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To the shareholders of Vestas Wind Systems A/S

 

On Tuesday, 3 April 2018 at 1:00 pm (CET), Vestas Wind Systems A/S will hold the Annual General Meeting at the Concert Hall (Musikhuset) Aarhus, Thomas Jensens Allé, 8000 Aarhus C, Denmark.

Convening for Vestas Wind Systems A/S' Annual General Meeting (pdf)
The proposed Articles of association (pdf) 
Annual report 2017
- Shareholder information 1/2018
Registration form (pdf)
Proxy voting form / correspondance voting form (pdf)

Electronic communication - register your email address 
Convening notices for Vestas’ general meetings are sent by email. It is therefore important that shareholders sign up for Vestas' email service, if they want to receive convening notices for future general meetings. In the InvestorPortal, shareholders can subscribe to receive convening notices, annual reports, interim financial reports and other shareholder information by email.

Notification of attendance

Deadline for notifying Vestas of attendance was Wednesday, 28 March 2018. 


Calendar

7 February 2018
Disclosure of the annual report 2017
Read more ...

19 February 2018
Deadline for requesting a specific matter to be included in the agenda
Read more … 

28 February 2018
Convening notice for the Annual General Meeting
Read more ...

27 March 2018
The record date
Read more ...

28 March 2018
Deadline for notifying Vestas about attendance
Read more … 

28 March 2018
Deadline for voting by proxy 
Read more … 

2 April 2018
Deadline for voting by correspondence
Read more …

3 April 2018
The Annual General Meeting


Convening

On Tuesday, 3 April 2018 at 1:00 pm (CET), Vestas Wind Systems A/S will hold its Annual General Meeting at the Concert Hall (Musikhuset) Aarhus, Thomas Jensens Allé, 8000 Aarhus C, Denmark.

Readmore
Convening for the Annual General Meeting (pdf)


Share capital and voting rights

The share capital is nominally DKK 215,496,947 divided into shares of DKK 1 each and/or any multiples thereof. Each share of DKK 1 carries one vote.

Read more
Share capital and voting rights

Request a specific matter to be included in the agenda

Deadline for the company’s shareholders to submit a written request to the Board of Directors that a specific matter be included in the agenda for the Annual General Meeting was Monday, 19 February 2018.

Convening for Vestas Wind Systems A/S' Annual General Meeting (pdf)

Article 4(6)

“Any shareholder may in writing to the Board of Directors claim a specific matter included in the agenda for the Annual General Meeting. The claim must be submitted not later than six weeks before the date of the Annual General Meeting.”

Article 4(6) of the Articles of association


Record date

The record date was Tuesday, 27 March 2018.

Shareholders holding shares in the company on the record date are entitled to attend and vote at the Annual General Meeting, including voting by submitting a proxy or a correspondence vote. The shares held by each shareholder at the record date are calculated on the basis of registration of the shareholder’s ownership in the register of shareholders on the record date and notifications about ownership received by the company as of this date for entry into the register of shareholders, but which have not yet been registered in the register of shareholders.

Furthermore, participation is conditional upon the shareholders having notified Vestas of their attendance. Shareholders wishing to exercise their rights are encouraged to contact their depository bank well in advance of the record date to ensure correct and sufficient registration.


Notification of attendance

Deadline for requesting an admission card was Wednesday, 28 March 2018.

Article 6(3)

“Any shareholder who is entitled to attend a General Meeting, ref. Article 6(2), and who wishes to attend a General Meeting or to be represented by proxy, must notify the Company of their attendance no later than three days before the date of the relevant General Meeting. Notification of participation shall not prevent the shareholder from deciding to be represented by proxy after notification has taken place.”

Article 6(3) of the Articles of association


Submission of proxy

Submission of proxy

Shareholders entitled to attend the Annual General Meeting may vote by proxy. 

Deadline for submitting a proxy was Wednesday, 28 March 2018.


Vote by correspondence

Shareholders entitled to attend the Annual General Meeting may vote by correspondence.

As of Wednesday, 28 February 2018, the vote by correspondence can be submitted electronically via Vestas' InvestorPortal (requires an electronic access code) or in writing by using the vote by correspondence form.

Shareholders using the vote by correspondence form shall complete the form, sign it and return it in due time to reach VP Investor Services, Weidekampsgade 14, 2300 Copenhagen S, Denmark (email a scanned copy of the form to vpinvestor@vp.dk) not later than on Monday, 2 April 2018 at 12:00 am (CET).

InvestorPortalen - vote in advance
Vote by correspondence form (pdf) 

Article 6(4) 

“… Shareholders entitled to attend a general meeting, ref. article 6(2) of the articles of association, may also vote by correspondence. Votes by correspondence must be made in writing and be received by the Company not later than on the day before the General Meeting.”

Article 6(4) of the Articles of association


Questions and answers

If you have any questions before the Annual General Meeting, please send an email.


What are the names of Vestas’ gearbox suppliers and what is the price of a gearbox? Which parts of a gearbox are most frequently replaced, incl. data from the last five to ten years?
Vestas works closely together with its suppliers to further improve both the quality of the products and the supply chain. Under the centralised global sourcing programme, Vestas collaborates with fewer but larger suppliers to purchase larger amounts of components or sets of components at lower prices. By working closely together with Vestas, selected suppliers are able to develop the best components at the lowest cost while Vestas reduces its need for in-house production.

Vestas has at least two suppliers on all key components. This also applies to the gearbox.

Vestas’ collaboration with its gearbox manufacturers is covered by a non-disclosure agreement – which also includes the names of the suppliers.

The price of a gearbox varies depending on the type, model, and where in the world the gearbox is to be used. For competitive reasons, Vestas does not disclose the price of a gearbox.

Furthermore, Vestas does not disclose information about which parts of the gearbox that are most frequently replaced or data on repairs during the last five to ten years, as this information is also covered by the non-disclosure agreement signed with the gearbox manufacturers.

What types of power cables does Vestas use - and which kinds of warranties does Vestas provide on them?
A wind turbine contains many different power cables. From very small pink-wires to large, medium, and high voltage cables.

Vestas uses land cables when establishing an onshore wind power plant. Typically, there will be cables between the individual wind turbines and a cable connecting the wind turbines to the transformer.

Sea cables are used when an offshore wind power plant is installed. The offshore business is handled by MHI Vestas Offshore Wind. For the major offshore wind turbine projects, the customers will typically be responsible for the purchase of cables.

The length and size of the warranties are agreed for each individual contract and for commercial reasons, Vestas does not disclose such information. Vestas’ power cable suppliers are responsible for ensuring that the quality of the cables meets Vestas’ requirements and specifications.

In which language will the Board’s report and the presentation of the annual report be conducted?
The Annual General Meeting will in general be conducted in Danish. However, the Chairman of the Board of Directors and the Group President & CEO will make their presentations in English.

Who has the right to receive dividend?
Trades completed on the day of the Annual General Meeting will be traded with dividend. This means that if an investor buys shares on the day of the Annual General Meeting the shares will be bought including dividend. If the share is traded on the first business day after the Annual General Meeting, the dividend will be accrued to the seller, not to the buyer.

How will Vestas withstand the increased competition in the market
Vestas stands strong in a competitive market as the wind turbine portfolio has a product for every site, a flexible production setup that can match the constant changing demands in the market, access to unique data from more than 35,000 wind turbines globally being monitored by Vestas 24/7 and more than 35 years of experience in the wind power industry.

Furthermore, Vestas stands strong in a changing market as it has a dedicated group of employees and a management team that trims and optimises the Group on an ongoing basis.

2017 was a year that saw fierce competition, price pressure and the continued maturity of the wind energy sector. In this environment, Vestas’ 2017 performance was strong, as it once again led the industry on profit margins and produced solid revenue, free cash flow, record order intake, and a growing and profitable service business. Vestas demonstrated that even in such challenging conditions, it can control costs and use its global presence and technology leadership to remain the industry leader.

Inevitably, short-term results are impacted by current market challenges, but Vestas strongly believe that successful execution of the strategy will lead to new growth opportunities and sound profitability.

That is why the Board of Directors together with management has set the ambitious target to be global leader in sustainable energy solutions.

Read more in the online publication “Shareholder Information 1/2018”.

How would the proposed US tariffs affect Vestas?
It is still too early to conclude on the implications of the proposed US tariffs, as all details are not yet clear.

With Vestas' large US manufacturing footprint, Vestas is, however, convinced that it can remain highly competitive in the US market and meet market demands. That said, given the amount of steel in a wind turbine, Vestas is naturally not immune to increasing steel prices that may arise as a result of the proposed increased tariffs.

Vestas has been under the influence of external events which have affected the share price and, consequently, the shareholders, negatively. Should we not then all be jointly liable - meaning should Vestas employees incl. the Board and management accept a 20 percent wage reduction?
Vestas has a general policy not to comment on the development of the Vestas share price - it is up to analysts who cover the Vestas share to comment on this development.

The Board believes that a competent, experienced, and loyal staff is one of the most important factors in maintaining Vestas' current leadership position in a highly competitive and changeable market - but also a necessity for Vestas to fulfil its strategic objectives. It is therefore essential to ensure a competitive remuneration package for employees and management and hence, the Board does not consider it in the interest of Vestas to reduce the employees’ and management’s remuneration by 20 percent. It is nevertheless always important to focus on reducing costs to ensure that the Vestas Group stays competitive.

Regarding the remuneration of the Board of Directors, the remuneration for the financial years 2017 and 2018 is determined by the shareholders at the Annual General Meeting 2018, see agenda items 5.1 and 5.2.

Note also that both the Board of Directors, management, and parts of the staff are Vestas shareholders - and therefore experience the same share price fluctuations as other Vestas shareholders.

Read more about Vestas’ achievements in 2017 in the online publication "Shareholder information 1/2018".

What is the equity ratio of Vestas?
In 2017, Vestas’ equity ratio was 28.6.

Is it possible to receive a printed copy of Vestas 'annual report 2017 by ordinary mail?
As from 2010, Vestas decided only to make its annual reports available electronically i.e. we no longer make printed copies. The decision was made in order to save costs as well as to save the environment from CO2 emissions in relation to printing, distribution, etc.

According to the shareholders' decision, Vestas’ annual report is available in English - and can be downloaded from the company's website (www.vestas.com/investor).

Twice a year, in February and August, Vestas’ “Shareholder Information” is published. An online publication in which the company’s management gives a brief presentation of the company’s state of affairs, development potential, and an overview of the financial highlights for the relevant period. The online publication is available in both Danish and English.

Registered shareholders can sign up via Vestas’ InvestorPortal and receive the shareholder information by email as soon as it has been disclosed at the website. An easy way for shareholders to be updated regarding the latest news about the company.

Share buy-back programmes - is that the right use of capital resources in Vestas? Or should the company rather keep the cash?
The purchase of treasury shares can only take place if the company's shareholders authorise the Board of Directors to do so. At the Annual General Meeting in 2017, the shareholders granted an authorisation to allow the company to acquire treasury shares in the period until 31 December 2018 up to an aggregate nominal value of 10 percent of the company’s share capital.

Purchase and subsequent cancellation of treasury shares equals payment of dividends to shareholders - and is just another way of distributing excess capital back to the shareholders.

Cancellation of the shares reduces the number of existing shares, resulting in a percentage increase in ownership for the remaining shareholders.

Vestas is in dialogue with its largest shareholders on a continuous basis regarding the preference for either dividends or share buybacks. Based on the shareholders’ feedback, the Board of Directors concludes on the optimal balance of dividends and share buybacks.

Therefore, the Board of Directors has again proposed that the Board of Directors be granted an authorisation to allow the company to acquire treasury shares, see the agenda item 7.2.

Which subjects can be discussed at the Annual General Meeting on 3 April 2018?
Only the items included in the convening can be put to the vote at the Annual General Meeting on 3 April 2018.

The Board of Directors invites the company's shareholders to express their views at the Annual General Meeting or to pose questions to the Company before the date of the General Meeting.

When and where will Vestas' Annual General Meeting take place?
Vestas' AGM will be held on Tuesday, 3 April 2018 at 1 p.m. (CET) at the Concert Hall (Musikhuset) Aarhus, Thomas Jensens Allé, 8000 Aarhus C, Denmark.

When will the convening notice for the AGM be disclosed? 
The convening notice was disclosed on 28 February 2018.

How do I register my email address to ensure that I get the convening notice for the Annual General Meeting? 
Log on to the InvestorPortal where you can register your email address and choose which materials you wish to receive from Vestas in the future.

Will Vestas Wind Systems A/S’ Annual General Meeting on 3 April 2018 be webcast? 
No, there will be no webcast of the Annual General Meeting.





Size of the share capital and shareholders’ voting rights

Size of the share capital
The company’s share capital is nominally DKK 215,496,947 divided into shares of DKK 1 each and/or any multiples thereof. Each share of DKK 1 carries one vote.

  • Number of shares: 215,496,947
  • Number of votes: 215,496,947 
     

Shareholders' voting rights     
The right of a shareholder to attend a general meeting and to vote is determined relative to the shares held by the shareholder at the record date. The record date is one week before the general meeting.

The shares held by each shareholder at the record date are calculated on the basis of registration of the shareholder's ownership in the register of shareholders and notifications about ownership received by the company for entry, but which have not yet been registered in the register of shareholders.

Election of members to the Board of Directors

Pursuant to Vestas Wind Systems A/S’ articles of association, the Board of Directors shall consist of five to ten members to be elected by the general meeting for a term of one year.

Board members elected by the general meeting may be recommended for election by the shareholders or by the Board of Directors.

Recruitment criteria

In connection with the election of board members by the general meeting, the retiring Board of Directors shall nominate candidates for the vacant offices on the Board, to ensure that the shareholders are able to elect a continuing Board of Directors. When proposing candidates for board membership, the Board of Directors strives to ensure that the Board of Directors:

  • is able to act independently of special interests;
  • represents a balance between continuity and renewal;
  • matches the company’s situation; and
  • has industry insight and the commercial and financial skills required to allow the Board of Directors to perform its tasks in the best possible manner.

The Board of Directors uses external assistance for the search process and assessment of the profiles and qualifications specifically required in order to complement the expertise reflected in the overall composition of the Board.

Diversity within the board

The Board of Directors continuously work to increase diversity within the board. When proposing new board candidates, the Board of Directors pursue the goal of having several nationalities of both gender as well as a diverse age distribution. However, this goal must not compromise the other recruitment criteria.

Nominated candidates

Vestas - Bert Nordberg

Bert Nordberg

Chairman of the Board of Directors

Bert Nordberg

Born: 23 March 1956
Nationality: Swedish
Resident: Sweden
Position: Director

Position with Vestas Wind Systems A/S
Chairman of the company’s Board of Directors since 2012. Elected to the Board of Directors in March 2012 and re-elected for subsequent terms, most recently in 2018. Term of office expires in 2019.

Designated by the Board of Directors as chairman of the Nomination & Compensation Committee.

Mr Nordberg meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding
Vestas shareholding as per 28 February 2018: 14,600 shares. The mentioned number of shares includes own and related parties’ total shareholding.


Download (pdf)

Special competencies
Mr Nordberg has the following competencies which specifically are essential to the work of the Board of Directors of Vestas Wind Systems A/S: Special competence in restructuring, services and infrastructure business; several years of international business experience; development market knowledge.

Fiduciary positions
Chairman of the boards of BrainLit AB (SE), Innovativa Solutions Sweden AB (SE), and Sigma Connectivity AB (SE).

Member of the boards of AB Electrolux (SE), Essity AB (SE), Saab Group AB (SE), and Svenska Cellulosa Aktiebolaget SCA (SE).


Vestas - Carsten Bjerg

Carsten Bjerg

Member of the Board of Directors

Carsten Bjerg

Born: 12 November 1959
Nationality: Danish
Resident: Denmark
Position: Director

Position with Vestas Wind Systems A/S
Elected to the Board of Directors in March 2011 and re-elected for subsequent terms, most recently in 2018. Term of office expires in 2019.

Elected by the Board of Directors as a member of the Technology & Manufacturing Committee and the Audit Committee.

Mr Bjerg meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding
Vestas shareholding as per 28 February 2018: 4,019 shares.

Download (pdf)

Special competencies
Mr Bjerg has the following competencies which specifically are essential to the work of the Board of Directors of Vestas Wind Systems A/S: In-depth knowledge of managing an international group including thorough knowledge of R&D, manufacturing, and strategic management.

Fiduciary positions
Chairman of the boards of Bogballe A/S (DK), Ellegaard A/S (DK), PCH Engineering A/S (DK), and Guldager A/S (DK).

Deputy chairman of the boards of Højgaard Holding A/S (DK) and Rockwool International A/S (DK).

Member of the boards of Agrometer A/S (DK), MT Højgaard A/S (DK), and Nissens A/S (DK).

Vestas - Eija Pitkänen

Eija Pitkänen

Member of the Board of Directors

Born: 23 April 1961
Nationality: Finnish
Resident: Finland
Position: Sustainability, Ethics & Compliance Officer, Risk Officer, Telia (FI).

Position with Vestas Wind Systems A/S

Elected to the Board of Directors in March 2012 and re-elected for subsequent terms, most recently in 2018. Term of office expires in 2019.

Elected by the Board of Directors as a member of the Technology & Manufacturing Committee.

Mrs Pitkänen meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding

Vestas shareholding as per 28 February 2018: 1,250 shares. The mentioned number of shares includes both own and related parties’ total shareholding.

Download (pdf)

Special competencies

Mrs Pitkänen has the following special competencies which specifically are essential to the work of the Board of Directors of Vestas Wind Systems A/S: Extensive international experience in developing and executing global sustainability strategy as part of business in several international companies.

Positions of trust

Member of the board of: Finnish Refugee Council (FI).

Henrik Andersen

Member of the Board of Directors

Henrik Andersen

Born: 31 December 1967
Nationality: Danish
Resident: Denmark
Position: Group President & CEO of Hempel A/S (DK) 2016 -.

Position with Vestas Wind Systems A/S
Elected to the Board of Directors in March 2013 and re-elected for subsequent terms, most recently in 2018. Term of office expires in 2019.

Designated by the Board of Directors as chairman of the Audit Committee and fulfills the demand for qualifications within financial accounting as set out in the Danish Auditors' Act. Elected by the Board of Directors as a member of the Nomination & Compensations Committee.

Mr. Andersen meets the definition of independence as set out by the Danish Corporate Governance Committee and the definition of independence of audit committee members as set out in the Danish Auditors' Act.

Shareholding
Vestas shareholding as per 28 February 2018: 12,700. The mentioned number of shares includes both own and related parties’ total shareholding.

Download (pdf)

Special competencies
Mr Andersen has the following competencies which specifically are essential to the work of the Board of Directors of Vestas Wind Systems A/S: In-depth knowledge of accounting, finance and capital markets, international business experience including restructuring and strategic management of international companies.

Fiduciary positions
Chairman and member of the boards of several subsidiaries of the Hempel Group.

Member of the board of Maj Invest Holding A/S (DK).

Positions of trust
Member of The investment committee of Maj Invest Equity 4 K/S (DK).

Henry Sténson

Member of the Board of Directors

Henry Sténson

Born: 10 June 1955
Nationality: Swedish
Resident: Sweden
Position: Executive Vice President of Corporate Communication & Sustainability Affairs, Volvo Group (SE) 2015-.

Position with Vestas Wind Systems A/S
Elected to the Board of Directors in March 2013 and re-elected for subsequent terms, most recently in 2018. Term of office expires in 2019.

Mr Sténson meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding
Vestas shareholding as per 28 February 2018: 5,000 shares.


Download (pdf)

Special competencies
Mr Sténson has the following competencies which specifically are essential to the work of the Board of Directors of Vestas Wind Systems A/S: More than 20 years’ experience from executive teams in global business and extensive experience from communications with media, capital markets and international public affairs. Furthermore, experience from industrial turnaround processes and crisis management.

Fiduciary positions

Member of the advisory board of Braathens Regional Aviation (SE).

Member of the board of Triboron International AB (SE).


 

 

Vestas - Lars Josefsson

Lars Josefsson

Deputy Chairman of the Board of Directors

Born: 31 May 1953
Nationality: Swedish
Resident: Sweden
Position: Independent consultant

Position with Vestas Wind Systems A/S

Deputy Chairman of the company’s Board of Directors since 2012. Elected to the Board of Directors in March 2012 and re-elected for subsequent terms, most recently in 2018. Term of office expires in 2019.

Designated by the Board of Directors as chairman of the Technology & Manufacturing Committee and member of the Nomination & Compensation Committee.

Mr Josefsson meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding

Vestas shareholding as per 28 February 2018: 3,500 shares.


Download (pdf)

Special competencies
Mr Josefsson has the following competencies which specifically are essential to the work of the Board of Directors of Vestas Wind Systems A/S: In-depth knowledge of managing international companies including research and development, technology and production.

Fiduciary positions

Chairman of the Boards of Driconeq AB (SE), Ouman Oy (FI), and TimeZynk AB (SE).

Member of the Boards of Holmen AB (SE) and Metso Oyj (FI).

 

Lykke Friis

Member of the Board of Directors

Lykke Friis

Born: 27 October 1969
Nationality: Danish
Resident: Denmark
Position: Prorector for Education, University of Copenhagen (DK) 2012-.

Position with Vestas Wind Systems A/S
Elected to the Board of Directors in March 2014 and re-elected for subsequent tearms, most recently in 2018. Term of office expires in 2019.

Elected by the Board of Directors as a member of the Nomination & Compensations Committee.

Ms Friis meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding
Vestas shareholding as per 28 February 2018: 2,245 shares. The mentioned number of shares includes related parties’ total shareholding.


Download (pdf)

 

Special competencies
Ms Friis has the following competencies which specifically will be essential to the work of the Board of Directors of Vestas Wind Systems A/S: In-depth knowledge of international energy policy and European Union regulation. Furthermore, experience from public affairs and managing research and development.

Fiduciary positions
Member of the boards of European Council of Foreign Relations (UK), Rockwool Foundation, and VELUX A/S (DK).

Member of the European Commission's high level Group on Horizon 2020 (EU).

Positions of trust
Chairman of the Danish Foreign Policy Society (DK). President of the Danish Cancer Society (DK). Member of The Danish-German Chamber of -Commerce (DK).

Torben Ballegaard Sørensen

Member of the Board of Directors

Torben Ballegaard Sørensen

Born: 7 February 1951
Nationality: Danish
Resident: Denmark
Position: Director

Position with Vestas Wind Systems A/S
Elected to the Board of Directors in March 2015 and re-elected for subsequent terms, most recently in 2018. Term of office expires in 2019.

Elected by the Board of Directors as a member of the Audit Committee.

Meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding
Vestas shareholding as per 28 February 2018: 500 shares.


Download (pdf)

Special competencies
Mr Sørensen has the following special competencies which specifically is essential to the work of the Board of Directors of Vestas Wind Systems A/S: Experience from Growth and continuous improvement of global and complex industrial organizations. Leadership development. Product- and business innovation and strategic execution. International sales and marketing. Value adding board work, financial controlling and interaction with capital markets.

Fiduciary positions 

Chairman of the boards of AS3 A/S (DK), Liquid Vanity ApS (DK), PulmoPharma ApS (DK), and SofaCompany A/S (DK).

Deputy Chairman of the board of Egmont International Holding A/S including its subsidiaries (DK).

Positions of trust
Chairman of the Foundation Capnova Invest Zealand (DK) and the Musikteatret-Holstebro Foundation (DK).

Deputy chairman of the Egmont Foundation (DK).

Member of the board of Centre for Advanced Technology Foundation (DK).


Jens Hesselberg Lund

Member of the Board of Directors

Jens Hesselberg Lund

Born: 8 November 1969 
Nationality: Danish
Resident: Denmark
Position: Group CFO, DSV A/S (DK)

Position with Vestas Wind Systems A/S
Elected to the Board of Directors in March 2018. Term of office expires in 2019. 

Elected by the Board of Directors as a member of the Audit Committee.  

Mr Lund meets the definition of independence as set out by the Danish Corporate Governance Committee.

Shareholding
Vestas shareholding as per 28 February 2018: 4,000 shares.


Download (pdf)


Special competencies
Mr Lund has the following competencies which specifically is essential to the work of the Board of Directors of Vestas Wind Systems A/S: In-depth knowledge of accounting, finance and capital markets and management of an international and listed company.

Fiduciary positions 
Chairman of the boards of three subsidiaries of the DSV Group.

Deputy chairman of five subsidiaries of the DSV Group.