Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 56117000000 | usd |
| ifrs-full:Assets | 2019-12-31 | 55399000000 | usd |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 39740000000 | usd |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 38890000000 | usd |
XML
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<mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value-1" xml:lang="en">The A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Moller<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Maersk 2020 Sustainability Report pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ovides more information<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> about the work and pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gress on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> sustainability priorities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> an overview of En<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vironmental,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Social and Governance (ESG) performance data including Sustainability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Accounting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ds Board (SASB) and T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ask for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ce on Climate-Rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted Financial Disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es (TCFD) indices,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> please see the 2020 ESG data overview on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Mol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Maerskâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s investor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> relations websit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e.Finally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> ensures compliance with section 107<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of the Danish Financial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Act on A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Mol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Maerskâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>utory statement on social responsibility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, underrepr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esented gender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>diversity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The report is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vailable on Investor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Relations website <span xmlns="http://www.w3.org/1999/xhtml" class="fc4 ws12">https:/<span class="_ _2"/>/investor<span class="_ _4"/>.maersk.com/<span class="fc2 ls0 ws0"> </span></span>and at <span xmlns="http://www.w3.org/1999/xhtml" class="fc4 ls0">https:/<span class="_ _2"/>/www.maersk.<span class="_ _1"/>com/<span class="_ _2"/>about/sustaina-</span>bility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>/reports</mrv:StatementOfTheDiversityPolicies>
<mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value-2" xml:lang="en">Corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ate gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernance is an impor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tant aspect of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. Møller - Mærsk A/S in line with the company v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>alues. A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møller - Mærsk A/S is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ontinuously developing its c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e governance in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esponse to the str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ategic develop-ment, goals, and acti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vities, as well as to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xternal envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>onment and input from s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eholders.The five cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>alues <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>âConstant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Careâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>âHumble-nessâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, âUprightnessâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Our <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Employeesâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c"/>and â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Our Nameâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> remain pillars for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>way<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in which A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S conducts its business. Engrained in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the company f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> more than a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entury<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, these corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>values ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e continuously being pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>moted thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oughout the global or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ganisation and serve as guiding principles for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> employees and leaders.The governance structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e supports close coordi-nation between <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors (the Board),<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d and leaders throughout<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>the organisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e promotes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the objectives of:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Earl<span class="_ _1"/>y identifica<span class="_ _1"/>tion of opportunities,<span class="_ _2"/> <span class="ls0"> </span></span>challenges,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sks⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Efficient<span class="_ _2"/> processes for<span class="_ _2"/> informed <span class="ls0"> </span></span>decision- making⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Continuous learning ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Proactive planning and agile e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xecution⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Sound controls<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, checks and balances,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and compliance⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Clear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> allocation of authorities and responsibilities⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Safe oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ations.The formal basis for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ate governance of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S consists of:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws1b">The Articles of Association. A<span class="_ _2"/>vailable on </span>http:/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>/investor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.maersk.com/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate-go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vern-ance⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Rules of procedur<span class="_ _2"/>e applicable to <span class="_ _1"/>the Board of </span>Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors and the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Board as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>well as pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>cedures specific <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to each of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d Commit<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tees.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Rules of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocedure are a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vailable on http:/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>/investor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.maersk.com/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate-go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vern-ance⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Policies and principles on health<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and safety<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, legal compliance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, working cultur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tax and key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Environmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>t, Social and Governance (ESG) areas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ead more about<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> our policies on <span xmlns="http://www.w3.org/1999/xhtml" class="fc4">https:/<span class="_ _2"/>/</span>www<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.maersk.com/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>about⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>The internal gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernance framework (COMMIT) stipulates mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e detailed policies, rules,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> instruc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-tions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and guidelines applicable to all gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oup entities and employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Among others,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the frame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>work covers en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>terprise risk management,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> responsible pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocurement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> anti-corruption,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> legal compliance,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> etc., and is continuousl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y updated.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>The Maersk Whistleblower<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> system,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> established in 2011,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> enables employees and other stak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e-holders in 130 countries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport wr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ongdoings.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> information on whistleblo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> reports is available in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Sustainability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Report and on: https:/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>/secure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.ethicspoint.eu/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>domain/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>media/en/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>gui/102833/index.html.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o organise and conduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors meet-ings in the most<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> relevan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t and efficient<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> manner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors has established an Annual Wheel in cooper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation with the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e Board. The Annual Wheel outlines the main themes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>and topics for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> each ordinary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors meet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-ing and areas on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>which the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d is expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to report as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>well as matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> delibera-tion or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> approval b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Directors members.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Annual Wheel ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es that al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l rele-vant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> topics are co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vered during the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.g. str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ategy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, people and capabilities,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> transpar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ency and com-pliance and risk.Board ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluationDuring September<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> an externally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> facilitated Board ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluation process w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>as conducted, among others covering <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the cooperation between <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors and the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Board,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Chair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>manâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s role,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Boardâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s and Board committeesâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> work and an assessment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of Board capabilities relative to those best<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> supporting the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s strate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. All members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Directors participa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted in the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>valuation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and provided input<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> via question-naires<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>thus forming the basis of a compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ehensive evaluation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> report. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The results <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>were discussed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> plenary sessions by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and agreed impr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ovements wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e implemented.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Main conclusions and outcome of the board evaluationThe Boardâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s work has underg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>one a positive de <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>el-op <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in 2018-2020 by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ving dynamics,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> engagement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and the level of challeng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es and spar-ring offer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed by and among the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors and the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d evaluation con<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>firmed the alignment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> on the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>op str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ategic issues and continued focus on priorities and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>transpar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. The resul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ts and conclusions from the annual Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> evaluation,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> form <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the basis for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Nomination Com<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>mitteeâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s considerations and continued sear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ch for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> future candidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es to the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors.Board compositionBased on the str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ategy <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to move from<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a con <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>glom-er <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ate to a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocused transporta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion and logistics company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d initiated a process <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to define the Board composition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>As part of the Board ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluation 2018,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> competencies and Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> information on diversity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> can be found in The main elements of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s Risk assessment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and managementareas of experienc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e and expertise requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed on the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s Sustainability Report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ol and risk management At<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> least once a y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, as part of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the risk assess<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>the Board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>were iden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tified to be: Shipping,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ans-syst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ems in connection with its financial ment,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Audit Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-port and lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gistics,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> IT/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>digital/tech and e-commer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ce, Disclosure re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>garding change of contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>olreportingtee and the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ecutive Board undertake a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al business tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ansformation,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> innova<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion and entr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-The EU T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eover Bids Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ective, as partial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ly imple-The companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s risk management and internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on-identification and assessment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of risks in connec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-preneurship<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> heavy industries,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> finance and mented by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Danish Financial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts Act,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> trols in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onnection with its financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eporting are tion with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the financial reporting, including <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the accounting,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> risk management, global leadership requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es listed companies to disclose inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormation planned to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>educe the risk of err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors and omissions risk of fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aud, and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> measures to be imple-and board service in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> stock listed companies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.that ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y be of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>erest <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>et and poten-in the financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eporting.mented <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>educe or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> eliminate such risks.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tial tak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e-over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> bidders,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in particular in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>elation to Consequently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, the Nomination<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Committee initiated disclosure of change-o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f-control pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ovisions.Control en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vironmentDecisions on measures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to reduce or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> eliminate a search<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Board candidates <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vant addi- The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Committee risks are based on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> an assessment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of materiality<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tional competencies <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to complete <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Boardâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S discloses that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the group in and the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Board r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>egularly assess ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>and probability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of errors and omissions.all,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> collective capabilities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> At<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Annual Gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al the ordinary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> course of business has agreements rial risks and internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ols in connection with Meeting in 2019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, Bernard L.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Bot and Marc Eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>el with business partners which could be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>terminated the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s financial reporting process<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The Control activitieswere elect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed members of the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors in case of a change of con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>trol.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> However<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, given <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Audit Committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ee has a supervisory r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esponsi <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bility Specific control activities ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ve been defined for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> bringing competencies within global <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>transport and ownership structure of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Mol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ler<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Maersk, the and reports <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to the entir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The each significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> brand and busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s unit.logistics.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Annual Gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al Meeting in 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, risk is considered <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to be very<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> remot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e.responsibility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the everyday<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> maintenance of Blythe S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. 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Masters w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>as elected, bringing compe-an efficient<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ol environmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onnection The performance of such con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>trol activities is tencies within financial services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>echnology<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, start<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-Recommendations f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> corporate with the financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eporting rests with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Exec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>mon <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>i <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>tored on br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>and and business unit level ups and blockchain.gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernanceutive Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the brands and as well as on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ate level.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> This monitor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>As a Danish listed compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. 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for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>espective on findings and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecommendations as wel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l as an When assessing the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>omposition of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d, âRecommendations for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate Governanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> brand or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> business unit.annual statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of rep <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>re <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tation fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om man<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>the Nomination Committee also considers div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er-implemented by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Nasdaq Copenhagen in the Rules agement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the most<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> significant brands and sity and setting of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the target<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the underrepre-for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> issuers of shares and Section 107b o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Based on the applicable rules and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>egulations,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the business units.sented gender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> on the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-Danish Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Act.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors and the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d pre-dance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Danish Companyâs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Act § 139c.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> In pare and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ove the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al policies, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocedures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Information and communication2019,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors re-adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>target The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors has prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed a statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and controls in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> significant areas in connection<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> with The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors is over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>all r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esponsible for for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the underrepr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esented gender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> on the Board of on corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ate governance for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s financial reporting.the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> having information<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors: Thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ee female Board members elected b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y 2020.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> This stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement includes a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> description of ing systems in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> place t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o ensure <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that its financial the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al meeting if the Board consists of less the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s approach t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o the recommendations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The starting point is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> clear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> organisational struc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>-reporting is in c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onformity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> with rules and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>egula-than 12 members and four<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> female Board mem-in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>âRecommendations for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate Gover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-ture<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, clear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> chains of command,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> authorisation and tions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> For <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>this purpose, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompany has set<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> out bers elected by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the general meeting if <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board nanceâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eporting on compliance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Corpo<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>certification pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocedures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and segregation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of duties detailed requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements in policies, manuals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, and consists of 12 or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> more members.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The tar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>get has t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>te Governance recommendations can<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> be found as well as adequa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te accounting and consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es and a global consolidation system<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> be met by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> end 2023.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> As the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d consists of ten on <span xmlns="http://www.w3.org/1999/xhtml" class="fc4 lse ws13">http://in<span class="_ _1"/>vestor<span class="_ _4"/>.maersk.com/<span class="_ _2"/>corporat<span class="_ _1"/>e-gov<span class="_ _2"/><span class="ls0 ws0">-</span></span>systems<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, including v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>alidation controls.with rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eporting instructions has been members of which <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>three are female <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the target<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> is ernanceimplemented.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Also,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> risk and control catalo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>gues currentl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y met. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Board wil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l continuously<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> assess In addition,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the company has set<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> up policies, man <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>u-have been established and col<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>lated for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> all sig<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the tar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>get set<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in 2019 is still ambitious.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> als,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and procedures within<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> relevant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> areas in connec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>nificant br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ands and business units as well as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> keeps f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocus on driving diversity both tion with its financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eporting. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The policies, manu<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate functions.on managerial levels and on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> als,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and procedures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e updated on an ongoing basis.MonitoringThe monitoring of risk management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and control systems in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> connection with financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eporting takes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the form of ongoing assessments and con-trol at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> different<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> levels within the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y.Any <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>weaknesses, contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ol failures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and violations of the applicable policies,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> manuals, and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocedures or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> other material de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>viations are communicated upwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ds in the organisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>dance with relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ant experts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to participate in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> parts of its meet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ectors has established relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ant policies and instructions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Any<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> weaknesses, ings,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors and its committees the fol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lowing committees:omissions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and violations are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eported to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Exec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>act with r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>epresentatives fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>arious parts of utive Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Audit the organisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion as wel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l as external specialists.The ChairmanshipCommittee r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eceive r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eports from <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Execu <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tive The Chairmanship consists of the Chairman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Board and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>om Group Internal <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Audit on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the com-The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors lays down <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al busi-and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Vice Chairman, who ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e elected by and pliance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the guidelines, etc.,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> as well as on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the ness and management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> principles and ensures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the among the members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Directors<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. weaknesses,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> omissions, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>violations of the poli-proper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> organisation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and governance of the com-The Chairmanship performs certain pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eparation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cies,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> procedures<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, and in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ternal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ols found.pany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>urthermore,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors decides and planning in rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o Board meetings and the stra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tegy and the risk policies and supervises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> is a forum f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Chairmanâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s and managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s The auditors elected by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Annual General Meeting execution of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the strate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gy as wel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>l as the performance reflections<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Chairmanship meets regularl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> any identified significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> deficiencies of the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y and its managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Board of and as requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed. in the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ternal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> control syst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ems related t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o financial Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors appoints members of the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecutive Board.reporting in the Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Long-form Report to the The Audit CommitteeBoard of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors. Iden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tified deficiencies in inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors shall consist of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>our <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to 13 The A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit Committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ee consists of thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ee to four<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> nal control s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ystems are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eported in management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> members elected by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the General Meeting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d Board members appoint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed by and among the letters to the Executive Board.members are elect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> a two-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>term. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>There are Board members<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Committee reports <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to the Board members up f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> election every <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to ensure Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The tasks of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Audit Com<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>Governance structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>econtinuity in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>work of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> mittee include the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eview of accounting,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> auditing, Shareholders and the General MeetingsBoard members ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e eligible for r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e-election. risk and control ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tters, which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> are dealt <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>with at The General Meeting is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the supreme <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>erning meetings with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the external auditors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the CFO,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Head body of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møller<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Mærsk A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The shareholders At<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Annual Gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al Meeting on 23 March<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of Group Finance and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the heads of the account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cise their<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> rights at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the General Meeting,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> e.g. in 2020,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Niels B.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Christiansen stepped down from<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> ing and internal audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> functions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Furthermore,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> relation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to electing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ors mem-the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Annual Gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al the Committee is task<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed with re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>viewing material bers and the auditors o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oving Meeting elected Blythe S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>J. Masters as a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> new on rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted partiesâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ansactions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> All members ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e the annual reports and dividends<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, deciding on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the member<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors consists of 10 independent.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The Committee plans six t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o seven articles of association and on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oposals submit-members,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> all elected by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the General Meeting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Six ordinary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> meetings per <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. ted by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> shareholders or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The of the members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> includ-company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> has two shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e classes: A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> shares carrying ing the Chairman,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> are independent.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Chairman The Nomination Committeevoting rights and B shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es without <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>voting rights.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors and the chairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the The Nomination Committee consists of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>three A and B shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es carry equal economic rights and committees,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> except <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Nomination Committee,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Board members<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, one of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>whom is the Chairman of are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>traded publicly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> at Nasdaq Copenhagen.are independent.the Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The members ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e elected by and among the Board members<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board appoints the Board of DirectorsFurther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> information on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the members of the Board of chairman of the Committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ee. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Nomination Com<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Møller - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S has a two-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tier manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> committees as well as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Board membersâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> mittee assists <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Board by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> establishing an over<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e consisting of the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>participation in Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d and committee meetings is view of the compet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>encies required and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>epresented tors and the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ecutive Board as illustr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ated. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>There available on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ebpage and below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. on the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d, and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eviews <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the structure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, siz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e, com<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>is no overlap between members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of position, suc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cession planning,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and diversity of the Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors and members of the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> By The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors plans seven <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to nine ordi-Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Committee also re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>views the inviting business leaders,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> functional leaders, and nary meetings per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.application of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the independence criteria,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> initiates recruitment,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and evaluat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es candidates for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> election and practic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es as well as inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entive pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ammes of the members ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e independent. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Committee to the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the General Meeting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> support <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the strate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gy of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møller<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Mærsk A/S plans four<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> meetings per <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.The Committee meets on a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>egular<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> basis.and creat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e value for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eholders.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The majority of the members ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e independent. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The Committee Rules of procedureThe Remuneration Committeeplans four<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> meetings per <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.The Rules of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedure f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, The Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation Committee consists of thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ee Nomination Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>emuneration Committee Board members<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, one o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f whom is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Chairman of the The Transformation &amp; Innovation and T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ransforma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion &amp; Innov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation Committee ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation Committee mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es propos<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>Committeeavailable on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ebpage.als to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ors for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the remunera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion The T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ransforma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion &amp; Innov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation Committee con-of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors and members of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Exec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>sists of thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ee to four<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Board members appointed Group Internal Auditutive Board.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Furthermore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Committee mak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es by and among <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board members.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-Group Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernal Audit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>was established in 1998 and proposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to the Board,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> e.g. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>with regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d to incen-tee is established with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the purpose of support-provides as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>suranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ors and tive schemes,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> reporting and disclosure of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>emunera<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ing the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>transformation o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> as well as the A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit Committ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ee and acts independently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of tion, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>emuneration the development<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s overal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>l strate-the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d. Group Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernal Auditâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s main Committee ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation policy gic direction and inno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vation ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>enda. The majority<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> focus is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eview the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ffectiveness of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernal controls<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es and systems t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o prevent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and detect irr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>egularities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Head of Group Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernal Audit r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eports to the Chairman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors and to the Audit Committee.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e Board (registered management of the company)The Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d is appointed by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors to carry<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> out the day<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o-day management of the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with the dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ections provided b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The tasks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> include but ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e not limited t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Develop <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the business and submit str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ategy pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o-posals to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ors for decision⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Implement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the strate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>y for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y and execute on in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vestments and divestments⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Develop <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the org<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anisational structure of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and allocate r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esources⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Prepar<span class="_ _1"/>e internal and ext<span class="_ _1"/>ernal financial reporting</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Monitor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and plan capital resour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ces and liquidity⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Establish and implement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> internal policies and procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>opics such as account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-ing, financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> IT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>c.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Enterprise Risk Management.As of 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Executive Board of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S consisted of Søren Sk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ou (CEO),<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>olina Dybeck Happe (CFO),<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Vincent Cler<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>c (CEO of Ocean &amp; Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>istics),<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Morten H.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Engelstoft (CEO of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>APM T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>erminals) and Henriette Hallber<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>g Thyg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esen (CEO Fleet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> &amp; Strate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>gic Brands).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Aft<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er having announced her<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> resignation 25 Nov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ember<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2019,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Carolina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Dybeck Happe left <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the company at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the end of February 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. 1 May<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 Patrick Jany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> was appointed ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w CFO and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>as appointed mem-ber<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d. Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> information about <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the members of the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d, including photos and occupations can be found on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the company webpag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e.Matters handled b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board of Directors during 2020 <span xmlns="http://www.w3.org/1999/xhtml" class="ff2">(including but not limited to):</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ategy and business plan r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eview,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> target<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> setting and budget appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oval⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Follow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-up on M&amp;A activities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to ensure growth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of Logistics &amp; Services⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Review <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the implementation of a new safety<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> frame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>work within the organisation⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Monitor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s financial policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, credit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> rating,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> debt levels and capital structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> including decision on dividend policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and share buy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-back progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>amme⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">Monitor<span class="_ _2"/> the <span class="_ _6"/>implementation of the T<span class="_ _4"/>ech <span class="ws0"> </span></span>stra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tegy and cyber<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> security standards⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">Monitor<span class="_ _2"/> the transforma<span class="_ _1"/>tion and <span class="_ _6"/>reor<span class="_ _2"/>ganisation <span class="ws0"> </span></span>of the company to become the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>âGlobal <span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ator<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of container<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> logisticsâ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Conduct Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d evaluation⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Nominate Blythe S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>J. Mast<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers as Board member<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>election to the Board at the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Annual <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>General Meeting 2020⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Annual Report 2019 and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the 2020 Interim Reports as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>well as review of monthly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and quarterly financial r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eporting and for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecasting⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>al of a Remunera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion Policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors and Executive Board.Matters handled b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board Committees in 2020 (including but not limited to):The ChairmanshipThe Nomination Committee⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ations and planning in relation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Review and assess <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the composition, succes-to Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d meetingssion planning,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> competencies, and div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ersity ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Coordination<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and sparring with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors as a part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d.Board ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluation⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Identify candida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tes (Blythe S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>J. Masters) f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or The Audit Committeemembership of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d of Directors⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Monitor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the financial reporting pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocess, ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Assess independence criteria of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Board including accounting estimates and judg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e-members.ments,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> accounting policies and reporting process in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tegrityThe Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation Committee⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Review annual and interim<span class="_ _1"/> financial reports</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Review and define benchmarks f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Review of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the companyâs Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors and remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ationOfficers Insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, monitor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and propose <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to the Board ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Monitor<span class="_ _2"/> the effectiveness of int<span class="_ _1"/>ernal contr<span class="_ _1"/>ol </span>the scorecar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ds and remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation packages systems<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aud risks and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aud prev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entionof the Executiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e Board for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 and 2021⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Discuss ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matters,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> monitor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Review and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>opose a new Remuneration<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> services,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> audit plans,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> reports,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> independ-Policyence of external audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and recommend ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e the Remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation Reportstatutory<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> auditor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> election⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Propose f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ees for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the members of the Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Monitor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Group Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ernal Audit function,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors.its independence,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> scope and performance,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> resour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ces and reporting,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esolution The T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ransformation &amp; Innov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation Committeeof audit findings⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">Support the development<span class="_ _2"/> <span class="_ _6"/>of the trans-</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Oversee the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>yâs Enterprise Risk formation and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>technology agenda by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> over-Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> frame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>work and proc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esses seeing pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gress and prioritisation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of pro<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>as well as r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eview key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> enterprise risks and ject<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s and processes of str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ategic importancerelat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed mitigation plans⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Act as a sparring partner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Executive ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Meet with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Head of Group Internal Board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>within innova<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tion, consolidation and Audit,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> CFO,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Head of Group Finance,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Head of growth,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> including M&amp;A pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ojectsExternal <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Accounting and T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ax, other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> func<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Assist in setting <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the standard and ambition tion <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al leaders and external audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors.level for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the IT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> strat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>egy and cyber<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> security as well as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ollow-up on pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ogress.</mrv:CorporateGovernanceReport>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value-13" xml:lang="en">The Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors and the Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d have <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>today discussed and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oved <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Annual Report of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ler<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Mærsk A/S for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020.The Annual R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eport for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S has been prepared in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> accordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>with International Financial Reporting Standards (IFRS) as adopt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed by the EU and further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> re <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements in the Danish Finan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>cial Statements Act, and in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> our opinion gives a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>true and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> view of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Mol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Maerskâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s and the companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s assets and liabilities and financial position at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 31 Decem-ber<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 and of the resul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3"/>. Mol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Maerskâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s and the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ations and cash flows for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020.In our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion, the Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectorsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Report includes a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> fair revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w of the de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>velopment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Moller<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Maerskâs and the compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ations and financial con<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ditions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the resul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cash flows and financial position as wel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l as a description of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the most sig <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nificant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> risks and uncertainty fact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ors that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Mol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Maersk and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the company face.In our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion, the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eport of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> to 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 identified as with the file name APMM-2020-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>12-31.zip is prepared,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erial respects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in compliance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Regulation.W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e recommend <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Annual Report be approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed at the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Annual General Meeting on 23 March 2021.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value-16" xml:lang="en">In our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsolidated financial state-ments and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> financial statements (pages 64-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>135 and 144-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>146, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>espectively) give a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>true and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> view of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent com-panyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s financial position at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 and of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esults of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oupâs and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent com-panyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s operations and cash flows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to 31 December 2020 in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accordance with International Financial R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds as adopted by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the EU and further r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>equirements in the Danish Financial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Act. Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion is consistent with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s Long-form Report t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o the Audit Committee and the Board of Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectors.What we have auditedThe consolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements and parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> company financial statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>he f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ncia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>l year 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> to 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 comprise income statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and statement of compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ehensive income,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> balance sheet, cash flow stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ement, state<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment of chang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es in equity and not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es, including summary of significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> accounting policies for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Group as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>well as for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Collec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>-tively<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> referr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>âfinancial statementsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value-18" xml:lang="en">W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e conducted our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> audit in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>dance with Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>-national Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ds on Auditing (ISAs) and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements applicable in Denmark. Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> responsibilities under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> those standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ds and requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements are further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> described in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s responsibilities f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the audit of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the financial state<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments section of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> reportW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e believe <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the audit evidence we ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ve obtained is sufficient and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>opriate to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ovide a basis for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> opinion.IndependenceW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e are independent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the Group in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cordance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> with the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ternational Ethics Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ds Board for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Accountan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Code of Ethics for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>essional Accountants (IESBA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Code) and the additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements applicable in Denmark. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>We have also fulfilled our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ethical responsibilities in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> accordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>with the IESBA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Code.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o the best of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> knowledge and belief<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ohibited non-audit services r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eferred <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Article 5(1) of Regulation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> (EU) No 537<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>/2014 were not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> provided.AppointmentW<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e first appoint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed auditors of A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S on 12 April 2012 for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2012. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>We hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e been reappoin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted annually<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> by shareholder<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> resolution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> a total period of uninterrupted eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>agement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of nine year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>including the financial year 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value-20" xml:lang="en">Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matters are those ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tters that,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>essional judgement, wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e of most signifi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>cance in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> audit of the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> These matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e addressed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the con<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>text<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of our audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements as a whole,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and in forming our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> opinion ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eon, and we do not pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ovide a separa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te opinion on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>these matters.Rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>enue recognitionK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ey audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b3"> </span>How our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit addressed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the key audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matterRecognition of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>evenue is complex due to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the volume of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ansactions and the Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocedures included considering the appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>opriateness of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>variety<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of differen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>evenue streams within <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the segments. ognition accounting policies and asses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sing compliance with applicable accounting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> standards.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> We f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocused on this area due <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to the significance of amounts invol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ved and because reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gnition of re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>venue invol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ves accounting policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> decisions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and judgements We <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tested the IT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> setups supporting the revenue r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ecognition as well as r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>elevant int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>made by Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t originating fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>om different<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> behavior<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>et con-nal controls and Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s monitoring of internal con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>trols.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> ditions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> terms and na<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ture of services in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the various segments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>volume of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ansactions and extent of differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>enue streams require <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>various IT setups We used da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ta analytics on select<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue streams and performed substan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tive pro<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>to ensure corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ect rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gnition, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>which are comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>x and introduce an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> inher-cedures ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> invoicing and relevant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> contracts in or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>der t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o assess the accoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ting tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ent risk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to the rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gnition process<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>. ment and principles applied,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and tested journal entries on r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>evenue. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>urther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, we t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ested timing to ensur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enue is reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gnised in the corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ect financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.Refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ence is made to notes 1 and 23 in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the consolidated financial statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts.Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ability of the carrying amount of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>operty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, plant and equipmentK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ey audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2b3"> </span>How our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> audit addressed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the key audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matterThe most significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> risks in relation t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o Managementâs assessment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the recov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-In addressing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the risks, we c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsidered <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eness of the defined CGUs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>within erability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the carrying amount of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>operty,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> plant and equipment r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>elate to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the the businesses.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> We examined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the methodology used by Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> to assess the car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>-definition of cash-gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ating units (CGUs), identification of C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>GUs with indicators rying amount of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>operty,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> plant and equipment as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>signed to CGUs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, and the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocess for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of impairment and,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> where rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vant, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the estimate of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> values less costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to identifying CGUs tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equired impairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> testing to det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ermine compliance with IFRS sell and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>values in use,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including determination of k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ey assumptions.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> as adopted by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the EU.Bearing in mind the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> long-lived nature of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the assets, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the most critical We perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ormed detailed testing for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the assets where indicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ors of impairment were assumptions in estimating the futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e cash flows are Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s long-term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> identified.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> those assets,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> we revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>wed Managementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s testing of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>air v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>alues less outlook for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> freight and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>terminal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ates, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>volume growth, bunk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er price and capital costs to sel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>l or the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>values in use,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including analysed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the reasonableness of k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ey assump-expenditures as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>well as determining <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the discount ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tes.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tions in relation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> to the ongoing oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation of the assets.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> We f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ocused on this area,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> as the carrying amounts are significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and because We corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oborated Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s estimates of futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e cash flows and challenged <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>whether Management is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>equired to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xercise consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>able judgement because of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the these are appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>opriate in respect of k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ey assumptions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> such as freight and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>terminal rates<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, inherent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> complexity in estimating the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>air v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>alues less costs to sell or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alues volume growth,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> bunker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> price and capital expenditures.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in use.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> We used our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> internal v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluation specialists to independently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> challenge the discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ence is made to notes 7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and 23,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 24 in the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted financial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tes.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> In calculating the discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ates,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the key<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> inputs used were independently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> sourced from mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>et data, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>we assessed the methodology applied.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, we t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ested the mathematical accur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>acy of the rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>value less cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> to sell and v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alue in use models prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed by Management.</arr:KeyAuditMattersAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o the shareholders o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>f A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møller - Mærsk A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Directorsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Report (pages 3-62,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 142-143 and 149<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>espectively). Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion on the financial statements does not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Directorsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Report,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and we do not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> express an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y form of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ance conclusion ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eon.In connection with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> audit of the financial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> responsibility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> is to read Dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ectorsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Report and,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in doing so,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> consider whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Directorsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Report is ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>teriall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y inconsistent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>with the financial statements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> knowledge obtained in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the audit, or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> otherwise appears to be material<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> misstated.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Moreov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, we consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Report includes the disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es required by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the Danish Financial Statements Act.Based on the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>work we have performed,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in our <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>view,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Report is in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the consol-idated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent com<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>pany financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements and has been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>epared in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the requirements of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Danish Financial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Act. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>We did not iden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tify any<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> material misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orsâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Report.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value-23" xml:lang="en">Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation of consolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements and parent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financial statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that give a true and fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> view in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>dance with International Financial Reporting Standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ds as adopted by the EU and further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> requirements in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Danish Financial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Act, and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or such int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal control as Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> determines is necessary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to enable the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation of financial statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that are free fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>om material misstatement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o fraud or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. In preparing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the financial statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Manage<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ment is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esponsible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> assessing the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oupâs and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s ability to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ontinue as a going concern,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> disclosing, as applicable,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> mat<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ters r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to going concern and using <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the going concern basis of accounting unless Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> either<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> intends to liquidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oup or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the par<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to cease opera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tions,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> or has no realistic al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ternative but <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value-24" xml:lang="en">Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> objectives are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o obtain reasonable assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ance about whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements as a whole are fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ee from material misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ement, whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> due to fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o issue an <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Auditorâs Report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> that includes our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>easonable assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance is a high level of assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ance, but<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> is not a guar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>antee that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> an audit conduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed in accordance with ISAs and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements applicable in Denmark will alw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ays detect a ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>terial misstatemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> it exists.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Misstatements can arise fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aud or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and are consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed material if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, individuall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>y or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in the aggre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> they<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> could reasonably<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> be expected to influence the economic decisions of users <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>taken on the basis of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>these financial statements.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> As part of an audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in accordance with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> ISAs and the additional requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements applicable in Denmark, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cise prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>essional judgement and maintain pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>fessional scepticism throughout<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>audit. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>also:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Identify and assess <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the risks of material mis-statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the financial statements,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> due to fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aud or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, design<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and perform audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es responsive t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o those risks,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and obtain audit evidence <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that is sufficient<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and appropri-ate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ovide a basis for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>The risk of not detecting a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> material misstatement r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esulting from fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aud is higher <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>than for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> one resulting fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, as fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aud may inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>olve col<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>lusion, for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>gery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, intentional omissions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> misrepr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>esentations, or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> direction,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> supervision and performance of the the override of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ol.Group audit.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e remain solely<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Obtain an understanding of in<span class="_ _1"/>ternal contr<span class="_ _2"/>ol </span>our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> audit opinion.relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ant t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in order<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> to design audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e appropriate in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the circum<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e communicate with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ged with govern-stances,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> but not for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the purpose of expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>essing ance re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>garding, among other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matters,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the planned an opinion on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the effectiveness of the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oupâs scope and timing of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the audit and significant audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent companyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s internal control.findings,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> including any significant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> deficiencies in ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Ev<span class="_ _2"/>aluate the appr<span class="_ _2"/>opriateness of account<span class="_ _2"/><span class="ls0">-</span></span>internal contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ol that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>we identify<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> during our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> audit.ing policies used and the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>easonableness of accounting estimates and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>elated disclosures W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e also provide <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>those charged with g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>overnance made by Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement.with a statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that we hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e complied with r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ele-⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Conclude on <span class="_ _2"/>the appropriateness of Man<span class="ls0">-</span></span>vant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> ethical requirements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>egarding independence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> agementâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s use of the going concern basis of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ommunicate with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> them al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>l relationships accounting and based on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the audit evidence and other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> matters that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> may r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>easonably be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>thoug<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ht<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> obtained, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>whether a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erial uncertainty e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>xists to bear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> on our independenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and where applica-relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed to events or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> conditions that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> may cast<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ble,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> related safe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>guards.significant doubt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> on the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s and the par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ent compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>yâs ability <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to continue as a going From the matters communicated with those concern.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> If we conclude <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that a material uncer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>charged with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> governance,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> we determine those tainty e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xists,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> we are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equired <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to draw att<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>matters <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>were of most significance in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the tion in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Report <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated dis<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>audit of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the financial statements of the curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent closures in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the financial statements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>, if such period and are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>therefor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e the k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ey audit ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tters.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> disclosures ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e inadequate,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to modify<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> our opin<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e describe these matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s Report ion. Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> conclusions are based on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> evi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>unless law or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> regulation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> precludes public disclo-dence obtained up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Auditorâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s sure about<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>when, in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> extremely<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> rar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e Report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> However<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> future e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vents or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> conditions circumstances<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we determine <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>that a matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> should may cause <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Group or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> company t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o not be communicat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed in our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eport because the cease t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o continue as a going concern.adverse consequences of doing so would r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eason-⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Ev<span class="_ _2"/>aluate the ov<span class="_ _1"/>eral<span class="_ _2"/>l presentation,<span class="_ _2"/> struc<span class="_ _2"/><span class="ls0">-</span></span>ably<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> be expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to outweigh the public inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>est ture and cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ent of the financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements, benefits of such communication.including the disclosures,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>and whether the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financial statements r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>epresent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the underly<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ing tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ansactions and events in a manner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> achieves fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> presenta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tion.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Obtain sufficient<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e audit evidence re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>garding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the financial information of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the enti-ties or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> business activities within the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oup to express an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion on the consolidated finan-cial statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>We ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>or the </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" xml:lang="en">As part of our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> audit of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the financial statements we Our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> responsibility is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to obtain r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>easonable assur-In our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> opinion, the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eport of performed pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocedures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to express an opinion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> on ance on whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>epared, A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Møl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Mærsk <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>A/S for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>year whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the annual report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Mø<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>lle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>Mæ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>sk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>in all mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erial respects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in compliance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> to 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 with the file for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>financial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>1 January to 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Regulation based on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the evidence we have name APMM-2020-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>12-31.zip is prepared,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in 2020 with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the filename APMM-2020-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>12-31.zip is obtained, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to issue a report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> that includes our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> all material r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>espects, in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> compliance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed, in all ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>terial respects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, in compliance opinion. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>The nature,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> timing and exten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>oce-ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Regulation.with the Commission<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Delegat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed Regulation (EU) dures select<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed depend on the audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s judgement, 2019/815 on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the European Single Electronic F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>including the assessment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> of the risks of material mat (ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Regulation) which includes r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equire<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>departures fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>om the requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements set out in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the ments rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>o the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ation of the annual ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Regulation,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> whether due <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to fraud or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>. report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> in XHTML f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormat and iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tagging of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the The procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es include:consolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>esting whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the annual r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eport is prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is responsible f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> preparing an annual in XHTML<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> format;report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> that complies <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> Regulation.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> This responsibility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> includes:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Obtaining an understanding of the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompanyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tagging process and of internal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ontrol ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>The preparing of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the annual report in XHTML<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> the tagging <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>process; format;⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">Ev<span class="_ _2"/>aluating the <span class="_ _6"/>completeness of the iXBRL tag<span class="ws0">-</span></span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>The selection and application of appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>opriate ging of the consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed financial statements;iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tags, including extensions to the ESEF taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>anchoring thereof t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o ele<span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluating the appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eness of the com-ments in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the taxonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> all financial infor-panyâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s use of iXBRL elements select<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed from mation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equired <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>to be tagged using judgement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and the creation of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xten-where necessary;sion elements wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>e no suitable element in the ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> has been identified;⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Ensuring consistency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> between iXBRL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> tagged data and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the consolidated financial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span>Ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>aluating the use of anchoring of extension present<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed in human-readable format; andelements to elements in the ESEF taxonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y; and⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">For<span class="_ _2"/> such internal contr<span class="_ _2"/>ol as Management </span>determines necessary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o enable the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eparation ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _27"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws11">Reconciling the iXBRL tagg<span class="_ _1"/>ed data with the </span>of an annual report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> that is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompliant <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with the audited consolidated financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements.ESEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Regulation.</arr:AuditorsReportOnXbrlTagging>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-2" id="pp-value-28" xml:lang="en">Sustainability and gender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> composition of managementAn independently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> assured Sustainability R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> 2020 has been published, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>which pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vides detailed information on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Moller<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Maerskâs sustainability perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormance.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> The report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> serves as A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Mol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ler - Maerskâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>s Communication on Pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>gress as requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ed by the UN Global Compact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> and ensures compliance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the requirements of Section<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 99a of the Danish Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tatements Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> on corpo-ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>te social responsibility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>.Additional information on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> how <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A.P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Moller<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> - Maersk manages issues and explains implementation,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> pro-gress and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>elevant c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ommitments and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ameworks can be found on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Sustainability website at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> https:/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>/www.maersk.com/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>about/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sustainabilityAn overview of En<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vironmental, Social and Go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vern-ance (ESG) performance data,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> including Sustaina-bility <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Accounting Standards Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>d (SASB) and T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>ask for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce on Climate-R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated Financial Disclosur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>es (TCFD) indices<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vailable in the 2020 ESG data<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> overview on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>the Investor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> Relations website at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> https:/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>/investor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.maersk.com/</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" xml:lang="en">The rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>ort fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> ensures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>compliance with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ements of Section 99b of the Danish Finan-cial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>Act on r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>eporting on the gender<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> composition of management. </mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-2" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-2" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-2" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2020-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2020-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-2" xml:lang="en">2019-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-2" xml:lang="en">2019-12-31</gsd:PredingReportingPeriodEndDate>
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<gsd:NameOfReportingEntity contextRef="ctx-2" xml:lang="en">A.P. Møller - Mærsk A/S</gsd:NameOfReportingEntity>
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<gsd:AddressOfReportingEntityStreetName contextRef="ctx-2" xml:lang="en">Esplanaden</gsd:AddressOfReportingEntityStreetName>
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<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-2" xml:lang="en">DK-1098</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-2" xml:lang="en">Copenhagen K</gsd:AddressOfReportingEntityDistrictName>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-2" xml:lang="en">+4533633363</gsd:TelephoneNumberOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-2" xml:lang="en">www.maersk.com</gsd:HomepageOfReportingEntity>
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<mrv:LinkToCorporateGovernanceReport contextRef="ctx-2" xml:lang="en">https://www.maersk.com/corporate-governance</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-2" xml:lang="en">https://www.maersk.com/about/sustainability/reports</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:LinkToStatementOfDiversityPolicies contextRef="ctx-2" xml:lang="en">https://www.maersk.com/about/sustainability/reports</mrv:LinkToStatementOfDiversityPolicies>
<mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" xml:lang="en">https://www.maersk.com/about/sustainability/reports</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<fsa:AverageNumberOfEmployees contextRef="ctx-2" decimals="0" unitRef="pure">83624</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-20" decimals="0" unitRef="pure">86279</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">2</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-21" decimals="0" unitRef="pure">2</fsa:AverageNumberOfEmployees>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Søren Skou</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Patrick Jany</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-5" xml:lang="en">Vincent Clerc</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-6" xml:lang="en">Morten H. Engelstoft</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-7" xml:lang="en">Henriette Hallberg Thygesen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Jim Hagemann Snabe</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Ane Mærsk Mc-Kinney Uggla</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Dorothee Blessing</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Bernard L. Bot</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-12" xml:lang="en">Marc Engel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-13" xml:lang="en">Arne Karlsson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-14" xml:lang="en">Thomas Lindegaard Madsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-16" xml:lang="en">Jacob Andersen Sterling</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-02-10</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-18" xml:lang="en">Mogens Nørgaard Mogensen</cmn:NameAndSurnameOfAuditor>
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<gsd:AddressOfAuditorDistrictName contextRef="ctx-18" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-19" xml:lang="en">Lars Baungaard</cmn:NameAndSurnameOfAuditor>
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<cmn:IdentificationNumberOfAuditor contextRef="ctx-19" xml:lang="en">mne23331</cmn:IdentificationNumberOfAuditor>
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<gsd:AddressOfAuditorStreetName contextRef="ctx-19" xml:lang="en">Strandvejen</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-19" xml:lang="en">44</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-19" xml:lang="en">2900</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-19" xml:lang="en">Hellerup</gsd:AddressOfAuditorDistrictName>
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