Board of Directors

The Board’s guiding principle is to add value for the benefit of shareholders, customers and employees through controlled growth of the dry cargo and tanker activities.

The role and work

The Board of Directors determines strategies, action plans, goals and budgets, and sets out the risk management framework and supervises the Board of Management's performance as well as NORDEN's procedures and policies. The Board of Directors appoints the Board of Management and sets out its terms and tasks. 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. Strategy and budgets are discussed and adopted in November and December. The Board of Directors carries out a systematic self-assessment on the basis of a questionnaire in order to improve its own work and its interaction with the Board of Management. See also Corporate Governance

Composition

Four to six members of the Board are elected by the shareholders and three are elected by the employees. All board members elected by the shareholders are independent of NORDEN. They hold no interests in the Company other than their interests as shareholders or representatives of shareholders.

Profiles
	Mogens Hugo Chairman and Member of the Board since 1995, born in 1943. Managing Director. Most recently re-elected in 2010. Directorships, etc. in other companies and organisations in Denmark and abroad: Amminex A/S (CB), Nordea-Fonden (CB), Capidea Management ApS (CB), Aagaard - Bræmer Holding A/S (CB) and Twins ApS (BM).

	Alison J. F. Riegels Vice Chairman and Member of the Board since 1985, born in 1947. Managing Director. Most recently re-elected in 2010. Directorships, etc. in other companies and organisations in Denmark and abroad: A/S Motortramp (MD, BM), Steensbygaard Holding A/S (MD, BM), Stensbygaard, Aktieselskabet af 18. maj 1956 (BM) and Ejendomsselskabet Amaliegade 49 A/S (MD).

	Erling Højsgaard Member of the Board since 1989, born in 1945. Managing Director. Most recently re-elected in 2009. Directorships, etc. in other companies and organisations in Denmark and abroad: A/S Motortramp (VCB), Navision Shipping Company A/S (CB) (including CB in subsidiary), Danbulk A/S (BM) and Dubai Commercial Investment A/S (BM).

	Arvid Grundekjøn Member of the the Board since 2009, born in 1955. Managing Director. Directorships, etc. in other companies and organisations in Denmark and abroad: Statkraft AS (CB), Sparebanken Pluss (CB), Creati AS (CB), Sigma Fondene AS (CB) and Vetro Solar AS (BM).

	Karsten Knudsen Member of the board since 2008, born in 1953. Group Managing Director, Nykredit. Directorships, etc. in other companies and organisations abroad: BM in 4 other companies in the Nykredit Group.

	Benn Pyrmont Johansen Elected employee representative since 2008, born in 1974. Captain.

	Lars Enkegaard Biilmann Elected employee representative since 2008, born in 1964. Captain.

	Bent Torry Kjæreby Sørensen Elected employee representative since 2008, born in 1953. Chief Engineer.
CB: Chairman of the Board. VCB: Vice Chairman of the Board. BM: Board Member. MD: Managing Director.