Principles concerning the diversity of the Board of Directors

The Company has defined the principles concerning the diversity of the Board in accordance with the recommendation 9 of the Corporate Governance Code 2020.

It is in the Company’s and its shareholders’ interest that the members of the Board have a broad expertise from different fields and business areas. The diversity of the Board supports the Company’s business and its development, open discussion and independent decision-making.

The election and composition of the Board is also guided by the principle of diversity to ensure that the Company has a skilled, competent, experienced and effective Board. Diversity is an essential quality of a well-functioning Board. The Board must at all times be able to react to the requirements of the Company’s business and strategic objectives and support and challenge management in a proactive and constructive manner. A diverse composition of the Board supports and caters to the current and future needs in the successful development of the Company. The Nomination Board shall consider these principles of diversity in connection with preparing its proposals to the Annual General Meeting concerning the nomination of directors.

A diverse composition of the Board includes complementary education, competence, personal network and experience of its members in different professional fields and management of business in different development phases as well as the personal qualities of each Board member, all of which add to the diversity of the Board. Diversity is also supported by relevant experience in fields and markets that are strategically significant for the Company, now and in the future, by strong and relevant acumen in international environments and businesses, and by a diverse age, term of office and gender distribution.

Both genders shall be represented in the Board, and the aim of the Company is to maintain a balanced gender distribution. As means to maintain a balanced gender distribution in the Board, the Nomination Board seeks to include representatives of both genders in the Board candidates search and evaluation process. The status of diversity and progress in achieving the aforesaid objectives will be monitored by the Nomination Board in its assessment discussions and reported in the corporate governance statement.