide Presidents.

AIESEC Denmark Each local chapter is a member of AIESEC Denmark. The Local Presidents exercise the role of Directors of AIESEC Denmark and have agreeed in a national gramework that regulates the organization nationally and locally: the Memorandum and Articles of the Association, and its By-Laws.

On a dialy basis, AIESEC Denmark is managed by a yearly elected President and its executive Vice President, being accountable to the Board of Directors. AIESEC Denmark is a founding member of the Foundation AIESEC International, andit is represented at the General Assembly by its President. The set of AIESEC Associations in the Kingdom of Denmark is referred as AIESEC Denmark.

Framework AIESEC Denmark follows its Memorandumand articles of the Association, and its By-Laws; that are in accordance with the Compendium of the Foundation AIESEC International. The internal regulations of AIESEC Denmark strictly follow Danish Law Assurance Compliance with law and regulations as well as follow-up of the national plan and budget is supported by a quarterly internal audit and a yearly external audit. The Internal Auditors provide independent and objective assurance, primarily within internal control and governance. They report to the Audit Subcommittee within the Board of Directors of AIESEC Denmark. The annual report and the internal controls over financial reporting processes are audited by an external auditor elected at the Annual General Meeting.

Accountability The main body that holds the national office accountable is the Board of Trustees. The national committee members meet once every quarter with the board to present reports on the achievements compared to the goals and to get inputs to the plan.

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Management’s Statement of the Consolidated Accounts The President and the Finance Manager of AIESEC Denmark have today presented the Consolidated Accounts for all AIESEC’s activities in Denmark from July 1st 2016 to June 30th 2017. Continuously, AIESEC Denmark works intensely towards ensuring organizational sustainability.

As an organization that offers a complementary educational program, AIESEC’s success can only be measured by the actions of its Alumni. For this reason the strategies of the allocation of our resources in long-term sustainable results becomes fundamental to our success. To further progress in this direction, we utilize our internal AIESEC Denmark funds that support the organization in three areas: attendance of members to national and international conferences and meetings, funding a National Support Team.

The AIESEC Denmark foundation exists to control, and thereby protect, the money generated from the sale of Karrieredagene® in the past and have therefore been in charge of the internal & external investments of the organization made during this year. All investments are carefully examined beforehand to ensure they do not conflict with any of the organization’s By-Laws, Memorandum or Articles. The internal investment object of 2016-2017 focused on supporting volunteers of the organization and test different marketing channels.

Due to increased performance in our exchange products, improved fundraising and good performance of external investments, the organisation achieved financial sustainability. At the closing of the financial year 2016/2017, it was evident the financial assets increased significantly. Additionaly, the HR related expenses decreased due to cuts of full-time positions on the national level in order to prevent negative results of previous years. It is a postive remark that the operational budget of the national team reached black numbers after 4 years. It was closed with a profit of 140.394,39 DKK, while the previous team ended with a loss of 682.468,53 DKK. Achieving profit gives the organization suddenly more positive future outlook as it can serve as an investment into again expanding the number of member of the national team.

Accounting Practice Accounting Foundation All the accounts of AIESEC Denmark are submitted in accordance with AIESEC Denmark’s Memorandum & Articles of the Association, its By-Laws, Danish Law and good general accounting practice.

Consolidation AIESEC Denmark consist of the consolidation of the following entities: AIESEC Aarhus, AIESEC AAU, AIESEC CBS, AIESEC SDU, AIESEC UNIC, AIESEC VIA and the National Committee of AIESEC Denmark which includes the AIESEC Denmark Foundation.

Material Assets Property and equipment are recorded at its purchasing price and are depreciated over 3years. Material assets for a value below DKK 10,000.00 (Ten thousand) are recorded as current expenditures.

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Bonds and other Financial Assets To a limited extent AIESEC owns financial assets; they are recorded as investments under assets. The value of the assets is recorded at market value as of June 30th 2017 any profit is recorded in the statement of financial results under assets – gains and any loss is recorded under assets – loss.

Provisions AIESEC Denmark, according to its By-Laws, allocates a percentage of the fees paid by the organizations participating in the exchange programme. This provision also known as trainee activity fund shall not be used for any other purpose than to facilitate the integration of interns into Danish society and expand their knowledge of Danish culture and language. We consider these consolidated accounts to be a true and fair picture of the financial situation of AIESEC Denmark as well as the result of its activities.

Copenhagen, 22nd December 2017, Lukas Kucera Stefan Volkmann President 16/17 Financial Manager 16/17

22/12/2017

22/12/2017

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Financial Statements 1) Statement of financial results for AIESEC in Denmark for the year 1st July 2016 to 30th June 2017.

All amounts in DKK

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Notes to the accounts All amounts in DKK

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2) Statement of comprehensive income for AIESEC in Denmark for the year 1st July 2016 to 30th June 2017.

All amounts in DKK

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supporters

Enabling volunteers from abroad to experience NGO administration for a year Supporter since 2016

Helping the development of AIESEC exchange programs and their quality Continuous supporter since 1999

Helping us provide Efterskole pupils a better language and cultural education, by bringing in

Enabling us to mobilize Danish youth to take action in Europe’s refugee crisis.

Supporter since 2015

youth volunteers from abroad.

Supporter since 2016

Helping us to lift our national conferences to the next level of quality and impact.

Supporter since 2012.

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national team 17/18

From left to right: Juliane Köppen, Vice President for Incoming Exchange and B2B Marketing Maria Alexandra Huges (Allie), Vice President for Outgoing Exchange and B2C Marketing Tatiana Lifciu, Vice President for Finance and Partnerships Development Fiete Marius Brunk, President Juan Manuel Marfil, Vice President for Talent Management and Organizational Development

AIESEC in Denmark Nansensgade 19, 4 sal, 18, 1366 København K 26 new address for 17/18 Fruebjergvej 3 2100 København Ø

AIESEC Aarhus Fuglesangs Allé 4, 8210 Aarhus V

AIESEC AAU Rantzausgade 4, 9000 Aalborg

AIESEC CBS Howitzvej 11, 2000 Frederiksberg

AIESEC SDU Campusvej 55, 5230 Odense M

AIESEC UNIC (Universities in CPH) Nørre Allé 7, 2200 København N

AIESEC VIA Chr M Østergaards Vej 4, 8700 Horsens

“Leaders do not create followers, they create more leaders ” - Tom Peters

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