Boards in affiliates
It is the duty of the Board of Directors to ensure the subsidiaries adhere to all requirements laid down by the local authorities.
Every legal unit within Novozymes must follow the local rules regarding appointment of the Boards of Directors and officers and other company law issues. This means that the establishment and maintenance of the corporate entities should be carried out in careful cooperation with Legal Affairs and/or local counsel.
The Boards of Directors of subsidiaries in the Novozymes Group must include a representative of the line management, the local general manager and a representative of Legal Affairs or Finance. Local laws may require deviation from these requirements, for example a majority of nationals. Generally, the Boards of Directors should be kept at an operational level, meaning as few members as necessary to perform the duties of a board of directors.