​Besides the Chairmanship, the Board of Directors has established an Audit Committee.

Chairmanship
The Chairmanship consists of the Chairman and the Deputy Chairman.

The Chairmanship has the responsibility to organize, convene and chair Board meetings and on a continuous basis keep themselves informed about the work carried out in committees established by the Board of Directors. The Chairmanship represents the Board of Directors externally to investors, press and other third parties.

The Chairmanship also functions as the main point of contact between the Board of Directors, the Executive Management, and a Board Committee.

The Chairmanship also handles the tasks, which are usually handled by a nomination and a remuneration committee.

Audit Committee
The Audit Committee shall consist of at least three members, elected for a one-year term among the members of the Board of Directors. A majority of the members shall qualify as independent as defined in the Danish Recommendations on Corporate Governance. In addition, at least one member shall qualify as an audit committee financial expert with qualifications in accounting and/or auditing.

The Audit Committee is responsible for the on-going dialogue with the external auditor and facilitates exchange of information between the Board of Directors and the Company’s external auditor. Further, the Audit Committee reviews accounting and audit matters, which require a more thorough evaluation and assists the Board of Directors with the oversight of internal controls and risk management. The Audit Committee shall meet at least four times each year.