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 2015. Term expires in 2018.

Other directorships: A/S United Shipping & Trading Company (CB), Bawat A/S (CB), Bunker Holding A/S (VCB), Uni-Tankers A/S (VCB), DFDS A/S (BM), Odfjell SE (BM), X-Press Feeders Ltd. (BM), 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. Elected in 2016. Term expires in 2018.

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 thorough knowledge of NORDEN’s values and history.

Not independent due to association with major shareholder.

Shareholdings

 


 

Arvid Grundekjøn

Member of the the Board since 2009, born in 1955.

Investor. Lawyer. Most recently re-elected in 2017. Term expires in 2018.

Other directorships: Creati Estate AS (Owner, CB), Cardid AS (Owner, CB), Telsarro AS (Owner, BM), Gildhall AS (Owner, BM), Stiftelsen Fullriggeren Sørlandet (CB), Infirma AS (CB), Gassco AS (BM), KLP Eiendom AS (BM) and AKO Kunststiftelse (CB).

Relevant skills: General management, strategic and operational management of international shipping groups, strategy, financial and legal issues.

Independent.

Shareholdings

 


 

Karsten Knudsen

Member of the board since 2008, born in 1953.

Managing Director. Most recently re-elected in 2016. Term expires in 2018.

Other directorships: Polaris IV Invest Fonden (CB), Nordic Trustee A/S (CB), Nordsøenheden (VCB), Obel-Lfi Ejendomme A/S (BM), K/S Tammerfors Butikcenter (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.

Independent.

Shareholdings


Tom Intrator

Member of the board since 2017, born in 1959.

Former CEO and President. Elected in 2017. Term expires in 2018.

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

Relevant skills: Management, strategy, investment, customer relations and service, financial issues and risk management.

Independent.


Hans Feringa

Member of the board since 2017, born in 1961.

President and CEO. Elected in 2017. Term expires in 2018.

Other directorships: Member of the Executive Committee of INTERTANKO.

Relevant skills: Tankers, management, strategy and growth, investment, acquisition and sale of vessels, financial issues and risk management.

Independent.


 

Janus Haahr

Elected employee representative since 2017, born in 1974.

Senior Operations Manager. Term expires in 2018.

Elected by the employees, thus not independent.

Shareholdings


 

Thorbjørn Joensen

Elected employee representative since 2015, born in 1959.

Chief Engineer. Term expires in 2018.

Elected by the employees, thus not independent. 

Shareholdings


 

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 2015. Term expires in 2018.

Elected by the employees, thus not independent.

Shareholdings

 


CB: Chairman of the Board. VCB: Vice Chairman of the Board. BM: Board Member. MD: Managing Director.
Directorships are stated at 31 December 2016. The directorships do not include positions within the NORDEN Group.

 

Shareholdings of the Board of Directors

 

Number of shares at 31 December 2016

Klaus Nyborg

1,700

Erling Højsgaard resigned form the Board on 5 April 2017

1,970

Johanne Riegels Østergård

499

Karsten Knudsen

800

Arvid Grundekjøn

5,000

Jonas Visbech Berg Nissen resigned from the Board on 8 January 2017

723

Thorbjørn Joensen

379

Lars Enkegaard Biilmann

723

Total

10,692

In addition to the shares held personally by Johanne Riegels Østergaard and Erling Højsgaard or through their related parties, both are associated with A/S Motortramp, which holds 11,851,240 shares in NORDEN. Further details about Shareholdings of the Board of Directors can be found in the Consolidated Annual Report 2016- page 32.  

 Board remuneration and board options
 NORDEN’s remuneration policy