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Board Committees

To support the Board in its duties, the Board has established and appointed a Finance, Risk and Audit Committee and a Nomination and Compensation Committee. These committees, which became into effect after the annual general meeting in April 2015, are charged with reviewing issues pertaining to their respective fields that are due to be considered at board meetings.


Finance, Risk and Audit Committee

The Board has elected the following members to the Finance, Risk and Audit Committee:

  • Erik G. Hansen (Chairman)
  • Anders Gersel Pedersen
  • Frank Verwiel

In 2016, the committee held five meetings and dealt with the following main matters:

  • Reviewed and proposed to the Board the annual report 2015 & CSR report 2015 to be approved
  • Reviewed and proposed to the Board the quarterly statements for Q1, Q2 and Q3 of 2015 to be approved
  • Reviewed and proposed to the Board the auditors book and the audit plan 2016 to be approved
  • Monitored and controlled the auditors’ independence, objectivity and competence
  • Reviewed and proposed to the Board the election of auditors at the next AGM
  • Monitored and reported to the Board about significant accounting policies; significant accounting estimates; related party transactions; and uncertainties and risks, including in relation to the outlook for the current year
  • Discussed audit legislation and key issues with the auditors
  • Monitored the internal currency, investment, counterpart and financing policies
  • Reviewed and assessed the reports on the internal control and risk management systems
  • Monitored the Company’s internal control and risk management culture
  • Assessed the need of an internal control function
  • Reviewed and proposed to the Board the SOX-project to be continued at a slower pace to be approved
  • Reviewed and proposed to the Board the procedures of the committee to be approved
  • Made an evaluation of the committee
  • Updated the annual wheel for activities in the committee

Nomination and Compensation Committee

The Board has elected the following members to the Nomination and Compensation Committee:

  • Gerard van Odijk (Chairman) 
  • Claus Bræstrup
  • Peter Kürstein

In 2016, the committee held six meetings, including one conference call and dealt with the following main matters: 

  • Reviewed and proposed to the Board the remuneration levels for 2016 for the Board and its sub-committees to be approved by the annual general meeting
  • Reviewed Danish, European and U.S. benchmark data on executive remuneration and proposed to the Board the remuneration levels for 2016 for the executive management
  • Reviewed the short and long term incentive programs for the executive management and other members of the senior management and recommended to the Board the structure of the programs for 2016
  • Performed a Board  and Corporate Management assessment process; of which the Board assessment was facilitated by third party
  • Performed a Board and Corporate Management composition review, including desired competences and qualifications required by the Board and Corporate Management and an assessment of their combined competences, of which the Board review was facilitated by third party
  • Discussed long term succession planning for the Board, including the future composition of the Board