The Board of Directors is composed with emphasis on extensive experience within both the fashion industry and general management. It is furthermore emphasized that the Board of Directors collectively has a professional broad spectrum, extensive experience and documented strategic and managerial competences to the effect that the Board of Directors can perform their tasks in the best possible way. All board members are elected for one-year terms.
The proportionate share of females in IC Group’s Board of Directors constituted 17% at 30 June 2018. The Board of Directors’ specific target is to increase the percentage of female board members to 33% by 30 June 2021 at the latest. This target must be reached through a continues dialogue within the Board of Directors on how to ensure optimum diversity in the composition of the Board of Directors and in the recruitment pool of new board candidates. Previously, the reported target for female board members was set at 33% within 30 June 2019. We did not achieve this which is primarily attributable to the recruitment base not allowing for this target to be fulfilled.
The IC Group employees have chosen not to exercise the right to be represented on the Board of Directors, cf. the right set out in the provisions of the Danish Companies Act.
Each year, the Board of Directors carries out a self-evaluation based on clear criteria with a view to systematically assessing the result of the joint efforts of the Board of Directors, the Chairman of the Board of Directors and the individual director.
Based on the recommendations of NASDAQ OMX Copenhagen, the Board of Directors of IC Group A/S has considered the need for setting up special, permanent board committees. As a result of its considerations, the Board of Directors has resolved to set up an Audit Committee. In addition, the Board of Directors will regularly consider the appropriateness of setting up specific ad hoc committees.
It is the responsibility of the Audit Committee to monitor the financial reporting process and assess whether the in-house control and risk management systems work efficiently, including to monitor the statutory audit of the annual report and recommend an auditor to the Board of Directors. In addition, the Audit Committee must review and monitor the independence of the auditor, including the services provided by IC Group A/S and its subsidiaries in particular. At least three Audit Committee meetings are held each year. The Audit Committee reports to the Board of Directors.
Members: Henrik Heideby (Chairman), Peter Thorsen and Niels Martinsen