In line with the corporate governance recommendations, the Board of Directors has established 4 subcommittees to ensure extra focus on certain issues deemed of high importance.

The committees prepare decisions and recommendations for review and approval by the Board of Directors as well as supervise the implementation of the various principles and policies.

Audit Committee

The purpose of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibility in relation to, as a minimum, monitoring the financial reporting process, NORDEN’s internal control systems, the statutory audit of annual report as well as monitoring and checking the auditor’s independence. 

At least one member of the Committee is independent and has qualifications within accounting and auditing as required by the Auditors Act. The Board of Directors will each year evaluate and record the fulfilments of the requirements for the independent and qualified member/members of the Committee. The Audit Committee consists of Karsten Knudsen (committee chairman), Helle Østergaard Kristiansen and Klaus Nyborg (links to board members). 

In 2019, the Committee held 4 meetings with a participation rate of 100% for all members.

Charter of the Audit Committee

 

Risk Committee

The purpose of the Risk Committee is to assist the Board of Directors in its oversight of the Company’s overall risk-taking tolerance and management of market, credit and liquidity risks. The Risk Committee is tasked with discussing and evaluating the general risk culture of the Company. 
The Risk Committee consists of Tom Intrator (committee chairman), Karsten Knudsen and Stephen John Kunzer (links to board members)

In 2019, the Committee held 5 meetings with a participation rate of 100% for all members.

Charter of the Risk Committee

Remuneration Committee

The purpose of the Remuneration Committee is to supervise the implementation of the Company’s remuneration policy. 

The Remuneration Committee consists of Klaus Nyborg (committee chairman), Karsten Knudsen, Tom Intrator and John Stephen Kunzer.

In 2019, the Committee held 2 meetings with a participation rate of 100% for all members.

Nomination Committee

The Nomination Committee is responsible for describing the qualifications required in i.a. the Board of Directors and the Executive Management, and the committee is also in charge of an annual assessment of the competences, knowledge and experience present in the 2 management bodies. 

The Nomination Committee consists of Klaus Nyborg (committee chairman) and Johanne Riegels Østergård (links to board members).

In 2019, the Committee held 3 meetings with a participation rate of 100% for both members.

Charter of Nomination Committee (only in Danish)