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 (Member)
- Frank Verwiel (Member, elected in 2016)
In 2015, the Finance, Risk and Audit Committee held five meetings and discussed the following matters:
- Discussion of the duties of the Committee, the priority and the timeline of meetings.
- Review and recommendations to the Board for approval of:
- Terms of reference of the Committee
- Rules and procedures of the Committee
- Investment policy
- Currency hedging policy
- Annual wheel for the Committee
- Whistleblower scheme
- Review and recommendations to the Board regarding the quarterly reports.
- Meeting and discussions with the auditors regarding the annual report 2015. Important topics were: the revenue recognition and asset impairment of the US IMVAMUNE contracts (RFP-3), the tax asset and the valuation of the inventory.
- Approval of the audit plan for 2015-audit.
- Recommendation regarding audit fees for 2015.
- Re-audit of 2013 and 2014.
- Meeting with auditors regarding their report on the Prospectus for the US listing (F-1 filing).
- Recommendation regarding the qualifications and independence of auditors and proposal for election of auditors at the 2016 Annual General Meeting.
Nomination and Compensation Committee
The Board has elected the following members to the Nomination and Compensation Committee:
- Gerard van Odijk (Chairman)
- Claus Bræstrup (Member)
- Peter Kürstein (Member)
In 2015, the Nomination and Compensation Committee held five meetings and discussed the following matters:
- The terms of reference of the Committee
- The composition of the Executive Management and the Board
- Compensation policy