Novo Nordisk’s B shares are listed on Nasdaq Copenhagen and on the New York Stock Exchange (NYSE) as American Depository Receipts (ADRs). Novo Nordisk is required to comply with Danish securities law and it is Novo Nordisk’s intent to be guided by the Danish Corporate Governance Recommendations announced by Nasdaq Copenhagen as prepared by the Danish Committee on Corporate Governance. Further, as a foreign private issuer Novo Nordisk is required to comply with US securities law, including the Sarbanes–Oxley Act and the NYSE Corporate Governance Standards except that these standards allow Novo Nordisk to continue to apply Danish corporate governance practices with few exceptions.

Novo Nordisk complies with all Danish Corporate Governance Recommendations (2017) designated by Nasdaq Copenhagen except five recommendations. Further, as a foreign private issuer Novo Nordisk complies with the NYSE Corporate Governance Standards (2013).

It is Novo Nordisk's intent to seek compliance and adapt its practices to align with applicable corporate governance codes to the extent possible and desirable. For a review of Novo Nordisk's compliance with and explanations to all applicable Danish Corporate Governance Recommendations and the NYSE Corporate Governance Standards, please refer to the page ‘Corporate Governance reporting’ at our website.


Novo Nordisk strives to conduct its activities in a financially, environmentally and socially responsible way. This statement expresses the Triple Bottom Line principle which is a lens for decision-making that supports long-term success by creating shared value for society and investors. It is anchored in the company’s Articles of Association and in the Novo Nordisk Way.

The Novo Nordisk Way is the value-based management system. It makes it clear to employees what Novo Nordisk’s values and ambitions are and how the company will achieve them. The Novo Nordisk Way is supported by specific policies in areas relevant across the organisation.


Novo Nordisk holds itself accountable to shareholders and other stakeholders for its performance. The accuracy, completeness and reliability of the information provided in the company's reporting are verified through internal controls, assurance and independent audits.

Reporting is a tool for shareholders to assess the actions of the Board of Directors, and shareholders can, at general meetings, query them. Integrity and values are the spine of Novo Nordisk's corporate culture and must never be compromised. These are essential elements of the control environment, affecting the design, administration, and monitoring of other internal control components.

This is the message conveyed to employees, as laid down by the Novo Nordisk Way.