Board Practices

The Board of Directors of Bavarian Nordic consists of seven external members elected by the shareholders at the annual general meeting for terms of one year, and four members elected by the employees for terms of four years.

The Board discharges its duties in accordance with the rules of procedure of the Board, which are reviewed and updated by all members of the Board.

BOard Committees

To support the Board in its duties, the Board has established and appointed a Finance, Risk and Audit Committee, a Nomination and Compensation Committee and a Science and Technology Committee. These committees are charged with reviewing matters pertaining to their respective fields that are due to be considered at board meetings.

Board evaluation

Each year, the Board and its subcommittees conduct an evaluation of the Board's and subcommittee’s work, accomplishments and composition. The chair heads the annual evaluation, which is conducted at least every third year with external assistance.

The process, whether it is facilitated internally or by external consultants, evaluates topics such as board dynamics, board agenda, quality of the material that is submitted to the Board, discussions at the board meetings, the chair’s leadership of the Board, strategy, board composition and board competencies.

Due to a number of other priorities for the Board in the second half of 2025, it was decided to postpone the board evaluation until the first quarter of 2026. The evaluation was performed in January 2026 through completion of a detailed questionnaire with the assistance of an external advisor. The result of the general board evaluation was discussed at a board meeting in March 2026, with clear conclusions and topics for further development.