The remuneration committee consists of up to five members elected by the Board from among its members. One member is designated as chair and one member is an employee representative.
The Board of Directors has in March 2020 elected the following members to the Remuneration Committee:
The Remuneration Committee assists the Board with oversight of a) the remuneration policy for the members of the Board of Directors and Executive Management, including guidelines on incentive pay to Executive Management in the company referred to as "The policy for remuneration of Board members and executives in Novo Nordisk A/S ("Remuneration Policy")”, b) the remuneration of the members of the Board of Directors and its committees, c) the remuneration of the members of Executive Management, and d) other tasks on an ad hoc basis as specifically decided by the Board.
The Remuneration Committee consists of two non-independent members, including the chair, and two independent members pursuant to the Danish Corporate Governance Recommendations. One member is an employee representative. 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 conform 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 and an employee representative, who both qualify as non-independent Board members, 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 2019. All Remuneration Committee members attended all committee meetings within the member’s term in 2019. Please refer to the Annual Report 2019 on p. 39 for a detailed attendance overview.