Corporate governance recommendations and practices

As an international company listed on the stock exchanges in Copenhagen and New York, Novo Nordisk is subject to the Danish Corporate Governance Recommendations designated by NASDAQ Copenhagen, and - as a foreign listed private issuer – to the Corporate Governance Listing Standards on New York Stock Exchange as stated in the Listed Company Manual.

Revised Danish Corporate Governance Recommendations were introduced in May 2013. Novo Nordisk is following the majority of the Danish Corporate Governance Recommendations. Novo Nordisk does not follow three of the recommendations: Nomination Committee, Remuneration Committee and maximum two years severance payment.

As a foreign listed private issuer Novo Nordisk is in compliance with the corporate governance standards of the New York Stock Exchange, where Novo Nordisk’s ADRs are listed.

For a detailed review of Novo Nordisk's compliance with and deviations from the applicable recommendations please see the following:

In accordance with art. 107b of the Danish Financial Statements Act Novo Nordisk has prepared a Statutory Corporate Governance Report (in Danish "Lovpligtig redegørelse for virksomhedsledelse, jf. årsregnskabslovens § 107 b"). The reports for 2009, 2010, 2011, 2012 and 2013 can be found below: