The Nomination Committee consists of up to five members elected by the Board of Directors from among its members. One member is designated as chairman.
The Board has in March 2017 elected the following to the Nomination Committee:
The Nomination Committee consists of two members who are independent as defined in the Danish Corporate Governance Recommendations and three members who are non-independent, including the Chairman. One member is an employee representative. According to the Danish Corporate Governance Recommendations a majority of the members of a board committee shall qualify as independent. Hence, the composition of the Nomination Committee does not conform to the Danish Corporate Governance Recommendations. This is due to the fact that the Board of Directors finds that the composition of the Nomination Committee allows for a member from the Chairmanship, which consists of two non-independent Board members, a representative of the majority shareholder, who qualifies as a non-independent Board member, as well as an employee representative, who also qualifies as a non-independent Board member, being on the Nomination Committee while maintaining an operational structure of the Nomination Committee with relative few members.
The Nomination Committee assists the Board with oversight of the competence profile and composition of the Board, nomination of members and committees, and other tasks on an ad hoc basis as specifically decided by the Board.
The Nomination Committee works according to an Annual Work Plan with fixed agenda items. In addition, the Nomination Committee conducts a search process for potential candidates for the Board.
In 2016 the Nomination Committee met 7 times and dealt with the following matters:
Search for and recommendation of Board members
Nomination Committee matters and governance