Organisation

Vestjysk Bank's Board of Directors consists of nine members, of which three are elected by the Bank´s employees. The Executive Board consists of Jan Ulsø Madsen, CEO, and Michael Nelander Petersen, Managing Director.

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The Board of Directors

Bestyrelsen Executive Board
Vagn Thorsager (Chairman) Jan Ulsø Madsen, CEO
Lars Holst (Vice-Chairman) Michael Nelander Petersen, Managing Director
Bent Simonsen  
Bolette van Ingen Bro  
Claus Okholm  
Karina Boldsen  
Jacob Møllgaard, elected by the employees  
Martin Sand Thomsen,elected by the employees  
Palle Hoffmann, elected by the employees  

Additional information

Corporate Governance

Vestjysk Bank's principles on corporate governance are based on the Recommendations of the Committee on Corporate Governance and are thus in line with the principles, NASDAQ OMX Copenhagen A/S has decided listed companies must address. The Bank's principles on corporate governance are furthermore based on the Recommendations of the Danish Bankers’ Association Management Code.
 
 We have chosen to publish the Bank’s statutory report on corporate governance on this page to the right. The report outlines the Bank's status in relation to all recommendations put forward by the Committee on Corporate Governance and the Danish Bankers’ Association Management Code.

See also the statutory report on governance requirements.

Reports

Committees under the Board of Directors

In order to increase the efficiency and quality of work of the Board of Directors Vestjysk Bank´s Board of Directors established three committees during the period 2009 to 2010 - the Remuneration Committee, the Nomination Committee and the Audit Committee. During 2014 the Board of Directors also established a Risk Committee. The committees contribute to drafting the materials on which decisions made by the Board of Directors are based. The sole purpose of these committees is preparatory in nature, which means that material information needed by all Board members must be transmitted to such members. The Board retains full responsibility for all decisions, and the work performed by the committees may also not result in any omission or curtailment of business originally intended to be transacted by the Board.

The committee briefs are all accessible on this webpage. The following items list the activities of the committees in 2016:

  • check The Remuneration Committee was established in 2010. Its activities have complied with the guidelines set forth in the relevant brief. Two meetings were held over the course of the year.
  • check The Nomination Committee was established in 2010. Its activities have complied with the guidelines set forth in the relevant brief. Three meetings were held over the course of the year.
  • check The Audit Committee was established in 2009. Its activities have complied with the guidelines set forth in the relevant brief. The committee convened seven times over the course of the year.
  • check The Risk Committee was established in 2014. Its activities have complied with the guidelines set forth in the relevant brief. Two meetings were held over the course of the year.

Members of the various committees are also members of the Bank’s Board of Directors and meet the independence requirement as defined by the Committee on Corporate Governance in Denmark. However, due to his previous position as CEO of Vestjysk Bank Vagn Thorsager is considered a non-independent board member. Also Martin Sand Thomsen, Palle Hoffmann and Jacob Møllgaard are considered non-independent board members due to their current employment in the Bank.

Click here for an overview of the committees' current composition.

Click here for an overview of board member's participation in board and committee meetings during 2017

Briefs

Brief of Audit Committee

Brief of Nomination Committee

Brief of Remuneration Committee

Brief of Risk Committee

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