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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s8_notesesefdkgaap__7__20-1" xml:lang="en">EnvironmentDecarbonizationTotal emissions have decreased 20% since 2021 By 2030, GN will reduce absolute CO2 emissions from our own opera-tions by 80% and from our value chain by 25% from a 2021 baseline. These targets were validated by the Science Based Targets initiative in 2022. We are committed to reaching net-zero by 2050, at the latest. Scopes 1 and 2 â Our major sites now run on renewable power Approximately 68% of our scope 1 and 2 emissions come from electric-ity use. To achieve our scope 1 and 2 target, we are focusing on energy efficiency and rapidly increasing the share of energy consumption from renewable sources. Read more about energy efficiency on page 28. In 2023, we increased renewables share from 9% to 30% mainly by se-curing renewable power for our largest sites (see calculation methodol-ogy on page 57). Together, the initiatives implemented reduce scope 1 and 2 emissions by 34% from 2022 and by 47% from 2021. As of July 2023, the GN headquarters and production in Denmark have been powered by a new solar farm in Jutland, Denmark, via a power purchase agreement (PPA). The PPA reduces annual scope 1 and 2 emissions by ~20% compared to 2021. Our largest production site in Johor, Malaysia, accounted for ~15% of GNâs power consumption and 34% of location-based scope 2 emissions in 2023. To ensure our transition to renewable energy leads to real de-carbonization, âadditionalityâ is a requirement when we procure clean power. This means that we purchase energy attribute certificates (EACs) from local, newly built projects. For at least 2023-2026, our Ma-laysian site will be running on renewable power through a long-term energy attribute certificate (EAC) purchase agreement. The energy is generated from a solar rooftop installation at an industrial facility in Malaysia, which was commissioned in 2021. Finally, we procured EACs from a hydropower project in China and a wind power project in the U.S., covering electricity consumed at our production sites in Xiamen and Bloomington, Minnesota, respectively. This cut scope 1 and 2 emissions by ~1526 tCO2e (15%) from 2021. GNâs energy consumption in 2023 Split of non-/renewable energy sources and contractual instruments for sites where GN holds the contract with the energy provider. Scope 3 â Freight emissions reduced by 29% since 2022 GNâs largest climate impact comes from our products and their trans-portation to customers around the world. These activities therefore lie at the heart of our decarbonization strategy. Products and packaging decarbonization initiatives, including product design and supply chain engagement, are detailed on pages 29-30 and 32. In 2023, we increased ocean freight share, which cut inbound freight emissions by ~40,250 tCO2e. This makes up 72% of the 55778 tCO2e reduction in scope 3 (category 4) in 2023 compared to 2021. Responsible manufacturing Environmental management To ensure we continuously minimize the environmental impact of our manufacturing processes and comply with relevant legislation, our global manufacturing sites in China and Malaysia are ISO14001 certi-fied, alongside our repair center in China. Manufacturing of products outside of our hearing aid portfolio is out-sourced. Here, all tier 1 manufacturing suppliers are ISO14001 certi-fied. See page 32 for how we engage more broadly on environmental topics with our suppliers. Energy Energy efficiency is a high priority across all our sites. An energy audit was conducted at our global production site in Johor, Malaysia, which isour most power intensive manufacturing site. The audit identified a po-tential reduction in annual electricity consumption of up to 6%. The ex-pected saving mainly comes from changes to the chiller system, which currently accounts for around 46% of the siteâs total power consump-tion. In early 2023, we also finished changing all our lighting to LEDs at our regional operations center in Bloomington, Minnesota, U.S. Waste Local licensed waste management providers collect and treat hazard-ous and non-hazardous waste generated by all GN manufacturing sites. At our global production site in Xiamen, China, we have implemented a recycling initiative for Isopropanol (IPA) - a hazardous cleaning agent used in the manufacturing process. By purchasing specialist equipment, the site expects to reduce annual IPA waste by 80%. Water Water consumption at GNâs facilities is limited and primarily used for heating, cooling, and sanitary purposes. Initiatives to reduce water con-sumption include daily monitoring of water use, stormwater collection, and using auto stop water. Total water use at GNâs manufacturing facil-ities increased by 3% from 2022. Product sustainabilitySustainability is a key consideration in how we design, manufacture, package and transport our products Product safety and compliance At the foundation of our product development, we make no compro-mises when it comes to the safety of the users of our products. To en-sure our products do not contain hazardous or harmful materials, we comply with the European Restriction of Hazardous Substances Di-rective (RoHS) and Registration, Evaluation, Authorization and Re-striction of Chemicals (REACH) regulations, as well as various regional regulations. We closely monitor additional emerging product-related legislation, such as EcoDesign, right to repair, and further restrictions on chemicals, and aim to proactively make required changes to comply. In 2023, for our hearing products, we conducted required biological evaluations of all new products according to ISO 10993-1:2020. This means the hearing device is tested to evaluate the interaction with us-ersâ tissue, cells, or body fluids. We continuously monitor regulatory changes and adjust internal processes accordingly. Our hearing prod-ucts are developed under a highly regulated quality system complying with ISO 13485 and FDA 21CFR 820 CGMP, as well as other national standards including the latest regulations in Europe (EU MDR 2017/745/EU). TCO Certification as a minimum standard for relevant products Our ambitions for product sustainability go further than simply follow-ing legislation. To meet highest industry standards in product sustaina-bility, we have assessed the relevance of a wide variety of sustainability certifications. To ensure legitimacy, we applied two criteria when se-lecting certifications to strive for: full value chain coverage and based on a standard developed independently of GN. TCO Certified was the only certification that matches both criteria, and is therefore our sus-tainability baseline for all products for which TCO Certified provides certification. This means our products, processes, and corporate governance un-socially and environmentally responsible manufacturing, user health and safety, product performance and durability, reduction of hazardous materials and packaging. The latest TCO standard for our headsets can be found here. In 2023, SteelSeries' Arctis Nova Pro Wireless became the first gaming headset in the world to become TCO Certified. We also continued to certify many of our Jabra products including four product lines from our Elite true wireless range, adding to the products that were already certified. As TCO Certified develops standards for additional product categories such as video, we will strive to get more products certified. For a full overview of TCO Certified GN products, search for GN brands on https://tcocertified.com/product-finder/. Our approach to sustainable product development When developing new products we consider sustainability in every lifecycle phase, from inception to end-of-life (see graphic). Beyond making sure we meet legislative and TCO Certified requirements, we use product-level life-cycle assessments (LCAs) of existing products to optimize for decarbonization in subsequent products. GN conducted LCAs on 20 products, with our first LCAs being completed for Gaming and Hearing products. Through these LCAs we have learned that: ⢠Rechargeable hearing aids have a 29% lower climate impact than hearing aids using disposable batteries (excluding charging or end user case) ⢠For our video products, the use phase accounts for a significant proportion of the total footprint, meaning energy efficiency is an effective decarbonization lever for this product category ⢠Though the impact differs across product categories, we expect that substitution of virgin plastics and metals to recycled alterna-tives will reduce emissions across our product portfolio substan-tially ⢠Across our product categories, transportation contributes consider-ably to the footprint, meaning that our transition towards ocean freight will result in lower product carbon footprints in the future Our LCAs are conducted in accordance with the ISO 14044:2006 and ISO 14067:2018 standards. Our input data includes: bills of material; supplier energy consumption; transport distance to London, UK (the use case location); product power consumption or battery capacity; the UK grid emission factor, and end-of-life data from our partners under the WEEE Directive. Our LCAs are externally verified by Bureau Veritas. More details on our LCAs can be found on our brand websites. In 2024, we will expand our LCA coverage to more categories in our product portfolio and build our capacity to model the impact of design choices on product carbon footprints. Moving away from virgin materials We will continue to move away from virgin materials to achieve both our decarbonization and circularity ambitions. We focus on plastics and metals, as these are the most widely used non-electronic components in our products for which non-virgin alternatives exist at scale. In 2023, we launched nine Jabra products containing recycled plastic. In 2024, we will expand our portfolio of products with recycled plastics both through new product developments and in-market changes. We will also continue to investigate recycled metals and implement where feasible. By 2025, we aim to have all our new products (where feasible) to con-tain at least 50% non-virgin material (measured as % of total weight of mechanical parts). Taking the next step in sustainable packaging Our 2025 goal is for all our packaging to be FSC certified, as compact as possible, and only contain plastic when strictly necessary. In 2023, we continued to make progress towards this goal with 62% of our newly launched products in 2023 already meeting our 2025 sus-tainable packaging target. We expect all other new packaging across our product portfolio to meet the same standards ahead of the target date. In addition to making FSC certified packaging a product require-ment, we are also working to transition existing products where possi-ble, and in 2023 we achieved this for 17 SteelSeries product lines. In addition to these minimum requirements, we constantly look for ways to reduce the carbon footprint of our packaging by adopting low carbon materials and paints, as well as innovative solutions to further reduce material usage. We use LCAs to track the carbon impact of these changes to our packaging. For our hearing products, our LCAs show that our new packaging has 47% lower carbon emissions than the previous version, while for the Jabra Evolve2 packaging we have achieved 84% carbon reduction since 2018. Circularity Our circularity agenda focuses on ensuring that we maximize the value we extract from every resource we use Our double materiality assessment (page 25) and life-cycle assessments (page 30) show that across our value chain the most significant environmental impacts are a consequence of the winning of raw materials for our products. To decouple the growth of our company from negative environmental impact, the key challenge, therefore, is to reduce dependency on virgin materials, while avoiding our products end up as electronic waste in landfill or are incinerated unnecessarily. In 2024, we will develop clearer metrics to set targets and track our progress in circularity, aligned with the requirements set out in the relevant standard of EUâs new ESG reporting directive (CSRD). Sourcing In 2023, we made significant investments in developing our supply chain management systems to support the delivery of our sustainabil-ity strategy and mitigate material supply chain risks. Understanding supplier ESG performance is an essential part of deliver-ing on our sustainability strategy, and our sourcing team has integratedthis into their processes throughout the year. First, to measure overall ESG performance, we commenced the imple-mentation of the EcoVadis supply chain data platform. We are in the process of engaging with our key suppliers to onboard them so we can begin requesting data through the platform. This process will provide us with timely and standardized supplier performance data so that we can monitor, measure, and manage this more proactively and transpar-ently. Second, in the area of decarbonization, we have started collecting data from all tier 1 and selected tier 2 suppliers, starting with a range of en-vironmental data, including carbon metrics and targets. The data ob-tained through this process provided a baseline on the environmental performance, ambition level and climate maturity of our key suppliers, as well as providing important input data for our product LCAs (see page 30). Sourcing in support of our sustainability agenda Beyond applying sustainability standards across all suppliers, we also have sustainability strategies for relevant sourcing categories. Mechanics and packaging: Achieving our 2025 targets for sustainable materials and packaging (see page 23) requires that we establish solid supply of recycled, renewable and/or bio-based alternatives, which is a priority in our mechanics sourcing. In 2023, we launched our first nine products containing recycled plastic. For packaging, we prioritize working with suppliers that can provide FSC certified paper and card-board. To further decarbonize our packaging, we also select suppliers capable of providing local sourcing of raw materials and customization close to the customer. Acoustics: The production of speakers currently relies heavily on neo-dymium, a rare element for which demand is expected to exceed sup-ply. We have started the process of engaging with suppliers providing alternative solutions, such as recycled neodymium. Batteries: The transition to a low carbon society requires a solution to potential scarcity of raw materials for batteries. Aside from enabling battery recycling by designing for repair and disassembly, we also seek to source recycled batteries in the future if these become available at scale. Indirect procurement: Achieving our target to aggressively reduce our scope 1 and 2 carbon emissions requires that we engage with suppliers able to offer renewable energy. In other areas of indirect procurement, such as building renovation, furniture, and IT, we consider sustainability as a key consideration in supplier selection. SocialSafeguarding human rightsGN is committed to safeguarding human rights across our supply chain. The double materiality assessment (see page 25) confirmed that there are material human rights-related risks in our supply chain in relation to workers in our value chain and affected communities, particularly in re-lation to extractive and manufacturing industries. Due to the nature of our products and industry and the location of manufacturing sites, we assess potential human rights-related risks in this part of our supply chain to be mostly in the areas of working condi-tions, occupational health and safety, and excessive overtime hours. We are committed to ensuring that human rights are safeguarded throughout our value chain. This commitment is anchored in our Sup-plier Code of Conduct, updated in 2023 to align with industry best prac-tices set out by the Responsible Business Alliance (RBA). Beyond that, we have more specific human rights due diligence processes where re-quired. Conflict minerals At the first stage of our value chain, we depend on mining of minerals. As stipulated in our Conflict Minerals Policy, GN will not use minerals from mines controlled by military groups in conflict regions. Failure to comply with our policy can ultimately lead to GN discontinuing to use a supplier. GN requires suppliers to exclude conflict minerals from GN products, encourages suppliers to move to externally certified smelters and refin-ers, and requires suppliers to comply with our Code of Conduct. GN uses the due diligence guidance laid out by OECD for establishing a due diligence process. In 2023, GN received the requested information from all relevant sup-pliers. For cobalt, we received the requested information from all rele-vant suppliers, using cobalt reporting templates (CRTs). Occupational health and safety The safety, health, and wellbeing of our employees and supply chain workers is a top priority for us. In our own operations, rigorous occupa-tional health and safety processes are in place across our main manu-facturing sites, including training, incident reporting, and tracking of key metrics. All our major manufacturing sites are ISO45001 certified. This year we also expanded our Lost Time Incident (LTI) reporting pro-cesses to include our warehousing sites in addition to our manufactur-ing sites. In 2023, there have been 3 incidents leading to lost time at our manufacturing sites, all as a consequence of minor injuries. Forced labor A human rights risk that exists across our supply chain is forced labor. In 2023, we set up a forced labor taskforce to ensure we do not depend on forced labor in our supply chain. Through this taskforce we will also ensure compliance with the U.S.â Uyghur Forced Labor Prevention Act and future similar legislation. Supplier audits All tier 1 contract manufacturers are audited every year, tier 2 suppliers every second year. For our hearing aid suppliers, we audit tier 1 and tier 2 suppliers based on supplier classification and historical performance. Audits are based on the UN Global Compact principles of responsible business and the SA8000 standard, which addresses the key human rights risks. In practice, during an audit, workers are randomly selected for an interview and an assessment to ensure their working hours, treatment by superiors, safety, and salary are compliant with our standards and local legislation. We require major audit findings to be addressed through corrective actions. 61 audits were conducted among GN. The major human rights related findings are grouped into four overall areas (see graphic). All major findings have either been resolved or are currently subject to manda-tory corrective action. Next steps In 2024, we will perform a human rights impact assessment in line with the UN Guiding Principles to enhance our ability to identify, measure, monitor, and remediate our salient human rights impacts, and prepare for compliance with the upcoming Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive. People and culture drive performanceBuilding a diverse organization with an inclusive culture is the right thing to do â and improves performanceDiversity, equity, and inclusion are strategic priorities GN fundamentally believes that diverse leadership and organization are key to success as an innovation leader and, thus, we welcome dif-ferences. To stay relevant as a business we need access to all employ-eesâ competencies, creativity, engagement, and loyalty. We need the best talents, and we need diverse talents. Therefore, diversity, equity, and inclusion (DEI) are a strategic priority for GN. GNâs policy for advancing the underrepresented gender is prepared in accordance with Section 139c of the Danish Companies Act and sets out GNâs policy for increasing gender diversity in Senior Management levels, including initiatives within employer branding, recruitment, in-clusive talent review and succession planning, and leadership accounta-bility with the aim to translate the policy into action. GNâs activities to advance gender diversity and reach its gender diversity target as car-ried out in accordance with the policy and in general are described in the following. GN sets inclusion first as a prerequisite for diversity We aspire to be a human-centered business that places people at the front and center of everything it does. By connecting compassionately with customers, partners, and colleagues we aim to foster strong and meaningful relationships and better and more inclusive experiences for everybody we touch. Aligned with our company values, we listen to what everyone has to say, challenge the status quo and strive to trans-form the world by creating a more equal, inclusive, and understanding workplace. In 2023, we continued our journey towards a more diverse and inclusive organization. With active executive leadership engagement, our DEI Executive Committee identified the overall purpose and ambition for DEI as well as necessary strategic initiatives to make improvements. Further, a series of workshops were held, both to educate and to initi-ate concrete actions to continue to improve, while recognizing that it is challenging to obtain diversity, equity, and inclusion in a global organi-zation. Advancing diversity and equity through inclusive recruitment In our commitment to foster a diverse and inclusive workplace, we rec-ognize the pivotal role that recruitment plays in shaping the composi-tion of our teams. Inclusive recruitment is not merely a goal but a fun-damental value that guides our hiring practices. Making sure that GNâs talent attraction practice is inclusive and equita-ble is a strategic DEI priority with a clear link to ensuring a level playing field and fairness for all. Consequently, in 2023 an analysis of our re-cruitment practice was conducted to identify pivotal gaps. The gaps identified have been closed with relevant tools that â from a DEI per-spective â will improve the global recruitment practice and bring our approach on par with best practice inclusive recruitment. The following initiatives have been implemented: ⢠Hiring manager support: guidance to avoid biases in the candidate screening and interview process ⢠Standardized job ads: including template to promote inclusive language ⢠Search partner alignment: on diversity as well as extending the support to hiring managers working with search partners Inclusive leadership training Inclusive leadership is about creating a trusting, open, and respectful culture in the team as a prerequisite for unlocking the team's creative potential arising from their differences. In 2023, we have commenced the design of development journeys for different target groups across GN. This work will continue into 2024 based on the new one-company organizational structure with workshops on inclusive leadership and psychological safety as well as webinars for people managers on DEI and inclusive leadership. Leveraging insights from Employee Resource Groups GN also continued to support employee-led Employee Resource Groups (ERGs) to further underline that we want our company to be a place that brings out the best in all people and enables them to reach their potential. Our current ERGs â Black@GN, WomensNet-work@GN, and Pride@GN â are part of this work. Equal playing field for all Creating an equal playing field is a cornerstone to instill fair and just practices and policies that ensure all employees can thrive, be them-selves, and exercise their full potential. To become a truly equitable employer, we embed inclusion and diversity in our people processes. As a company, we do not tolerate discrimination or harassment of any kind based on racial or ethnic characteristics, gender, religion, age, sex-ual orientation, disabilities, or any other classification as stated in GN's Ethics Guide. Strengthening a diverse leadership pipeline and talent development As we embark on the journey of cultivating a more diverse leadership pipeline, we recognize it not only as a reflection of our values but as a strategic imperative that propels us toward a future of sustained growth, resilience, and innovation. By ensuring a profound talent practice, GN can use talent reviews as a strategic tool to identify and develop a diverse pool of talented individ-uals, including more of the underrepresented gender, and fostering a culture of equity and inclusion. GN yearly conducts a global Talent Review and Succession planning process to ensure that a bigger part of the organization is calibrated to build stronger diverse talent and leadership pipelines at more levels. GNâs strategy calls for a still broader range of leadership competencies and capabilities, why an increased focus aims to ensure that leadership talents have the right qualifications to efficiently lead a business. GN wants to use talent development to build a strong, diverse talent pool across the Group. Consequently, more effort is put into strength-ening development plans for senior leaders, and a major lever to sup-port this is âTransformâ, an individual and data-driven Talent Develop-ment Centre to drive senior leadership development. In 2023, 68% of our Transform talents are female leaders compared to 47% in 2022. The Transform cohort consist of 12 different nationalities. Additional relevant documents GNâs Ethics Guide is available in 10 languages: www.gn.com/re-sponsibilitydocuments GNâs Diversity, Equity, and Inclusion policy: www.gn.com/diversi-typolicy Gender diversity at Board and Management level The percentages as of December 31, 2023, of the underrepresented gender and the set targets for GNâs Board and Management are re-flected in the table below. As of October 1, 2023, GN changed its gov-ernance structure including management levels, why 2023 percentages cannot meaningfully be compared to previous years. By the end of 2023, the gender composition of GNâs first three management levels were as follows: Diversity in leadership levels 2023 1 - Board of Directors Total number (elected by General Meeting) 4 Underrepresented gender (%) 50 Target (%)* N/A Target year N/A 2 - Senior Leadership** Total number 18 Underrepresented gender (%) 17 Target (%) 25 Target year 2025 3 - Other Senior Management*** Total number 341 Underrepresented gender (%) 22 Target (%) 25 Target year 2025 * The target for the Board of Directors is to have 40% of the underrepresented gender among members elected by the General Meeting which has been surpassed with 2 men and 2 women elected ** Senior Leadership (as defined in section 139 (c) of the Danish Companies Act) comprises the Executive Management, the Executive Leadership Team, and other managers reporting directly to Executive Management. For historical reasons, these managers are formally em-ployed in different GN legal entities, but constitute the actual management structure in GNâs new one-company setup. The set target has not yet been met why activities described on these pages are maintained to continue to make progress. *** To better reflect GNâs managerial talent pipeline, GN has chosen to also report on its broader senior management as defined by GNâs job grades. The set target has not yet been met why activities described on these pages are maintained to continue to make progress. Supporting communities Bringing people closer through clever engineering is in our DNA We work every day to bring people closer, and we take great pride in the results that our efforts provide for people. Helping people with hearing loss live their lives to the fullest extent possible through great technology. More than 10 million people have already received help It is our goal to help 10 million people with hearing loss by 2025, and we already reached that milestone. By the end of 2023, we estimate that we are helping 10.5 million people with hearing loss live healthier and happier lives. This number is calculated using sales volumes of GN hearing aids and assumptions based on EHIMA figures for binaural treatment and replacement rates (five years for high-income countriesand eight years for low-income countries). Beyond that, we try to help as many people as we can through access, awareness, and advocacy: Access We drive several initiatives to improve access to hearing health. First, by introducing new product categories with a lower threshold to enjoy-ing the benefits of hearing health. Our over-the-counter hearing aids for mild to moderate hearing loss are sold without the need to visit a hearing care professional. Second, we seek to help people with hearing loss without direct accessto hearing health due to their circumstances. During a one-week trip to Poland, GN employees were able to fit around 80 hearing aids for Ukrainian refugees. Through different charitable campaigns globally, we donated a further 1,048 ReSound hearing aids. The Beltone Hearing Care Foundation is a charitable organization on a mission to help individuals in need of hearing assistance, who may face financial barriers. We believe that everyone deserves the chance to hear and engage with the world around them. In 2023, the Beltone Hearing Care Foundation donated an estimated 900 hearing aids, bringing the gift of sound to 440 people with hearing loss. These num-bers represent the tangible impact we strive to achieve, one person at a time. Awareness We seek to increase awareness of hearing health through our efforts to break down the stigma around hearing loss and by campaigning for the benefits of early treatment. Our annual campaign called The Gift of Hearing runs during Thanksgiving each year. When a healthcare pro-fessional participates in the campaign, they are gifted a hearing aid that they can fit free of charge for someone who needs it. Advocacy Advocacy around hearing loss is closely linked to the work we do on awareness. In 2023, GN partnered with Soundly, a consumer education resource for hearing wellness, to present Inside the Ear. A digital art campaign aimed at demystifying hearing loss and empowering individ-uals to make informed decisions about their hearing health. Through a series of fascinating and educational videos illustrating the complex in-ner workings of the ear, our mission is to cultivate education surround-ing the crucial significance of maintaining optimal hearing health. In addition, the GN Foundation, founded by GN in 1956, provides grants to support a range of scientific, technical, non-profit and hu-mane purposes (see more at gnfoundation.dk).</mrv:StatementOfCorporateSocialResponsibility>
<mrv:PrimaryActionsForFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-2" id="s8_notesesefdkgaap__9__13" xml:lang="en">GN sets inclusion first as a prerequisite for diversity We aspire to be a human-centered business that places people at the front and center of everything it does. By connecting compassionately with customers, partners, and colleagues we aim to foster strong and meaningful relationships and better and more inclusive experiences for everybody we touch. Aligned with our company values, we listen to what everyone has to say, challenge the status quo and strive to trans-form the world by creating a more equal, inclusive, and understanding workplace. In 2023, we continued our journey towards a more diverse and inclusive organization. With active executive leadership engagement, our DEI Executive Committee identified the overall purpose and ambition for DEI as well as necessary strategic initiatives to make improvements. Further, a series of workshops were held, both to educate and to initi-ate concrete actions to continue to improve, while recognizing that it is challenging to obtain diversity, equity, and inclusion in a global organi-zation. Advancing diversity and equity through inclusive recruitment In our commitment to foster a diverse and inclusive workplace, we rec-ognize the pivotal role that recruitment plays in shaping the composi-tion of our teams. Inclusive recruitment is not merely a goal but a fun-damental value that guides our hiring practices. Making sure that GNâs talent attraction practice is inclusive and equita-ble is a strategic DEI priority with a clear link to ensuring a level playing field and fairness for all. Consequently, in 2023 an analysis of our re-cruitment practice was conducted to identify pivotal gaps. The gaps identified have been closed with relevant tools that â from a DEI per-spective â will improve the global recruitment practice and bring our approach on par with best practice inclusive recruitment. The following initiatives have been implemented: ⢠Hiring manager support: guidance to avoid biases in the candidate screening and interview process ⢠Standardized job ads: including template to promote inclusive language ⢠Search partner alignment: on diversity as well as extending the support to hiring managers working with search partners Inclusive leadership training Inclusive leadership is about creating a trusting, open, and respectful culture in the team as a prerequisite for unlocking the team's creative potential arising from their differences. In 2023, we have commenced the design of development journeys for different target groups across GN. This work will continue into 2024 based on the new one-company organizational structure with workshops on inclusive leadership and psychological safety as well as webinars for people managers on DEI and inclusive leadership. Leveraging insights from Employee Resource Groups GN also continued to support employee-led Employee Resource Groups (ERGs) to further underline that we want our company to be a place that brings out the best in all people and enables them to reach their potential. Our current ERGs â Black@GN, WomensNet-work@GN, and Pride@GN â are part of this work. Equal playing field for all Creating an equal playing field is a cornerstone to instill fair and just practices and policies that ensure all employees can thrive, be them-selves, and exercise their full potential. To become a truly equitable employer, we embed inclusion and diversity in our people processes. As a company, we do not tolerate discrimination or harassment of any kind based on racial or ethnic characteristics, gender, religion, age, sex-ual orientation, disabilities, or any other classification as stated in GN's Ethics Guide. Strengthening a diverse leadership pipeline and talent development As we embark on the journey of cultivating a more diverse leadership pipeline, we recognize it not only as a reflection of our values but as a strategic imperative that propels us toward a future of sustained growth, resilience, and innovation. By ensuring a profound talent practice, GN can use talent reviews as a strategic tool to identify and develop a diverse pool of talented individ-uals, including more of the underrepresented gender, and fostering a culture of equity and inclusion. GN yearly conducts a global Talent Review and Succession planning process to ensure that a bigger part of the organization is calibrated to build stronger diverse talent and leadership pipelines at more levels. GNâs strategy calls for a still broader range of leadership competencies and capabilities, why an increased focus aims to ensure that leadership talents have the right qualifications to efficiently lead a business. GN wants to use talent development to build a strong, diverse talent pool across the Group. Consequently, more effort is put into strength-ening development plans for senior leaders, and a major lever to sup-port this is âTransformâ, an individual and data-driven Talent Develop-ment Centre to drive senior leadership development. In 2023, 68% of our Transform talents are female leaders compared to 47% in 2022. The Transform cohort consist of 12 different nationalities. Additional relevant documents GNâs Ethics Guide is available in 10 languages: www.gn.com/re-sponsibilitydocuments GNâs Diversity, Equity, and Inclusion policy: www.gn.com/diversi-typolicy Gender diversity at Board and Management level The percentages as of December 31, 2023, of the underrepresented gender and the set targets for GNâs Board and Management are re-flected in the table below. As of October 1, 2023, GN changed its gov-ernance structure including management levels, why 2023 percentages cannot meaningfully be compared to previous years. By the end of 2023, the gender composition of GNâs first three management levels were as follows:</mrv:PrimaryActionsForFulfillmentOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-4"
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id="s8_notesesefdkgaap__9__5"
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<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-4"
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<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-4"
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<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4"
decimals="2"
id="s8_notesesefdkgaap__9__8"
unitRef="pure">0.17</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4"
decimals="2"
id="s8_notesesefdkgaap__9__9"
unitRef="pure">0.25</mrv:TargetFigureInPercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4" id="s8_notesesefdkgaap__9__10" xml:lang="en">2025</mrv:YearOfFulfillmentOfTargetFigureOfUnderrepresentedGenderOtherManagementLevels>
<mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-2" id="s8_notesesefdkgaap__9__12" xml:lang="en">The target for the Board of Directors is to have 40% of the underrepresented gender among members elected by the General Meeting which has been surpassed with 2 men and 2 women elected</mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
<mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors contextRef="ctx-2" id="s8_notesesefdkgaap__9__11" xml:lang="en">The target for the Board of Directors is to have 40% of the underrepresented gender among members elected by the General Meeting which has been surpassed with 2 men and 2 women elected</mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors>
<mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-2" id="s8_notesesefdkgaap__9__16" xml:lang="en">Senior Leadership (as defined in section 139 (c) of the Danish Companies Act) comprises the Executive Management, the Executive Leadership Team, and other managers reporting directly to Executive Management. For historical reasons, these managers are formally em-ployed in different GN legal entities, but constitute the actual management structure in GNâs new one-company setup. The set target has not yet been met why activities described on these pages are maintained to continue to make progress.</mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels contextRef="ctx-2" id="s8_notesesefdkgaap__9__14" xml:lang="en">Senior Leadership (as defined in section 139 (c) of the Danish Companies Act) comprises the Executive Management, the Executive Leadership Team, and other managers reporting directly to Executive Management. For historical reasons, these managers are formally em-ployed in different GN legal entities, but constitute the actual management structure in GNâs new one-company setup. The set target has not yet been met why activities described on these pages are maintained to continue to make progress.</mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels>
<mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels contextRef="ctx-2" id="s8_notesesefdkgaap__9__15" xml:lang="en">The set target has not yet been met why activities described on these pages are maintained to continue to make progress. *** To better reflect GNâs managerial talent pipeline, GN has chosen to also report on its broader senior management as defined by GNâs job grades. The set target has not yet been met why activities described on these pages are maintained to continue to make progress. </mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels>
<mrv:LinkToStatementOfDiversityPolicies contextRef="ctx-1" id="s8_notesesefdkgaap__7__22" xml:lang="en">www.gn.com/diversi-typolicy</mrv:LinkToStatementOfDiversityPolicies>
<mrv:LinkToStatementOfPolicyForDataEthics contextRef="ctx-47" id="s8_notesesefdkgaap__7__23" xml:lang="en">www.gn.com/dataethicspolicy</mrv:LinkToStatementOfPolicyForDataEthics>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="s8_notesesefdkgaap__7__19" xml:lang="en">www.gn.com/boardevaluation2023</mrv:LinkToCorporateGovernanceReport>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
decimals="0"
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unitRef="pure">7435</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-59"
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s8_notesesefdkgaap__7__28" xml:lang="en">Statements by the Executive Management and the Board of DirectorsToday, the Executive Management and the Board of Directors have dis-cussed and approved the GN Store Nord Annual Report 2023. The annual report has been prepared in accordance with IFRS Account-ing Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. It is our opinion that the consolidated financial statements and the par-ent company financial statements give a true and fair view of the finan-cial position of the group and the parent company at December 31, 2023 and of the results of the group's and the parent company's opera-tions and cash flows for the financial year January 1 â December 31, 2023. Further, in our opinion, the Management's report gives a fair review of the development in the group's and the parent company's activities and financial matters, results of operations, cash flows and financial position as well as a description of material risks and uncertainties that the group and the parent company face. Management's report has been prepared in accordance with the requirements of the Danish Fi-nancial Statements Act and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). The Consoli-dated ESG data have been prepared in accordance with the stated ac-counting policies. In our opinion, it gives a fair view of the group's envi-ronmental, social, and governance performance. In our opinion, the Annual Report of GN Store Nord A/S for the finan-cial year January 1 to December 31, 2023 with the file name GNStore-Nord-2023-12-31.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the annual report be approved at the Annual Gen-eral Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s8_notesesefdkgaap__7__29" xml:lang="en">Ballerup</sob:PlaceOfSignatureOfStatement>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-48" id="s8_notesesefdkgaap__7__31" xml:lang="en">Peter Karlstromer</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-48" id="s8_notesesefdkgaap__7__32" xml:lang="en">Group CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-49" id="s8_notesesefdkgaap__7__33" xml:lang="en">Søren Jelert</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-49" id="s8_notesesefdkgaap__7__34" xml:lang="en">Group CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="s8_notesesefdkgaap__7__35" xml:lang="en">Jukka Pekka Pertola</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-50" id="s8_notesesefdkgaap__7__36" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="s8_notesesefdkgaap__7__37" xml:lang="en">Klaus Holse</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-51" id="s8_notesesefdkgaap__7__38" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-52" id="s8_notesesefdkgaap__7__39" xml:lang="en">Hélène Barnekow</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-53" id="s8_notesesefdkgaap__7__40" xml:lang="en">Anette Weber</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-54" id="s8_notesesefdkgaap__7__41" xml:lang="en">Leo Larsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-55" id="s8_notesesefdkgaap__7__42" xml:lang="en">Cathrin Inge Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-56" id="s8_notesesefdkgaap__7__43" xml:lang="en">Claus Holmbeck-Madsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__46" xml:lang="en">To the shareholders of GN Store Nord A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__47" xml:lang="en">Our opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Groupâs and the Parent Companyâs financial position at 31 December 2023 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 January to 31 December 2023 in ac-cordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors. What we have audited The Consolidated Financial Statements and Parent Company Financial Statements of GN Store Nord A/S for the financial year 1 January to 31 December 2023, pp 74-148 comprise income statement and statement of comprehensive income, balance sheet, statement of changes in eq-uity, statement of cash flows and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the "Financial Statements". </arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__48" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are fur-ther described in the Auditorâs responsibilities for the audit of the Fi-nancial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. Appointment We were first appointed auditors of GN Store Nord A/S on 21 March 2019 for the financial year 2019. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engage-ment of five years including the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s8_notesesefdkgaap__7__49" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judg-ment, were of most significance in our audit of the Financial State-ments for 2023. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opin-ion thereon, and we do not provide a separate opinion on these mat-ters. Key audit matter Capitalisation and valuation of development costs The Group capitalises development costs within both the hearing and audio segment when certain criteria according to IFRS Accounting Standards are met.The criterias for recognition and measurement of development costs are subject to Man-agementâs estimates and judgments, which are uncertain by nature.Completed development projects are assessed for impairment indications during the year. For in-progress development projects impairment tests are performed at least yearly. The impairment tests are based on a strategy plan approved by Management and value-in-use calculations based on expected future cash flows.We focused on this area because the criterias for recognition and measurement of develop-ment projects are subject to Management estimates and judgments.Refer to note 3.1 in the Financial Statements.How our audit addressed the key audit matter We assessed whether the Groupâs material accounting policies related to capitalisation and valuation of development costs are in accordance with IFRS Accounting Standards.We updated our understanding of relevant controls, including Group controlling proce-dures, IT systems and business processes regarding development costs. For the controls, we assessed whether they were designed and implemented to effectively address the risk to material information. For selected controls which we planned to rely upon, we tested the operating effectiveness.We selected a sample of in-progress development projects and considered whether all cri-terias described in IFRS Accounting Standards were met as a basis for capitalisation. We performed substantive audit procedures to verify capitalised amounts.We evaluated and challenged Managementâs assessment of impairment indicators of com-pleted development projects based on the commercial prospects of the projects.For in-progress development projects and completed projects where there are indications of impairment, we challenged the significant assumptions applied in the value-in-use calcu-lations. Our work was based on our understanding of the business cases and key assump-tions applied. We challenged whether the intend to finalise the projects remain and whether the projects are expected to generate future economic benefits exceeding the car-rying values.We assessed the completeness and accuracy of the disclosures of development projects and related impairment tests against the disclosure requirements in IAS 36 and IAS 38.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__50" xml:lang="en">Statement on Managementâs Report Management is responsible for Managementâs Report, pp 1-72. Our opinion on the Financial Statements does not cover ManagementâsReport, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsi-bility is to read Managementâs Report and, in doing so, consider whether Managementâs Report is materially inconsistent with the Fi-nancial Statements or our knowledge obtained in the audit, or other-wise appears to be materially misstated. Moreover, we considered whether Managementâs Report includes the disclosures required by the Danish Financial Statements Act and Arti-cle 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). Based on the work we have performed, in our view, Managementâs Re-port is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). We did not identify any material misstatement in Managementâs Report.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__51" xml:lang="en">Managementâs responsibilities for the Financial Statements Management is responsible for the preparation of consolidated finan-cial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management deter-mines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Man-agement either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s8_notesesefdkgaap__7__52" xml:lang="en">Auditorâs responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that in-cludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always de-tect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the eco-nomic decisions of users taken on the basis of these Financial State-ments. As part of an audit in accordance with ISAs and the additional require-ments applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ⢠Identify and assess the risks of material misstatement of the Finan-cial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evi-dence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenta-tions, or the override of internal control. ⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the ef-fectiveness of the Groupâs and the Parent Companyâs internal con-trol. ⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence ob-tained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we con-clude that a material uncertainty exists, we are required to draw at-tention in our auditorâs report to the related disclosures in the Fi-nancial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ob-tained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern. ⢠Evaluate the overall presentation, structure and content of the Fi-nancial Statements, including the disclosures, and whether the Fi-nancial Statements represent the underlying transactions and events in a manner that gives a true and fair view. ⢠Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-nal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding inde-pendence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the auditof the Financial Statements of the current period and are therefore thekey audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s8_notesesefdkgaap__7__53" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements we performed proce-dures to express an opinion on whether the annual report of GN Store Nord A/S for the financial year 1 January to 31 December 2023 with the filename GNStoreNord-2023-12-31.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regu-lation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the ConsolidatedFinancial Statements including notes. Management is responsible for preparing an annual report that com-plies with the ESEF Regulation. This responsibility includes: ⢠The preparing of the annual report in XHTML format; ⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to ele-ments in the taxonomy, for all financial information required to be tagged using judgment where necessary; ⢠Ensuring consistency between iXBRL tagged data and the Consoli-dated Financial Statements presented in human-readable format; and ⢠For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the an-nual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgment, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The pro-cedures include: ⢠Testing whether the annual report is prepared in XHTML format; ⢠Obtaining an understanding of the companyâs iXBRL tagging pro-cess and of internal control over the tagging process; ⢠Evaluating the completeness of the iXBRL tagging of the Consoli-dated Financial Statements including notes; ⢠Evaluating the appropriateness of the companyâs use of iXBRL ele-ments selected from the ESEF taxonomy and the creation of exten-sion elements where no suitable element in the ESEF taxonomy has been identified; ⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ⢠Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of GN Store Nord A/S for the financial year 1 January to 31 December 2023 with the file name GNStoreNord-2023-12-31.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
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