Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2019-12-31 | 125612000000 | vDKK |
| ifrs-full:Assets | 2018-12-31 | 110769000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/09765242/amNsb3VkczovLzAzLzQzL2NiLzljLzhhLzM4NzctNDNiOS04YWViLTc4OTc2OTNjMWQ3ZQ.xml
Separator
The full data:
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<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="2">Corporate governance</td></tr><tr><td colspan="2">The Board of Directors of Novo Nordisk focuses on good governance practices. In 2019, one new board member was appointed at the Annual General Meeting. Two members of Executive Management left Novo Nordisk after more than 20 years with the company and two new members of Executive Management were appointed.</td></tr><tr><td colspan="2">Governance structure</td></tr><tr><td colspan="2">Shareholders</td></tr><tr><td colspan="2">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 companyâs 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="2">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 in 'Shares and capital structure'.</td></tr><tr><td colspan="2">Board of Directors</td></tr><tr><td colspan="2">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="2">The Board of Directors supervises Executive Management, determines the companyâs 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 shareholders at the Annual General Meeting and recorded in the meeting minutes available at novonordisk.com/about_us.</td></tr><tr><td colspan="2">Shareholder-elected board members serve for a one-year term and may be re-elected. 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 seven of the nine shareholder-elected board members are independent as defined by the Danish Corporate Governance Recommendations.</td></tr><tr><td colspan="2">Under Danish law, employees in Denmark may elect a number of board members equalling half of the shareholder-elected board members. 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. The employee-elected board members are up for election again in 2022. Read more about the members of the Board of Directors and at novonordisk.com/about_us.</td></tr><tr><td colspan="2">As of 31 December 2019, the Board of Directors consisted of 13 members, nine of whom were elected by shareholders and four of whom were elected by employees based in Denmark. The Board of Directors met eight times during 2019. At the Annual General Meeting in March 2019, Laurence Debroux was elected as new member of the Board of Directors.</td></tr><tr><td colspan="2">Nomination, self-evaluation and diversity</td></tr><tr><td colspan="2">A proposal for election or re-election of shareholder-elected board members is presented by the Nomination Committee to the Board of Directors. When recommending candidates to be nominated by the Board, the Nomination Committee considers factors such as the balance between renewal and continuity, the desired competences and experience, the performance of the individual Board members, the ambition for diversity as well as independence considerations.</td></tr><tr><td colspan="2">To support continued fulfilment of the Novo Nordisk Way, in the Board competence profile the Board of Directors has determined that the Board members should possess integrity, accountability, fairness, financial literacy, commitment and desire for innovation. Additionally, the following competences and experience should be represented on the Board: global business management, strategic operations and governance, healthcare industry and market access, research and development, technology and digitalisation, M&amp;A and external innovation sourcing, people leadership and change management as well as finance and accounting, cf. the biographies of Board members in the overview 'Board of Directors'. The competence profile, which includes the nomination criteria, is available at novonordisk.com/about_us.</td></tr><tr><td colspan="2">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 and succession, potential over-boarding 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="2">In 2019, the Board 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 R&amp;D strategy, on commercial execution and on being a sustainable company.</td></tr><tr><td colspan="2">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="2">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="2">As of 31 December 2019, three shareholder-elected board members were female and six were male, while seven of the nine shareholder-elected board members were non-Nordic and two were Nordic. The company thus fulfilled its nationality ambition and its gender ambition. The Board of Directors will revisit its diversity ambition in 2020 and, if needed, adjust the numbers and parameters which are currently fulfilled.</td></tr><tr><td colspan="2">In accordance with section 99b of the Danish Financial Statements Act, Novo Nordisk discloses current performance on diversity in the 'Social performance' section. Novo Nordiskâs diversity policy is available at novonordisk.com.</td></tr><tr><td colspan="2">Board committees</td></tr><tr><td colspan="2">Chairmanship</td></tr><tr><td colspan="2">The Chairmanship consists of the chair and the vice chair, both of whom are elected directly by the shareholders at the general meetings. At the Annual General Meeting in 2019, Helge Lund was re-elected as chair and Jeppe Christiansen was re-elected 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="2">In 2019, the Chairmanship particularly discussed commercial execution within the therapy areas and in different markets, partnering and acquisition to access external innovation as well as talent and leadership development, supervising the changes in Executive Management and development of the company culture.</td></tr><tr><td colspan="2">Audit Committee</td></tr><tr><td colspan="2">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 table on meeting participation in 2019.</td></tr><tr><td colspan="2">The Audit Committee is appointed by the Board and consists of</td></tr><tr><td>â¢</td><td>Liz Hewitt (chair; financial expert)</td></tr><tr><td>â¢</td><td>Laurence Debroux (financial expert)</td></tr><tr><td>â¢</td><td>Andreas Fibig</td></tr><tr><td>â¢</td><td>Sylvie Grégoire</td></tr><tr><td>â¢</td><td>Stig Strøbæk</td></tr><tr><td colspan="2">In 2019, 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 North America Operations, Product Supply and International 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. The Audit Committee also reviewed and discussed the status of Information Security and Business Ethics Compliance within Novo Nordisk. Finally, the Audit Committee recommended a preferred external auditor which is to be selected by the Annual General Meeting in 2021.</td></tr><tr><td colspan="2">Nomination Committee</td></tr><tr><td colspan="2">The Nomination Committee assists the Board with oversight of the competence profile and composition of the Board, nomination of members and committees, the corporate governance of the company and other tasks on an ad hoc basis, as specifically decided by the Board.</td></tr><tr><td colspan="2">The Nomination Committee is appointed by the Board and consists of</td></tr><tr><td>â¢</td><td>Helge Lund (chair)</td></tr><tr><td>â¢</td><td>Sylvie Grégoire</td></tr><tr><td>â¢</td><td>Kasim Kutay</td></tr><tr><td>â¢</td><td>Mette Bøjer Jensen</td></tr><tr><td colspan="2">In 2019, the Nomination Committee focused particularly on reviewing the composition of the Board and considered long-term succession planning. It also reviewed the desired competences to be represented on the Board.</td></tr><tr><td colspan="2">Remuneration Committee</td></tr><tr><td colspan="2">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="2">The Remuneration Committee is appointed by the Board and consists of</td></tr><tr><td>â¢</td><td>Jeppe Christiansen (chair)</td></tr><tr><td>â¢</td><td>Brian Daniels</td></tr><tr><td>â¢</td><td>Liz Hewitt</td></tr><tr><td>â¢</td><td>Anne Marie Kverneland</td></tr><tr><td colspan="2">In 2019, the Remuneration Committee focused particularly on conducting a general review of executive remuneration, including proposing changes to the base salary, the pension, the short-term cash-based incentive programme, the long-term share-based incentive programme, the shareholding requirement, etc., and on developing of a new Remuneration Policy to be approved by the Annual General Meeting and a new separate Remuneration Report to be presented to the Annual General Meeting.</td></tr><tr><td colspan="2">Research &amp; Development Committee</td></tr><tr><td colspan="2">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.</td></tr><tr><td colspan="2">The Research &amp; Development Committee is appointed by the Board and consists of</td></tr><tr><td>â¢</td><td>Martin Mackay (chair)</td></tr><tr><td>â¢</td><td>Brian Daniels</td></tr><tr><td>â¢</td><td>Sylvie Grégoire</td></tr><tr><td>â¢</td><td>Thomas Rantzau</td></tr><tr><td colspan="2">In 2019, the Research &amp; Development Committee focused particularly on reviewing 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. It also reviewed potential external research collaborations as well as acquisitions.</td></tr><tr><td colspan="2">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 committeesâ activities in 2019.</td></tr><tr><td colspan="2">Executive Management</td></tr><tr><td colspan="2">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 Nordiskâs stakeholders. Executive Management meets at least once a month. The Board of Directors appoints members of Executive Management and determines their remuneration. The Chairmanship reviews the performance of the executives.</td></tr><tr><td colspan="2">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="2">As of 31 December 2019, Executive Management consisted of nine members including the chief executive officer. As of April 2019, Jesper Brandgaard retired from Novo Nordisk and Ludovic Helfgott was appointed executive vice president, head of Biopharm. As of August 2019, Lars Green resigned from Novo Nordisk and Monique Carter was appointed executive vice president, head of People &amp; Organisation.</td></tr><tr><td colspan="2">The three executives who are based outside Denmark and who have responsibility for Biopharm, International Operations and North America Operations, respectively, are not registered as executives with the Danish Business Authority.</td></tr><tr><td colspan="2">Remuneration</td></tr><tr><td colspan="2">Novo Nordiskâs Remuneration Principles provide the framework for the remuneration of the Board and Executive Management. The Remuneration Principles were most recently changed in March 2019, where the Annual General Meeting approved amendments in order to reflect the fact that the Research &amp; Development Committee had become a permanent Board committee and in order to ensure that Novo Nordisk is able to reclaim incorrect pay-outs of incentives based on a misstatement of data regardless of whether this originates due to wilful misconduct or gross negligence. Moreover, the Annual General Meeting approved the denomination of travel allowance in DKK instead of EUR. These principles are available at novonordisk.com/about-novo-nordisk/corporate-governance/remuneration.html.</td></tr><tr><td colspan="2">Novo Nordisk has prepared a separate Remuneration Report that describes the remuneration awarded or due during 2019 to the members of the Board and the Executive Management of Novo Nordisk A/S as registered with the Danish Business Authority. This report also includes a description of key developments in remuneration in 2019, the actual remuneration of board members and executives, an overview of remuneration awarded during the previous five financial years, remuneration benchmarks and shareholdings by board members and executives. The Remuneration Report is available at: novonordisk.com/about-novo-nordisk/corporate-governance/remuneration.html.</td></tr><tr><td colspan="2">Assurance</td></tr><tr><td colspan="2">The companyâs 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 Nordiskâs 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="2">Novo Nordiskâs 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="2">Other types of assurance activity â quality audits and values audits, known as facilitations â 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 in 'Leading a sustainable business'.</td></tr><tr><td colspan="2">Compliance with corporate governance codes</td></tr><tr><td colspan="2">Novo Nordiskâs 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="2">Today, Novo Nordisk adheres to all Danish Corporate Governance Recommendations designated by Nasdaq Copenhagen except the following five recommendations</td></tr><tr><td colspan="2">3.3.2 Disclosure of additional information about the Board members: information on matters such as numbers of shares owned and changes during the year is disclosed in the Remuneration Report for 2019 and not in the management commentary.</td></tr><tr><td colspan="2">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="2">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="2">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="2">4.1.5 Termination payments: one executive employment contract entered into before 2008 allow for severance payments of more than 24 monthsâ 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="2">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 Nordiskâs 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="2">The Statutory Corporate Governance Report, in accordance with section 107b of the Danish Financial Statements Act, the applicable corporate governance codes for each stock exchange and an overview of Novo Nordiskâs 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="2">Disclosure regarding change of control</td></tr><tr><td colspan="2">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 take-over bidders, in particular in relation to disclosure of change-of-control provisions.</td></tr><tr><td colspan="2">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 takeover could â at the discretion of the relevant counterparty â 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="2">In relation to Executive Management, the current employment contracts allow severance payments of up to 36 months' fixed base salary plus pension contributions in the event of a merger, acquisition or takeover of Novo Nordisk.</td></tr><tr><td colspan="2">For information about the ownership structure of Novo Nordisk, see 'Shares and capital structure'.</td></tr></table></mrv:CorporateGovernanceReport>
<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, actions and governance oversight 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 is committed to driving change to defeat diabetes and other serious chronic diseases. To fulfil this purpose, Novo Nordisk pioneers scientific breakthroughs, expand access to our medicines, and work to prevent and ultimately cure disease.</td></tr><tr><td colspan="1">In 2019, Novo Nordisk provided medical treatment to an estimated 30.0 million people with diabetes worldwide, compared with 29.2 in 2018. This 3% increase was primarily driven by sales of long-acting, premix and fast-acting insulins and GLP-1 products.</td></tr><tr><td colspan="1">Through Novo Nordiskâs 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 of 2019, the guarantee is expanded to include an additional 29 middle-income countries. This means that a total of 78 countries, as well as selected humanitarian organisations, can benefit from this guarantee. An estimated 2.9 million people were treated with insulin under this commitment in 2019, of which approximately 200,000 people were reached through sales to humanitarian organisations. In 2019, the average price the insulin was sold at equals USD 0.12 per patient per day. Beyond this commitment, Novo Nordisk sold human insulin at or below the ceiling price in other countries, reaching an estimated additional 2.2 million people in 2019.</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.</td></tr><tr><td colspan="1">Novo Nordisk takes a patient-centred approach in its care delivery model and learns with patients. For additional information, see the 'Our Business section' and novonordisk.com.</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 responsible way, in accordance with the Novo Nordisk Way.</td></tr><tr><td colspan="1">Business ethics, data privacy and human rights</td></tr><tr><td colspan="1">In Novo Nordisk Business Ethics, Data Privacy and Human Rights is about acting with integrity and in compliance with the Novo Nordisk Way, the Business Ethics Code of Conduct as well as international and local standards for responsible business conduct.</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 2019, 99% of all relevant employees completed and documented their training. This high level is attributed to the constant focus on and communication by senior management of the importance of business ethics compliance. In 2019, 34 business ethics reviews were completed with 87 findings, compared with 33 reviews with 113 findings in 2018. Based on the completed business ethics reviews, it is Group Internal Audit's assessment that the business ethics compliance level 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">During 2019 Novo Nordisk developed and approved its internal corporate requirements on Data Privacy and Human Rights which is operationalised in the Novo Nordiskâs Business Ethics Code of Conduct. The requirements set out guidance and expectations to all employees. Furthermore, Data Privacy and Human Rights risks (ârisks to peopleâ) were integrated into the Business Ethics risk methodology, as the basis for risk management in the Novo Nordisk global organisation as of 2020.</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 2019, for patient safety and the right to health, we further increased the share of Novo Nordisk subsidiaries providing access to safety reporting with local language directions on local websites, from 90% in 2018 to 96% in 2019. For availability and affordability aspects of the right to health, see progress above. To mitigate risks of exploitation and ensure respect for donorsâ right to free and informed consent among others, we evaluated and delisted human biosample providers and reduced the ratio of the unevaluated providers we use, from 12% in 2018 to 6% in 2019. We have also developed a risk-based global due diligence system. The Responsible Sourcing standards were updated in December 2019 to strengthen its human rights coverage. For our due diligence on modern slavery risks, see Novo Nordiskâs Modern Slavery Statement at novonordisk.com.</td></tr><tr><td colspan="1">In 2019, a total of 236 supplier audits, undertaken by Novo Nordisk's own organisation, were conducted to assess compliance levels with the company's standards for suppliers. Of these, 27 were responsible sourcing audits and one critical finding was issued regarding working hours. An action plan with deadlines has been agreed upon and a re-audit is planned for 2020.</td></tr><tr><td colspan="1">Product quality</td></tr><tr><td colspan="1">Novo Nordisk had four product recalls from the market in 2019, compared with three in 2018. As in 2018, none of the 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 2019, as in 2018, there were no failed inspections by regulatory authorities among those resolved at year-end. In 2019, 66 inspections were conducted at Novo Nordiskâs sites, at clinics conducting investigations for Novo Nordisk or for voluntary ISO 9001 certification, compared with 75 inspections in 2018. At year-end, 44 inspections had been passed and 22 were unresolved. Follow up on unresolved inspection continues in 2020.</td></tr><tr><td colspan="1">Responsible tax approach</td></tr><tr><td colspan="1">Novo Nordiskâs 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' and 'Note 9.8 total tax contribution'.</td></tr><tr><td colspan="1">To create certainty regarding tax payments, Novo Nordisk has applied for advance pricing 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. 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">Novo Nordisk has two long-term social targets related to employee engagement and trust.</td></tr><tr><td colspan="1">The level of employee engagement and commitment to the companyâs values remains high. In the annual employee survey, conducted in the second quarter of 2019, 91% of employees responded positively to a set of questions to measure the level of engagement, same as in 2018. The target is at least 90%.</td></tr><tr><td colspan="1">The level of trust in Novo Nordisk 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 trust score, measured on a scale of 0-100, decreased to 78.2 from 84.5 in 2018. The decline in trust can best be explained by the increased scrutiny on pharma industry throughout 2019, in particular in regards to pricing, access and affordability of medicines, which continues to be reflected in media sentiment and social media conversations. The decline in trust is not unique to Novo Nordisk, but is a trend across the pharma sector. Data were collected between June and September 2019; 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 'Consolidated social statement' and novonordisk.com.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
<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 2019, the total number of employees was 43,258, corresponding to 42,703 full-time positions, which is a less than 1% increase compared with 2018. The underlying growth in employees was mainly driven by Region China. Employee turnover decreased from 11.7% in 2018 to 11.4%.</td></tr><tr><td colspan="1">Novo Nordiskâs responsibility to respect labour rights applies to our global operations as a global minimum standard of business conduct. In 2019, the Global Labour Code of Conduct was revitalised and reinforced to ensure alignment with Novo Nordiskâs Business Ethics Compliance Framework, which includes respect of human rights. The Code of Conduct describes expected global minimum labour rights requirements for Novo Nordisk employees including the principles concerning fundamental rights in the eight ILO Core Conventions and labour rights as stipulated in the International Bill of Human Rights. Minimum paid maternity leave is increased from 12 to 14 weeks globally and a right to paid paternity leave is introduced. Moreover, guidance to avoid forced and bonded labour/child labour and young workers is better described, the right to social security is affirmed, and life insurance for all employees is introduced. For more information see novonordisk.com.</td></tr><tr><td colspan="1">In addition, Novo Nordisk entered a 5-year living wage programme with an external global non-profit business network and consultancy. The objective is to ensure that all employees are paid a living wage, i.e. adequate to purchase basic goods and services necessary to achieve a basic standard of living, based on calculations of living wages in the countries we operate in. An analysis indicated that this is the case.</td></tr><tr><td colspan="1">By the end of 2019, the gender distribution among managers was 60% men and 40% women, unchanged from 2018.</td></tr><tr><td colspan="1">Through 2019 diversity and inclusion have been strategic and tactical priorities for Novo Nordisk. The launch of the Diversity Aspiration of achieving gender balance at all managerial levels and the Diversity Action Plan with new guidelines and flexible working conditions have created direction towards becoming a more inclusive company. Novo Nordisk acknowledges the importance of leadership role modelling inclusive behaviour to lead a sustainable work place where everyone is able to perform at their best. The strong stance on diversity and inclusion will continue in 2020 with focus on realising continuous impact from the initiatives.</td></tr><tr><td colspan="1">Novo Nordisk is committed to ensuring fair and equal treatment, opportunities â and pay â for all employees regardless of gender. In 2019, we conducted a study on gender and equal pay covering more than 50 countries and over 25,000 employees in order to reveal any differences in pay level or annual bonus due to gender. In a few locations, we identified some differences that need to be further investigated, and if due to gender, corrected. The equal pay study will be repeated in 2020 to ensure a continued focus.</td></tr><tr><td colspan="1">The average frequency rate of occupational accidents with absence was 2.2 per million working hours in 2019 compared with 2.4 in 2018. In 2019, Novo Nordisk had one work-related fatality compared with none in 2018. Novo Nordisk works with a zero-injury mindset and remains committed 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">A proposal for election or re-election of shareholder-elected board members is presented by the Nomination Committee to the Board of Directors. When recommending candidates to be nominated by the Board, the Nomination Committee considers factors such as the balance between renewal and continuity, the desired competences and experience, the performance of the individual Board members, the ambition for diversity as well as independence considerations.</td></tr><tr><td colspan="1">To support continued fulfilment of the Novo Nordisk Way, in the Board competence profile the Board of Directors has determined that the Board members should possess integrity, accountability, fairness, financial literacy, commitment and desire for innovation. Additionally, the following competences and experience should be represented on the Board: global business management, strategic operations and governance, healthcare industry and market access, research and development, technology and digitalisation, M&amp;A and external innovation sourcing, people leadership and change management as well as finance and accounting, cf. the biographies of Board members in the overview 'Board of Directors'. The competence profile, which includes the nomination criteria, is available at novonordisk.com/about_us.</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 and succession, potential over-boarding 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 2019, the Board 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 R&amp;D strategy, on commercial execution and on being a sustainable company.</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 2019, three shareholder-elected board members were female and six were male, while seven of the nine shareholder-elected board members were non-Nordic and two were Nordic. The company thus fulfilled its nationality ambition and its gender ambition. The Board of Directors will revisit its diversity ambition in 2020 and, if needed, adjust the numbers and parameters which are currently fulfilled.</td></tr><tr><td colspan="1">In accordance with section 99b of the Danish Financial Statements Act, Novo Nordisk discloses current performance on diversity in the 'Social performance' section. Novo Nordiskâs diversity policy is available at novonordisk.com.</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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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 2019. 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 International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and in accordance with IFRS as endorsed by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Further, the Financial statements of the parent company and Managementâs 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 2019, the results of the Groupâs and parent companyâs operations, and consolidated cash flows for the financial year 2019.</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 Nordiskâs Consolidated social and environmental statements have been prepared in accordance with the reporting principles of materiality, inclusivity and responsiveness of AA1000APS(2018), and social and environmental accounting policies. They give a true and fair account and a balanced and reasonable presentation of the organisationâs 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>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Bagsværd</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2020-02-05</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 Groupâs financial position at 31 December 2019 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 2019 in accordance with International Financial Reporting Standards as adopted 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 Companyâs financial position at 31 December 2019 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2019 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditorâs 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 2019, section âConsolidated financial statementsâ, 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 2019, section âFinancial Statements of the Parent Companyâ, 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 Auditorâs 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 Standards Board for Accountantsâ 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 38 years including the financial year 2019.</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 2019. 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">The Group sells to various customers in the US, which can fall under certain commercial and government mandated contracts and reimbursement arrangements, of which the most significant 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 for the Group 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 estimation by Management. This judgement is particularly complex in a US healthcare environment in which competitive pricing pressure and product discounting are growing trends.</td></tr><tr><td colspan="1">Refer to note 2.1 and note 3.7.</td></tr><tr><td colspan="1">How our audit addressed the key audit matter</td></tr><tr><td colspan="1">We obtained Managementâs 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 historical 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, allowances and to current payment trends. We also considered the historical accuracy of the Groupâs 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 2019 using third party data and compared this expectation to the actual accrual recognised.</td></tr><tr><td colspan="1">Key audit matter</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 Groupâs 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 estimation and therefore is associated with uncertainty. Accordingly, unexpected adverse outcomes could significantly impact the Groupâs reported profit and financial position.</td></tr><tr><td colspan="1">Refer to note 3.7.</td></tr><tr><td colspan="1">How our audit adressed the key audit matter</td></tr><tr><td colspan="1">We discussed the status of significant known actual and potential litigations with in-house 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 Managementâs 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 confirmations 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 management bias.</td></tr><tr><td colspan="1">We 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 comparing 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 Managementâs Review</td></tr><tr><td colspan="1">Management is responsible for Managementâs Review, section âManagements reviewâ.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Managementâs 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 Managementâs Review and, in doing so, consider whether Managementâs 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 Managementâs Review includes the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs 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">Managementâs 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 adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of 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 Management 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 Groupâs and the Parent Companyâs 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">Auditorâs 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 auditorâs 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">⢠        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 purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.</td></tr><tr><td colspan="1">⢠        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">⢠        Conclude on the appropriateness of Managementâs use of the going concern basis 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 Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs 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 auditorâs 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">⢠        Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.</td></tr><tr><td colspan="1">⢠        Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated 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 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 complied 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 auditorâs 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>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2020-02-05</arr:SignatureOfAuditorsDate>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">24256790</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">Novo Nordisk A/S</gsd:NameOfReportingEntity>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx1" xml:lang="da">+45 4444 8888</gsd:TelephoneNumberOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx1">novonordisk.com</gsd:HomepageOfReportingEntity>
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<gsd:AddressOfReportingEntityCountry contextRef="ctx1" xml:lang="da">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2020-03-26</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Helge Lund</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1">24256790</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">2880 Bagsværd</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1">2018-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2018-12-31</gsd:PredingReportingPeriodEndDate>
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