The Össur stock price decreased by 7% in 2020, compared to an increase of 36% of the OMXC25GI index, a leading index for the Danish equity market. Össur returned USD 18.6 million to its shareholders in 2020, in the form of USD 9.3 million share buybacks and USD 9.3 million in dividends.
Össur‘s stock is listed on Nasdaq Copenhagen and was the 25th largest company listed on Nasdaq Copenhagen when measured in terms of market value at year-end 2020.
The share capital of Össur is ISK 423,000,000 nominal value, divided into the same number of shares. There is only one class of shares and all shares carry one vote.
Össur’s largest shareholder is William Demant Invest A/S (WDI) which held 52% of the total shares and 52% of the voting rights at year-end 2020. WDI has been invested in Össur since 2004. According to an announcement by WDI, their intention is to hold between 50-60% of Össur’s shares going forward. Apart from Össur, the fund’s investment activities include holdings in Demant, a leading provider of hearing aids, Vision RT, Vitrolife, Cellavision, Revenio, Jeudan, and Borkum Riffgrund.
In addition, ATP Pension Fund and The Pension Fund of Commerce had announced holdings above 5% in Össur at year-end 2020.
At year-end, about ~87% of Össur‘s shareholders were located in Scandinavia. The remaining ~13% of the shares are held by investors residing in other countries.
*Source: William Demant Invest website
User Stories
Football (soccer) is the most popular sport in Portugal and the most practiced. With the national team often amongst the higher-rated teams in both Europe and the world, Portuguese children dream of joining the ranks of professional football. With equal parts hard work and natural talent, Sandro Borges would have an opportunity to live his dream and play professionally for his beloved Portugal. Unfortunately, a car accident at age 21 cut this dream short.
His injuries were serious and potentially life threatening. His left leg, damaged beyond repair, required immediate amputation.
“The first reaction was a state of shock…the consequences of what had just happened, knowing that I would never more able to run, walk, go out at night with my friends or pick up my son from school, had a significant impact and shook my confidence in myself.”
Despite his shock and sadness, Sandro promised himself that no matter how difficult, he would recover. He received his first prosthetic shortly after his surgery and began an aggressive rehabilitation effort.
“Above all, I wanted to get my life back and make up for lost time. So, I went back to the gym as often as possible and I concentrated all my efforts on recovery. I wanted to do better every time.”
Today, Sandro is a boxing trainer who uses Pro-Flex XC Torsion because, as he says, “it helps me move the way I want to move.” He continues to push himself in the ring and is an outspoken proponent of physical fitness, sport activities and a life without limitations.
“I lead a perfectly normal life, both personally and professionally. Life has given me the opportunity to try boxing after being a professional football player and I grabbed it, without doubts or hesitations.”
Össur applies the Danish Recommendations on Corporate Governance (“Recommendations”). The Recommendations are the best practice guidelines for companies admitted to trading on a regulated market in Denmark.
Each year the Board of Directors evaluates and decides to what extent the Company should comply with the Recommendations and consequently whether relevant rules, policies and processes should be adopted or amended. When reporting on corporate governance, Össur comments and provides information on each recommendation. In the few cases where Össur has decided to deviate from the Recommendations, the “comply or explain” principle is applied, and well-founded explanations are provided why the relevant recommendation is not considered appropriate or desirable for the Company.
Össur’s Corporate Governance Report is approved by the Board of Directors. The Report includes both the statutory statement on corporate governance as well as comments and information on each item in the Recommendations. The report is available here on Össur’s website.
The supreme authority in Össur’s affairs is in the hands of lawful Shareholders’ Meetings, within the limits provided for in the Company’s Articles of Association and law.
At each Annual General Meeting the shareholders confirm the Company’s consolidated financial statements, approve the Company’s remuneration policy and decide on remuneration for the Board of Directors. The Board of Directors and an auditor are also elected at the Annual General Meeting, for a term of one year. Other resolutions are made on an ad-hoc basis, such as amendments to the Company’s articles of association (including capital reductions or authorizations for the Board of Directors to increase share capital) as well as authorizations to the Board of Directors (including to purchase own shares, initiate share buyback programs, or initiate share incentive programs).
Resolutions at Shareholders’ Meetings generally require a simple majority. However, resolutions to amend the Company’s Articles of Association usually require two-thirds of the votes cast and capital represented.
William Demant Invest A/S holds the voting majority at Össur’s Shareholders’ Meetings due to its majority ownership of the Company.
Minutes of Shareholders’ Meetings are available here on Össur’s website.
| Board member | Responsibilities | Independent | Nationality | Residence | Board tenure |
|---|---|---|---|---|---|
| Niels Jacobsen | Chairman of the Board | No | Danish | Denmark | 2005 |
| Kristján Tómas Ragnarsson | Vice Chairman of the Board | No | Icelandic | USA | 1999 |
| Arne Boye Nielsen | Chairman of the Audit Committee | No | Danish | Denmark | 2009 |
| Guðbjörg Edda Eggertsdóttir | Member of the Audit Committee | Yes | Icelandic | Iceland | 2013 |
| Svafa Grönfeldt | Member of the Audit Committee | No | Icelandic | USA | 2008 |
The Board of Directors is the supreme authority in Össur’s affairs between Shareholders’ Meetings. The Board has various roles and responsibilities, including establish goals for the Company and formulate the policy and strategy to achieve those goals, hire a CEO to manage the Company’s daily operations, supervise the Company’s activities and ensure that the Company’s organization and operations are in good and proper order, ensure adequate surveillance of the accounting and financial management of the Company, and evaluate the Company’s capital structure as well as the performance of the Board and the CEO. The Board’s roles and responsibilities are further described in the Board’s rules of procedure, which are available here on Össur’s website.
February Meeting
Annual General Meeting
March Meeting
April Meeting
July Meeting
September Meeting
October Meeting
December Meeting
The Board of Directors is composed of five individuals, all elected by the shareholders at the Annual General Meeting for a term of one year. The Board shall be represented by at least 40% of each gender, and currently there are three men and two women on the Board. The Board members have all served for several years, which ensures consistency and good insights into the Company’s business and markets.
The Chairman and the Vice Chairman of the Board of Directors are elected each year following the Company’s Annual General Meeting. The Chairman’s main responsibility is to ensure that the Board performs its duties in an orderly and efficient manner. In the absence of the Chairman, the Vice Chairman performs his duties. Niels Jacobsen has served as the Chairman since 2006 and Kristján Tómas Ragnarsson as the Vice Chairman since 2012.
The Board of Directors conducts a performance evaluation each year, which includes evaluation of individual contribution, co-operation within the Board and with the CEO, the Chairman’s leadership and setup of meetings, quality of board material, committee structure, etc. The Board also evaluates its composition each year to ensure that the members of the Board have between them the relevant knowledge, professional experience, expertise and skills required to perform the Board’s tasks in the best interest of the Company. The Chairman oversees the evaluation process and proposes the actions to be taken, if any. The Chairman shall seek external assistance at least every three years.
Further information on each member of the Board of Directors is available here on Össur’s website.
| Board member | Board Meetings attended |
|---|---|
| Niels Jacobsen | |
| Kristján Tómas Ragnarsson | |
| Arne Boye Nielsen | |
| Guðbjörg Edda Eggertsdóttir | |
| Svafa Grönfeldt |
The Audit Committee acts as an advisor to the Board of Directors but has no authority to take any decision on behalf of the Board. The principal duty of the Audit Committee is to ensure good quality of the Company’s Consolidated Financial Statements and other financial information as well as the independence of the Company’s Auditors. The Audit Committee’s role and responsibilities are further described in the Audit Committee’s rules of procedure, which are available here on Össur’s website.
The Audit Committee is composed of three Board Members. The majority of the Audit Committee shall be independent of the Company, the CEO and the Auditor. The Members of the Audit Committee shall possess the knowledge and expertise needed to perform the tasks of the Audit Committee. At least one Member of the Audit Committee shall have solid knowledge and experience in the field of financial statements or auditing. Arne Boye Nielsen has served as the Chairman of the Audit Committee since 2012.
Further information on each member of the Audit Committee is available here on Össur’s website.
| Board member* | Audit Committee Meetings attended |
|---|---|
| Niels Jacobsen* | |
| Kristján Tómas Ragnarsson* | |
| Arne Boye Nielsen | |
| Guðbjörg Edda Eggertsdóttir | |
| Svafa Grönfeldt |
*Attends the meeting in his capacity as Chairman or Vice Chairman of the Board.
According to Össur’s Articles of Association the Executive Board is formally composed of the CEO alone. He is not a member of the Board of Directors.
The CEO is responsible for the Company’s daily operations and is obliged to follow the Board of Directors’ policy and directions, within the limits provided for by the Company’s articles of association and law. The daily operations do not include measures that are unusual or extraordinary, which may generally only be taken if specially authorized by the Board.
The Board of Directors evaluates the CEO’s performance each year and then the Chairman of the Board and the CEO have a meeting to discuss the results of the evaluation and the actions to be taken, if any.
Össur also has a wider executive committee consisting of the CEO, the CFO and Executive Vice Presidents (“Executive Management”). The Executive Management generally meets every week and collectively prepares and implements the Company’s strategic plans. The CEO is responsible for the work and results of the Executive Management. The CEO evaluates the performance of the Executive Management each year and discusses the results of the evaluation with each member and the actions to be taken, if any.
Further information on each member of the Executive Management is available here on Össur’s website.
Össur joined the UN Global Compact in 2011 and signed the UN Women’s Empowerment Principles in 2014. In 2019, Össur evaluated its impact on the UN Sustainable Development Goals and selected four goals to support. Initiatives related to the selected goals started in 2020 and therefore this is the first time Össur reports on the progress. This chapter will give a high-level overview of the selected SDG’s and ESG measurements in accordance with the Nasdaq ESG Guidance. Össur publishes annually a separate Progress Report on its sustainability efforts which discusses the Company’s initiatives and progress in more detail.
Össur’s largest impact on society is through the Company’s innovative products, research activities and expertise in the field of prosthetics and bracing and supports. Össur works with individuals, clinicians, and diverse communities around the world to support a better quality of life and increase the mobility of millions of people. Consequently, Össur’s greatest impact on the SDGs is on Goal 3, Good Health and Well-Being. Additionally, Össur will also contribute to Goal 5 on Gender Equality, Goal 12 on Responsible Consumption and Production and Goal 13 on Climate Action. Össur’s sustainability vision is to provide products and services that contribute to good health, using responsible production methods and supporting climate action, while being a sponsor for gender equality.
Össur’s main initiative supporting this goal is to design products that offer additional benefits for the elderly, increasing their independency and quality of life. To secure access and availability of these solutions, Össur works closely with healthcare professionals in its field. At the end of 2020, Össur had already launched three products that are specially designed for this user group, and 30% of ongoing clinical investigations were related to this subject which will deliver valuable information and insights to further understand the need and potential benefits.
The numbers in the table below show the status at year-end 2020. As this is the first year Össur reports on these initiatives, these results serve as a baseline and next year will demonstrate the progress achieved.
| Goal 3 - Actions and progress | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Target | 2020 Status | ||||||||||||||||||||||||||||||||||||||||
| New products specially designed for elderly users | 4 new products by 2024 | 3 | |||||||||||||||||||||||||||||||||||||||
| Ongoing prosthetic studies which will inform developers about the elderly customer group. (Percentage of total ongoing studies) |
30% | ||||||||||||||||||||||||||||||||||||||||
| Availability of Products* Availability of Products and services** |
44% 25% |
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* Percentage of countries where Össur products are available
** Percentage of countries where Össur provides both products and services (direct sales)
Össur believes in diversity in its broadest sense and the importance of gender equality and women’s positive contribution to the workplace and the society. Main targets supporting this goal is to maintain an even gender split amongst employees (+/-10%), Increase management positions held by women, and continue to encourage greater diversity and inclusiveness in the industry.
| Goal 5 - Actions and progress | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Target | 2020 Status | ||||||||||||||||||||||||||||||||||||||||
| Gender split among employees | 50% (+/- 10%) |
46% Female 54% Male |
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| Female Managers (percentage of total number of managers) | YoY increase | 36% | |||||||||||||||||||||||||||||||||||||||
| Össur’s Women’s Leadership initiative (ÖWLI) Encourage greater diversity and inclusiveness in the industry |
Annual conferences* and webinars | 6 webinars | |||||||||||||||||||||||||||||||||||||||
*Annual ÖWLI Conference postponed 2020 due to COVID19
Össur is taking a product-centric approach to environmental management and aims to reduce the product’s environmental footprint throughout the full lifecycle, from development, through production, use and disposal. Our approach is to start initiatives with selected product lines and expand into the portfolio going forward.
| Goal 12 - Actions and progress | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Target | 2020 Status | ||||||||||||||||||||||||||||||||||||||||
| Sustainable Product Design |
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| Reduce material in product packaging |
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Össur is committed to reducing its Greenhouse Gas Emissions and improving the efficiency of its energy and resource consumption.
In recognition of our commitment to sustainable development and to commemorate Össur’s 50th anniversary, Össur will be Carbon Neutral in 2021 for energy and fuel consumption, waste generation, business travel and transportation of goods. This represents direct and indirect emissions (Scope 1 and 2) and selected Scope 3 emissions, according to Greenhouse Gas Protocol.
Össur has partnered with First Climate, a leading service provider of carbon emissions management, to achieve carbon neutrality. Össur aims to source all electricity from renewable sources and offset emissions through VCS and Gold Standard projects to support the UN Sustainable Development Goals.
Actively reduce emissions from business travel and inbound, outbound and intercompany freight.
Improve energy efficiency at our locations and work towards 100% renewable energy sources. We are currently using 100% renewable energy in Iceland and solar panels are used at our Eindhoven facility.
Reduce waste by focusing on raw material efficiency and maximize waste recovery, supporting a circular economy.
Offset the remaining emissions with verified carbon removal projects and solutions.
| Goal 13 - Actions and progress | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Target | 2020 Status | ||||||||||||||||||||||||||||||||||||||||
| Continuously improve Össur‘s Greenhouse Gas emission reporting | Establish an overview of Össur‘s carbon footprint | Emission data added for:
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| Source electricity from renewable energy sources | 100% | 24% of electricity with Guarantee of Origin (GO) certification | |||||||||||||||||||||||||||||||||||||||
| Reduce emissions from business travel and freight. | -10% | 40% reduction, reflecting COVID-19 impacts on business travel (70% reduction) | |||||||||||||||||||||||||||||||||||||||
| Carbon Neutral company | Carbon neutral in 2021 |
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Below reporting on environmental metrics is in accordance with the Nasdaq ESG guidance. Össur strives to continuously improve its Greenhouse Gas emission reporting with more extensive data from suppliers and service providers. In 2020, the scope of emission monitoring was extended which explains higher emissions in 2020, compared to 2019. The table only shows two years as the 2018 numbers are not comparable to 2019 and 2020 numbers due to this extension to scope.
Össur has a certified environmental management system in accordance with ISO 14001:2015 at the largest manufacturing and distribution locations.
For more detailed information, see Össur's CSR report.
| Environment | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Connection to frameworks | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||||
| E1 | GhG Emissions in tonnes CO2 equivalents (tCO2e) * | UNGC P7 | |||||||||||||||||||||||||||||||||||||||
| 1.1 | Scope 1 - Direct emissions, tCO2e | 360 | 1,800 | ||||||||||||||||||||||||||||||||||||||
| Gas consumption for heating | 360 | 500 | |||||||||||||||||||||||||||||||||||||||
| Fuel consumption in vehicle fleet | n.a. | 1,300 | |||||||||||||||||||||||||||||||||||||||
| 1.2 | Scope 2 - Indirect emissions, tCO2e | 3,600 | 5,000 | ||||||||||||||||||||||||||||||||||||||
| Purchased electricity and heat | 3,600 | 5,000 | |||||||||||||||||||||||||||||||||||||||
| 1.3 | Scope 3 - Other relevant indirect emissions, tCO2e | 7,090 | 9,330 | ||||||||||||||||||||||||||||||||||||||
| Finished Goods Suppliers electricity consumption | n.a. | 2,200 | |||||||||||||||||||||||||||||||||||||||
| Transportation of goods | n.a. | 4,700 | |||||||||||||||||||||||||||||||||||||||
| Waste treatment | 190 | 130 | |||||||||||||||||||||||||||||||||||||||
| Business travel | 6,900 | 2,300 | |||||||||||||||||||||||||||||||||||||||
| E2 | Emissions Intensity | SDG 13, UNGC P7, P8 | |||||||||||||||||||||||||||||||||||||||
| 2.1 | Total GhG emissions per revenue, tCO2e/USD Million | 16 | 26 | ||||||||||||||||||||||||||||||||||||||
| E3 | Energy Usage | SDG 12, UNGC P7, P8 | |||||||||||||||||||||||||||||||||||||||
| 3.1 | Total energy directly consumed (MWh) | 2,340 | 7,030 | ||||||||||||||||||||||||||||||||||||||
| Gas consumption for heating | 2,340 | 2,230 | |||||||||||||||||||||||||||||||||||||||
| Fuel consumption of vehicle fleet | n.a. | 4,800 | |||||||||||||||||||||||||||||||||||||||
| E4 | Energy Intensity | SDG 12, UNGC P7, P8 | |||||||||||||||||||||||||||||||||||||||
| Total energy usage per revenue, MWh/USD Million | 3 | 11 | |||||||||||||||||||||||||||||||||||||||
| E5 | Energy Mix | ||||||||||||||||||||||||||||||||||||||||
| % electricity from renewable sources ** | n.a. | 24% | |||||||||||||||||||||||||||||||||||||||
| % electricity from other energy sources | n.a. | 76% | |||||||||||||||||||||||||||||||||||||||
| E6 | Water Usage | ||||||||||||||||||||||||||||||||||||||||
| 6.1 | Total amount of water consumed (m3) *** | 95,400 | 87,000 | ||||||||||||||||||||||||||||||||||||||
| E7 | Environmental operations | ||||||||||||||||||||||||||||||||||||||||
| 7.1 | Does Össur follow a formal Environmental Policy? | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| 7.2 | Does Össur follow specific waste, water, energy, and/or recycling polices? | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| 7.3 | Does Össur use a recognized energy management system? | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| E8 | Climate Oversight / Board | ||||||||||||||||||||||||||||||||||||||||
| Does Össur Board of Directors oversee and/or manage climate-related risks? | No | No | |||||||||||||||||||||||||||||||||||||||
| E9 | Climate Oversight / Management | ||||||||||||||||||||||||||||||||||||||||
| Does Senior Management Team oversee and/or manage climate-related risks? | No | No | |||||||||||||||||||||||||||||||||||||||
| E10 | Climate Oversight / Management | UNGC P9 | |||||||||||||||||||||||||||||||||||||||
| Total amount invested, annually, in climate-related infrastructure, resilience, and product development. | n.a. | n.a. | |||||||||||||||||||||||||||||||||||||||
* In 2020, the scope of emission monitoring was extended to include 6 additional Össur locations, Transportation of goods, Clincs, Car fleet and Finished Goods Suppliers. This extension to the monitoring scope explains higher emissions in 2020 compared to 2019.
** Electricity consumption in Iceland, Guarantee of origin (GO) certified for the first time
*** Includes 7 of 10 M&O operational sites
Below reporting on social metrics in accordance with the Nasdaq ESG guidance. Further details on social initiative are discussed in Össur’s CSR report.
| Social Metrics | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Connection to frameworks | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||
| S1 | CEO Pay Ratio | UNGC: Principle 6 | |||||||||||||||||||||||||||||||||||||||
| CEO total compensation to median FTE total compensation | 22 | 21 | 21 | ||||||||||||||||||||||||||||||||||||||
| Does your company report this metric in regulatory filings? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| S2 | Gender Pay Ratio | UNGC: Principle 6 | |||||||||||||||||||||||||||||||||||||||
| Equal pay audit | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| S3 | Employee Turnover Ratio | UNGC: Principle 6 | |||||||||||||||||||||||||||||||||||||||
| Year-over-year change for full-time employees | 15% | 10% | 17% | ||||||||||||||||||||||||||||||||||||||
| Year-over-year change for part-time employees | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||||
| Year-over-year change for contractors and/or consultants | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||||
| S4 | Gender Diversity | UNGC: Principle 6 | |||||||||||||||||||||||||||||||||||||||
| Total enterprise headcount held by men and women | M 51% / F 49% | M 51% / F 49% | M 54% / F 46% | ||||||||||||||||||||||||||||||||||||||
| Entry- and mid-level positions held by men and women | M 64% / F 36% | M 62% / F 38% | M 64% / F 36% | ||||||||||||||||||||||||||||||||||||||
| Senior- and executive-level positions held by men and women | M 80% / F 20% | M 74% / F 26% | M 76% / F 24% | ||||||||||||||||||||||||||||||||||||||
| S5 | Temporary Worker Ratio | UNGC: Principle 6 | |||||||||||||||||||||||||||||||||||||||
| Total enterprise headcount held by part-time employees | 4% | 8% | 9% | ||||||||||||||||||||||||||||||||||||||
| Total enterprise headcount held by contractors and/or consultants | n/a | 124 | 144 | ||||||||||||||||||||||||||||||||||||||
| S6 | Non-Discrimination Policy | UNGC: Principle 6 | |||||||||||||||||||||||||||||||||||||||
| Does your company follow a sexual harassment and/or non-discrimination policy? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| S7 | Injury rate | SDG 3 | |||||||||||||||||||||||||||||||||||||||
| Percentage: Frequency of injury events relative to total workforce time | 1.1 | 0.6 | 0.7 | ||||||||||||||||||||||||||||||||||||||
| S8 | Global Health and Safety policy | SDG 3 | |||||||||||||||||||||||||||||||||||||||
| Does your company follow an occupational health and/or global health & safety policy? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| S9 | Child & Forced Labor Policy | UNGC: Principle 4,5 | |||||||||||||||||||||||||||||||||||||||
| Does your company follow a child and/or forced labor policy? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| If yes, does your child and/or forced labor policy See also: cover suppliers and vendors? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| S10 | Human Rights Policy | UNGC: Principle 1,2 | |||||||||||||||||||||||||||||||||||||||
| Does your company follow a human rights policy? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| If yes, does your human rights policy See also: cover suppliers and vendors? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
Össur’s Corporate Governance reporting complies with the Danish Recommendations on Corporate Governance. Further details on the Corporate Governance Reporting can be found in the Corporate Governance Statement on Össur’s website: ossur.com/corporate/investor-relations/corporate-governance Below reporting on governance metrics in accordance with the Nasdaq ESG guidance. Further details on Governance related initiative are discussed in Össur’s CSR report.
| Governance Metrics | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Connection to frameworks | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||
| G1 | Board Diversity | ||||||||||||||||||||||||||||||||||||||||
| Percentage: Total board seats occupied by women (as compared to men) | M 60% / F 40% | M 60% / F 40% | M 60% / F 40% | ||||||||||||||||||||||||||||||||||||||
| Percentage: Committee chairs occupied by women (as compared to men) | M 100% / F 0% | M 100% / F 0% | M 100% / F 0% | ||||||||||||||||||||||||||||||||||||||
| G2 | Board Independence | ||||||||||||||||||||||||||||||||||||||||
| Does company prohibit CEO from serving as board chair? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| Percentage: Total board seats occupied by independents | D 60% / I 40% | D 60% / I 40% | D 60% / I 40% | ||||||||||||||||||||||||||||||||||||||
| G3 | Incentivized Pay | ||||||||||||||||||||||||||||||||||||||||
| Are executives formally incentivized to perform on sustainability? Yes/No | No | No | No | ||||||||||||||||||||||||||||||||||||||
| G4 | Collective Bargaining | UNGC: Principle 3 | |||||||||||||||||||||||||||||||||||||||
| Total enterprise headcount covered by collective bargaining agreement(s) | n/a | 41% | 39% | ||||||||||||||||||||||||||||||||||||||
| G5 | Supplier Code of Conduct | UNGC: Principle 2,3,4,8 SDG 12 | |||||||||||||||||||||||||||||||||||||||
| Are your vendors or suppliers required to follow a Code of Conduct? Yes/ No | No | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| If yes, what percentage of your suppliers have formally certified their compliance with the code? | n/a | 76%* | 76%* | ||||||||||||||||||||||||||||||||||||||
| G6 | Ethics & Anti-Corruption | UNGC: Principle 10 | |||||||||||||||||||||||||||||||||||||||
| Does your company follow an Ethics and/or Anti-Corruption policy? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| If yes, what percentage of your workforce has formally certified its compliance with the policy? | 91%** | 91%** | 91%** | ||||||||||||||||||||||||||||||||||||||
| G7 | Data Privacy | ||||||||||||||||||||||||||||||||||||||||
| Does your company follow a Data Privacy policy? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| Has your company taken steps to comply with GDPR rules? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| G8 | ESG Reporting | UNGC: Principle 8 | |||||||||||||||||||||||||||||||||||||||
| Does your company publish a sustainability report? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| Is sustainability data included in your regulatory filings? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| G9 | Disclosure Practices | UNGC: Principle 8 | |||||||||||||||||||||||||||||||||||||||
| Does your company provide sustainability data to sustainability reporting frameworks? Yes/No | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| Does your company focus on specific UN Sustainable Development Goals (SDGs)? Yes/No | No | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| Does your company set targets and report progress on the UN SDGs? Yes/No | No | Yes | Yes | ||||||||||||||||||||||||||||||||||||||
| G10 | External Assurance | UNGC: Principle 8 | |||||||||||||||||||||||||||||||||||||||
| Are your sustainability disclosures assured or validated by a third party? Yes/No | Third party assurance and third party audits are perfomed on vast majority of the CSR data, further details in the CSR report | ||||||||||||||||||||||||||||||||||||||||
* percentage of suppliers categorized as critical suppliers
**Percentage of key employees in sales and employees with responsibilities in high risk areas
Niels Jacobsen
Chairman of the Board of Directors
Niels Jacobsen
Chairman of the Board of Directors
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Niels Jacobsen
Chairman of the Board of Directors
Born in 1957
Member of the board of directors since the year 2005
Education
Master’s degree in Business Administration from the University of Aarhus in Denmark
Board positions
KIRKBI A/S, deputy chairman
Nissens A/S, chairman
Thomas B. Thrige Foundation, chairman
ABOUT YOU Holding GmbH, deputy chairman
Additional duties related to William Demant Invest A/S:
Experience
Mr. Jacobsen has broad management experience both as CEO and as chairman in major international companies, he is currently the CEO of William Demant Invest A/S. Previous positions include President & CEO of Demant A/S (formerly William Demant Holding A/S), President of Orion A/S and Vice President overseeing corporate affairs for both Atlas Danmark A/S and Thrige-Titan A/S.
Shares held in Össur
203,330 (incl. related parties).
Mr. Jacobsen holds no share options in the Company.
Other
Mr. Jacobsen has no interest links with the Company’s main clients or competitors.
Mr. Jacobsen is a dependent member of the Board.
Dr. Kristjan Tomas Ragnarsson
Vice Chairman of the Board of Directors
Dr. Kristjan Tomas Ragnarsson
Vice Chairman of the Board of Directors
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Dr. Kristjan Tomas Ragnarsson
Vice Chairman of the Board of Directors
Born in 1943
Member of the board of directors since the year 1999
Education
Certified by the American Board of Physical Medicine and Rehabilitation University of Iceland’s School of Medicine
Experience
Between 1986 and 2016, Dr. Ragnarsson served as the Chairman and Lucy Moses Professor of the Department of Rehabilitation Medicine for the Mount Sinai Medical Center in New York City. He has also served in multiple other leadership positions at Mount Sinai and various professional organizations. In 1971-1986 Dr. Ragnarsson was a Resident, Fellow, Assistant and then Associate Professor Rehabilitation Medicine, NYU Medical Center.
Shares held in Össur
Dr. Ragnarsson holds no shares nor share options in the Company.
Other
Dr. Ragnarsson has no interest links with the Company’s main clients,
competitors, or major shareholders.
Dr. Ragnarsson is a dependent member of the Board.
Arne Boye Nielsen
Member of the Board of Directors
Arne Boye Nielsen
Member of the Board of Directors
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Arne Boye Nielsen
Member of the Board of Directors
Born in 1968
Member of the board of directors since the year 2009
Education
Master’s degree in Business Administration from the Copenhagen Business School in Denmark
Board positions
Epos A/S (chairman)
Revenio Group Oyj (board member)
Interacoustics A/S (president)
Experience
Mr. Nielsen has spent his entire career with Demant A/S in various and expanding roles throughout the world. After working as an interim General Manager of Oticon Australia Pty Ltd. Mr. Nielsen assumed, in 1996, his current position as President of Diagnostics and Communications in Demant, which has operations worldwide.
Shares held in Össur
Mr. Nielsen neither has shares nor share options in the Company.
Other
Mr. Nielsen has no interest links with the Company’s main clients or
competitors.
Mr. Nielsen is a dependent member of the Board.
Dr. Svafa Grönfeldt
Member of the Board of Directors
Dr. Svafa Grönfeldt
Member of the Board of Directors
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Dr. Svafa Grönfeldt
Member of the Board of Directors
Born in 1965
Member of the board of directors since the year 2008
Education
Doctorate in Industrial Relations from the London School of Economics
Board positions
Icelandair (board member)
Origo (board member)
UNICEF Iceland (board member)
Mynto (board member)
Experience
Dr. Grönfeldt is the senior advisor to the Dean at the Massachusetts Institute of Technology SA+P, a founding member of MIT’s newest innovation accelerator DesignX, and a co-founder of the MET fund, a Cambridge based seed investment fund. Previous positions include Chief Organizational Development Officer of Alvogen, President of Reykjavik University, deputy to the CEO of Actavis Group, Assistant Professor of Economics and Business Administration at the University of Iceland.
Dr. Grönfeldt holds no shares nor share options in the Company.
Other
Dr. Grönfeldt has no interest links with the Company’s main clients,
competitors, or major shareholders.
Dr. Grönfeldt is an independent Board member.
Gudbjorg Edda Eggertsdottir
Member of the Board of Directors
Gudbjorg Edda Eggertsdottir
Member of the Board of Directors
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Gudbjorg Edda Eggertsdottir
Member of the Board of Directors
Born in 1951
Member of the board of directors since the year 2013
Education
Master’s degree (Pharm.) from Copenhagen University
Board positions
Brunnur Investment Fund (chairman)
Coripharma Holding ehf (vice chairman)
Florealis ehf. (chairman)
Orf Genetics hf. (board member)
Vistor hf. (board member)
Saga Medica ehf. (board member)
Pretium ehf. (chairman)
Coripharma Holding ehf (vice chairman
Experience
Previous positions include President & EVP Strategic Projects of Actavis Plc in Iceland, a global integrated specialty pharmaceutical company; Deputy CEO and EVP Third Party Sales at Actavis Group hf.; Deputy CEO, Head of R&D, Assistant Managing Director, Development Manager, Regulatory Manager and Marketing Manager at Delta hf.; and Medical Representative at Pharmaco hf. She was the President of the European Generic Medicines Association from 2011-2013.
Shares held in Össur
26,318 (incl. related parties). Ms. Eggertsdóttir holds no share options.
Other
Ms. Eggertsdóttir has no interest links with the Company’s main clients
or competitors.
Ms. Eggertsdóttir is an independent member of the Board.
Jon Sigurdsson
President and Chief Executive Officer
Jon Sigurdsson
President and Chief Executive Officer
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Jon Sigurdsson
President and Chief Executive Officer
Born in 1956
With Össur since the year 1996
Education
Master’s degree in Business Administration (MBA) from the United States International University in San Diego.
Bachelor’s degree in industrial engineering from Odense Technical College in Denmark.
Board Positions
Vitrolife AB
The Icelandic American Chamber of Commerce
Experience
Jón has been the CEO of Össur since 1996 and prior to that he was the Commercial Counselor for the Icelandic Trade Council in New York (1992- 1996), Chief Financial Officer at Álafoss (1989-1991), Head of the International Division of Eimskip (1986-1989) and an Engineer for Bang and Olufsen Denmark (1982- 1984).
Jón’s experience as a member of the Board of Directors in other companies/ organizations includes:
Shares held in Össur
899.474 (incl. related parties)
Egill Jonsson
EVP of Manufacturing and Operations
Egill Jonsson
EVP of Manufacturing and Operations
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Egill Jonsson
EVP of Manufacturing and Operations
Born in 1957
With Össur since the year 1996
Education
Master’s degree in Mechanical Engineering from the Technical University in Copenhagen (DTU)
Bachelor degree in Engineering from the University of Iceland
Board positions
Federation of Icelandic Industries
Technical College Reykjavik
Experience
Egill has led the M&O function since he joined in 1996. He was formerly a Project Manager at VGK hf, an Engineering firm in Reykjavik (1985-1996).
Shares held in Össur
822,749 (incl. related parties)
Gudjon G. Karason
EVP of Clinics
Gudjon G. Karason
EVP of Clinics
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Gudjon G. Karason
EVP of Clinics
Born in 1969
With Össur since the year 1998
Education
Master’s degree in Engineering from the University of Iceland
CS degree in Mechanical Engineering from the University of Iceland
OTB (Swedish O&P Industry Association) (chairman)
Experience
Gudjon has been with Össur since 1998, and has since then worked in R&D, Marketing, Sales, and Clinics in multiple positions. Prior to joining Össur, Gudjon worked as Development Manager for a couple of smaller industrial companies in Iceland.
Shares held in Össur
42,743
Margret Lara Fridriksdottir
EVP of Human Resources and Corporate Strategy
Margret Lara Fridriksdottir
EVP of Human Resources and Corporate Strategy
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Margret Lara Fridriksdottir
EVP of Human Resources and Corporate Strategy
Born in 1978
With Össur since the year 2000
Education
Master’s degree in Management and Strategy from the University of Iceland
Bachelor degree in Business Administration from the University of Iceland
Experience
Margret has been with Össur since 2000 in various roles in finance and human resources.
Shares held in Össur
16,300
Dr. Kristleifur Kristjansson
EVP of Research and Development
Dr. Kristleifur Kristjansson
EVP of Research and Development
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Dr. Kristleifur Kristjansson
EVP of Research and Development
Born in 1955
With Össur since the year 2012
Education
Medical Doctor degree from the University of Iceland
Board-Certified Pediatrician from the Medical College of Georgia
Clinical and molecular genetics fellowship from the Baylor College of Medicine in Houston, Texas
Certified Pediatrician and Clinical Geneticist in Iceland from 1993
Board positions
Skraeda ehf. (chairman)
Experience
Dr. Kristjansson joined Össur in 2012, for the first 5 years as Medical Officer and another 2 years as Medical Officer and VP of Clinical Affairs. Dr. Kristjansson’s previous positions include co-founder and VP of Clinical Affairs and Collaborations at deCODE genetics ehf. 1995 to 2012 and co-founder and CEO of Pediatric Services in Iceland 1995 to 2014. Dr. Kristjansson has acted as a consulting Pediatrician and Clinical Geneticist for the University Hospital, Landspitalinn Reykjavik Iceland, from 1998 to the present, and he is the Founder of Skraeda ehf.
Shares held in Össur
1,850
Olafur Gylfason
EVP of Prosthetics and Europe/Emerging Markets
Olafur Gylfason
EVP of Prosthetics and Europe/Emerging Markets
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Olafur Gylfason
EVP of Prosthetics and Europe/Emerging Markets
Born in 1969
With Össur since the year 1997
Education
Master’s degree in International Business Economics from Alborg University in Denmark
Bachelor degree in Business Administration from Bifrost School of Business in Iceland
Experience
Olafur has been with Össur since 1997; from 2001-2013 as the Managing Director of EMEA and before that in emerging markets.
Shares held in Össur
9,517
Sveinn Solvason
Chief Financial Officer
Sveinn Solvason
Chief Financial Officer
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Sveinn Solvason
Chief Financial Officer
Born in 1978
With Össur since the year 2009
Education
Master’s degree in Finance and Accounting (Cand.Merc.FIR) from Copenhagen Business School
Bachelor degree in International Business from Copenhagen Business School.
Board positions
Icelandic Chamber of Commerce
Experience
Sveinn has been with Össur since 2009, previously as Director of Treasury and Corporate Development. Prior to joining Össur he worked at Marel, Kaupthing Bank, Goldman Sachs and HSH Nordbank.
Shares held in Össur
25,000
Christian Robinson
EVP of Bracing & Supports and Americas
Christian Robinson
EVP of Bracing & Supports and Americas
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Christian Robinson
EVP of Bracing & Supports and Americas
Born in 1982
With Össur since the year 2012
Education
Juris Doctorate from Harvard Law School
Bachelor’s Degree in English Literature from Brigham Young University
Board positions
National Association for the Advancement of Orthotics and Prosthetics (NAAOP)
Experience
Since joining Össur in 2012, Christian has served in several roles including General Counsel Americas, VP Finance Americas, and Managing Director Americas. Prior to joining Össur he practiced corporate and transactional law with international law firm Paul Hastings LLP with a focus on M&A and capital markets.
Shares held in Össur
600