Revised Danish Corporate Governance Recommendations were introduced
in November 2017. Novo Nordisk adheres to all of the Danish Corporate
Governance Recommendations designated by Nasdaq Copenhagen except the
- 3.3.2 - Disclosure of additional information about Board
members: Information on matters such as number of shares owned and
changes during the year is disclosed in the Remuneration Report 2019
and not in the management commentary.
- 3.4.2 Independence of
Board committees: the majority of the members of the Nomination
Committee and the Remuneration Committee are not independent.
- 3.4.6 Tasks of the Nomination Committee: responsibility for
succession management and recommending candidates for the executive
management resides with the Chairmanship and not with the Nomination
- 3.4.7 Tasks of the Remuneration Committee:
responsibility for the remuneration policy applicable to employees
in general resides with Executive Management and not with the
- 4.1.5 Termination payments: one
executive employment contract entered into before 2008 allow for
severance payments of more than 24 months’ fixed base salary plus
pension contribution, and thus the total value of the remuneration
relating to the notice period and of the severance payment exceeds
two years of remuneration.
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, deviations
from and explanations to all applicable recommendations please see the
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 Corporate Governance Reports for 2015, 2016, 2017, 2018 and 2019
can be found below: