David Rosenthal: belief

Transcript context

…That’s a good analogy. Yes, you are correct. Ingka, the franchisee who operates the stores, rolls up to a Netherlands-based charitable foundation, where Inter IKEA Systems, that parent that owns the IP, rolls up to a Liechtenstein-based enterprise foundation. Different, non-charitable is an enterprise, self-owning foundation based in Liechtenstein, which for those wondering what Liechtenstein is, it is a country that is landlocked and sandwiched in between Austria and Switzerland with a very small population, but it happens to be very good for establishing entities like this from a tax and treaty perspective. Yup, and you said to just an enterprise foundation I think is the word you used, not a charitable foundation. This is like a circular function in computer science. The stated purpose and goal and activities of that foundation is to ensure the continued operations and success of IKEA. To secure the independence and longevity of the IKEA concept and the financial reserves needed to ensure this. That is the purpose of the foundation.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.