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BOARD SURVEYS & WHITE PAPERS

Vi offentliggør jævnligt ny research, bestyrelsesundersøgelser samt white papers til gavn for vore medlemmer og øvrige interessenter.

Vort mål er at hjælpe virksomheder og organisationer samt disses ledelser med at navigere gennem forandringer, vækste forretningen, øge diversiteten samt at etablere best practice inden for corporate governance og board leadership.

Meget af den viden vi indsamler igennem vores Surveys og undersøgelser, bliver sat i spil i vores fysiske netværksgrupper.

DELTAG I DEN NYE GLOBAL BOARD SURVEY

Board Network gennemfører pt. sammen med InterSearch – Worldwide Organization of Executive Search Firms – 2022-udgaven af vores årlige globale bestyrelsesundersøgelse. Sidste år modtog vi input fra hele 1.782 respondenter fra 79 lande.

Undersøgelsen tager ca. 10-15 min. at udfylde, og alle svar afgives anonymt og i fortrolighed. Har du lyst til at deltage, bedes du blot klikke på linket.

Til gengæld for din ulejlighed, tilbyder vi dig naturligvis adgang til den samlede rapport med alle undersøgelsens data, når den endelige version foreligger (forventeligt i november 2022). På forhånd tak for dine input.

Board Surveys & White Papers

Global Board Survey 2021

Boards In Flux

As 2021 is coming to an end it is becoming clear that the unprecedented state of flux which the world has been in since the outbreak of the Covid19-pandemic around beginning of 2020, is not going to end anytime soon. New variants of the virus keep surfacing, numbers of infected people are surging most places, vaccines are still unequally distributed globally and mind you also unequally welcomed amongst a number of people in those countries that actually do have access to a sufficient supply of vaccine doses, health care systems are under various levels of pressure and distress, supply chains are constantly being interrupted, and production entities as well as transportation channels are less predictable than ever before in the past two decades. However, there still seems to be ambiguity among politicians, business leaders and economists as to whether or not we are facing a global scenario of high inflation rates, falling stock prices, shortage of raw materials such as copper, silicon and lithium, etc. In some regions, economies are still very strong, while in others the financial systems and economic politics are being tested. In some countries, financial liquidity is better than ever before, while others go through a scenario resembling the great depression the 30’es. Thus, the global business weather forecast for 2022 surely speaks of both dense fog and strong winds. Add to this an increasingly unstable geopolitical situation with tension around and/or between countries like Russia, Ukraine, Belarus, the EU, USA, China, Afghanistan, Australia, Turkey, Iran, and many more, plus more and more extreme weather implications from climate change, a divisive media scene, greater political polarization, and spiking numbers of cyber crime incidents, you have yourself a melting pot of both threats and opportunities – which in China is known as Wei Ji – which translates into ‘crisis’ in English. The important thing to remember however is exactly that of the implied opportunities that a crisis also beholds. The ability to steer through the opacity of a disrupted yet still heavily interdependent global business world will in the coming year either qualify or disqualify corporate boards like never before. Even more so it is remarkable to see that a majority of global boards remain optimistic about the future for their companies, and vigilant in their efforts to keep professionalizing their own boards. Between September and November 2021, we asked around our sizeable global network of chairs and board members, and we are very proud to hereby present to you the findings of our Global Board Survey 2021 – Boards in Flux. We have been looking at what’s hot, what’s not and what’s next within Corporate Governance and Board Leadership – because we know that what drives the board will always most certainly cascade down to executive management and from there further down the organization. Some boards we can look to for inspiration, others will more seek to be inspired themselves. We have investigated how boards are composed, how they work together, what and how they prioritize, and what they believe the future beholds for themselves, their companies and the world overall. We dig into where they feel comfortable, and in which areas they could innovate or improve. We look into their position on various elements of the strategic picture, and on competencies they feel lacking. Or in other words; we investigate how boards adapt to a state of constant flux – and what that implies for the companies they steward.

Global Board Survey 2020

The Purposeful Board

Never has the world seen more rapid changes, the economy been more volatile, the climate situation been more uncertain, markets seen more disruption, the media scene been more ambiguous, and only rarely has the geopolitical situation been more complex. Implications on businesses are tremendous. Opacity has become the default in any and all industries when it comes to how strategies are being determined and milestones being set. Not surprisingly, this also carries direct consequences for leaders of businesses – not just among the C-suite but equally much for boards of directors. The days when business leaders only had to worry about making profits and steering clear of illegalities are long gone. Today, responsibilities and expectations on executives as well as non-executives are much more versatile and subject to significantly tougher scrutiny. No board anywhere on the globe will claim it to be easy to prioritize today’s agenda of strategic transformations, disruptive innovation, sustainable development, servicing shareholders and proxy advisors, formulating a meaningful why to furnish a strong employer brand, managing risks not only of operational but also of financial and digital nature, ensuring the highest possible standards of diversity and inclusion, deploying initiatives to ensure health and safety for all customers and employees, mitigating geopolitical uncertainty and unexpected regulatory changes, staying friendly with banks and investors, and not least doing right while doing good, ie. keeping ethical standards high in leadership and business practices while also ensuring that the company engages actively in supporting (at least some of) the 17 UN Sustainable Development Goals. It’s no wonder that boards across the globe increasingly show signs of mental respiratory distress as they try to keep afoot with the broader expectations of stakeholders at large. Yet, a number of boards do succeed under this new paradigm while others don’t. What is the secret sauce in the recipe of the successful ones? Is it in the composition? The board dynamics? The leadership vision and practices of the chair? In the number of hours spent? Perhaps a combination of them all – or maybe something entirely different. That is what we are investigating in this report. In January and February 2020, we asked around our sizeable global network of chairs and board members, and we are very proud to hereby present to you the findings of our Global Board Survey 2020 – The Purposeful Board. We have been looking at what’s hot, what’s not and what’s next within Corporate Governance and Board Leadership – because we know that what drives the board will always most certainly cascade down to executive management and from there further down the organization. Some boards we can look to for inspiration, others will more seek to be inspired themselves. We have investigated how boards are composed, how they work together, what and how they prioritize, and what they believe the future beholds for themselves, their companies and the world overall. One unveiling conclusion at this early stage: We see that one of the distinct characteristics of the truly effective and value-adding boards, is the shared vision of wanting to make a positive difference – obviously for the company but increasingly also in a broader societal context. In other words, boards that we can categorize as The Purposeful Boards.

Nordic Board Survey 2020

The Future-Proof Board

Valcon, the Scandinavian management consulting firm, and Board Network, The Danish Professional Directors Association, conducted a Scandinavian survey among corporate board chairs and board members to gain their view on the most significant trends, changes and challenges. We asked them to tell us how ready their companies and organisations were to act in a world with an unprecedented level of complexity and uncertainty. We also asked them to share with us their views on the board’s role in developing a future-proof company, a company ready to handle this complexity and uncertainty. We furthermore conducted interviews with several leading board members who shared their own perspectives on the challenges and opportunities in establishing a future-proof organisation, not least the challenges of defining the role of the board in such an organisation. HERE IS WHAT WE LEARNED 3 In short, the boards evaluated themselves as ready for the future. 265 Scandinavian board members rated the boards as well as the organisations highly in aspects of what it means to be future-proof. The board members answered favourably when it came to evaluations of the board’s focus on continuous improvement and development of the organisation as well as ongoing adjustments of the organisation. Overall, the picture painted by the respondents shows that the boards are ready for disruption of their markets and changing customer needs and that they know the importance of continuously developing the strategy and processes to reflect these changing market conditions. It would also appear that the boards have confidence in their organisations’ future-proof state. They rated their organisations almost as highly as themselves in terms of ability to adapt to the changing needs of customers and to have the necessary insights and relevant processes in place.

Global Board Survey 2019

Cerating Impact In And From The Boardroom

Predictability has been replaced by exponentiality and disruption. All businesses are now facing the challenge of trying to navigate through an opaque political, societal and economical fog – and just adding spice to that; in an acceleration continuum that resembles the experience of jet fighter pilots when reaching 6 G. When everything around you changes at increasing speed, remaining in your own place actually means you will soon feel like falling back. Inevitably, boards of today must act much more agile than any of their predecessors in order for their businesses not to hit a redundancy wall. This puts a tremendous pressure on political, public and not least business leaders. They are the ones with the ultimate responsibility for setting course, navigating through hazardous waters and reaching destinations. Some we can look to for inspiration, others will more seek to be inspired themselves. In January and February 2018, we asked around our sizeable global network of chairmen and board members, and we are very proud to hereby present to you the findings of our Global Board Survey 2018 – Boards of the Future. We are looking at what’s hot, what’s not and what’s next within Corporate Governance and Board Leadership – because we know that what drives the board will always most certainly cascade down to executive management and from there further down the organization. We dig into how boards are composed, how they work together, how they enhance their effectiveness, how much time they spend, and which tasks they prioritize. We ask them about their look on the future from a societal perspective, from the company’s point of view and in relations to the board’s own development. We investigate where they feel comfortable, and in which areas they could innovate or improve. We look into their position on various elements of the strategic picture, and on competencies they feel lacking. Or in other words; we investigate how boards prepare for the future.

Board Perspectives

Board Perspectives nr. 28

April 2021

Førstkommende fysiske møde bliver derved torsdag d. 3. juni, hvor vi håber, at smittetal, vaccinationsindsats og forsamlingsrestriktioner alle er på et niveau, som gør det muligt for os at samles på ny. Indtil da håber vi, at alle vores trofaste medlemmer vil deltage virtuelt – hhv. d. 28. april og d. 18. maj. Tendenser og forandringer på bestyrelsesagendaen i 2021 Hvert år identificerer Board Network – The Danish Professional Directors Association sammen med headhunterfirmaet Case Rose | InterSearch de stærkeste trends og varmeste emner, som det kommende år vil udgøre de primære rammer for udøvelsen af bestyrelsesarbejdet. Vi fokuserer på de betydeligste forhold, som vil begynde at vise sig eller hvis betydning for bestyrelsesarbejdet vil blive kraftigt forstærket – og som dermed samtidig vil smitte af på arbejdet i virksomhedernes øvre ledelseslag. Nogle trends følger af lovgivning, andre af soft law, andre igen af international påvirkning, visse af markedsmæssige årsager og endelig nogle som følge af større, eksterne megatrends. Den helt åbenlyse kæmpestore påvirkning for tendenserne i år er naturligvis den fortsat herskende Corono-pandemi. I dette års analyse har vi derfor identificeret følgende punkter, som vil forme agendaen for flertallet af bestyrelser i 2021: 1. The Why har aldrig været vigtigere. I krise- og nedgangstider har uenigheder og konflikter det med lettere at opstå. Når alle føler sig tyndslidte på helbred, økonomi, tryghed, frihed og/ eller livskvalitet, så er der i enhver kontekst brug for et større formål, som kan samle folk og få dem til at rykke tættere sammen og trække på samme hammel. Efter mere end et års skelsættende pandemi, har dette vist sig rigtigere end nogensinde. Således også for danske virksomheder, hvor hjemmearbejde og digitale møder i én uendelig køre i den grad har slidt på arbejdsglæden og motivationen – og omvendt øget stressniveauet. Tænk hvis man som medarbejder ovenikøbet skulle stå alt dette igennem uden at kende det øvre formål? Det er der desværre fortsat mange der må – og netop derfor vil det være så utroligt vigtigt, at bestyrelserne som det øverste ledelsesorgan formår at kommunikere netop deres virksomheds WHY utvetydigt ud – til medarbejdere, kunder, leverandører, aktionærer og alle øvrige interessenter. 2. Risk Mapping / Scenario Planning har ændret karakter og betydning. Igen er pandemien den store faktor. Pludselig gik det op for os, at traditionelle risk maps med en probability/severity-kurve bestemt ikke er fyldestgørende. Dels havde meget få af os troet, at en global pandemi kunne have så ekstreme bivirkninger i form af globale restriktioner og påbud, dels var sandsynligheden for en sådan pandemi så lav, set med flestes øjne, af den aldrig figurerede på deres risk map. Samtidig gik det op for os, at selv i et modus af evig agilitet og disruption-parathed, så er der stadig processer og arbejdsgange, som vi har taget for givet. Her har man kunnet finde fin inspiration i mange virksomheders overgang fra budgetlægning til rolling forecasts i økonomifunktionen – i form af en konstant opdatering af vores scenario plans i forbindelse med pandemiens udvikling og dens konstante skiftende indvirkning på brancher, markeder, leverance-kæder etc. 3. Emergency Succession Plans har også været nødvendige at sætte på agendaen for alle bestyrelser. Hvorledes er man stillet, hvis et eller flere direktionsmedlemmer pludselig er sygemeldt – eller ligefrem døde? Eller hvis et eller flere bestyrelsesmedlemmer pludselig er langvarigt eller permanent indisponible? Successions planning er generelt et område, hvor vi i de mange bestyrelsesevalueringer, vi faciliterer hvert år, ser både et stort behov og et erkendt ønske om en markant forbedring. Det har aldrig været vigtigere! 4. Security Issues er også mangedoblet i både antal og konsekvens henover de seneste 15 måneder. Ikke blot har eksempelvis cyber risk generelt været en ”branche” i evig eksponentiel vækst, men med en så pludselig overgang til hjemmearbejde for alle organisatoriske lag, som Corona-pandemien har budt på, er angrebene og usikkerheden decideret eksploderet. Dette skyldes naturligvis den typisk meget lavere IT-sikkerhed, som de fleste af vores hjem er omgærdet med i forhold til arbejdspladsen. Også den fysiske sikkerhed er typisk af en lavere standard i vores hjem, hvilket byder på helt nye risk prevention-overvejelser for bestyrelserne. 5. Change in Work Patterns. Det er nævnt ovenfor, men behøver også sit eget helt selvstændige punkt. I vores nordiske bestyrelsesundersøgelse fra efteråret 2020 (med 251 respondenter) kunne vi se, at hele 81% af bestyrelserne var overgået til virtuelle bestyrelsesmøder, mens 46% havde afholdt flere møder end planlagt. Det har tvunget mange IT-ukyndige bestyrelsesmedlemmer til pludselig at skulle sætte sig ind i teknologiens mange muligheder (hvilket må anses som et plus), men det har også gjort de strategiske og mere innovations-prægede drøftelser i bestyrelserne færre. Den slags diskussioner udfolder sig utvetydigt bedst i et rum, hvor alle er tilstede samtidigt. 6. Increased Push for Digitization. Forestil dig, at pandemien havde ramt os i 2000. I givet fald havde vi skulle prøve at

Board Perspectives nr. 27

December 2020

Velkommen til dette syvogtyvende nummer af Board Perspectives fra Board Network, The Danish Professional Directors Association. Board Perspectives henvender sig til alle, som interesserer sig for bestyrelsesagendaen i Danmark, og er den fremmeste, danske publikation med fokus på Corporate Governance og Board Leadership. Board Perspectives udkommer kvartårligt – og byder i hvert nummer på en række artikler, skrevet af førende, eksterne eksperter samt interviews, nyheder og meget andet. Fokus er på indhold over form – og på nyhedsvinkler og holdninger med kant. I dette nummer, har vi dels gennem en nordisk bestyrelsesundersøgelse med i alt 251 respondenter zoomet ind på topledelsernes og bestyrelsernes håndtering af den sandsynligvis største, globale krise i fredstid; Covid19-pandemien, dels har vi gennemført kvalitative interviews med 7 ledende bestyrelsesformænd. Stor tak til både Lilian Mogensen, Mie Krog, Jesper Jarlbæk, Lars-Christian Brask, Steen Parsholt, Jesper Lok og Christian Sagild! Endelig har vi også fået bidrag fra Klaus Stubkjær Andersen (RiskPoint) vedr. prisudviklingen på D&Oforsikringer, samt fra Kirsten Aaskov Mikkelsen og Martin Faarborg (begge Deloitte) vedr. de netop offentliggjorte, nye Corporate Governance-anbefalinger. En stor tak også til Klaus, Kirsten og Martin. Board Network udvider – og flytter til nye og større lokaler i Hellerup Trods Covid19 har vi i Board Network haft rygende travlt i 2020, og har således udvidet både aktiviteterne og organisationen. Du har måske allerede haft lejlighed til at tale med vores nye kolleger, Patrick Stochflet Nielsen og Nikolaj Anthony Schmidt – men ellers håber vi alle, at du har lyst til at kigge forbi os i starten af det nye år i vores nye domicil på Strandvejen 100, 2900 Hellerup! Førstkommende møde bliver derved tirsdag d. 9. marts, hvor vi håber, at smittetal, vaccinationsindsats og forsamlingsrestriktioner alle er på et niveau, som gør det muligt for os at samles på ny. Temaet er som nævnt ”Governing for the Long-Term”, hvor fokus er på den nordiske governance model, som jo altid har været kendt for sit bæredygtige og langsigtede fokus. Det kommer bl.a. til udtryk i ejerskabsstrukturerne, hvor f.eks. familieejerskabet, fondene og pensionskasserne altid har spillet en stor rolle. Det ses også i den verdensledende position, som de nordiske lande altid har spillet i prioriteringen af sustainability, triple bottomline, værdibaseret ledelse, virksomhedens why og SDGerne. Vi glæder os meget til denne spændende dag med et vanligt stærkt line-up af både danske og internationale talere! Mere herom følger snarest. Vores seneste tiltag – The Chambers På utallige opfordringer, har vi brugt sommeren og efteråret på at skabe og sammenstykke en vaskeægte nyhed: The Chambers! The Chambers er forskellige, mindre grupper på max. 18 medlemmer hver, hvor alle medlemmer får adgang til de seneste trends, den nyeste forskning, de dygtigste facilitatorer, de skarpeste indlægsholdere – samt ikke mindst et mindre og fortroligt peer-to-peer forum med de allerbedste betingelser for sparring, vidensdeling og erfaringsudveksling. Vi er meget stolte over, at vi allerede har formået at sammensætte 4 fulde grupper – samt har sat rekrutteringen til 3 yderligere grupper i gang. Det er værd at bemærke, at vi opretter selvstændige grupper på begge sider af Storebælt – for også at kunne tilfredsstille den store efterspørgsel i Jylland og på Fyn. I The Chambers mødes vi fem gange om året i et roundtableformat. I lighed med alle vores ”normale” konferencer i The Community afvikles alle møder i fortrolighed under The Chatham House Rule. Medlemskabet er personligt og nye medlemmer optages løbende. Kontakt os på info@boardnetwork.dk, hvis du har spørgsmål hertil og/eller ønsker at ansøge om medlemskab. Hermed igen velkommen til syvogtyvende nummer af Board Perspectives. Rigtig god læselyst.

Board Perspectives nr. 26

Juli 2020

Velkommen til dette seksogtyvende nummer af Board Perspectives fra Board Network, The Danish Professional Directors Association. Board Perspectives henvender sig til alle, som interesserer sig for bestyrelsesagendaen i Danmark, og er den fremmeste, danske publikation med fokus på Corporate Governance og Board Leadership. Board Perspectives udkommer kvartårligt – og byder i hvert nummer på en række artikler, skrevet af førende, eksterne eksperter samt interviews, nyheder og meget andet. Fokus er på indhold over form – og på nyhedsvinkler og holdninger med kant. I dette særnummer, hvor vi har zoomet helt tæt ind på topledelsernes og bestyrelsernes håndtering af den sandsynligvis største, globale krise i fredstid; Covid19- pandemien, har vi fået bidrag fra 25 skandinaviske topledere. Vi har således i juni og juli gennemført interviews med 16 danskere, 6 nordmænd og 3 svenskere. De 17 har været mænd, de 8 kvinder, og ud af de 25, er de 15 board professionals og de 10 C-suite executives. Hvordan har Skandinaviens førende erhvervsledere tacklet alle de aldrig før set udfordringer? Og hvordan har de visse steder kunnet identificere og udnytte nye muligheder? I denne udgave af Board Perspectives, får du førstehåndsberetningerne om de svære beslutninger, de gjorte tiltag og de personlige læringer. “When you’re going through hell, keep going” (Winston Churchill) Det er vist ikke for meget sagt, at Covid19 har ramt hele kloden som en ægte Black Swan – trods talrige, også markante røster, i den globale debat gennem de seneste 10 år, om den stigende risiko for en ægte, livstruende pandemi, har hovedparten af verdens statsledere, sundhedsmyndigheder, topledere og rådgivere, kun i et ekstremt fåtal taget denne risiko rigtigt alvorligt. Vi havde lært af tidligere udbrud af f.eks. SARS og MERS, at Corona-vira m.v. var relativt lette at opdage og inddæmme – ikke mindst pga. kort inkubationstid og høj fatalitetsrate – dvs. stor synlighed og let identificérbarhed. Vi troede således, at hvis en pandemi nogensinde igen blussede op, ville vi let kunne inddæmme og slå den ned. Hvor meget fejl tog vi lige dér!? Tusindvis af årlige risk maps i selv de største og mest velstyrede, internationale koncerner, har muligvis haft scoret en pandemi højt på severity, men så lavt på probability, at risikoen har været gledet helt ud af risk mappen. Og virksomhederne har ikke været alene; Den danske stats salg af Statens Serum Instituts vaccineproduktion og stort set alle EU-landes mangel på tilstrækkelige lagre af pålidelige værnemidler, er blot to eksempler på, at vi i ekstrem grad undervurderede en pandemirisiko som Covid19. Endnu værre har det dog været, at så utroligt få havde gjort sig klart, hvor inter-dependent vores verden og vores erhvervsliv alle steder er blevet qua de sidste to årtiers heftige globalisering. Et udbrud og en deraf følgende lockdown i eks. Kina, kunne således med det samme aflæses i forsyningskæderne i resten af verden. Fordi vi ikke havde fantasi til at forestille os et industri- og produktions-scenarie, som mindede blot en smule om hele the defining moment i finanskrisen; Lehmann Brothers’ krak. Lehmann var ellers netop den værst tænkelige domino-brik, der dengang kunne vælte – fordi det var den mest inter-connectede bank med flest eksterne relationer til andre finansielle institutioner – i hele den globale, finansielle sektor! Ergo var hele verden primo 2020 de rene sitting ducks over for en ægte, livstruende Corona-pandemi – og vi kunne dermed alle være vidner til, at vi var overladt til et reaktivt krisehåndterings-scenarie. Og hvordan gik det så? Utroligt forskelligt – både mellem lande, som valgte næsten identiske løsninger – og (selvfølgelig) også mellem lande, som valgte meget modsatrettede løsninger. Det er ikke vores hensigt at pege fingre ad nogen her – ingen hos Board Network havde set disse risici tydeligere end andre. Det er blot en tør konstatering af, at vi muligvis bør gentænke i hvert fald følgende elementer i vores governance modeller – og det gælder i alle virksomheder, ikke kun de største: 1. Cash is once again King! At kunne trække på en solid likviditet, har været en klar konkurrence-fordel gennem denne krise 2. Én-strengede men lange forsyningskæder er ekstremt sårbare – og bør således straks revideres til at inkludere min. én ny (række af) leverandør(er) – i et andet land, og helst også på et andet kontinent, end den primære leverandør 3. Lange kommando-veje med betragtelige mængder red tape i beslutningsprocessen er ikke hensigtsmæssige. Kunsten fremad bliver at afveje dette hensyn over for omverdenens stigende krav til compliance og dokumentation. En mulig løsning er at udnytte det digitale kvantespring, som krisens udprægede brug af Skype, Zoom og Teams har sat turbo på

Board Perspectives nr. 25

Marts 2020

Velkommen til femogtyvende nummer af Board Perspectives fra Board Network, The Danish Professional Directors Association. Board Perspectives henvender sig til alle, som interesserer sig for bestyrelsesagendaen i Danmark, og er den fremmeste, danske publikation med fokus på Corporate Governance og Board Leadership. Board Perspectives udkommer kvartårligt – og byder i hvert nummer på en række artikler, skrevet af førende, eksterne eksperter samt interviews, nyheder og meget andet. Fokus er på indhold over form – og på nyhedsvinkler og holdninger med kant. I dette nummer har vi fået bidrag fra Nordic CEO & Partner Anders Dons og Head of Corporate Governance & Partner Martin Faarborg, begge Deloitte, Senior Security Advisor Jesper Helbrandt, IFCR, Liabilities Underwriter Jens Zakarias, RiskPoint, Partner Anne Sophie Scavenius, Mannov, Bestyrelsesformand Poul Skadhede, Valcon, Country Manager Daniel Hansen, Admincontrol, samt Head of PR Nikolaj Henum, AVT Business School. “Businesses must have a purpose beyond profit” Siden sidst har Board Network i tæt samarbejde med et af verdens største og førende headhunterfirmaer, InterSearch, gennemført den største bestyrelsesundersøgelse nogensinde med et dansk udgangspunkt; Global Board Survey 2010 – The Purposeful Board. Rapporten er baseret på en global undersøgelse med i alt 1.592 bestyrelsesmedlemmer fra 72 lande, og udkommer d. 10. marts 2020. Af denne undersøgelse fremgår det, at den stærkeste megatrends i globale bestyrelsesmedlemmers øjne for første gang nogensinde er klimaforandringer. Tilsvarende er den førende, globale board trend for første gang nogensinde det øgede fokus på bæredygtighed. Der er tale om et markant skifte fra et klart fokus på digitalisering, innovation og vækst til i langt højere grad om inddrage samfundsmæssige, miljømæssige og stakeholderhensyn i den overordnede drift og ledelse af virksomheder – ikke blot i Danmark, men over hele verden.

Corporate Governance

OECD Corporate Governance Factbook 2017

The OECD Corporate Governance Factbook (the Factbook) supports the implementation of good corporate governance practices by providing an easily accessible and up-to-date, factual underpinning for understanding countries’ institutional, legal and regulatory frameworks Governments may use the Factbook to compare their own frameworks with that of other countries or to obtain information about practices in specific jurisdictions. The Factbook compiles information gathered from OECD and non-OECD delegates to the OECD Corporate Governance Committee as part of its ongoing work. The core information in the Factbook is taken from OECD thematic reviews covering how OECD and Financial Stability Board member jurisdictions address major corporate governance challenges that came into focus following the 2008 crisis: board practices (including remuneration); the role of institutional investors; related party transactions and minority shareholder rights; board member nomination and election; supervision and enforcement; and risk management. Additional sections address the corporate governance landscape including ownership patterns, the role of stock exchanges and regulators, and the cross-border application of listing requirements. First published in 2014, the Factbook has been updated and expanded to cover 47 jurisdictions. This includes countries that the Corporate Governance Committee has reviewed as part of the accession process to become members of the OECD. (As not every jurisdiction provided information for every table, in some cases summaries refer to a smaller number of jurisdictions.) The Factbook is divided into four main areas that are crucial for understanding how corporate governance functions in different jurisdictions: 1) the corporate landscape; 2) the corporate governance framework; 3) the rights of shareholders and key ownership functions; and 4) the corporate board of directors. These areas in turn are subdivided into 15 sub-topics. Each sub-topic has two parts: an overview of highlights and aggregate trends that emerge through a review of the more detailed and comprehensive tabular information that comprises the second part. The tables include information on the 35 OECD countries (now including Latvia which joined the OECD in 2016) to the extent available. Other jurisdictions covered include Argentina; Brazil; China, Colombia, Hong Kong, China; India; Indonesia; Lithuania; the Russian Federation; Saudi Arabia; Singapore and South Africa. The information in this third edition of the Factbook is updated as of end 2016. This edition was prepared by Daniel Blume with the support of Akito Konagaya, Caio de Oliveira and other members of the Corporate Affairs Division of the OECD Directorate for Financial and Enterprise Affairs.

A Guide to Corporate Governance Practices in the European Union 2015

As one of the most rapidly changing corporate governance environments in the world, Europe represents a microcosm of the exciting innovation happening in the corporate governance arena, ranging from new approaches to board-level corporate governance practices to changes in regulatory requirements at the legislative level. Representing a diverse mix of nations at various stages of economic development and market maturity, the European Union as an entity is demonstrating the broad value of a prioritized focus on corporate governance while accounting for individual country and company circumstances. This publication, A Guide to Corporate Governance Practices in the European Union, offers an overview of the changes taking place across the EU’s corporate governance landscape. It provides a focused examination of specific regulations and practices as well as a frank assessment of the challenges that remain. The publication also looks at firm-level actions that have improved disclosure and transparency in areas such as accounting accuracy, rights of minority shareholders, related-party transactions, remuneration, and takeovers. Such changes have yielded significant and positive results, even as some governance-related disputes do continue. The value of this publication is that it examines the issues from all sides. It assesses the steps forward and steps backward, the progress made and the gaps that remain, presenting the sometimes widely varying perspectives of owners, boards, management, and other stakeholders to create a complete picture of the European corporate governance environment. IFC has long focused on corporate governance as part of our broader efforts to promote private sector investment, strengthen capital markets, and foster inclusive economic development and growth. We are pleased to partner with the European Confederation of Directors’ Associations on this publication, which offers deep insights into effective governance approaches and emphasizes the importance of good corporate governance practices at all levels. On behalf of IFC, I extend my sincerest thanks to Chris Pierce and the many others who contributed to this valuable guidebook.

Study on Directors' Duties and Liability 2013

Overview The liability regime of executive and non-executive directors in companies constitutes a necessary corollary to control issues within a company. It is based on the determination of specific duties, it establishes the limits of management behaviour and it provides stakeholders and third parties dealing with the company with legislative protection against management misconduct. In that respect, directors’ liability is an important and effective compliance and risk-allocation mechanism. The European Commission has not, to date, considered directors’ liability issues in a comprehensive way. It is the purpose of this study to provide the relevant information in a comprehensive manner, in order to support to European Commission to consider its future policy in this area. To this end, the analysis spans from national laws and case law to corporate practice in respect of companies’ directors duties in all 27 EU Member States and Croatia.1 The overarching goal is to provide for a better understanding of certain important drivers of directors’ behaviour. This study shows the extent to which the content and extent of duties and the corresponding liabilities, as well as the understanding of the persons to whom they are owed, fluctuate over the life of a company, i.e. during the “normal” phase of operation, and in the so called “twilight zone”, i.e. shortly before insolvency. The study is mainly a stocktaking one. However, its comparative analysis also identifies similarities and differences between national regimes and identifies relevant cross-border implications. Mapping directors’ duties Apart from taking stock of the national regimes in 28 detailed country reports (cf. Annex), this study provides a comprehensive comparison of those elements of the law that appear relevant to further policy decisions to be taken by the European Commission. The comparative-analytical part strives to identify similarities, differences and trends in the relevant national laws of Member States, and to aggregate that information in an accessible manner. The comparative-analytical part uses maps, allowing the user to easily grasp the core information on each of the relevant aspects. Extensive tables aggregating statutory and case law allow for quick reference and a critical discussion of the EUwide treatment of each of the issues. The findings in respect of the relevant issues are set out below, followed by an overall assessment of the current legal landscape governing directors’ duties and liabilities in the EU. Organisation and structure of boards in Europe This study first analyses the differences in board structures used and available across the EU. Despite recent trends of regulatory convergence regarding board structures, there is still a significant degree of variation between the company laws of the EU Member States. The variation exists in the basic board structure (especially with regards to the distinction between one-tier and two-tier boards), as well as in relation to other aspects of company board make-up, such as election/nomination rights and the participation of employees. Differences in board structures can have a significant impact on both the extent and content of directors’ duties and liabilities, as well as on the enforcement of these duties.

Annex to Study on Directors' Duties and Liability 2013

1.1 Austria’s regulatory regime Austria is a civil law jurisdiction, thus the applicable law is primarily based on statutes.1 The General Civil Code (Allgemeines Bürgerliches Gesetzbuch) sets out the general rules regarding property law and the law of obligations, including contract law and tort law. The initial source of company law has been the Commercial Code (Handelsgesetzbuch), restated and renamed Business Enterprise Code (Unternehmensgesetzbuch) in 2006, which – to the extent it specifies, supplements or alters general provisions set out in the General Civil Code – is lex specialis in relation to the General Civil Code and, therefore, its applicability prevails in this relation. On the one hand it contains general provisions about companies, company names, the companies registers, asset deals, etc., but on the other hand it also sets out the special provisions for two forms of partnership, the general partnership (Offene Gesellschaft; OG)2 and the limited partnership (Kommanditgesellschaft; KG)3 . Special codes set out the legal framework for the public limited company, the Stock Corporation Act (Aktiengesetz; AktG), and the private limited company, the Act on Limited Liability Companies (GmbH-Gesetz; GmbH-G), respectively. These codes contain the key general provisions on directors’ duties and liability, whereby such general provisions are – from a practical perspective – most notably further specified under Austrian accounting and insolvency law. In addition, Supreme Court4 rulings specify and enhance the general rules set out under statutory law. This is particularly relevant in the field of corporate law. In this respect, the Austrian Supreme Court is primarily guided by two determinants, namely (i) German jurisprudence, since Austrian company law still features quite strong similarities with German company law5 , and (ii) Austrian and German legal literature (regularly cited in judgments supporting and justifying the court’s view)6 . 1.1.1 The private limited company The Austrian private limited company (Gesellschaft mit beschränkter Haftung, short GmbH) is established by setting up a corporate statute (in the form of a notarial deed) to be filed with the Companies Register. Upon registration with the Companies Register, which inter alia requires the appointment of at least one director,7 the limited private company is deemed incorporated. Its obligatory minimum registered capital amounts to 35,000 Euros8 and, unless otherwise provided for, its members participate in the company relative to their interest in the company’s registered share capital (i.e. relative to their investment). The private limited company is a legal entity. It has at least one shareholder (from a practical perspective the vast majority of private limited companies have no more than five shareholders). At least one director is to be appointed by the shareholder(s). The private limited company usually operates on a one-tier board structure, although the shareholders do