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.

The committee assists the Board of Directors in matters regarding the composition, remuneration and performance of the Board of Directors and Executive Committee.

In 2020, the committee discussed, among other matters, our increasing global footprint and the impact on our pay mix. It was decided to introduce a higher level of variance within pay-mix on different markets to be more in line with local market terms.

Following the implementation of the EU Shareholder Rights Directive II in Danish legislation, the committee reviewed the remuneration policy for the Board of Directors and the Executive Board, and an updated version of the remuneration policy was subsequently approved by the annual general meeting in March 2020. The committee also spent time on the separate 2019 remuneration report covering the Board of Directors and the Executive Board as the company decided to reflect the new regulatory requirements, which apply from 2020, already in the 2019 reporting.

Additionally, the committee has reviewed changes in the peer group used for benchmarking Ørsted’s relative TSR in the share based long-term incentive programme. The changes were made to better match Ørsted’s current global footprint and business mix and to address the changes in the peer group’s business mix and footprint.

Finally, the committee has been engaged in the recruitment of Mads Nipper as new CEO as of 1 January 2021, following Henrik Poulsen’s resignation in June 2020.

Five meetings have been held in 2020 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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