Forretningsorden for bestyrelsen i GN Store Nord A/S

Transkript

1 Forretningsorden for bestyrelsen i GN Store Nord A/S CVR-nr Rules of Procedure for the Supervisory Board of GN Store Nord A/S CVR No

2 1. Forretningsordenens grundlag/statutory authority of the Rules of Procedure 1.1 Forretningsorden for GN Store Nord A/S ( Selskabet ) er udarbejdet i henhold til aktieselskabslovens 56. These Rules of Procedure for GN Store Nord A/S (the Company ) have been laid down pursuant to section 56 of the Danish Public Companies Act. 1.2 Et originalt eksemplar af forretningsordenen, underskrevet af alle bestyrelsesmedlemmer, opbevares i bestyrelsens protokol. An original copy of the Rules of Procedure, signed by all members of the Supervisory Board, is kept in the minute book of the Supervisory Board. 2. Valg af bestyrelsen/election of members to the Supervisory Board 2.1 I henhold til vedtægternes 18, stk. 1 vælger generalforsamlingen en bestyrelse bestående af 5-9 medlemmer. I tillæg til de generalforsamlingsvalgte bestyrelsesmedlemmer kan Selskabets og koncernens ansatte i henhold til ASL 49, stk. 2 og 3 vælge et antal medarbejderrepræsentanter til bestyrelsen. Pursuant to article 18(1) of the Company s articles of association, the shareholders in general meeting elect a Supervisory Board comprising between five and nine members. Under section 49(2) and (3) of the Danish Public Companies Act, the Company s and the Group s employees may elect a number of employee representatives to the Supervisory Board in addition to the Board members elected by the shareholders. 2.2 De generalforsamlingsvalgte bestyrelsesmedlemmer vælges for tiden indtil næste ordinære generalforsamling, det vil sige for et år ad gangen. Medarbejderrepræsentanterne vælges for fire år ad gangen i henhold til lovens bestemmelser herom, og Board members elected by the shareholders in general meeting are elected for a term until the next Annual General Meeting, that is, for terms of one year. Employee representatives are elected for terms of four years pursuant to the relevant statutory provisions, taking up office - 2 -

3 således at de tiltræder i forbindelse med afholdelsen af Selskabets ordinære generalforsamling. in connection with the holding of the Company s Annual General Meeting. 2.3 Bestyrelsesmedlemmer kan ved udløb af deres valgperiode genvælges under hensyntagen til principperne i pkt. 6 og 8 og under respekt af aldersgrænsen i pkt Board members may be re-elected on expiry of their term of office, taking into consideration the principles set out in clauses 6 and 8 and observing the age limit defined in clause Generalforsamlingsvalgte og medarbejdervalgte bestyrelsesmedlemmer har samme rettigheder og forpligtelser. Kopi af den til enhver tid gældende forretningsorden udleveres til bestyrelsens medlemmer og direktionen. Disse modtager ligeledes et eksemplar af vedtægterne for Selskabet. Board members elected by the shareholders in general meeting and Board members elected by the employees have the same rights and duties. A copy of the Rules of Procedure applicable from time to time shall be distributed to the members of the Supervisory Board and of the Executive Management, who also receive a copy of the Company s articles of association. 2.5 I forbindelse med sit valg til og indtræden i bestyrelsen skal et bestyrelsesmedlem til Selskabet oplyse samtlige ledelseshverv herunder bestyrelsesposter som den pågældende har i danske og udenlandske selskaber, foreninger m.v., og sådanne oplysninger skal løbende opdateres. In connection with being elected to and taking up office on the Supervisory Board, Board members must inform the Company of all managerial positions including directorships held in Danish and foreign companies, associations, etc., and such information must be updated on a regular basis. 2.6 Et bestyrelsesmedlem skal straks underrette formanden, såfremt der sker ændringer i medlemmets hovedbeskæftigelse, ligesom formanden straks skal underrettes, A Board member must notify the Chairman immediately of any changes to such member s principal occupation. The Chairman must also be notified immediately if the member - 3 -

4 såfremt medlemmet accepterer andre væsentlige bestyrelsesposter. accepts other major directorships. 3. Konstituering/First meeting of the Supervisory Board 3.1 Umiddelbart efter den ordinære generalforsamling konstituerer bestyrelsen sig med formand og næstformand. Ved stemmelighed afgøres valget ved lodtrækning. En direktør i Selskabet må ikke vælges til formand. Immediately following the Annual General Meeting, the Supervisory Board holds a first Board meeting to elect its Chairman and Deputy Chairman. In the event of an equality of votes, the election will be decided by the drawing of lots. A member of the Company s Executive Management may not be elected Chairman. 3.2 Såfremt nye medlemmer er indtrådt i bestyrelsen, skal disse på det konstituerende bestyrelsesmøde tiltræde nærværende Forretningsorden. Any new members joining the Supervisory Board must accept these Rules of Procedure at the first Board meeting. 3.3 Såfremt bestyrelsen har nedsat faste komitéer, skal medlemmer til disse komitéer vælges på det konstituerende møde. Members of any permanent committees set up by the Supervisory Board are also elected at the first Board meeting. 3.4 Bestyrelsen kan til enhver tid omgøre den foretagne konstituering med simpelt flertal. The Supervisory Board may at any time reverse the elections made at the first Board meeting by a simple majority of votes. 3.5 På det konstituerende møde skal indtrædende medlemmer give bestyrelsen meddelelse om besiddelse af aktier i Selskabet samt af aktier og anparter i eventuelle datterselskaber. Aktiebesiddelser i Selskabet noteres i købs- og salgsbogen, der fremlægges på hvert bestyrelsesmøde. Ændringer At the first Board meeting, new members taking up office shall inform the Supervisory Board of their holdings of shares in the Company and in any subsidiaries. Shares held in the Company shall be recorded in the purchase and sales register, which is submitted at all Board meetings. Any - 4 -

5 i aktiebesiddelserne skal straks meddeles Selskabet. changes in shareholdings must be notified to the Company immediately. 3.6 Indtrædende bestyrelsesmedlemmer skal umiddelbart efter det konstituerende bestyrelsesmøde foranledige, at alle den pågældendes aktier i Selskabet er noteret på navn. Tilsvarende skal det ved fremtidige erhvervelser af aktier i Selskabet sikres, at disse straks navnenoteres. New Board members shall immediately after the first Board meeting arrange for their shares in the Company to be registered in their names. Similarly, all shares in the Company acquired subsequently must be registered in the name of the holder immediately. 3.7 Bestyrelsen anser det for god forretningsskik, at de generalforsamlingsvalgte bestyrelsesmedlemmer besidder aktier i Selskabet. The Supervisory Board considers it good business practice that Board members elected by the shareholders in general meeting hold shares in the Company. 4. Formandskab/Chairman and Deputy Chairman of the Supervisory Board 4.1 Bestyrelsens formand repræsenterer bestyrelsen udadtil og indadtil og udtaler sig på bestyrelsens vegne. 4.2 I formandens fravær udøves dennes beføjelser af næstformanden. The Chairman of the Supervisory Board represents the Supervisory Board for in-house as well as external purposes and makes statements on behalf of the Supervisory Board. In the Chairman s absence, the Deputy Chairman exercises the powers of the Chairman. 4.3 Formanden og næstformanden udgør tilsammen formandskabet. The Chairman and the Deputy Chairman together chair the Supervisory Board. 4.4 Formandskabet skal: The Chairman and the Deputy Chairman shall: Forberede bestyrelsesmøder og Prepare Board meetings and agendas; - 5 -

6 dagsorden, Mellem bestyrelsesmøder holde møder med direktionen, Hold meetings with the Executive Management in the periods between Board meetings; Holde sig orienteret om arbejdet i eventuelle bestyrelseskomitéer, Stay updated on the work in any Board committees; Sikre gennemførelse af evaluering af bestyrelsen, jf. pkt. 8. Ensure that an evaluation of the Supervisory Board is performed, see clause Bestyrelsessekretær/sekretariat/Board Secretary/secretariat 5.1 Bestyrelsen udpeger en bestyrelsessekretær, der bistår bestyrelsen og formandskabet med: The Supervisory Board appoints a Board Secretary who assists the Board, the Chairman and the Deputy Chairman in connection with: Udsendelse af indkaldelse til bestyrelsesmøder med dagsorden og bilag, Distribution of notices convening Board meetings with agenda and annexes; Udarbejdelse af referat af bestyrelsesmøder, og Drafting of minutes of Board meetings; and Sådanne andre opgaver, der konkret bestemmes af formandskabet. Such other tasks as the Chairman and the Deputy Chairman may specifically determine. 5.2 Bestyrelsessekretæren deltager i bestyrelsens møder, medmindre bestyrelsen konkret bestemmer andet. The Board Secretary attends Board meetings unless the Board specifically determines otherwise

7 6. Honorar/Remuneration 6.1 I henhold til vedtægternes 18, stk. 3 oppebærer bestyrelsens medlemmer et honorar for det kommende år, der årligt godkendes ved generalforsamlingsbeslutning. Pursuant to article 18(3) of the articles of association, members of the Supervisory Board receive remuneration for the coming year as approved annually by the shareholders in general meeting. 6.2 Nyvalgte og udtrædende bestyrelsesmedlemmer oppebærer for det pågældende regnskabsår et forholdsmæssigt honorar. New and retiring Board members receive a pro-rated remuneration for the relevant financial year. 6.3 På det bestyrelsesmøde i fjerde kvartal, hvor bestyrelsen behandler budgettet for det følgende år, skal bestyrelsen tillige behandle et forslag til bestyrelseshonorering i budgetåret. Honoraret fastsættes som et årligt basishonorar og fordeles som udgangspunkt som følger: At the Board meeting held in the fourth quarter of the year at which the Supervisory Board discusses next year s budget, the Supervisory Board shall also consider a proposal for remuneration to the Board members in the budget year. The remuneration, which is fixed as an annual basic amount, will generally be distributed as follows: Ordinære bestyrelsesmedlemmer: 100 % af basishonorar Ordinary Board members: 100% of the basic remuneration Næstformand: 200 % af basishonorar Deputy Chairman: 200% of the basic remuneration Formand: 300 % af basishonorar Chairman: 300% of the basic remuneration 6.4 I det omfang bestyrelsen nedsætter komitéer, skal bestyrelsen på tidspunktet for komitéens nedsættelse træffe beslutning om, If the Supervisory Board sets up committees, it shall decide when setting up such committees whether the chairman and members of the - 7 -

8 hvorvidt formanden og medlemmerne for sådanne komitéer skal have separat honorering, idet medlemskab af Revisionskomitéen og Vederlagskomitéen honoreres som beskrevet i pkt og committees are to receive separate remuneration. Members of the Audit Committee and the Remuneration Committee are remunerated as described in clauses and Bestyrelsen kan undtagelsesvis bestemme, at et eller flere medlemmer af bestyrelsen skal honoreres særskilt for konkrete særligt byrdefulde opgaver, jf. vedtægternes 22, stk. 1. Beslutning herom tilføres bestyrelsens protokol. The Supervisory Board may in exceptional cases determine that one or more Board members shall receive separate remuneration for the performance of specific, particularly onerous tasks. See article 22(1) of the articles of association. Any resolution to such effect shall be recorded in the Board s minute book. 6.6 Honorarer fastsat i henhold til pkt. 6.3 og 6.4 udbetales kvartalsvist bagud, det vil sige ultimo marts, ultimo juni, ultimo september og ultimo december. Remuneration determined under clauses 6.3 and 6.4 is paid quarterly in arrears at the end of each of the months of March, June, September and December. 7. Bestyrelseskomitéer/Board committees 7.1 Bestyrelsen kan beslutte at nedsætte permanente eller ad hoc komitéer. The Supervisory Board may resolve to set up permanent committees or adhoc committees. 7.2 Ved nedsættelse af en komité skal bestyrelsen sikre, at der etableres en vedtægt, en forretningsorden eller et kommissorium for komitéen, således at dettes arbejdsopgaver og ansvar klart fremgår. When setting up a committee, the Supervisory Board must ensure that a mandate, rules of procedure or terms of reference are established for the committee, clearly defining its tasks and responsibilities. 7.3 Komitéer arbejder under den samlede bestyrelses ansvar, og medmindre Committees work under the responsibility of the entire - 8 -

9 andet konkret bestemmes, så træffes alle afgørelser af bestyrelsen, således at komitéens arbejde har forberedende karakter. Supervisory Board, and unless otherwise determined in the specific case, all decisions are made by the Supervisory Board to the effect that the committee work is of a preparatory nature. 7.4 Permanente komitéer skal føre en mødeprotokol, der skal være tilgængelig for bestyrelsen. Alle komitéer skal løbende orientere bestyrelsen om sit arbejde. Permanent committees must keep minutes that are available to the Supervisory Board. All committees must keep the Supervisory Board informed of their work on a regular basis. 7.5 Ved nedsættelse af permanente komitéer skal bestyrelsen ved udarbejdelse af de i pkt. 7.2 anførte regelsæt, og ved valg af medlemmer til de pågældende komitéer, tage hensyn til internationalt anerkendte principper og krav, herunder til regler og principper for medlemmernes uafhængighed. When setting up permanent committees, the Supervisory Board shall, in preparing the rules referred to in clause 7(2) and in electing members of the committees, take into account internationally accepted principles and requirements, including with respect to rules and principles for the members independence. 7.6 I overensstemmelse med god forretningsskik skal bestyrelsen som minimum nedsætte en permanent revisionskomité og en permanent vederlagskomité. In compliance with good business practice, the Supervisory Board shall as a minimum set up a permanent audit committee and a permanent remuneration committee. 7.7 Medlemmer af permanente komitéer vederlægges i henhold til et basishonorar og fordeles som udgangspunkt som følger: Members of permanent committees receive remuneration with reference to a basic remuneration that is generally distributed as follows: Revisionskomité Audit Committee Ordinære medlemmer: Ordinary members: - 9 -

10 25 % af basishonorar 25% of the basic remuneration Formand: 75 % af basishonorar Chairman: 75% of the basic remuneration Vederlagskomité Remuneration Committee Ordinære medlemmer: 25 % af basishonorar Ordinary members: 25% of the basic remuneration Formand: 50 % af basishonorar Chairman: 50% of the basic remuneration 8. Evaluering af bestyrelsesmedlemmer/evaluation of Board members 8.1 Bestyrelsen skal sikre, at der en gang årligt gennemføres en evaluering af bestyrelsen dels som et kollektiv og dels af bestyrelsens enkelte medlemmer. Evalueringen foretages på baggrund af principper fastsat af bestyrelsen og gennemføres af formanden, eventuelt med bistand fra et konsulentbureau. Formanden kan med bestyrelsens accept delegere denne opgave til et andet bestyrelsesmedlem. The Supervisory Board shall ensure that an evaluation of the Board is performed once a year of the Board as a collective body as well as of the individual Board members. The evaluation, which uses principles defined by the Supervisory Board, is performed by the Chairman, possibly assisted by a firm of consultants. Subject to acceptance by the Supervisory Board, the Chairman may delegate this task to another Board member. 8.2 Evalueringen skal tilstræbes gennemført i fjerde kvartal, således at den er tilendebragt i tide til at gennemføre evt. normering af kandidater til den ordinære generalforsamling i overensstemmelse med pkt. 9. Efforts shall be made to perform the evaluation in the fourth quarter of the year in order to finalise it in time for nominating candidates for the Annual General Meeting, if applicable, in accordance with clause

11 9. Nominering af bestyrelseskandidater/nomination of candidates for the Supervisory Board 9.1 Parallelt med evalueringen af den siddende bestyrelse i henhold til pkt. 8 skal bestyrelsen drøfte og definere hvilke kompetencer, der generelt bør være repræsenteret i bestyrelsen. Concurrently with the evaluation of the Board members in office pursuant to clause 8, the Supervisory Board shall discuss and define the competencies that should generally be represented on the Supervisory Board. 9.2 Bestyrelsen skal sammenholde kompetencebehovet, jf. pkt. 9.1, med resultatet af evalueringen i henhold til pkt. 8 og i konsekvens heraf drøfte og beslutte, hvorvidt der skal ske udskiftninger i bestyrelsen, eller hvorvidt bestyrelsen i øvrigt skal suppleres. The Supervisory Board shall compare the competency requirements, see clause 9.1, with the results of the evaluation under clause 8 and in consequence hereof discuss and decide whether any Board members should be replaced, or whether the Supervisory Board should be supplemented by new members. 9.3 Ved vurderingen af eksisterende medlemmer og potentielle kandidater skal bestyrelsen tage i betragtning, hvorvidt de pågældende under hensyntagen til deres hovedbeskæftigelse og andre tillidshverv har den fornødne tid til at varetage hvervet som medlem af Selskabets bestyrelse på forsvarlig vis. Bestyrelsen skal i den forbindelse identificere og vurdere danske og internationale anbefalinger som led i god corporate governance samt sikre en passende bestyrelsessammensætning. In evaluating existing members and potential candidates, the Supervisory Board shall take into account whether considering their principal occupation and other directorships, etc. such members and candidates have the time required to adequately serve as members of the Company s Supervisory Board. In this connection, the Supervisory Board shall identify and evaluate Danish and international corporate governance recommendations and ensure an adequate composition of the Supervisory Board

12 10. Bestyrelsesmøders afholdelse/meetings of the Supervisory Board 10.1 Inden udgangen af et kalenderår skal bestyrelsen lægge en plan for afholdelse af ordinære bestyrelsesmøder i det følgende kalenderår. Bestyrelsesmøder afholdes på Selskabets kontor eller efter bestyrelsesformandens bestemmelse på et andet sted. Before the end of a calendar year, the Supervisory Board shall draw up a schedule for the holding of regular Board meetings in the following calendar year. Board meetings are held at the Company s offices or elsewhere as determined by the Chairman of the Board Bestyrelsen skal som minimum afholde 8 ordinære møder i løbet af et kalenderår. Disse fordeler sig med et regnskabsmøde pr. kvartal, et budgetmøde, et strategimøde, et bestyrelsesmøde umiddelbart før den ordinære generalforsamling og et konstituerende møde umiddelbart efter den ordinære generalforsamling. The Supervisory Board must hold at least eight regular meetings during a calendar year, comprising a quarterly accounting meeting, a budget meeting, a strategy meeting, a Board meeting immediately before the Annual General Meeting, and a meeting immediately after the Annual General Meeting to elect its Chairman and Deputy Chairman Udover de ordinære bestyrelsesmøder afholdes der møde, når formanden skønner dette nødvendigt, eller når et medlem af bestyrelse, direktion eller revision fremsætter krav herom over for formanden. In addition to the regular Board meetings, a meeting shall be held when deemed necessary by the Chairman or when requested to the Chairman by a member of the Supervisory Board, the Executive Management or the auditors Formanden foranlediger, at bestyrelsesmøderne indkaldes. Indkaldelse sker med mindst en uges varsel. Med indkaldelsen skal følge dagsorden og relevant materiale, der muliggør en grundig og forsvarlig forberedelse. The Chairman arranges for Board meetings to be convened. Meetings are convened giving not less than one week s notice. The notice convening the meeting shall enclose the agenda and relevant material to enable the members to prepare themselves thoroughly and

13 adequately I ekstraordinære situationer kan formanden indkalde et møde med kortere varsel end angivet i pkt Formanden kan endvidere under ekstraordinære omstændigheder tillade enkelte bestyrelsesmedlemmer at deltage i et møde pr. telefon. In extraordinary cases, the Chairman may convene a meeting giving shorter notice than that specified in clause In extraordinary circumstances, the Chairman may also permit individual members to attend a meeting by telephone Bestyrelsesmøder afholdes normalt på Selskabets kontor eller efter bestyrelsesformandens bestemmelse på et andet sted. Board meetings are generally held at the Company s offices or elsewhere as determined by the Chairman of the Board Bestyrelsesmøde kan afholdes ved anvendelse af elektroniske medier (elektronisk bestyrelsesmøde), i det omfang det skønnes foreneligt med bestyrelsens hverv. Et medlem af bestyrelsen eller en direktør kan dog forlange, at et bestyrelsesmøde afholdes ved fysisk fremmøde. A Board meeting may be held using electronic media (electronic Board meeting) where this is deemed compatible with the duties of the Supervisory Board. A member of the Supervisory Board or of the Executive Management may, however, request that a Board meeting be held by attendance in person. 11. Dagsorden/Agenda 11.1 Dagsordenen for ordinære bestyrelsesmøder skal normalt som minimum omfatte følgende punkter: The agenda of regular Board meetings shall generally as a minimum include the following business: Underskrivelse af protokollat af seneste møde, Signing of the minutes of the last meeting; Købs- og salgsbog, Purchase and sales register; Formandens beretning om væsentlige begivenheder siden sidste møde, The Chairman s report on significant events since the preceding Board

14 meeting; Beretning fra bestyrelseskomitéer, Report from Board committees; Direktionens rapport om koncernens økonomiske situation, herunder resultat, likviditet og forventninger, og Report from the Executive Management on the Group s financial situation, including performance, liquidity and outlook; and Punkter til beslutning. Items for resolution Ethvert bestyrelsesmedlem eller enhver direktør kan forlange, at særlige spørgsmål optages på dagsordenen. Any member of the Supervisory Board or of the Executive Management may request that specific issues be included in the agenda Forud for den ordinære generalforsamling skal bestyrelsen: Before the Annual General Meeting, the Supervisory Board shall: Udpege en dirigent, jf. vedtægternes 14, stk. 1, Appoint a chairman of the meeting, see article 14(1) of the articles of association; Godkende årsrapporten, Approve the annual report; Indstille disponering af årets resultat, Make a recommendation as to profit allocation for the year; Indstille kandidater til bestyrelsen, og Recommend candidates for the Supervisory Board; and Indstille revision til valg. Recommend auditors for appointment Bestyrelsen skal mindst en gang om året på baggrund af et oplæg fra direktionen forholde sig til: Based on a discussion document from the Executive Management, the Supervisory Board shall at least once a year consider:

15 Selskabets kortsigtede og langsigtede strategi, The Company s short-term and longterm strategy; Corporate governance i lyset af den seneste udvikling af god skik i Danmark og internationalt, Corporate governance in the light of recent developments in good practice in Denmark and globally; Compliance med love og regler i såvel Danmark som i andre lande, hvor koncernen er aktiv, Compliance with legislation and regulations in Denmark and in other countries in which the Group operates; Selskabets organisation, herunder risk management, regnskabsfunktion, edb-organisation, budgettering, rapportering, intern kontrol, valutasikring, forsikring og afdækning af aktiver i øvrigt, og The Company s organisation, including risk management, accounting function, IT organisation, budgeting, reporting, internal controls, currency hedging, insurances and hedging of other assets; and Human ressources, herunder medarbejder- og organisationsudvikling, arbejdsmiljø, stress, diversitet m.v. Human resources, including employee and organisational development, working environment, stress, diversity, etc Bestyrelsen skal endvidere sikre, at den løbende gennemgår perioderegnskaber og budgetter og tager stilling til kapitalberedskab, ligesom bestyrelsen skal forholde sig til de forhold, der specifikt er anført i ASL 56, stk. 7. The Supervisory Board shall furthermore ensure that it regularly reviews interim financial statements and budgets and considers the capital resources. Likewise, the Supervisory Board must consider the matters listed in section 56(7) of the Danish Public Companies Act. 12. Deltagelse i bestyrelsesmøder samt quorum/participation in Board meetings and quorum 12.1 Bestyrelsesmøder søges indkaldt, jf. When convening (see clause 10.4)

16 pkt. 10.4, og afholdt, således at alle bestyrelsesmedlemmer har mulighed for at deltage. and holding Board meetings, efforts shall be made to ensure that all Board members are able to attend the meetings Et bestyrelsesmedlem, der er forhindret i at give møde, skal meddele formanden dette inden mødets afholdelse og kan i særlige tilfælde, og med formandens accept, give et andet bestyrelsesmedlem skriftlig fuldmagt vedrørende bestemte på mødet behandlede forhold. Har et medlem af bestyrelsen længerevarende forfald, og er der valgt en suppleant for pågældende, skal der gives den valgte suppleant ret til at træde i medlemmets sted. A Board member who is unable to attend a meeting must notify the Chairman accordingly before the meeting is held, and may, in special circumstances and subject to acceptance by the Chairman, issue an instrument of proxy to another Board member regarding specific matters to be considered at the meeting. If a member of the Supervisory Board is absent for a prolonged period of time and an alternate has been elected for such member, the alternate shall be allowed to replace the member Formanden leder bestyrelsesmøderne og i tilfælde af dennes fravær næstformanden. The Chairman presides at Board meetings. In the Chairman s absence, the Deputy Chairman will preside Har behørig indkaldelse fundet sted i overensstemmelse med forskrifterne i pkt. 10.4, er bestyrelsen beslutningsdygtig, når mere end halvdelen af medlemmerne, herunder enten formand eller næstformand, er til stede. Medlemmer til stede i henhold til fuldmagt, jf. pkt. 12.2, medregnes ved opgørelse af tilstedeværelsen. When duly convened in accordance with the provisions of clause 10.4, the Supervisory Board forms a quorum when more than half of the members, including the Chairman or the Deputy Chairman, are present. Members attending by proxy, see clause 12.2, are included when calculating the number of members present Medmindre bestyrelsen konkret bestemmer andet, deltager den samlede direktion i bestyrelsens Unless otherwise specifically determined by the Supervisory Board, all members of the Executive

17 møder med taleret, men ikke med stemmeret. Management participate in the meetings of the Supervisory Board. They are entitled to speak, but not to vote Medmindre bestyrelsen bestemmer andet, skal en repræsentant for Selskabets eksterne revisorer være til stede ved behandlingen af Selskabets årsregnskab og halvårsregnskab, og formanden kan bestemme, at de eksterne revisorer endvidere skal være til stede ved behandlingen af de øvrige delårsrapporter og budgettet. Unless otherwise determined by the Supervisory Board, a representative of the Company s external auditors shall be present during the consideration of the Company s annual financial statements and halfyear financial statements, and the Chairman may decide that the external auditors shall also be present during the consideration of the other interim reports and budgets Revisionen kan kræve foretræde for bestyrelsen, og ethvert medlem af bestyrelsen kan kræve, at revisionen kommer til stede. The auditors may request an interview with the Supervisory Board, and any member of the Supervisory Board may request that the auditors be present Bestyrelsessekretæren, jf. pkt. 5, er til stede under alle bestyrelsesmøder, medmindre bestyrelsen konkret bestemmer andet. The Board Secretary, see clause 5, is present at all meetings of the Board unless the Supervisory Board specifically determines otherwise Formanden kan invitere relevante personer til at deltage i bestyrelsesmøder eller i behandlingen af enkelte punkter på dagsordenen, dog således at ethvert bestyrelsesmedlem kan forlange, at den pågældende forlader mødet efter at have forelagt sit indlæg. The Chairman may invite relevant persons to participate in Board meetings or in the consideration of individual items of the agenda, always provided that any Board member may request that such persons leave the meeting after having made their presentation

18 13. Afstemninger og habilitet/voting and impartiality 13.1 De i bestyrelsen behandlede anliggender afgøres ved simpelt stemmeflertal. Business transacted by the Supervisory Board is decided by a simple majority of votes I tilfælde af stemmelighed er formandens, respektivt næstformandens stemme afgørende, jf. vedtægternes 21, stk. 2. In the event of an equality of votes, the Chairman or the Deputy Chairman, as the case may be, has the casting vote. See article 21(2) of the articles of association Bestyrelsesmedlemmerne afgiver deres stemme efter deres bedste skøn og er ikke bundet ved forskrifter fra dem, der har valgt dem. Members of the Supervisory Board shall vote to the best of their judgment and are not bound by directions from those who elected them Bestyrelsen skal godkende enhver aftale, som Selskabet måtte ønske at indgå med et bestyrelsesmedlem eller en direktør eller et selskab, hvor et bestyrelsesmedlem eller en direktør har en væsentlig interesse. The Supervisory Board must approve any agreement which the Company intends to make with a member of the Supervisory Board or a member of the Executive Management or with a company in which a member of the Supervisory Board or a member of the Executive Management has a material interest Et bestyrelsesmedlem må ikke deltage i behandlingen af spørgsmål om aftaler mellem Selskabet og den pågældende selv eller om søgsmål mod den pågældende selv eller om aftale mellem Selskabet og tredjemand eller søgsmål mod tredjemand, hvis bestyrelsesmedlemmet deri har en væsentlig interesse, der kan være No member of the Supervisory Board may participate in the consideration of issues regarding agreements between the Company and such member or regarding lawsuits against such member or regarding agreements between the Company and third parties or lawsuits against third parties if such member of the Supervisory Board has a material

19 stridende mod Selskabets. interest in the issue that may be contrary to the interests of the Company Bestyrelsesmedlemmer har pligt til at underrette bestyrelsen om ethvert spørgsmål, som kan give anledning til mulighed for sådan inhabilitet. Foreligger der tvivl om et bestyrelsesmedlems habilitet, træffer den øvrige bestyrelse afgørelse herom. Board members have a duty to inform the Supervisory Board of any issues that may give rise to such disqualification. Any doubt as to the impartiality of a Board member shall be decided by the other Board members. 14. Bestyrelsesprotokol/Board minute book 14.1 Over forhandlingerne i bestyrelsen skal der i henhold til vedtægternes 20, stk. 3 føres en protokol, der underskrives af samtlige deltagende bestyrelsesmedlemmer. Pursuant to article 20(3) of the articles of association, the proceedings at meetings of the Supervisory Board shall be recorded in a minute book to be signed by all Board members attending the meeting Et bestyrelsesmedlem eller en direktør, der ikke er enig i bestyrelsens beslutning, har ret til at få sin mening indført i protokollatet, jf. ASL 56, stk. 5. Any member of the Supervisory Board or of the Executive Management who disagrees with the resolution passed by the Supervisory Board is entitled to have his or her opinion recorded in the minutes. See section 56(5) of the Danish Public Companies Act Protokollat udarbejdes af bestyrelsessekretæren og godkendes af formanden inden det udsendes til bestyrelsens øvrige medlemmer. Protokollatet skal afspejle debatten og ikke kun trufne beslutninger. Protokollatet skal henvise til de dokumenter m.v., der har været udsendt til eller forelagt for Minutes are prepared by the Board Secretary and approved by the Chairman before being distributed to the other Board members. The minutes shall reflect the discussions and not just the resolutions made. The minutes shall make reference to the documents, etc. distributed or presented to the Supervisory Board

20 bestyrelsen I forhandlingsprotokollen skal det af hvert protokollat fremgå: In the minute book, the minutes of each meeting shall state: 1. Hvilke bestyrelsesmedlemmer eller andre, der har deltaget. 2. Dagsorden med eventuelle tilføjelser. 3. Beslutninger truffet i henhold til The names of Board members or others attending the meeting. 2. The agenda with any additions. 3. Resolutions made according to Det af formanden godkendte protokollat skal tilstræbes udsendt senest 10 arbejdsdage efter mødets afholdelse. Bilag medsendes ikke, men opbevares af bestyrelsessekretæren. Efforts should be made to distribute the minutes as approved by the Chairman within ten working days of the date of the meeting. Annexes are not distributed, but kept by the Board Secretary Indsigelser eller kommentarer til det modtagne udkast til protokollatet skal meddeles bestyrelsessekretæren inden 10 arbejdsdage fra modtagelsen af protokollatet. Bestyrelsessekretæren underretter formanden om modtagne kommentarer, og formanden afgør herefter, hvorvidt revideret protokollat skal udsendes. Any objections to or comments on the draft minutes received must be notified to the Board Secretary within ten working days of receipt of the minutes. The Board Secretary will inform the Chairman of comments received, and the Chairman decides whether to distribute revised minutes Hvert bestyrelsesmedlem skal have tilsendt genpart af protokollatet. A copy of the minutes shall be sent to all Board members Protokollatet underskrives på det følgende bestyrelsesmøde. De medlemmer, der ikke deltog i det refererede møde, forsyner The minutes are signed at the following Board meeting. Members who did not attend the meeting to which the minutes relate make a note

21 protokollatet med en påtegning om, at de har læst dette. in the minutes to the effect that they have read the minutes. 15. Organisation og ledelse/organisation and management 15.1 Bestyrelsen har den overordnede ledelse af Selskabet. Bestyrelsen fører tilsyn med direktionen samt Selskabet og eventuelle datterselskabers virksomhed og påser, at ledelsen foregår forsvarligt og i overensstemmelse med vedtægter, aktieselskabsloven og lovgivningen i øvrigt. The Supervisory Board is in charge of the overall management of the Company. The Supervisory Board supervises the Executive Management and the Company and the affairs of any subsidiaries and ensures that the management is appropriate and in compliance with the articles of association, the Danish Public Companies Act and other applicable legislation Direktionen varetager den daglige ledelse af Selskabet og skal derved følge de retningslinjer og anvisninger, som bestyrelsen har givet. Den daglige ledelse omfatter ikke dispositioner, der efter Selskabets forhold er af usædvanlig art eller stor betydning. Sådanne dispositioner kan direktionen kun foretage efter særlig bemyndigelse fra bestyrelsen, medmindre bestyrelsens beslutning ikke kan afventes uden væsentlig ulempe for Selskabets virksomhed. Bestyrelsen skal i så fald straks underrettes om den trufne disposition. The Executive Management is in charge of the day-to-day management of the Company and must comply with the guidelines and directions issued by the Supervisory Board. The day-to-day management does not include transactions which, considering the Company s circumstances, are of an unusual nature or of material importance. Such transactions can only be made by the Executive Management subject to specific authorisation from the Supervisory Board unless awaiting a decision by the Board would cause material disadvantage to the Company s operations. In such case, the Supervisory Board must be notified immediately of the transaction made Bestyrelsen udarbejder retningslinier The Supervisory Board draws up

22 for arbejdsdelingen mellem bestyrelsen og direktionen, herunder forretningsgange, regningslinjer og instrukser til direktionen, hvori forholdet mellem bestyrelse og direktion samt arbejdsfordelingen internt i direktionen fastsættes. guidelines for the distribution of duties between the Supervisory Board and the Executive Management, including business procedures, guidelines and instructions for the Executive Management, defining the relationship between the Supervisory Board and the Executive Management and the distribution of duties among the members of the Executive Management Bestyrelsen skal tage stilling til, om Selskabets kapitalberedskab til enhver tid er forsvarligt i forhold til Selskabets drift og bestyrelsen påser, at bogføring og formueforvaltning kontrolleres på tilfredsstillende måde. The Supervisory Board shall consider the adequacy of the Company s capital resources relative to its operations from time to time, and the Supervisory Board shall ensure that bookkeeping and asset management are monitored in a satisfactory manner Bestyrelsen skal derudover løbende kontrollere, at de af bestyrelsen trufne beslutninger effektueres, og at de af bestyrelsen fastsatte forretningsgange og afstukne retningslinjer for driften følges. Moreover, the Supervisory Board shall regularly check that the resolutions passed by the Supervisory Board are implemented, and that the business procedures and the guidelines for operations defined by the Supervisory Board are complied with Bestyrelsen skal skaffe sig de oplysninger, der er nødvendige til opfyldelse af dens opgaver. På bestyrelsesmøderne har hvert bestyrelsesmedlem ret og pligt til af direktionen at fordre sig meddelt de oplysninger og den dokumentation, som er nødvendig til opfyldelse af bestyrelsens hverv. Såfremt et The Supervisory Board shall procure the information required to perform its tasks. At Board meetings, each Board member has a right and a duty to request such information and documentation from the Executive Management as is required for discharging the Board s duties. Should a Board member require information

23 bestyrelsesmedlem uden for et bestyrelsesmøde ønsker sig meddelt oplysninger og dokumentation af ovenfor nævnte karakter, herunder fra Selskabets revisor, skal begæring herom rettes til formanden, idet det dog er direktionens pligt at drage omsorg for af egen drift rettidigt og i fyldestgørende omfang at give bestyrelsen sådanne oplysninger, herunder oplysninger om alle væsentlige aktuelle problemer og/eller skønnede risici og alle væsentlige og udsædvanlige dispositioner vedrørende den daglige drift. and documentation of the nature referred to above, including from the Company s auditors, at times other than at Board meetings, such request shall be addressed to the Chairman. However, the Executive Management has a duty to provide the Supervisory Board with such information at its own initiative, in a timely manner and to an adequate extent, including information about all significant current problems and/or estimated risks and all material and unusual transactions with respect to the dayto-day operations I henhold til vedtægternes 19 ansætter bestyrelsen en direktion på mindst to og højst fem medlemmer. Bestyrelsen fastsætter opgavernes fordeling mellem direktionens medlemmer og kan bestemme, at en af direktørerne er administrerende. Pursuant to section 19 of the articles of association, the Supervisory Board appoints an Executive Management comprising not less than two and not more than five members. The Supervisory Board determines the distribution of duties among the members of the Executive Management and may appoint one of the members as CEO Bestyrelsen foranlediger, at direktionen orienterer medarbejderne om Selskabets forhold i overensstemmelse med de i kapitel 7 forskrevne regler i Erhvervs- og Selskabsstyrelsens bekendtgørelse nr. 942 af (om Selskabsrepræsentation) og nr. 943 af (om Koncernrepræsentation) med senere The Supervisory Board shall cause the Executive Management to inform staff of the affairs of the Company in accordance with the rules of chapter 7 of Order no. 942 of 9 December 1993 (Employee representation) and no. 943 of 9 December 1993 (Group representation), as amended, issued by the Danish Commerce and Companies Agency

24 ændringer Direktionen i Selskabet foretager efter godkendelse af Bestyrelsen udnævnelser, ansættelser og afskedigelser af fag- og underdirektører i Selskabet. Subject to approval by the Supervisory Board, the Company s Executive Management appoints, recruits and dismisses VPs and SVPs in the Company Bestyrelsen påser, at der foretages rettidig anmeldelse til Erhvervs- og Selskabsstyrelsen af anmeldelsespligtige forhold. The Supervisory Board ensures that the required filings with the Danish Commerce and Companies Agency are made on time. 16. Rapportering/Reporting 16.1 Direktionen skal hver måned fremsende en rapport til bestyrelsens medlemmer. Rapporten skal indledes med et verbalt resumé, der opsummerer udviklingen siden sidst og forventningerne til den følgende måned samt året. Rapporten skal derudover på overskuelig vis indeholde resultatudvikling for koncernen og for de enkelte divisioner samt budgetopfølgning. Rapporteringen skal endvidere indeholde en beskrivelse af likviditet, finansieringsforhold, pengestrømme, ordrebeholdning, væsentlige dispositioner og særlige risici. Hver tredje måned forud for offentliggørelse af koncernens eksterne kvartalsrapport udarbejdes en særlig udførlig rapport der endvidere skal indeholde en opsummering af forventningerne til året, cf. pkt The Executive Management shall send a monthly report to the members of the Supervisory Board. By way of introduction, the report must summarise in words developments since the last report and forecasts for the following month and the full year. The report must also in a clear manner contain the Group s and the individual divisions earnings performance and budget follow-up. In addition, the report must describe liquidity, financing, cash flows, order book, material transactions and special risks. A particularly detailed report, including a summary full-year forecast, is prepared every three months before publication of the Group s external interim report. See clause

25 16.2 Mindst én gang årligt skal rapporteringen indeholde en beskrivelse af Selskabets finansiering og kapitalstruktur samt eventuelt forslag til omlægning heraf. Tilsvarende skal rapporteringen mindst én gang årligt indeholde en oversigt over forsikringsforhold. Såfremt der sker ændringer, der gør det nødvendigt at ændre forsikringsforholdene for, at Selskabet i enhver henseende er sædvanligt og/eller forsvarligt forsikringsdækket, skal direktionen fremsætte forslag til ændring af politikken. At least once a year, the reporting must include a description of the Company s financing and capital structure and any proposals for changes thereto. Likewise, the reporting must contain an overview of insurances at least once a year. In case of changes requiring amendment of the insurances in order for the Company to have usual and/or adequate insurance cover in each and every respect, the Executive Management must propose an amendment of the policy Formandskabet skal en gang årligt i fællesskab med den samlede direktion fastlægge indholdet af og formatet for den skriftlige rapportering, der løbende skal foretages til den samlede bestyrelse. The Chairman and Deputy Chairman of the Supervisory Board must once a year together with all members of the Executive Management define the contents and format of the regular written reporting to be made to all members of the Supervisory Board. 17. Budget og forventninger til hele året/budget and full-year forecast 17.1 Bestyrelsen skal påse følgende: The Supervisory Board shall ensure that: At der inden udgangen af et år udarbejdes budget, herunder investerings- og likviditetsbudgetter, for det efterfølgende år, som skal godkendes af bestyrelsen, Before the end of a year, a budget, including investment and cash flow budgets, is prepared for the following year for approval by the Supervisory Board; At der løbende foretages budgetopfølgning på grundlag af aflagte perioderegnskaber, herunder gennem vurdering af budgettet og Budget follow-up is performed regularly based on interim financial statements, including by assessments of the budget and budget deviations

26 afvigelser herfra og udarbejdelse af kvartalsvise forventninger til hele året and the preparation of quarterly fullyear forecasts ; At der løbende følges op på de af bestyrelsen godkendte planer for Selskabet, og Follow-up on the plans for the Company as approved by the Supervisory Board is performed regularly; and Der til grundlag for bestyrelsens godkendelse af større investeringer foreligger lønsomhedskalkuler og finansieringsplan. Profitability calculations and financing plans are available for the Supervisory Board s approval of major investments. 18. Regnskaber m.v./financial statements, etc Udkast til årsrapport med tilhørende balance, resultatopgørelse og noter samt udkast til årsberetningen skal så vidt muligt tilsendes de enkelte bestyrelsesmedlemmer senest 7 dage inden det bestyrelsesmøde, på hvilket regnskaberne endeligt skal behandles. The draft annual report with balance sheet, income statement and notes to the financial statements and the draft annual review shall wherever possible be sent to the members of the Supervisory Board not later than seven days before the Board meeting at which the final consideration of the financial statements is to take place Årsrapporten forelægges bestyrelsen til godkendelse. Bestyrelsen gennemgår nøje årsrapportens indhold, herunder ledelsespåtegningen, ledelsesberetningen, redegørelse for regnskabspraksis, resultatopgørelse og balance, pengestrømsopgørelse, bevægelser på egenkapitalen, noter, supplerende beretninger og revisionspåtegningen. The annual report is submitted to the Supervisory Board for approval. The Supervisory Board makes a detailed review of the contents of the annual report, including the statement by the Executive Management and the Supervisory Board on the annual report, the management s review, description of accounting policies, income statement and balance sheet, cash flow statement, statement of changes in equity, notes to the financial statements, supplementary

27 reports and the auditors report Gennemgangen skal foretages under omhyggelig hensyntagen til værdier og forpligtelser samt til sikring af, at der er foretaget de nødvendige afskrivninger, og at alle oplysninger er opgjort således som god skik tilsiger såvel med hensyn til vurderinger af posterne i balancen som vedrørende Selskabets specifikation, opstilling og posternes benævnelse og alle øvrige forhold, således at årsrapporten i enhver henseende aflægges i overensstemmelse med god regnskabsskik. The review shall carefully consider the assets and liabilities and ensure that the required depreciation and amortisation charges have been made, and that all disclosures are calculated as prescribed by good accounting practice with respect to measurement of balance sheet items as well as the Company s specification, layout and the designation of the items and all other matters, to the effect that the annual report is presented in accordance with good accounting practice in all respects Bestyrelsen drager omsorg for, at ledelsesberetningen i årsrapporten indeholder oplysninger om alle forhold, der ikke fremgår af andre dele af årsrapporten, men som er af vigtighed for vurderingen af Selskabets økonomiske stilling og resultat for det forløbne år. I ledelsesberetningen i årsrapporten gives tillige oplysninger om væsentlige forhold, som er indtruffet efter regnskabsårets udløb, samt om forventningerne til Selskabets udvikling i det nye regnskabsår. The Supervisory Board ensures that the management s review in the annual report discloses all matters that are not disclosed in other parts of the annual report but which are relevant to an assessment of the Company s financial position and results for the past year. The management s review in the annual report also discloses material events that have occurred after the end of the financial year and the outlook for the Company s performance in the coming financial year Den godkendte årsrapport samt årsberetning skal underskrives af direktionen og bestyrelsen. Den reviderede årsrapport skal foreligge senest 90 dage efter regnskabsårets The annual report as approved and the annual review must be signed by the Executive Management and the Supervisory Board. The audited annual report must be available not