Employee-elected board members
According to the Danish Companies Act the employees of Novozymes are entitled to be represented by half of the total number of board members elected by the shareholders.
At the time of election in 2013 there were six board members elected by the shareholders, and consequently, the employees elected 3 board members. Board members elected by the employees serve for a four year term and have the same rights, duties and responsibilities as shareholder-elected board members. Employee elected board members may be re-elected. All employees in Novozymes A/S in Denmark, who are employed on the day of election, can vote on the candidates. To be eligible for election the employee has to have been employed by the company for at least one year and be at least 18 years of age. The election is carried out by an election committee that is responsible for ensuring that the election is done correctly. The election committee handles amongst other things the distribution of voting forms and the counting of votes. Candidates are elected by simple majority. If there are no more candidates than seats, the candidates are elected automatically. When the election has been completed, the election committee publishes the result and ensures that the employee elected board members are registered as board members of the company with the Danish Commerce & Companies Agency. The employee elected board members take office on the day of the Annual Shareholders’ Meeting.