Shareholders
DONG Energy is a public limited company, in which the State (the Kingdom of Denmark) is the principal shareholder. The shareholders have the ultimate authority over the company within the framework established by law and they exercise their rights to make decisions at the annual general meetings. The state exercises its ownership in accordance with the principles listed in the publication entitled, “The State as a Shareholder.”
Governing boards
The supervisory board and the executive board are two separate entities without interlocking directorships. The supervisory board oversees the company’s financial performance, management, and organization on behalf of the shareholders, while the executive board is responsible for day-to-day operations.
Board member extracurricular involvement
Executive board members are not limited to the number of other supervisory board posts or offices that each may hold, as long as each post does not conflict with good corporate governance.
However, to ensure good corporate governance at all times, in addition to an annual review based on best practice in the area, board members must adhere to or explain their full or partial non-compliance to the following recommendations:
All recommendations of the Copenhagen Stock Exchange, with the following exceptions:
- The special competencies of each supervisory board member elected by the shareholders at the annual general meeting are assessed upon their election. As a body, its members represent extensive knowledge and experience gained from managerial posts in major Danish and foreign companies, spanning a wide range of activities, including some that are directly related to DONG Energy’s business areas. A list of the members’ current managerial posts appears in the annual report.
- There is no fixed retirement age for supervisory board members. Each member’s work and the composition of the supervisory board are reviewed in connection with the supervisory board’s annual self-assessment.
- In determining the term of office of the supervisory board members, DONG Energy seeks to maintain a balance between continuity and new blood. Consequently, we do not follow the recommendation that supervisory board members should be up for reelection every year.
Regular communication
The supervisory board pursues a communications policy that highlights credibility, clarity, and precision as critical factors in ensuring that the public understands and accepts DONG Energy’s activities and products. This is the basis for our business platform, thus generating earnings for the group, the owners, and society, and why we regularly issue announcements regarding our operations.
Publicly accessible information
The general public has access to information at www.dongenergy.com and also receives information via press releases and notices issued to the Danish Commerce and Companies Agency, plus our quarterly reports. In accordance with Ministry of Finance guidelines, DONG Energy’s financial reporting follows the provisions for listed companies and is IFRS-compliant. The environment and safety constitute special areas of concern, and DONG Energy prepares a separate annual Quality, Health, Safety and Environmental Report, which is available at www.dongenergy.com.