3 Remuneration Report 2019 BOARD OF DIRECTORS COMPONENTS The components of the remuneration for the Board of Directors are described in the following. FEE Fees to the Board of Directors consist of a standard fee and an additional fee determined by the board position and participation in Board committees. Fees are fixed and assessed yearly. They are based on peer group remuneration surveys, ensuring that the remuneration of the Board of Directors is in line with the market. Any changes to Board fees are approved by the Annual General Meeting. The standard fee amounted to DKK 450,000 for the financial year 2019. OTHER The Board of Directors may also be remunerated for ad-hoc work. The members of the Board of Directors are not comprised by any type of incentive-or performance-based remuneration schemes. The additional remuneration fees are composed as follows: • CM: Board of Directors 2 x basic fee • DC: Board of Directors ½ x basic fee • CM: Audit Committee 1 x basic fee • ME: Audit Committee ½ x basic fee • CM: Nomination Committee ½ x basic fee • ME: Nomination Committee ¼ x basic fee • CM: Remuneration Committee ½ x basic fee • ME: Remuneration Committee ¼ x basic fee Board and committee positions are listed below: REMUNERATION Below is listed an overview of the total remuneration for the Board of Directors for the last three financial years. Fees to the Board of Directors increased in 2019 compared to 2018 due to an increase in the number of members of the Board. There are now seven Board members compared to six previously. No Board member has received additional fees due to ad-hoc work. MEMBERS POSITION (CURRENT POSITIONS) Board Thomas Plenborg CM Jørgen Møller DC Kurt K. Larsen (resigned 2019) Annette Sadolin ME Birgit W. Nørgaard ME Robert S. Kledal ME Marie-Louise Aamund (elected 2019) ME Beat R. Walti (elected 2019) ME Total Audit Nomination Remuneration Comittee Committee Committee ME CM CM ME ME CM ME ME ME CM = Chairman DC = Deputy Chairman ME = Member TOTAL REMUNERATION DKK (‘000) 2019 1,434 647 1,519 769 563 525 506 113 6,076 2018 1,238 563 2,028 787 563 450 - 5,629 2017 1,238 534 2,028 787 563 450 - 5,600
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