Bavarian Nordic continuously evaluates developments within corporate governance and “best practices” in relation to the company’s business areas. Accordingly, the company implements recommendations that support the company’s business model, and add value to the benefit of Bavarian Nordic’s stakeholders.
Due to the recently-revised recommendations for corporate governance from the Copenhagen Stock Exchange, Bavarian Nordic’s management will follow these requirements and implement the “Comply or Explain” principle accordingly.
Management of the company Bavarian Nordicis managed by a two-tier structure composed of the Board of Directors and Corporate Management. The Board of Directors is responsible for the overall management of the company, which includes appointing the corporate management group, ensuring the responsible organisation of the company’s business, establishing the corporate strategy and evaluating the company’s financial position.
The Board of Directors consists of four external members elected by the shareholders at the Annual General Meeting for terms of one year. The Board of Directors elects a chairman from amongst its members. Asger Aamund, founder of Bavarian Nordic A/S, is Chairman of the Board of Directors. In 2005, the Board of Directors held seven meetings.
The term “Corporate Management” for Bavarian Nordic A/S refers to Anders Hedegaard, President and CEO who is not a member of the Board of Directors. Mr. Hedegaard is responsible for the day-to-day operations of the business, observing guidelines and recommendations as issued by the Board of Directors and submitting monthly reports to the Board of Directors on the status of the company’s business and operations.
Mr. Hedegaard manages these activities in cooperation with the “Group Management” which consists of his position and five Executive Vice Presidents. Members of the Group Management and certain senior employees attend meetings of the Board of Directors. In addition, one or more members of the Group Management or senior employees of the parent company are represented in the management or on the Boards of Directors of Bavarian Nordic A/S’ subsidiaries.
