Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2018-12-31 | 110769000000 | vDKK |
| ifrs-full:Assets | 2017-12-31 | 102355000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/09765242/ZG9rdW1lbnRsYWdlcjovLzAzLzc1LzYzLzdhLzIzL2YzZGEtNGEwMS1iNTJiLTA2YjI1ZjdmYjc2MQ.xml
Separator
The full data:
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the board of directors and executive management on the annual report</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:IdentificationOfApprovedAnnualReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Board of Directors and Executive Management approved the Annual Report of Novo Nordisk A/S for the year 2018. The Board of Directors and Executive Management are jointly responsible for ensuring the integrity and quality of the report.</td></tr></table></sob:IdentificationOfApprovedAnnualReport>
<sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report has been prepared in accordance with the International Integrated Reporting Framework.</td></tr><tr><td colspan="1">The Consolidated financial statements have been prepared in accordance with InterÂnational Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and in accordance with IFRS as endorsed by the EU and further reÂquirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Further, the Financial statements of the parent company and Management's review have been prepared in accordance with the Danish Financial Statements Act.</td></tr></table></sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement>
<sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Consolidated financial statements and the Financial statements of the parent company give a true and fair view of the financial position at 31 December 2018, the results of the Group's and parent company's operations, and consolidated cash flows for the financial year 2018.</td></tr></table></sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults>
<sob:ManagementsStatementAboutManagementsReview contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Furthermore, in our opinion, Management's review includes a true and fair account of the development in the operations and financial circumstances, of the results for the year and of the financial position of the Group and the parent company as well as a description of the most significant risks and elements of uncertainty facing the Group and the parent company.</td></tr></table></sob:ManagementsStatementAboutManagementsReview>
<sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Novo Nordisk's Consolidated social and environmental statements have been prepared in accordance with the reporting principles of materiality, inclusivity and responsiveness of AA1000APS(2008), and social and environmental accounting policies. They give a true and fair account and a balanced and reasonable presentation of the organisation's social and environmental performance in accordance with these principles.</td></tr></table></sob:ConfirmationThatSupplementaryReportsGiveTrueAndFairViewInAccordanceWithGenerallyAcceptedGuidelinesForSuchReports>
<sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table></sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting>
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<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2019-02-01</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Novo Nordisk A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Group's financial position at 31 December 2018 and of the results of the Group's operations and cash flows for the financial year 1 January to 31 December 2018 in accordance with International Financial Reporting Standards as issued by the InterÂnational Accounting Standards Board and in accordance with International Financial Reporting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company's financial position at 31 December 2018 and of the results of the Parent Company's operations for the financial year 1 January to 31 DeÂcember 2018 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditor's Long-form Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Consolidated Financial Statements of Novo Nordisk A/S for the financial year 1 January to 31 December 2018, pp 58-94, comprise income statement and statement of comprehensive income, cash flow statement, balance sheet, equity statement and notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">The Parent Company Financial Statements of Novo Nordisk A/S for the financial year 1 January to 31 December 2018, pp 114-118, comprise income statement, balance sheet, equity statement and notes, including summary of significant accounting policies.</td></tr><tr><td colspan="1">Collectively referred to as the âFinancial Statementsâ.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor's responsibilities for the audit of the Financial Statements section of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics StandÂards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were first appointed auditors of Novo Nordisk A/S in April 1982 for the financial year 1982. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 37 years including the financial year 2018.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2018. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</td></tr><tr><td colspan="1">Key audit matter</td></tr><tr><td colspan="1">Revenue recognition relating to rebates and discounts in the US business</td></tr><tr><td colspan="1">Sales to various customers in the US, can fall under certain commercial and government mandated contracts and reimbursement arrangements, of which the most signifÂicant are Managed Care, Medicare, Medicaid and charge-backs to wholesalers.</td></tr><tr><td colspan="1">These arrangements result in deductions to gross sales in arriving at net sales and give rise to obligations to provide customers with rebates, discounts and allowances, which for unsettled amounts are recognised as an accrual.</td></tr><tr><td colspan="1">We focused on this area because rebates, discounts and allowances are complex and because establishing an appropriate accrual requires significant judgement and estiÂmation by Management. This judgement is particularly complex in a US healthcare environment in which competitive pricing pressure and product discounting are growÂing trends.</td></tr><tr><td colspan="1">Refer to note 2.1 and note 3.6.</td></tr><tr><td colspan="1">Litigations</td></tr><tr><td colspan="1">The pharmaceuticals industry is heavily regulated which increases inherent litigation risk and litigation and contingent liabilities may arise from product-specific and general legal proceedings, from guarantees, marketing practices, unethical behaviour or government investigations connected with the Group's activities.</td></tr><tr><td colspan="1">We focused on this area as the amounts involved are potentially material and the valuation of the provision is based on application of material judgement and estiÂmation and therefore is associated with uncertainty. Accordingly, unexpected adverse outcomes could significantly impact the Group's reported profit and financial position.</td></tr><tr><td colspan="1">Refer to note 3.6.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We obtained Management's calculations for accruals under applicable schemes and assessed the significance of assumptions applied by comparing them to the stated commercial policies, the terms of the applicable contracts, third party data and historÂical levels of paid rebates and discounts in the US business.</td></tr><tr><td colspan="1">We compared the assumptions to contracted prices, historical rebates, discounts, alÂlowances and to current payment trends. We also considered the historical accuracy of the estimates in previous years.</td></tr><tr><td colspan="1">We formed an independent assessment of the most significant elements of the accrual at 31 December 2018 using third party data and compared this expectation to the actual accrual recognised.</td></tr><tr><td colspan="1">We discussed the status of significant known actual and potential litigation with inÂhouse legal counsel. We have obtained and substantively tested evidence to support the decisions and rationale for provisions held or decisions not to recognise provisions, including correspondence with external legal counsel and other counter-parties and considered Management's assessment of the probability of defending any litigation and the reliability of estimating any provisions.</td></tr><tr><td colspan="1">We assessed litigation history and other available evidence to assess the valuation and completeness of the provisions recognised by the Group. We have obtained conÂfirmations from external legal counsel to confirm our understanding of settled and outstanding litigation and asserted claims. We evaluated significant adjustments to legal provisions recorded during the year to determine if they were indicative of manÂagement bias.</td></tr><tr><td colspan="1">We have tested the completeness of the external legal counsels from whom we have asked for direct confirmation by testing legal expenses on a sample basis and comparÂing to internal documents.</td></tr></table></arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management's Review</td></tr><tr><td colspan="1">Management is responsible for Management's Review, pp 1-57 and pp 95-96.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management's Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management's Review and, in doing so, consider whether Management's Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Management's Review includes the disclosures reÂquired by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management's Review is in acÂcordance with the Consolidated Financial Statements and the Parent Company FinanÂcial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management's Review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and in accordÂance with International Financial Reporting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act and for the preparation of the parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as ManageÂment determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the parent company or to cease operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">⢠Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">â¢Â   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purÂpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">â¢Â   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">â¢Â   Conclude on the appropriateness of Management's use of the going concern baÂsis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">â¢Â   Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underÂlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">â¢Â   Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the ConÂsolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance (the Board of Directors) regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have comÂplied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
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<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Employees</td></tr><tr><td colspan="1">Novo Nordisk aims to be an attractive employer that offers a safe and healthy, inclusive and engaging working environment in which all employees have equal opportunities to realise their potential. At the end of 2018, the total number of employees was 43,202, corresponding to 42,672 full-time positions, which is a 1% increase compared with 2017. The development in employees was mainly driven by Region China, Region Europe, the global service centre in Bangalore, India and expansions of production facilities in Algeria, China and the US. Employee turnover increased from 11.0% in 2017 to 11.7% in 2018 as a result of organisational adjustments in line with the company's strategy for growth.</td></tr><tr><td colspan="1">In 2018, Novo Nordisk restructured the R&amp;D organisation to accelerate the expansion and diversification of its pipeline and enable increased investment in transformational biological and technological innovation. Additional restructuring initiatives across functions and geographies were made to support the commercial activities for the portfolio of innovative products. Consequently, the total workforce was reduced by approximately 1,300 employees. These reductions are not yet fully reflected in the reported number of full-time positions for the year 2018 due to notice periods in the various jurisdictions.</td></tr><tr><td colspan="1">Novo Nordisk's commitment to respect and support human and labour rights for its employees is described in the Global Labour Guidelines, a uniform minimum labour standard for all Novo Nordisk sites and employees. The guidelines cover Working Hours, Living Wage and Leave, Employee Privacy, Equal Treatment and Non-Discrimination, Employee Representation, Forced and Child Labour, Grievance Mechanisms and other related Novo Nordisk policies and guidelines. An ongoing risk management process is in place to identify, prevent, mitigate and account for Novo Nordisk's potential adverse human and labour rights impacts. To date, Novo Nordisk has reported mitigated actions related to living wage, child labour, non-discrimination, equal treatment, employee representation, freedom of association and working hours. In 2018, the Global Labour Guidelines underwent an external expert review. Actions will be taken and reported in 2019. Read more at novonordisk.com/sustainable-business.html</td></tr><tr><td colspan="1">By the end of 2018, the gender distribution among managers was 60% men and 40% women, unchanged from 2017. Of the newly promoted managers, 38% were women, compared with 43% in 2017. The decreasing share of women among newly appointed managers was driven by fewer women appointed to entry level positions (manager and team leader). At the same time a higher share of women were appointed to senior management positions (SVP, CVP, VP and GM), especially among external hires.</td></tr><tr><td colspan="1">Diversity, including a strong focus on gender diversity, remains high on the agenda. Novo Nordisk acknowledges the value and strength of diversity and is continuously assessing progress and impact. Several key initiatives are taken to accelerate the readiness and pipeline of diverse senior leaders and to further embed diversity and inclusion.</td></tr><tr><td colspan="1">Section 99b of the Danish Financial Statements Act requires that Danish companies of a certain size report on diversity. Of the various Novo Nordisk subsidiaries, four Danish subsidiaries are required to report on diversity due to the size of the four companies. The four companies are Novo Nordisk Pharmatech A/S, NNE A/S and two regional holding companies: Novo Nordisk Region Europe A/S and Novo Nordisk Region International Operations A/S. The Board of Directors for all four companies meet the Danish diversity requirements. (See p 47) on diversity in the Novo Nordisk Board of Directors.</td></tr><tr><td colspan="1">The average frequency rate of occupational accidents with absence was 2.4 per million working hours in 2018 compared with 2.7 in 2017. As in 2017, there were no work-related fatalities in 2018. Novo Nordisk works with a zero-injury mindset and remains comÂmitted to continuously improving safety performance. Employees are encouraged to always make the safe choice, and it is emphasised that safety behaviour is part of the company values.</td></tr><tr><td colspan="1">Nomination, self-evaluation and diversity</td></tr><tr><td colspan="1">To ensure that discussions include multiple perspectives representing the complex, global pharmaceutical environment, the Board of Directors aspires to be diverse in gender and nationality.</td></tr><tr><td colspan="1">In 2016, the Board of Directors adjusted its diversity ambition and set new targets with the aim of consisting, by 2020, of at least two shareholder-elected board members with Nordic nationality and at least two shareholder-elected board members with a nationality other than Nordic â and at least three shareholder-elected board members of each gender.</td></tr><tr><td colspan="1">As of 31 December 2018, two shareholderelected board members were female and six were male, while six of the eight shareholder-elected board members were non-Nordic and two were Nordic. The company thus fulfilled its nationality ambition, but did not fulfil its gender ambition. At the Annual General Meeting in 2018, two male candidates were nominated. The selection process was undertaken by the Nomination Committee, which identified several suitable candidates with the assistance of an executive search firm. It was a requirement that diversity was taken into account with regard to experience, background, gender and origin. In the end, the best suitable candidates were male and non-Nordic. The Board of Directors will continue to work on securing the desired diversity on the Board by 2020.</td></tr><tr><td colspan="1">In accordance with section 99b of the Danish Financial Statements Act, Novo Nordisk discloses its gender diversity policy, targets and current performance (see p 15). Novo Nordiskâs diversity policy is available at novonordisk.com.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Social performance</td></tr><tr><td colspan="1">Novo Nordisk accounts for social performance on three dimensions: patients, employees and responsible business in pursuit of the ambition to be a sustainable business. Policies are in place to prevent any unwanted impacts and promote social progress through global access to healthcare, a safe, healthy and inclusive working environment with equal opportunities for all, business conduct with respect of others' integrity and human rights, and financial contributions to communities where Novo Nordisk operates.</td></tr><tr><td colspan="1">Patients</td></tr><tr><td colspan="1">Novo Nordisk's business is built on the ambition to drive change to defeat diabetes and other serious chronic diseases. This involves helping people with these diseases live betÂter, healthier lives and enhancing access to medical treatment and quality of care.</td></tr><tr><td colspan="1">In 2018, Novo Nordisk provided medical treatment to an estimated 29.2 million people with diabetes worldwide, compared with 27.7 in 2017. This 5% increase was primarily driven by sales of human insulin (0.6 million people) and long-acting, premix and fast-acting modern and new-generation insulin (0.6 million people).</td></tr><tr><td colspan="1">Through Novo Nordisk's Access to Insulin Commitment, the company guarantees to provide low-priced human insulin to governments in the poorest parts of the world and selected humanitarian organisations at a ceiling price of USD 4 per vial. As a result, an estimated 0.3 million people were treated with insulin for on average USD 0.12 per day as in 2017. Beyond this commitment, Novo Nordisk sold human insulin at or below the ceiling price in other countries, reaching an estimated 5 million people in 2018, which is the same level as in 2017.</td></tr><tr><td colspan="1">As of 2019, the guarantee is expanded to include 29 middle-income countries as defined by the World Bank. This means that a total of 78 countries, home of 124 million people with diabetes as well as selected humanitarian organisations, can benefit from this guarantee.</td></tr><tr><td colspan="1">Novo Nordisk has several initiatives, programmes and partnerships focused on increasing access to care all over the world. See novonordisk.com/sustainable-business/ performance-on-tbl/access-to-care.html.</td></tr><tr><td colspan="1">Novo Nordisk takes a patient-centred approach in its care delivery model and learns with patients. (See p 37) and novonordisk.com/patients/DEEP.html.</td></tr><tr><td colspan="1">Responsible business</td></tr><tr><td colspan="1">Measures are taken to ensure that Novo Nordisk conducts its business in a responsiÂble way, in accordance with the company's Triple Bottom Line business principle.</td></tr><tr><td colspan="1">Business ethics and human rights</td></tr><tr><td colspan="1">In 2018, Novo Nordisk updated and expanded its Business Ethics Code of Conduct. Business ethics is about acting with integrity and in compliance with international standards for responsible business conduct. As part of the update, the Code of Conduct now incorporates Novo Nordisk's commitment to meet the corporate responsibility to respect human rights as set out in the UN Guiding Principles on Business and Human Rights. This commitment was reemphasised to all employees and business partners in December 2018, when Novo Nordisk took an active part in marking the 70th anniversary of the Universal Declaration of Human Rights.</td></tr><tr><td colspan="1">Progress was made in regard to management of salient human rights issues beyond those already addressed by existing global standards and programmes. In 2018, achievements include increasing the share of Novo Nordisk subsidiaries providing access to safety reporting with local language directions on local websites, from 83% in 2017 to 90% in 2018. Human rights risks in the direct spend supply chain were assessed, with a focus on modern slavery risks with support from independent third party experts. See Novo Nordisk's modern slavery statement at novonordisk.com/annualreport.</td></tr><tr><td colspan="1">Training in business ethics is mandatory and a high priority. Annual business ethics training is required for all employees, including new hires. Business ethics training is therefore a key element of the onboarding programmes. In 2018, as in 2017, 99% of all relevant employees completed and documented their training. This high level is attributed to the constant focus on and comÂmunication by senior management of the importance of business ethics compliance.</td></tr><tr><td colspan="1">A total of 33 business ethics reviews were completed in 2018 with 113 findings, compared with 34 reviews with 130 findings in 2017. Based on the completed business ethics reviews, it is Group Internal Audits assessment that the business ethics compliance level, in 2018 as in 2017, is sound. Management action plans and closure of findings progressed as planned, and there were no overdue Management actions or findings at the end of the year.</td></tr><tr><td colspan="1">In 2018, a total of 294 supplier audits were conducted to assess compliance levels with the company's standards for suppliers. These audits are undertaken by Novo Nordisk's own organisation. Of these, 19 were responsible sourcing audits compared with 28 in 2017. The decrease is due to the fact that most new suppliers to production in 2018 were categorised as low risk suppliers. Only high-risk suppliers, identified through a robust risk assessment, are selected for responsible sourcing audits. There were no critical findings in 2018.</td></tr><tr><td colspan="1">Product quality</td></tr><tr><td colspan="1">Novo Nordisk had three product recalls from the market in 2018, compared with six in 2017. None of these recalls were critical. Local health authorities were informed in all instances to ensure that distributors, pharmacies, doctors and patients received appropriate information.</td></tr><tr><td colspan="1">In 2018, as in 2017, there were no failed inspections by regulatory authorities among those resolved at year-end. A total of 75 inspections were conducted in 2018 at Novo Nordisk's sites, at clinics conducting investigations for Novo Nordisk or for voluntary ISO 9001 certification, compared with 83 inspections in 2017. At year-end, 55 inspections had been passed and 20 were unresolved.</td></tr><tr><td colspan="1">Responsible tax approach</td></tr><tr><td colspan="1">Novo Nordisk's tax approach is to pursue a competitive tax level in a responsible way. As a general rule, Novo Nordisk subsidiaries pay corporate taxes in the countries in which they operate and where business activity generates profits, earned in accordance with international transfer pricing rules. A competitive tax level implies achieving a tax level around the peer-group average. The company has a balanced tax risk profile and does not engage in tax avoidance activities. See note 2.6 income taxes and deferred income taxes on p 72 and note 9.7 total tax contriÂbution on p 102.</td></tr><tr><td colspan="1">To create certainty regarding tax payments, Novo Nordisk has applied for advance pricÂing agreements (APAs) in key countries. The ambition is to have APAs covering more than two-thirds of total sales. An APA is an up-front agreement between the tax authorities in two or more countries, covering the pricing methodologies for relevant intercompany transactions, thereby determining the level of taxable income for the countries in question. An APA typically covers a future period of five tax years.</td></tr><tr><td colspan="1">Novo Nordisk has APAs in place covering intercompany transactions with the US, Canada, Japan, India and China corresponding to more than 60% of total sales.</td></tr><tr><td colspan="1">Novo Nordisk's tax strategy is endorsed by the Board of Directors.</td></tr><tr><td colspan="1">Long-term social targets</td></tr><tr><td colspan="1">Long-term social targets reflect Novo Nordisk's ambition to be a sustainable business and support long-term financial performance, balancing responsibility with profitability, with the aim of creating sustainable value for shareholders and other stakeholders.</td></tr><tr><td colspan="1">Novo Nordisk has two long-term social targets related to employee engagement and reputation.</td></tr><tr><td colspan="1">The level of employee engagement and commitment to the company's values remains high. In the annual employee survey, conducted in the second quarter of 2018, 91% of employees responded positively to a set of questions to measure the level of engagement compared with 90% in 2017. The target is at least 90%.</td></tr><tr><td colspan="1">Novo Nordisk's reputation among key stakeholders -people with diabetes, general practitioners and diabetes specialists - is an indicator of the extent to which the company lives up to stakeholders' expectations and the likelihood that they will trust, support and engage with the company. The company reputation score, measured on a scale of 0-100, increased to 83.3, from 79.3 in 2017. Data were collected between June and September 2018; a score between 70 and 80 is considered strong. The target is at least 80.</td></tr><tr><td colspan="1">Read more details in the social statement on pp 97-102 and at novonordisk.com/sustainable-business.html.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate governance</td></tr><tr><td colspan="1">The Board of Directors of Novo Nordisk focuses on good governance practices. After 13 years of service on the Board, Goran Ando did not seek re-election at the Annual General MeetÂing in 2018 and Helge Lund was elected as the new chair of the Board. The general meeting elected two new board members while the employees of Novo Nordisk A/S elected two new members of the Board and re-elected two others. The Board decided that the Research &amp; Development Committee should continue as a permanent committee. A new chief financial officer was also appointed.</td></tr><tr><td colspan="1">Governance structure</td></tr><tr><td colspan="1">Shareholders</td></tr><tr><td colspan="1">The shareholders of Novo Nordisk have ultimate authority over the company and exercise their right to make decisions at general meetings. At the Annual General Meeting, shareholders approve the annual report and any amendments to the company's Articles of Association. Shareholders also elect board members and the independent auditor. Resolutions can generally be passed by a simple majority. However, resolutions to amend the Articles of Association require two-thirds of the votes cast and capital represented, unless other adoption requirements are imposed by the Danish Companies Act.</td></tr><tr><td colspan="1">Novo Holdings A/S holds the majority of votes at general meetings. However, all strategic and operational matters are decided solely by the Board of Directors and Executive Management. Read more about the ownership structure of Novo Nordisk on pp 44-45.</td></tr><tr><td colspan="1">Board of Directors</td></tr><tr><td colspan="1">Novo Nordisk has a two-tier management structure consisting of the Board of Directors and Executive Management. The two bodies are separate, and no one serves as a member of both.</td></tr><tr><td colspan="1">The Board of Directors supervises Executive Management, determines the company's overall strategy and follows up on its implementation, the performance, ensures adequate management and organisation and, as such, actively contributes to developing the company as a focused, sustainable, global pharmaceutical company. The Board of Directors may also distribute extraordinary dividends, issue new shares or repurchase shares in accordance with authorisations granted by the Annual General Meeting and recorded in the meeting minutes available at novonordisk.com/about_us.</td></tr><tr><td colspan="1">Shareholder-elected board members serve for a one-year term and may be reelected. Board members must retire at the first Annual General Meeting after reaching the age of 70. One board member is a member of the Board of Directors of Novo Holdings A/S, and one board member is chief executive officer of Novo Holdings A/S and may be regarded as representing the interests of the controlling shareholder, while six of the eight shareholder-elected board members are independent as defined by the Danish Corporate Governance Recommendations.</td></tr><tr><td colspan="1">Under Danish law, employees in Denmark may elect a number of board members equalling half of the board members elected by general meetings. Board members elected by employees serve for a statutory four-year term and have the same rights, duties and responsibilities as shareholder-elected board members. Read more about the members of the Board of Directors on pp 50-51 and at novonordisk.com/about_us.</td></tr><tr><td colspan="1">As of 31 December 2018, the Board of Directors consisted of 12 members, eight of whom were elected by shareholders and four by employees in Denmark. The Board of Directors met seven times during 2018. At the Annual General Meeting in March 2018, Goran Ando did not seek re-election and Helge Lund was elected as the new chair of the Board. Andreas Fibig and Martin Mackay were elected as new members of the Board of Directors. Furthermore, at the election of employee representatives to the Board, Mette Bøjer Jensen and Thomas Rantzau were elected as new members and, conseÂquently, Liselotte Hyveled and Søren Thuesen Pedersen stepped down from the Board.</td></tr><tr><td colspan="1">Nomination, self-evaluation and diversity</td></tr><tr><td colspan="1">A proposal for nomination of shareholder-elected board members is presented by the Nomination Committee to the Board of Directors, taking into account required competences as defined by the competence profile and reflecting the results of a self-evaluation process.</td></tr><tr><td colspan="1">In order to support continued fulfilment of the Novo Nordisk Way, the criteria for board members described in the competence profile include integrity, accountability, fairness, financial literacy, commitment and desire for innovation. Board members are also expected to have experience of managing major companies that develop, manufacture and market products and services globally, and some members should have specific experience from the healthcare sector. The competence profile, which includes the nomination criteria, is available at novonordisk.com/about_us.</td></tr><tr><td colspan="1">In 2018, the Board of Directors revised the competence profile by adjusting the competences that should be represented on the Board to ensure that they meet the future demands of the company.</td></tr><tr><td colspan="1">The Board of Directors conducts a self-evaluation every year. The self-evaluation includes all members of the Board and Executive Management. The chair has overall responsibility for conducting the self-evaluation. The self-evaluation is facilitated every third year by external consultants, who interview all members of the Board of Directors and Executive Management. For the subsequent two years, the self-evaluation is facilitated by the secretary of the Nomination Committee based on written questionnaires. The process evaluates topics such as board dynamics, board agenda and discussions, strategy, culture, executive succession, board composition, succession, potential overboarding and training as well as the performance of the Chairmanship and the board committees. In addition, each member of the Board of Directors and Executive Management is provided with feedback from all other board members and executives on their individual performance.</td></tr><tr><td colspan="1">In 2018, the self-evaluation was facilitated internally and, in general, revealed good performance by the Board and good collaboration between the Board and Executive Management. The process also resulted in continued focus on the implementation of the Research &amp; Development strategy, sourcing of external innovation, commercialisation of the company's products and the development of the company culture.</td></tr><tr><td colspan="1">Board committees</td></tr><tr><td colspan="1">Chairmanship</td></tr><tr><td colspan="1">The Chairmanship consists of the chair and the vice chair, both of whom are elected directly by general meetings. In 2018, the Annual General Meeting elected Helge Lund as chair and Jeppe Christiansen as vice chair. The Chairmanship assists the Board of Directors in the planning of Board meetings, employment of Executive Management and other assignments as decided by the Board.</td></tr><tr><td colspan="1">In 2018, the Chairmanship focused particularly on discussing strategy execution across the value chain, commercialisation strategies in different markets, partnering and acquisition to access external innovation, talent and leadership development, succession preparedness, development of the company culture and adapting the board agenda to meet the future needs of the company.</td></tr><tr><td colspan="1">Audit Committee</td></tr><tr><td colspan="1">The Audit Committee assists the Board of Directors with oversight of the external auditors, the internal audit function, handling hotline complaints, financial, social and environmental reporting, business ethics compliance, information security, insurance coverage, special theme reviews and other tasks on an ad hoc basis, as specifically decided by the Board. All members have relevant industry expertise. For independence see p 51.</td></tr><tr><td colspan="1">The Audit Committee is appointed by the Board and consists of</td></tr><tr><td colspan="1">â¢Â   Liz Hewitt (chair; financial expert)</td></tr><tr><td colspan="1">â¢Â   Andreas Fibig</td></tr><tr><td colspan="1">â¢Â   Sylvie Grégoire</td></tr><tr><td colspan="1">â¢Â   Stig Strøbæk</td></tr><tr><td colspan="1">In 2018, the Audit Committee focused particularly on reviewing and discussing work performed by internal and external auditors and held focused sessions on risks and internal controls in key areas such as Product Supply, International Operations and North America Operations. The Audit Committee also discussed key accounting policies and estimates, including provisions for sales rebates, indirect production costs and ongoing tax and legal cases. Finally, it reviewed and discussed the status of Information Security and Business Ethics Compliance within Novo Nordisk.</td></tr><tr><td colspan="1">Nomination Committee</td></tr><tr><td colspan="1">The Nomination Committee assists the Board with oversight of the competence profile and composition of the Board, nomination of members and committees, and other tasks on an ad hoc basis, as specifically decided by the Board.</td></tr><tr><td colspan="1">The Nomination Committee is appointed by the Board and consists of</td></tr><tr><td colspan="1">â¢Â   Helge Lund (chair)</td></tr><tr><td colspan="1">â¢Â   Sylvie Grégoire</td></tr><tr><td colspan="1">â¢Â   Kasim Kutay</td></tr><tr><td colspan="1">â¢Â   Mette Bøjer Jensen</td></tr><tr><td colspan="1">In 2018, the Nomination Committee focused particularly on identifying and interviewing candidates. It also reviewed and recommended a revision of the desired competences to be represented on the Board and reviewed the board members' competences based on a self-evaluation conducted by each board member.</td></tr><tr><td colspan="1">Remuneration Committee</td></tr><tr><td colspan="1">The Remuneration Committee assists the Board with oversight of the remuneration policy as well as the actual remuneration of board members, board committees and Executive Management.</td></tr><tr><td colspan="1">The Remuneration Committee is appointed by the Board and consists of</td></tr><tr><td colspan="1">â¢Â   Jeppe Christiansen (chair)</td></tr><tr><td colspan="1">â¢Â   Brian Daniels</td></tr><tr><td colspan="1">â¢Â   Liz Hewitt</td></tr><tr><td colspan="1">â¢Â   Anne Marie Kverneland</td></tr><tr><td colspan="1">98% attendance at board meetings in 2018. See pp 50-51 for a detailed attendance overview for current board members.</td></tr><tr><td colspan="1">In 2018, the Remuneration Committee focused particularly on assessing and recomÂmending to the Board remuneration levels for new executives. It also reviewed and recommended to the Board appropriate levels of remuneration for the executives based on available benchmark data. In addition, the Remuneration Committee conducted general reviews of various executive remuneration components and terms such as short-term incentives, long-term incentives, terminaÂtion and severance payments, claw back provisions etc.</td></tr><tr><td colspan="1">Research &amp; Development Committee</td></tr><tr><td colspan="1">The Research &amp; Development Committee assists the Board with oversight of the research and development strategy, the pipeline, the R&amp;D organisation and other tasks on an ad hoc basis, as specifically decided by the Board. The Research &amp; Development Committee was established in March 2017 in light of the updated research and development strategy and priorities as a temporary board committee.</td></tr><tr><td colspan="1">In 2018, the Board decided that the Research &amp; Development Committee should continue as a permanent committee and revised its charter to include additional responsibilities.</td></tr><tr><td colspan="1">The Research &amp; Development Committee is appointed by the Board and consists of</td></tr><tr><td colspan="1">â¢Â   Martin Mackay (chair)</td></tr><tr><td colspan="1">â¢Â   Brian Daniels</td></tr><tr><td colspan="1">â¢Â   Sylvie Grégoire</td></tr><tr><td colspan="1">â¢Â   Thomas Rantzau</td></tr><tr><td colspan="1">In 2018, the Research &amp; Development Committee focused particularly on reviewÂing the results of clinical trials and discussed potential additional research and development activities to further explore opportunities within subcutaneous and oral GLP-1 as well as competitor initiatives. In addition, the committee discussed the potential opportunities for addressing unmet needs in NASH and atherosclerosis. It also reviewed potential external research collaborations as well as acquisitions. The committee also discussed elements to further enhance the R&amp;D organisations' performance, re-allocation of resources and succession management.</td></tr><tr><td colspan="1">See the Corporate Governance Report or novonordisk.com/about_us for a more detailed description of the board committees, their charters, details on members and full reports on the board committees' activities in 2018.</td></tr><tr><td colspan="1">Executive Management</td></tr><tr><td colspan="1">Executive Management is responsible for overall day-to-day management, the organisation of the company, allocation of resources, determination and implementation of strategies and policies, direction setting, and ensuring timely reporting and provision of information to the Board of Directors and Novo Nordisk's stakeholders. Executive Management meets at least once a month. The Board of Directors appoints members of Executive Management and determines their remuneration.</td></tr><tr><td colspan="1">The Chairmanship reviews the performance of the executives. To ensure the organisational implementation of the strategy, Executive Management has established a Management Board consisting of the chief executive officer, executive vice presidents and senior vice presidents.</td></tr><tr><td colspan="1">As of 31 December 2018, Executive Management consisted of nine members including the chief executive officer. On 15 February 2018, Karsten Munk Knudsen was appointed chief financial officer, succeeding Jesper Brandgaard, who retained responsibility for Biopharm and Global Legal &amp; Patents as a continuing member of Executive Management.</td></tr><tr><td colspan="1">The two executives who are based outside Denmark and who have responsibility for International Operations and North America Operations, respectively, are not registered as executives with the Danish Business Authority.</td></tr><tr><td colspan="1">Assurance</td></tr><tr><td colspan="1">The company's financial reporting and the internal controls of financial reporting processes are audited by an independent audit firm elected at the Annual General Meeting. As part of Novo Nordisk's commitment to its social and environmental responsibility, the company voluntarily includes an assurance report for social and environmental reporting in the annual report. The assurance provider reviews whether the social and environmental performance information covers aspects that are deemed to be material, and verifies the internal control processes for the information reported.</td></tr><tr><td colspan="1">Novo Nordisk's internal audit function provides independent and objective assurance, primarily within internal control of financial processes, IT security and business ethics. To ensure that the internal financial audit function operates independently of Executive Management, its charter, audit plan and budget are approved by the Audit Committee. The Audit Committee must approve the appointment, remuneration and dismissal of the head of the internal audit function.</td></tr><tr><td colspan="1">Other types of assurance activity - quality audits and values audits, known as facilitations - help to ensure that the company adheres to high quality standards and operates in accordance with the Novo Nordisk Way. Read more about the Novo Nordisk Way on p 6.</td></tr><tr><td colspan="1">Compliance with corporate governance codes</td></tr><tr><td colspan="1">Novo Nordisk's B shares are listed on Nasdaq Copenhagen and on the New York Stock Exchange (NYSE) as American Depository Receipts (ADRs).</td></tr><tr><td colspan="1">Today, Novo Nordisk adheres to all of the Danish Corporate Governance Recommendations designated by Nasdaq Copenhagen except the following four recommendations</td></tr><tr><td colspan="1">3.4.2  Independence of board committees: the majority of the members of the Nomination Committee and the Remuneration Committee are not independent.</td></tr><tr><td colspan="1">3.4.6  Tasks of the Nomination Committee: responsibility for succession management and recommending candidates for the Executive Management resides with the Chairmanship and not with the Nomination Committee.</td></tr><tr><td colspan="1">3.4.7 Tasks of the Remuneration Committee: responsibility for the remuneration policy applicable to employees in general resides with Executive Management and not with the Remuneration Committee.</td></tr><tr><td colspan="1">4.1.5 Termination payments: two executives' employment contracts entered into before 2008 allow for severance payments of more than 24 months' fixed base salary plus pension contribution, and thus the total value of the remuneration relating to the notice period and of the severance payment exceeds two years of remuneration.</td></tr><tr><td colspan="1">For more information, see the Statutory Corporate Governance Report.</td></tr><tr><td colspan="1">Novo Nordisk complies with the corporate governance standards of NYSE applicable to foreign listed private issuers. A summary of the significant ways in which Novo Nordisk's corporate governance practices differ from the NYSE corporate governance listing standards can be found in the Statutory Corporate Governance Report.</td></tr><tr><td colspan="1">The applicable corporate governance codes for each stock exchange, the Statutory Corporate Governance Report, in accordance with section 107b of the Danish Financial Statements Act, and an overview of Novo Nordisk's compliance with and explanations for all applicable Nasdaq and NYSE Corporate Governance recommendations, are all available at novonordisk.com/about-novo-nordisk/corporate-governance/Recommendations-and-practices.html</td></tr><tr><td colspan="1">Disclosure regarding change of control</td></tr><tr><td colspan="1">The EU Takeover Bids Directive, as partially implemented by the Danish Financial Statements Act, requires listed companies to disclose information that may be of interest to the market and potential takeover bidders, in particular in relation to disclosure of change-of-control provisions.</td></tr><tr><td colspan="1">Novo Nordisk discloses that the Group has one significant agreement with a US payer which takes effect, alters or terminates upon a change of control of the Group. If effected, a take-over could - at the discretion of the relevant counterparty - lead to the termination of such agreement. Given the ownership structure of Novo Nordisk, the risk is considered to be remote.</td></tr><tr><td colspan="1">For information about the ownership structure of Novo Nordisk, see âShares and capital structure' on pp 44-45. For information on change-of-control clauses in relation to employee contracts for Executive Management, see âRemuneration' on pp 53-57.</td></tr></table></mrv:CorporateGovernanceReport>
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<ifrs-full:FinanceCosts contextRef="ctx24" unitRef="vDKK" decimals="-6">726000000</ifrs-full:FinanceCosts>
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<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" xml:lang="da">Net profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx25" unitRef="vDKK" decimals="-6">38628000000</ifrs-dk:AmountOfComponentOfCashFlowsFromUsedInOperatingActivities>
<ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities contextRef="ctx26" xml:lang="da">Net profit for the year</ifrs-dk:NameOfComponentOfCashFlowsFromUsedInOperatingActivities>
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<ifrs-full:CashAndCashEquivalents contextRef="ctx37" unitRef="vDKK" decimals="-6">18461000000</ifrs-full:CashAndCashEquivalents>
<cmn:NameOfAuditFirm contextRef="ctx38" xml:lang="da">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx38">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx38" xml:lang="da">Mogens Nørgaard Mogensen</cmn:NameAndSurnameOfAuditor>
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<arr:IdentificationNumberOfAuditor contextRef="ctx38">mne21404</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx39" xml:lang="da">Mads Melgaard</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx39" xml:lang="da">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx39">mne34354</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx39">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
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