The Board of Directors is elected by the shareholders in general meeting and by the company’s employees, respectively and is ALK’s supreme management. The Board of Directors defines the objectives, goals and strategies of the company and makes decisions on matters of major significance or of an unusual nature. On behalf of the shareholders, the Board of Directors furthermore supervises the organization and sees that the company is managed appropriately and in accordance with legislation and the articles of association. The Board of Directors does not participate in the day-to-day management of the company.
In addition to undertaking the overall management of the company, it is the primary responsibility of the Board of Directors to define the strategic framework for the activities and action plans of the company and to maintain a constructive dialogue with the Board of Management regarding the implementation of the strategies. In addition, the Board of Directors appoints the Board of Management, sets out its terms and tasks and supervises its work and the company’s procedures and responsibilities.
The Board of Directors also functions as the audit committee.
The audit committee monitors the financial reporting process, monitors the efficiency of the company’s internal control system and risk management systems, monitors the statutory audit, and monitors and verifies the independence of the auditors.
The Board of Directors consists of six members elected by the company’s shareholders at the annual general meeting and three members elected by the company’s employees. According to article 9.3 of the articles of association, members appointed by the company’s shareholders who have attained the age of 70 at the time of the general meeting are not eligible for election to the Board of Directors.
The Board of Directors is composed in such a way that its directors are able to act independently of special interests. Two of the members elected by the company’s shareholders are also members of the Board of Directors of The Lundbeck Foundation and LFI a/s. The other members elected by the shareholders are independent and have no interest in ALK other than the interests they may have as shareholders.