The management model and organization in Columbus is adapted on an ongoing basis so that the company is equipped to the best possible extent to manage its obligations to shareholders, customers, employees, authorities as well as other interested parties. In this process, Columbus uses the recommendations about Corporate Governance from Nasdaq Copenhagen as an important source of inspiration.
Management and Board Committees
The shareholders have the final authority over the company and exercise their right to make decisions at the Company’s General Meetings.
Columbus has a unified management structure consisting of a Board of Directors and an Executive Board. The two bodies are separate, and no one serves as members of both.
Board of Directors
The Board of Directors is responsible for the overall management of the Company on behalf of the shareholders and supervises the Company and ensures adequate management of the Company in compliance with legislation and Articles of Association. Together with the Executive Board, the Board of Directors determines goals and strategies, and approves budgets and action plans. The Board members are elected for one year at a time with the option for re-election.
The Board of Directors appoints the Executive Board and determines the terms of employment. The Executive Board is responsible for the day-to-day operation of Columbus, including strategy, budgets and targets for the Company.
The purpose of the Audit Committee is to supervise accounting, audit, risk and controlling issues.
The tasks of the Audit Committee have been determined in a Terms of Reference, which have been approved by the Board of Directors.
Terms of reference for the Audit Committee
In 2009 the Board of Directors appointed an Audit Committee, the purpose of which is to supervise accounting, audit, risk and controlling issues. The Audit Committee consists of the members Sven Madsen and Peter Skov Hansen (Chairman of the Audit Committee) who is also an independent member of the Board of Directors. The tasks of the Audit Committee have been determined in a Terms of Reference. The latest version has been approved by the by the Board of Directors on 6 November 2018.
Terms of reference for the Audit Committee - Danish