The Board of Directors has decided to set up an audit committee and a nomination committee. For further information on the committees
Evaluation of the Board
Once a year, the Chairman of the Board evaluates the Board’s work. Every other year, such evaluation is performed through personal, individual interviews with the Board members by the Chairman of the Board, and every other year, the evaluation is carried out by means of questionnaires to be filled out by the Board members. In both instances, the results of the evaluation are discussed at the subsequent Board meeting.
In connection with the evaluation in December 2016, the Board members expressed great satisfaction with the manner in which the Board works emphasising the constructive working climate in the Board.
The Board of Directors continuously strives to ensure that between them the Board members have the relevant knowledge and professional experience required to fulfil the company's needs. These competencies must cover the following areas:
• International management experience at corporate level
• Board experience from listed companies with international operations
• Industrial management experience
• Insight into globalisation challenges
• Profound knowledge of economics and finance
• Insight into and knowledge of the political aspects of business
• Board experience from multiple lines of business
• Academic level of education
Though Board members are up for election every year, they traditionally sit on the Board for an extended number of years. This ensures consistency and maximum insight into the conditions prevailing within the company and within the industry. This is considered to be extremely important in terms of the value that the Board of Directors brings to the company. In fact, it is considered just as important as the professional skills listed above.
Age limit for Board members
In compliance with the company’s articles of association, Board members must resign from the Board no later than at the first general meeting following their 70th birthday.
Board of Directors’s fees
In 2016, the basic fee for a Board member was increased to DKK 350,000. The fee has not been changed since 2010. The Chairman’s fee is determined to be three times the basic fee and the Deputy Chairman’s fee is determined to be twice the basic fee.
There is no separate fee for nomination committee members. Audit committee members receive a fee of DKK 50,000.
The Board adopted the Remuneration Policy at the Annual General Meeting held on 7 April 2016.
Board meetings in 2016
In 2016, the Board of Directors convened on four occasions.