Investor

Board of Directors

The role and work

The Board of Directors determines strategies, policies, goals and budgets. In addition, it sets out the risk management framework and supervises the work, procedures etc. carried out be the day-to-day management. The Board of Directors appoints the Executive Management and sets out its responsibilities and conditions.

See Articles of Association (§ 4.2 to 4.4) for the Board of Directors' autorisations.

The Board of Directors sets out a work schedule to ensure that all relevant issues are taken up and discussed during the year and that important policies, rules of procedure, internal rules, etc. are discussed at least once a year. The strategy and budget process is initiated at a seminar in October/November, while final adoption takes place at a meeting in December. See also Corporate Governance

Composition

Four to six members of the Board are elected by the shareholders by the shareholders in general meeting and the additional number of members are elected by the employees according to Danish legislation.  

Profiles 

Klaus Nyborg

Chairman since 2015, Vice Chairman from 2013-2015 and member of the board since 2012, born in 1963.

Managing Director. Most recently re-elected in 2018. Term expires in 2019.

Other directorships: A/S United Shipping & Trading Company (CB), Bawat A/S (CB), Dliver Group Aps (CB), Bunker Holding A/S (VCB), Uni-Tankers A/S (VCB), DFDS A/S (BM), Odfjell SE (BM), X-Press Feeders Ltd. (BM), Maritime Investment Fund I K/S (Chairman of investment committee), Karen og Poul F. Hansens Familiefond (BM) and Return ApS (MD).

Relevant skills: Experience with management of global, listed shipping companies, strategy, investment, sale and purchase, financial issues and risk management.

Independent.

Photo
Shareholdings

 


 

Johanne Riegels Østergård

Vice Chairman since 2017, member of the Board since 2016, born in 1971.

Architect MAA. Most recently re-elected in 2018. Term expires in 2019.

Other directorships: A/S Motortramp (BM), D/S Orients Fond (BM) and Ejendomsselskabet Amaliegade 49 A/S (BM).

Relevant skills: General management, finance- and business insight as well as detailed knowledge of NORDEN’s values and history.

Not independent due to association with major shareholder.

Shareholdings

 


 

Karsten Knudsen

Member of the board since 2008, born in 1953.

Managing Director. Most recently re-elected in 2018. Term expires in 2019.

Other directorships: Vækst-Invest Nordjylland A/S (CB), Polaris IV Invest Fonden (CB), Nordsøenheden (VCB), Motortramp A/S (BM), Dampskibsselskabet Orient Fond (BM), Obel-LFI Ejendomme A/S (BM), and K/S Vanta (BM)

Relevant skills: General management and strategy, broad financial experience, comprising accounting, investment banking and management of financial risks, including credit risks.

Not independent due to association with major shareholder.

Shareholdings


Tom Intrator

Member of the board since 2017, born in 1959.

Former CEO and President. Most recently re-elected in 2018. Term expires in 2019.

Other directorships: Polymateria Limited (BM), Argus Media (BM), Marquard & Bahls (BM).

Relevant skills: Experience as an executive in one on the world’s largest trading houses, international background, and extensive knowledge of energy, shipping and metals. Experience within management, strategy, investment, customer relations and service, financial issues and risk management.

Independent.


 

Lars Enkegaard Biilmann

Elected employee representative since 2013, born in 1964.

Captain. First time elected in 2008, member of the board untill 2012. Re-elected since 2013, most recently in 2018. Term expires in 2021.

Elected by the employees, thus not independent.

Shareholdings

 
 

Susanne Fauerskov

Elected employee representative since 2018, born in 1975.

Head of Marine Payroll. Term expires in 2021.

Elected by the employees, thus not independent. 

 


 

Jesper Svenstrup

Elected employee representative since 2018, born in 1975.

Head of Supramax South Atlantic. Terms expires in 2021.

Elected by the employees, thus not independent. 

 


CB: Chairman of the Board. VCB: Vice Chairman of the Board. BM: Board Member. MD: Managing Director.
Directorships are stated at 31 December 2017. The directorships do not include positions within the NORDEN Group.

 

Shareholdings of the Board of Directors

 

Number of shares at 31 December 2017

Klaus Nyborg

1,700

Johanne Riegels Østergård

499

Karsten Knudsen

2,000

Arvid Grundekjøn (resigned from the Board on 12 April 2018)

5,000

Tom Intrator

0

Hans Feringa (resigned from the Board on 5 April 2018)

0

Janus Haahr (resigned from the Board on 12 April 2018)

0

Thorbjørn Joensen (resigned from the Board on 12 April 2018)

379

Lars Enkegaard Biilmann

723

Total

10,301

In addition to the shares held personally by Johanne Riegels Østergaard and Karsten Knudsen or through their related parties, both are associated with A/S Motortramp, which holds 12,952,803 shares in NORDEN.

 Board remuneration and board options
 NORDEN’s remuneration policy