The Remuneration Committee assists the Board of Directors with: the Remuneration Policy; and the actual remuneration of the Board members, Board committees and Executive Management.
The Remuneration Committee has four members elected by the Board of Directors from among its members. One member is designated as chair and one member is an employee-elected Board member.
In March 2021, the Board of Directors elected the following members to the Remuneration Committee:
Out of the four members of the Remuneration Committee, two members qualify as independent as defined in the Danish Corporate Governance Recommendations, while Jeppe Christiansen and Anne Marie Kverneland qualify as non-independent given that Jeppe Christiansen is a Board member of the main shareholder Novo Holdings A/S and Anne Marie Kverneland is an employee-elected Board member. According to the Danish Corporate Governance Recommendations a majority of the members of a board committee should qualify as independent. Hence, the composition of the Remuneration Committee does not adhere to the Danish Corporate Governance Recommendations. This is due to the fact that the Board of Directors finds that the composition of the Remuneration Committee allows for a member from the Chairmanship who is a representative of the main shareholder as well as an employee-elected Board member, both qualifying as non-independent, being on the Remuneration Committee while maintaining an operational structure of the Remuneration Committee with relative few members.
The Remuneration Committee conducted five meetings in 2020. All Remuneration Committee members attended all committee meetings in 2020, except one member who was excused from one meeting in 2020 within the member’s term in 2020.