Committee on Corporate Governance's Recommendations for corporate governance of August 15, 2005, section VI revised by February 6, 2008

Corporate Governance Recommendations 2005

Rule for insertion into the Handbook for Issuers

Read the press release published on October 6, 2005

Revised Corporate Governance Recommendations 2005

Consultation replies from June 2005

Report on corporate governance in Denmark 2005 (published on May 17, 2005)

Read the press release published on 17 May 2005

See webcast (in Danish) from press conference on 17 May 2005

Background

The Nørby Committee's report 'Recommendations for good corporate governance in Denmark - Corporate Governance in Denmark' has given us a set of recommendations for what is considered good corporate governance in Denmark.

It is important that the listed companies consider and draw inspiration from the recommendations for corporate governance with a view to making it more attractive to invest in Danish, listed companies and improving Danish companies' access to capital by attracting foreign investors, among others. Consequently, NASDAQ OMX Copenhagen has incorporated the recommendations of the report into its own rules, and when companies present their annual reports, the Exchange recommends them to state their approach to the recommendations for corporate governance that are contained in the second part of the Nørby Committee's report.

In the autumn of 2002, the Exchange set up a Committee, which shall follow the development of the interaction between managements, shareholders and investors and other stakeholders on the basis of the Exchange's recommendation to the companies that they should relate to the Nørby Committee's recommendations. The Committee will follow the ongoing debate about corporate governance and gather the companies' viewpoints and experience derived from their work with the Nørby Committee's recommendations.

The report from from 2004

On January 5, 2004 the Committee published its first report on corporate governance in Denmark. The report was prepared based on the Committee’s work with corporate governance performed since it was setup in November 2002. In the report, the Committee proposed its revised set of recommendations based on the existing recommendations.

The consultation replies and the Committee's conclusion from 2004 are available below.

For more information visit www.corporategovernance.dk

The Nørby Committee's recommendations

Report on Corporate Governance in Denmark

Consultations replies

Conclusion on consultation process

Conclusion on consultation process (tracked changes)