Corporate governance

Recommendations from the Committee on Corporate Governance

For several years, COWI has focused on corporate governance. The Nørby committee’s recommendations from 2001 made a significant contribution to COWI's efforts to develop a professional management practice. Prompted by the latest recommendations of the Committee on Corporate Governance (December 2020), COWI has among other things adjusted the business procedures of the Board of Directors.

• COWI’s response to the recommendations from the Committee on Corporate Governance
• COWI’s corporate communication policy

AUDIT COMMITTEE

The Board of Directors of COWI Holding A/S decided to establish an Audit Committee in accordance with the clause 3.6. of the Rules of Procedure of the Board of Directors.

The Audit Committee was established at the first ordinary meeting of the Board of Directors following the Annual General Meeting 2023.

The Audit Committee Charter has been approved by the Board of Directors and can be found here:

• Audit Committee Charter

Tax Policy

The Board of Directors is responsible for the approach towards taxes and for ensuring that this approach is embedded throughout the organisation. COWI's tax policy is reviewed and approved by the Executive Board and the Chairman of the Board of Directors once a year and is applicable for all COWI entities.

• Read the full tax policy

Composition and role of the Board of Directors

The Board of Directors of COWI Holding A/S is elected at the annual general meeting and is composed of up to six board members plus employee-elected board members in accordance with the provisions of the Danish Companies Act.

The members of the Board of Directors elected at the annual general meeting are elected for one year at a time and can be re-elected.

The employee-elected members of the Board of Directors of COWI Holding A/S are elected by and among the employees in Denmark, Norway and Sweden. The latest election was held in January 2020.

The articles of association and the rules of procedures of the Board of Directors stipulate a formal, profound and transparent process for electing and nominating candidates for the Board of Directors. When nominating new candidates, special emphasis is put on the candidates' experience from management positions or board duties in the business community within the field of operation of the COWI Group. If possible, half of the members elected at the annual general meeting should have thorough experience from management positions or board duties within the consultancy business or similar businesses. Moreover, the aim is to ensure that the members elected at the annual general meeting reflect the company's need for diversity in relation to e.g, international experience, gender and age and also reflect the gender split of the COWI Group. COWI has defined a timeframe for increasing underrepresented gender on the Board of Directors.

• Policy on diversity and inclusion.

The Board of Directors has prepared a description of professional competencies for the members of the Board of Directors describing what competencies the Board should possess to be able to perform its duties in the best possible way. The recommendation presented at the annual general meeting concerning the composition of the Board is based on this description of competencies. A description of the competencies of the nominated candidates is sent out together with the notice of the annual general meeting.

The Board of Directors holds at least five ordinary meetings and one strategy seminar a year in accordance with an already fixed agenda. Furthermore, the Board of Directors has decided to establish an audit committee. 

• The members of COWI’s Board of Directors
• Competency profile for the Board of Directors of COWI Holding A/S

Composition and role of the Executive Board

The Executive Board of COWI Holding A/S is appointed by the Board of Directors of COWI Holding A/S.

• Members of COWI’s Executive Board

EVALUATION OF COLLABORATION

In accordance with the recommendations for good corporate governance, COWI has for several years conducted an annual evaluation of the collaboration between the Board of Directors and the Executive Board with the involvement of an external consultant. In the past few years the subsequent evaluation reports have shown that both the Executive Board and the Board of Directors find the collaboration to be more than satisfactory.

FEES OF COWI’S BOARD OF DIRECTORS AND EXECUTIVE BOARD

In 2023, an updated remuneration policy for the Board of Directors and the Executive Board was adopted at COWI’s general assembly. With this policy, COWI wishes to motivate the Executive Board and the Board of Directors to secure a continued positive development of the COWI Group and create value for COWI’s shareholders.

The fees of the Board of Directors are fixed annual fees, which are determined through benchmarking towards similar major Danish companies.

The fees of the Board of Directors must be approved once a year at the annual general meeting.

In 2024, the members of the Board of Directors receive DKK 290,000; however, the Vice-Chairman of the Board received DKK 580,000 and the Chairman of the Board DKK 870,000.

• Remuneration policy for the Board of Directors and the Executive Board

ANTI-CORRUPTION AND BUSINESS ETHICS HOTLINE

COWI has established an anti-corruption and business ethics hotline which employees can use to anonymously report their suspicions of irregular conduct such as breaches of our corporate code of conduct or fraud. The hotline has been approved by the Danish Data Protection Agency and as such meets the highest standards of data-protection of employees.

• Go to the COWI Whistleblower reporting site

Information Protection

COWI places information security high on the agenda both in-house and towards our customers. COWI's policy and framework for information security is based on the principles of international standards for information security, ISO27001 and NIST. The requirements are further tightened in areas where there are special legal requirements, legislation or other conditions that make it necessary.

When entering new projects, we assist our customers in identifying the need for protection of information and data. In close collaboration we assess the project requirements for confidentiality, integrity, and availability. By doing this, we ensure alignment of expectations while confirming that all relevant security measures are implemented across processes, technology, and our people.

Quick Summary

• We delete customer data on request
• We have a disaster recovery plan
• We have cyber insurance
• We follow the need-to-know principle
• We undergo annual third-party audit
• We conduct awareness training