NASDAQ OMQ Copenhagen has approved the Committee of Corporate Governance’s recommendations that the updated recommendations came into force on the 1st October 2011 as part of the code for listed companies, and the companies must follow the codes after a principle called comply or explain in relation to the annual report 2011.
The Committee of Corporate Governance is focused on the lack of diversity in the Danish boards. The new recommendations are an expression of the Committee’s desire to have more women and profiles with international experience as board members.
In light of the new recommendations the companies must develop an action plan which describes the company’s effort for diversity in the levels of management, e.g. by trying to increase the numbers of female board members.
Companies must develop concrete targets for the diversity, e.g. percentage limits for female board members and international profiles on selected levels of management. The preparatory process for the selection of candidates to the board must prioritize the diversity.