Board and management gender diversity

Information about gender diversity in the Board and Management of Bavarian Nordic is provided in accordance with Section 99a in the Danish Financial Statements Act and Section 5 of the Gender Balance Act.

Members of the Board, Executive Management and Other Management, total and by under-represented gender. The percentages in the table indicate the ratio of the under-represented gender in each category.
	2025		2024		2023
	Number	Percent	Number	Percent	Number	Percent
Board of Directors, total	8	25%	11	45%	11	45%
Board of Directors, shareholder-elected	5	40%	7	43%	7	29%
Board of Directors, employee representatives	3	0%	4	25%	4	25%
Executive Management	4	0%	5	20%	6	33%
Other Management1	14	43%	23	48%	21	48%

 

As of December 31, 2025, the Board had a representation of three female and two male members elected by the shareholders and three female members elected as employee representatives. The Executive Management consisted of four male members. The other management¹ in Bavarian Nordic had a representation of six female and eight male managers. Hence, there was an equal gender distribution among the shareholder-elected Board members and in other management levels as in accordance with the guidelines from the Danish Business Authority and is therefore not required to set a gender target figure. However, there is not an equal gender distribution among the employee representatives on the Board whereto the necessary measures will be implemented regarding the gender balance among the employee representatives prior to the next election of employee representatives, when the current four-year term expires in 2029.

¹ Members of Executive Management employed by Bavarian Nordic A/S along with their direct reports with leadership responsibility, also employed by Bavarian Nordic A/S and direct reports with leadership responsibility that are employed by Bavarian Nordic A/S and are reporting to a member of Executive Management not employed by Bavarian Nordic A/S.