The Annual General Meeting directly elects Novo Nordisk’s chairman and vice chairman of its Board of Directors.
The Chairmanship carries out administrative tasks such as planning board meetings to ensure a balance between overall strategy-setting and financial and managerial supervision of the company.
Other tasks include reviewing the fixed asset investment portfolio.
In March 2017, the Annual General Meeting re-elected Göran Ando as chairman and Jeppe Christiansen as vice chairman.
Chairmanship Report 2016
“The Chairmanship works according to an Annual Work Plan with fixed agenda items. In addition, the Chairmanship requests ad hoc topics to be discussed on their meetings.
In 2016 the Chairmanship met 7 times and dealt with the following matters:
Board matters and governance
- Prepared the Board’s Annual Wheel for 2017.
- Prepared each Board meeting including preparation of the agenda and review of key recommendations to the Board regarding business performance and proposals for budgets/targets, business plans, strategies/policies, investments, financial reporting, shareholders meetings and ensured follow up on decisions made by the Board.
- Reviewed and suggested changes to the documents governing the Board and committees, incl. the Rules of Procedure of the Board, the Chairmanship Charter, charters for the Board committees (Audit, Nomination and Remuneration) and the Guidelines for Executive Management.
- Planned a self-assessment process for the Board and Executive Management facilitated internally and initiated subsequently the implementation of the agreed actions.
- Conducted the annual review of the company’s takeover response capabilities.
- Conducted a review of the company’s investment portfolio.
Annual General Meeting and shareholders
- Reviewed the recommended agenda for the 2016 Annual General Meeting.
- Conducted meetings with 8 of Novo Nordisk’s large shareholders.
Executive Management and organisation
- Reviewed the organisational structure and employee composition as well as the future need for competences.
- Reviewed the succession plan for the Executive Management and related reorganisation, including the succession of the Chief Executive Officer and the reduction of the Executive Management by 2 Executive Vice Presidents.
- Conducted the annual performance evaluation of the Executive Management.
Special focus areas
- Performance in the US - the sales performance in the US as well as the negotiations with Pharma Benefit Managers (PBMs) in relation to plans for 2017.
- Research strategy – the revision of the strategy for research.
- The pipeline progress, incl. trials such as DEVOTE and LEADER as well as new products such as Faster Acting Insulin Aspart and Semaglutide.
- The future organisation of the executive management including the identification of the successor to the CEO and the related reorganisation of the Executive Management