As an international company listed on the stock exchange in Copenhagen and on the stock exchange in New York as American Depository Receipts (ADRs), 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 November 2017. Novo Nordisk adheres to all of the Danish Corporate Governance Recommendations designated by Nasdaq Copenhagen except the following five:
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: