Novozymes aims to ensure that the Board of Directors always has the best possible mix of competencies, and therefore three new members with new areas of expertise and experience were elected in 2011. The relationship between the Board of Directors and Executive Management was once again considered very satisfactory.
Novozymes’ management systems have been developed over several years and are constantly adjusted to reflect changes in legal requirements, new business developments, and stakeholder expectations. A cornerstone of these management systems is Novozymes’ corporate governance setup.
Corporate governance is the name commonly given to the frameworks and guidelines for business management, including the overall structures and principles that regulate the interaction between a company’s management bodies, shareholders, and other stakeholders. As every company is unique, there is no exact standard for “good corporate governance.” However, a number of valid principles have been developed and stated in recommendations, guidelines, or law. Novozymes’ goal is to have management systems in place that ensure openness and transparency at all times, providing stakeholders with relevant insight into the business – and, of course, effective management.
In accordance with Danish legislation, Novozymes has a two-tier management system comprising the Board of Directors and Executive Management, with no individual a member of both. The division of responsibility between the Board of Directors and Executive Management is clearly laid down and described in the Rules of procedure for the Board of Directors and Rules of procedure for Executive Management, available at www.novozymes.com.
- Novozymes powered by electricity from wind turbinesNovozymes in Denmark is now running on environmentally friendly electricity from wind turbines. Novozymes now has lower CO2 emissions than in 2005.