Nomination & Remuneration Committee

The Board of Directors has formed a Nomination & Remuneration Committee.

Thomas Thune Andersen (Chairman), Lene Skole and Lynda Armstrong are the members of the Nomination & Remuneration Committee. All members are independent.

In 2021, the committee discussed, among other matters, changes to the Executive Board and Executive Committee, including the appointment of Martin Neubert as Deputy Group CEO, CCO, and new member of the Executive Board, the recruitment of Richard Hunter as new COO and member of the Executive Committee, and the appointment of Neil O’Donovan as new CEO of Onshore and member of the Executive Committee. Following CFO Marianne Wiinholt’s resignation in December, the committee initiated a search process for her successor. 

The committee also reviewed the remuneration policy for the Board of Directors and the Executive Board. The updates include the introduction of a fixed travel compensation for members for the Board of Directors residing outside of Europe and an authorisation for the Board of Directors to establish an indemnity scheme covering the Board of Directors and the Executive Board. For the time being, the Board of Directors has not made use of the authorisation to establish an indemnity scheme. An updated version of the remuneration policy was subsequently approved by the annual general meeting in March 2021. 

The committee also discussed changes to the Executive Committee’s short-term incentive (STI) scheme. The scheme will be updated to have a stronger and more systematic integration of ESG to further support our sustainability strategy as well as a higher weight of shared targets to support team efforts and collaboration. It will be effective from 2022. 

Finally, the committee discussed an equal pay analysis in addition to the gender pay gap reporting disclosed in the ESG performance report. 

Three meetings have been held in 2021 in the Nomination & Remuneration Committee.

You can download the terms of reference of the Nomination & Remuneration Committee via the link above.
 
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