Recommendations on Corporate Governance

Recommendations on Corporate Governance

As a listed Danish company, DSV observes the 'Recommendations on Corporate Governance' implemented by NASDAQ Copenhagen in its 'Rules for issuers of shares'.

The latest updated version of the Recommendations on Corporate Governance (issued in May 2013 and updated in November 2014) contains 47 recommendations. The recommendations are available on the website of the Committee on Corporate Governance at

The Recommendations are based on the comply-or-explain principle, requiring a company to either comply with the Recommendations or explain why it does not comply. DSV has opted not to comply with three of the 47 recommendation relating to diversity at management levels, retirement age for members of the Board of Directors and independence in Board Committees.

Diversity at management levels

DSV derogates partially from the Recommendations on diversity at management levels. The Board of Directors discusses the Group’s activities on regular basis to ensure that the Group has optimal management teams at all management levels. The Board considers the issue of diversity, including international experience and gender, both in connection with new appointments and the evaluation of the composition of Management. However, the Board sees no clear connection between fixed levels of diversity and the optimal governance of the Group. For that reason, the Board of Directors has not found it expedient to set specific targets for diversity at management levels so far.

Retirement age for members of the Board of Directors

DSV does not comply with the Recommendations on retirement age for members of the Board of Directors. The Board acknowledges the Recommendation on an upper age limit for members of the board of directors, but wishes to focus on a board composition that is based on the competencies and experience of the individual members and not on age as a special consideration. The performance of the members of the Board is evaluated on an annual basis, and the composition of the Board is based on that evaluation and other parameters, but not on age.

Independence of board committees

DSV derogates partially from the Recommendation on independence of board committee members. The Majority of the members of the Audit Committee are independent. However, that is not the case with the Remuneration Committee and the Nomination Committee. The Remuneration Committee has two members, of which Kurt K. Larsen is not independent and the Nomination Committee has four members of which Kurt K. Larsen and Jørgen Møller are not independent. The Board of Directors wants to make use of the many years of experience and branch insight of these committee members and has furthermore decided that the Remuneration Committee be composed of no more than two members. Hence, the Board has decided to derogate from the Recommendation on independence of board members for these two Committees. 

Statutory Report on Corporate Governance cf. article 107b of the Danish Financial Statements Act

DSV has prepared the 2017 statutory report on corporate governance pursuant to the Danish Financial Statements Act article 107b.

The report is an integral part of Management’s commentary in the DSV 2017 Annual Report and is available in its entirety below. Prior year reports are available via the Download Library.