ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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BoaRd of dIRectoRs <strong>2011</strong><br />
52 56<br />
CORPORATE GOVERNANCE<br />
<strong>DONG</strong> <strong>Energy</strong>’s Board of Directors and Executive<br />
Board continually strive to improve its corporate<br />
governance. The Board of Directors and the Executive<br />
Board endeavour to enhance transparency and<br />
promote active ownership, partly by ensuring a<br />
high information level and engaging in dialogue<br />
with shareholders and other relevant stakeholders.<br />
As a State-owned public limited company, <strong>DONG</strong><br />
<strong>Energy</strong> operates on terms very similar to those<br />
applying to listed companies. The Group has<br />
therefore elected to generally comply with the<br />
recommendations of the Committee on Corporate<br />
G overnance that apply to listed companies.<br />
The recommendations can be viewed at<br />
www.corporategovernance.dk.<br />
In accordance with section 107(c) of the Danish<br />
Financial Statements Act, <strong>DONG</strong> <strong>Energy</strong>’s Board of<br />
Directors has prepared a statement on corporate<br />
governance. The statement forms an integral part<br />
of management’s review for the financial year 1<br />
January – 31 December <strong>2011</strong>, and is included in the<br />
complete annual report on pages 52-55.<br />
The statement includes a description of <strong>DONG</strong><br />
<strong>Energy</strong>’s management structure, information on<br />
the company’s positions on ’Recommendations on<br />
Corporate Governance’ and a description of the<br />
principal elements of <strong>DONG</strong> <strong>Energy</strong>’s internal control<br />
and risk management systems in connection<br />
with the financial reporting.<br />
28 of the Group’s companies are included in the<br />
reporting process on internal control. Based on the<br />
internal controls identified, these companies represent<br />
86% of revenue and 66% of assets.<br />
manaGEmEnt’s rEviEw – <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>REPORT</strong> <strong>2011</strong> <strong>2011</strong><br />
fritZ H. sCHur<br />
Chairman<br />
b. 1951. Joined the board as Chairman in 2005,<br />
re-elected <strong>2011</strong>. Term of office expires in 2012.<br />
Chairman of Remuneration Committee and Nomination<br />
Committee.<br />
Education: BSc (Business Administration), Copenhagen<br />
Business School, 1973<br />
Remuneration, Board: DKK 500,000<br />
Remuneration, Committees: DKK 50,000<br />
Career and posts<br />
1973 Formation of FSC A/S (Fritz Schur Consumer<br />
Products A/S)<br />
1978- CEO, Chairman, Deputy Chairman or<br />
member of companies in the Fritz Schur<br />
Group<br />
1988-1996 Reconstruction and winding up of companies<br />
in distress, primarily for banks<br />
Other management positions<br />
Member of the Board of Directors and/or CEO of F. Schur &<br />
Co. A/S, FSS MID ApS, Havnefrontens Selskabslager<br />
909 ApS.<br />
Member of the Board of Directors and CEO of Fritz Schur<br />
A/S and CEO or Chairman of the Board of Directors of two<br />
wholly-owned subsidiaries.<br />
CEO of FS 1 ApS and Chairman of the Board of Directors of<br />
a wholly-owned subsidiary.<br />
CEO of FS 11 ApS and Chairman of the Boards of Directors<br />
of two wholly-owned subsidiaries.<br />
CEO of FS 12 ApS and Deputy Chairman of one directly<br />
and one indirectly wholly-owned subsidiary.<br />
Chairman: SAS AB (Sweden), PostNord AB, F. Uhrenholt<br />
Holding A/S, Relationscore ApS and Chairman of the<br />
Board of a wholly-owned subsidiary, C.P. Dyvig & Co. A/S<br />
Deputy Chairman: Brd. Klee A/S<br />
member: WEPA Industrieholding SE,<br />
Experimentarium – Center for formidling af naturvidenskab<br />
og moderne teknik (foundation)