Charters and recommendations

Audited by PwC

In laying down the management principles for Novozymes, the Board of Directors has followed the Corporate Governance Recommendations that form part of the disclosure requirements applicable to companies listed on NASDAQ OMX Copenhagen A/S.

The Board of Directors considers that Novozymes complies with the recommendations, with three exceptions:

  • Information on the remuneration of the company’s Management is provided at an aggregate rather than an individual level. Novozymes does not consider that information at an individual level increases the level of information for stakeholders
  • Some members of the Board of Directors serve on more than three other boards. Novozymes has in each case evaluated whether the board member is capable of devoting the necessary time to their membership of Novozymes' Board
  • Due to the limitations of the law, the articles of association of the parent companies Novo A/S and the Novo Nordisk Foundation, and Novozymes’ ownership structure, the Board of Directors reserves the right in certain circumstances to reject takeover bids without consulting the shareholders

A detailed review of Novozymes’ positions on the individual recommendations can be found under Corporate Governance/The Nørby Report at

Novozymes also acts within the parameters of the Charter for companies in the Novo Group, which Novozymes has adopted and reformulated in The Novozymes Touch. This lays down our values, commitments, and fundamentals. Within this framework, we have also committed ourselves to principles derived from other international charters and standards as listed below:

  • Novozymes subscribes to the International Chamber of Commerce’s Charter for Sustainable Development
  • Novozymes supports the United Nations Convention on Biological Diversity
  • Novozymes supports the United Nations Declaration of Human Rights
  • Novozymes subscribes to the United Nations Global Compact

Changes since last year

In 2009, the election of employee representatives to the Board of Directors took place. As a result of this, Michael Munksø has replaced Arne Juul Hansen as one of the three employee representatives. Arne Juul Hansen did not run for election. The employee representatives are elected for a period of four years.

My Report
Stock-based payment and remuneration to Executive Management

Read the Nørby report