„Different ideas and points of view are beneficial to our business, and we believe in creating an environment where diversity, knowledge, skills, and strengths are fully utilized.“

Shareholder information


Össur shares were listed on Nasdaq in Iceland in 1999 and on Nasdaq Copenhagen in 2009. In December 2017, the trading of Össur shares was concentrated on Nasdaq Copenhagen following Nasdaq Iceland's decision to accept Össur's request to cancel the trading of Össur shares on Nasdaq Iceland. By concentrating the trading of Össur shares on Nasdaq Copenhagen, trading liquidity of Össur shares will increase with the expectation that price formation will be more effective for the benefit of all shareholders.

Key information table

Market

Market

CPH (DKK)

ISIN

ISIN

IS0000000040

Ticker

Ticker

OSSR

Industry

Industry

Health Care

Nr. of shares

Number-shares

437,162,725

Stock performance

Össur’s share price increased by 6% in 2017, from DKK 25.2 per share at year-end 2016 to DKK 26.6 per share at year-end 2017. The rise in share price increased Össur’s market capitalization from DKK 11.1 billion to DKK 11.6 billion corresponding to USD 1.9 billion at year-end 2017. Össur was the 38th largest company listed on Nasdaq Copenhagen when measured in terms of market value at year-end 2017.

Share price development (indexed)

Share price development
Over the past five years, Össur’s stock has generated a compounded average annual return to shareholders of 29%

Shareholders

The share capital of Össur is ISK 437,162,725 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 47.6% of the total shares and 48.6% of the voting rights at year-end 2017. It should however be noted that on 4 January 2018, WDI announced that its ownership had exceeded 50% and according to their announcement, WDI’s intention is to hold between 50-60% of Össur’s shares going forward. WDI is wholly owned by the Oticon Foundation, and apart from Össur, the fund’s investment activities include a majority share in William Demant Holding A/S, a leading provider of hearing aids, and minority holdings in Jeudan A/S and Vitrolife AB.

At year-end, Össur had more than 4,000 shareholders of whom ~90% were Danish and Icelandic shareholders. The remaining ~10% of the shares are held by investors residing in other countries.

Shareholdings by Country as of 31.12.2017

Share buyback program

During 2017, Össur purchased 9,182,226 of own shares (approx. 2% of outstanding shares). The total purchase price was DKK 250 million (USD 37 million). The purpose of the share buy-back programs was to adjust the capital structure in line with a desired capital level of 1-2x net interest-bearing debt to EBITDA set out in Össur’s Capital Structure and Dividend Policy. At year-end 2017, treasury shares totaled 9,079,662.

The Board of Directors will propose to the Annual General Meeting in 2018 to reduce the share capital by ISK 6,354,662 by way of cancelling 6,354,662 of Össur’s own shares of ISK 1 nominal value each. If the Annual General Meeting approves the motion, the number of outstanding shares will be 430,808,063.

Dividends

The Board of Directors will propose to the Annual General Meeting in 2018 that the Company pays a cash dividend of DKK 0.13 per share for 2017, equivalent to 16% of net profit in 2017, compared to DKK 0.12 per share for 2016.

Share buybacks and dividends

Since 2013, Össur has paid out USD 142 million to shareholders in the form of share buybacks and dividends

Annual General Meeting

According to the Articles of Association, the Annual General Meeting (AGM) shall be held before the end of April. The meeting is convened with at least three weeks’ notice. The AGM results are sent to the news system of Nasdaq immediately following the meeting, and are also made available on the corporate website.

Össur’s AGM will be held at the Company's headquarters in Iceland on 8 March 2018.

Investor Relations

Össur’s policy is to disclose financial and corporate information to provide investors, analysts, and other stakeholders with comprehensive and accurate information to help them understand Össur’s current and expected developments. Five sell-side equity analysts currently cover Össur.

Visit our website for financial reports, presentations, financial calendar, information on Össur and other downloads: ossur.com/corporate/investor-relations

Contact Investor Relations
David Hreidarsson
Investor Relations Manager
Tel.: +354 515 1380
e-mail: dhreidarsson@ossur.com

Corporate Governance


This statutory statement on corporate governance is made in accordance with Article 66 (c) of the Icelandic Financial Statements Act No. 3/2006 as amended. This statement has been approved by the Board of Directors and is published in the Annual Report and on the Company‘s website. This statement covers the financial year that ended on 31 December 2017.

This statement includes information on the following items:

  • A reference to the corporate governance recommendations the Company follows and how the Company addresses the recommendations, including any deviations and explanations thereto.
  • A description of the main aspects of the Company‘s internal controls and risk management systems in connection with preparation of financial statements.
  • A description of the Company‘s organizational structure and the role of each function.
  • A description of the Company‘s diversity policy relating to the Board of Directors and the CEO, the aim of the policy and execution.

1. Corporate Governance

The Company has chosen to follow the Danish Recommendations on Corporate Governance because the Company‘s shares are traded on Nasdaq Copenhagen and it is recommended in the explanations to clause 4.1 of Nasdaq Copenhagen‘s rules for issuers of shares to apply the Danish Recommendations if foreign companies are not subject to other rules. Applying the Danish Recommendations will also make it easier for investors on the Danish market to assess the Company‘s corporate governance practices.

This Corporate Governance Statement is prepared in accordance with the Danish Recommendations on Corporate Governance, issued by the Corporate Governance Committee in May 2013 and updated in November 2014, available on the Committee‘s website: www.corporategovernance.dk.

The Company complies with the vast majority of the Danish Recommendations. The few deviations are explained below. A complete report on the Company‘s compliance with each recommendation is available on the Company‘s website.

  • The CEO is responsible for the execution of the Company’s equal opportunities plan. The plan is not discussed annually within the Board of Directors.
  • The Company’s Articles of Association do not include a provision on a fixed retirement age for members of the Board of Directors. In the Board’s opinion, age is irrelevant as long as the contribution of the respective member of the Board is considered valuable.
  • The majority of the Board of Directors (3 of 5) is considered dependent. Two of the members of the Board represent the interest of the Company’s controlling shareholder. One member has been on the Board for 19 years. The two other members of the Board are considered independent. In the Board’s opinion it is normal and understandable that two out of five members of the Board represent the controlling shareholder. It is also the Board’s opinion that its longest serving member is in fact acting independently of special interest and his skills and experience, including his medical expertise and knowledge of the US healthcare system, are valuable to the Board and ensures diversity within it.
  • No nomination committee has been established and a remuneration committee was abolished in 2010 and the Company has not had such a committee since then. In the Board of Directors’ opinion such committees are not necessary considering the size of the Board and the balanced and relevant expertise and experience of the current members of the Board. The Board has the role and responsibilities such committees would otherwise have.
  • The Remuneration Policy does not include criteria that ensures that vesting period for variable components of remuneration agreements are longer than one calendar year. Bonuses for short-term performance may be paid quarterly, semi-annually, or annually. The Company believes it is important to have certain flexibility to pay out such bonuses. However, the Remuneration Policy states that if bonus payments have clearly been based on false, misleading, or insufficient data, such payments shall be repaid to the extent correct data shows that no or lower bonus would have been paid.

2. Main aspects of internal controls and risk management systems regarding preparation of financial statements

Internal controls

The Board of Directors has an ongoing dialogue with the CEO on the identification, description, and handling of the business risks to which the Company may be exposed. Material risks and risk management are discussed in the chapter relating to risks.

The Company’s risk management and internal controls, in relation to financial processes, are designed to control the risk of material misstatements. The Company designs its processes to ensure there are no material weaknesses with internal controls that could lead to a material misstatement in its financial reporting. The external Auditors’ evaluation of these processes is included in the Auditor’s Report.

The Company goes through a detailed strategic and forecast process each year and a strategy and forecast report is prepared. The Board approves the Company’s strategy, forecasts, and targets each year. Performances against targets are monitored on a monthly basis. This includes a year over year comparison where main reasons for changes are explained. A twelve-month forecast is available at all times and forecasts are updated quarterly and reasons for changes explained.

To ensure high quality in the Company’s financial reporting systems, the following policies, procedures and guidelines for financial reporting and internal controls have been adopted, to which the subsidiaries and reporting units must adhere:

  • Continuous analysis of year over year comparison.
  • Continuous follow-up on results achieved compared to assumptions in forecasts.
  • Policies for IT use, insurance, cash management, procurement etc.
  • Reporting instructions as well as reporting and finance manuals.

The responsibility for maintaining sufficient and effective internal controls and risk management regarding financial reporting lies with the CEO.

The Company does not have an internal audit function, but uses internal control systems that are monitored by the Audit Committee and assessed by the external Auditors.

External Auditors

An auditing firm is elected at the Annual General Meeting for a term of one year. The external Auditors are not allowed to own shares in the Company. The external Auditors shall audit the Company’s annual consolidated financial statements in accordance with international standards on auditing, and shall, for this purpose, inspect accounting records and other material relating to the operation and financial position of the Company. The external Auditors shall have access to all the Company’s books and documents at all times. The external Auditors report via the Audit Committee to the Board of Directors on any significant findings regarding accounting matters and any significant internal control deficiencies.

3. Organizational structure and the role of each function

According to the Company‘s Articles of Association the Company is managed by:

  • Shareholders‘ Meetings
  • The Board of Directors
  • The Chief Executive Officer

Shareholders’ Meetings

The supreme authority in all affairs of the Company, within the limits established by the Company’s Articles of Association and statutory law, is in the hands of lawful Shareholders’ Meetings.

The Company’s controlling shareholder, William Demant Invest A/S, held 47.6% and 48.6% of the voting rights at year-end 2017.

The Board of Directors

According to the Company’s Articles of Association the Board of DirectorAccording to the Company’s Articles of Association the Board of Directors is responsible for the affairs of the Company between Shareholders’ Meetings. is responsible for the affairs of the Company between Shareholders’ Meetings.

The Board shall operate in accordance with the Company’s Articles of Association and the Board’s Rules of Procedure. The principal duties of the Board are as follows:

  • Appoint a CEO to manage the Company’s daily operations, decide on the salary and terms of employment, establish terms of reference, and supervise the CEO’s work.
  • Supervise the Company’s activities and ensure that the Company’s organization and operations are in good and proper order.
  • Establish goals for the Company in accordance with the Company's objectives pursuant to the Articles of Association, and formulate the policy and strategy required to achieve these goals.
  • Ensure adequate surveillance of the accounting and financial management of the Company.
  • Evaluate the Company’s capital structure each year.

The Audit Committee

The Audit Committee shall operate in accordance with its Rules of Procedure. The principal duty of the Audit Committee is to ensure the quality of the Company’s Consolidated Financial Statements and other financial information, and the independence of the Company’s Auditors.

The Chief Executive Officer

According to the Company‘s Articles of Association the Board of Directors appoints a CEO to manage the Company‘s daily operations.

The principal duties of the CEO are as follows:

  • The CEO is responsible for daily operations and is obliged to follow the Board’s policy and directions, within the limits provided for by the Articles of Association and law. The daily operations do not include measures that are unusual or extraordinary. The CEO may only take such measures if specially authorized by the Board, unless it is impossible to wait for the Board’s decision without substantial disadvantage to the Company’s operations. In such an event the CEO shall inform the Board of his measures, without delay. If the Board has granted the CEO an authority to sign on behalf of the Company and/or granted him with powers of procuration, the foregoing does not limit such authorizations.
  • The CEO shall decide on directorship in the Company’s subsidiaries and associates on behalf of the Company.
  • The CEO is responsible for the work and results of the Executive Management.
  • The CEO shall ensure that the Company’s consolidated financial statements are prepared in accordance with law and accepted practices and the Company’s assets are handled in a secure manner.

References to the executive board in the corporate governance recommendations only apply to the CEO.

Further information on the Board of Directors, the Audit Committee and the CEO can be found in the chapter relating to the Executive Management and Board of Directors and on the Company’s website.

4. Diversity policy

As with the Board and the CEO, the Company follows the provisions on gender equality set out in the Icelandic Companies Act No. 2/1995 as amended. The Board is composed of 3 men and 2 women. When nominating candidates to the Board, the Board shall, in accordance with the Board’s Rules of Procedure, take into consideration the legal requirements as well as the composition of the Board and what kind of experience, knowledge, expertise and other qualities the candidate should possess. The Board applies similar criteria for the CEO.

Össur also has Equal Opportunities Plan in place. The purpose of Össur’s Equal Opportunities Plan is to ensure equal opportunities and equality of women and men within the Company. The goal is to utilize the skills, strengths and knowledge of employees in full, without gender-based discrimination. With this plan, the management and employees are at the same time reminded of the importance of everyone being able to reach their full potential regardless of sex, religion, opinion, nationality, race, sexual orientation, age or position, and to utilize equally the wealth inherent in the education, experience and attitudes of women and men.

The Equal Opportunities Plan is prepared in accordance with Icelandic Act No. 10/2008 on the Equal Position and Equal Rights of Women and Men. Reporting on the progress and objectives of the Equal Opportunities Plan is made in Össur’s Corporate Social Responsibility report that is published on the Company’s website.

Corporate Social Responsibility


Össur takes its responsibility to improve people’s mobility seriously. Össur strives to change the perception of people with disabilities by providing products that help users to live lives without limitations.

Össur is a signatory of the UN Global Compact and of the UN Women's Empowerment Principle.

UN Global Compact Focus Areas

Environment

Environment

Key focus is on CO2 emission, waste management and sustainable product design

Anti-Corruption

Anti-Corruption

Key focus is on screening of distributors and education of key employees

Labor Practices

Labor Practices

Key focus is on equal opportunities, safe workplace and employee participation

Human Rights

Human Rights

Key focus is on social compliance auditing of product suppliers

ESG Measurements

In March 2017 Nasdaq’s Nordic and Baltic exchanges issued voluntary guidelines for ESG disclosure to support companies listed on these exchanges. The Nasdaq ESG (Environment, Social and Corporate Governance) Reporting Guide can be found on Nasdaq’s website http://business.nasdaq.com/esg-guide/

Environment

Össur has an environmental management system in place and all its main locations are certified in accordance with ISO 14001:2015. Further details on Össur’s environmental strategy and main initiatives can be found in the CSR report.

Environmental Metrics
Environmental Metrics 2017 2016 2015
E1 Direct & Indirect GHG Emissions (Össur Iceland only)
Scope 1 (tons CO2e) 43 41 38
Scope 2 (tons CO2e) 49 47 51
Scope 3 (tons CO2e) 730 670 1,390
E2 Carbon Intensity (Össur Iceland only)
Kg CO2e/item manifactured 1.0 0.8 1.5
E3 Direct & Indirect Energy Consumption
Renewable Energy consumption (GJ) 30,090 27,690 27,710
Non-Renewable Energy consumption (GJ) 20,650 19,600 14,650
Renewable Energy generation (GJ) 600 0 0
E4 Energy Intensity
Energy consumed per FTE (GJ/Employee) 44 44 43
E5 Primary Energy Source
Coal (GJ) 620 870 680
Natural Gas (GJ) 920 1,310 850
Liquid Gas (GJ) 920 1,460 1000
Oil (GJ) 18,120 15,860 12,050
Hydro and Geothermal (GJ) 28,910 26,390 26,740
Solar (GJ) 780 320 0
Wind (GJ) 410 990 400
Nuclear (GJ) 70 100 70
E6 Renewable Energy Intensity
Renewable energy / Non-renewable energy 1.5 1.4 1.9
E7 Water Management
Cold water consumed (m3) 80,000 112,000
E8 Waste Management
Waste recycled (tons) 360 380 300
Waste not recycled (tons) 360 520 440
Hazardous waste (tons) 130 150 150
Waste Intensity (kg/employee) 740 990 900
E9 Environmental Policy
Does your company publish and follow an EP: Yes, No? If yes, the location of relevant public information should be declared. Yes, see Össur website
E10 Environmental Impacts
Did your company bear any legal/regulatory responsibility for an environmental impact: Yes/No? If yes, the location of relevant public information should be declared. No No No

Social

Here below Social Metrics in accordance with the Nadsaq ESG guidance. Further details on other initiative are discussed in Össur’s CSR report.

Social Metrics
Social Metrics Measurement Comments
S1 CEO Pay Ratio 25
S2 Gender Pay Ratio Audits: equal pay for equal responsibility Össur Headquarters is audited in accordance with the ISO standard on Equal pay for Equal responsibility ISO 85:2012 and Össur Americas complies with the Equal Pay Act in the USA
S3 Employee Turnover Ratio 13% Excluding Mexico
S4 Gender Diversity Male 52%, Female 48% Historically Össur has had good balance beetwen male and female employees
S5 Temporary Worker Ratio 2.7%
S6 Non-Discrimination Policy In Place Össur Policies
S7 Injury rate 1.3
S8 Global Health and Safety policy In Place Össur Policies
S9 Child & Forced Labor Policy In Place Össur Policies
S10 Human Rights Policy In Place Össur Policies
S11 Human Rights Violations None No Human rights violations were reported in 2017
S12 Board Diversity Men 60%, Women 40% No employees have a seat on the Board

Corporate Governance

Össur has various initiatives in place regarding fair operating practices such as regarding human rights and anti-corruption and bribery. Further details and progress on these initiatives can be found in Össur’s CSR Report.

In respect of Corporate Governance reporting Össur complies with the Danish Recommendations on Corporate Governance. Further details on the Company’s Corporate Governance Reporting can be found in the Corporate Governance Statement Össur’s web site: ossur.com/corporate/investor-relations/corporate-governance

Governance Metrics
Governance Metrics Measurement/Status Comments
G1 Board Separation of Powers In Place The CEO does not have a seat on the Board, act as Chairman or lead Committees
G2 Board - transparent practices In place BOD Rules
G3 Incentivized pay No Remuneration Policy does not include ESG Strategy
G4 Fair Labor practices In Place Össur Policies
G5 Supplier Code of Conduct In Place Össur Policies
G6 Ethics - Code of Conduct In Place Össur Policies
G7 Anti-Corruption and Bribery In Place Össur Policies
G8 Tax transparency In Place Össur Policies
G10 Other Framework Disclosures In Place UN Global Compact, UN Women, Carbon Disclosure Project, Festa Declaration of Climate Issues
G11 External Validation & Assurance No

Examples of measurements

Female_leader

Management

33%

Female in management positions

Incident_rate

Indicent Rate

1.3

Incident rate pr. 100 employee 2017

employee_satisfaction

Employee Satisfaction

4.4 of 5

Global Score in a Workplace Audit on

Össur believes it has great responsibility towards disabled people, not only by providing products, but equally to support third party initiatives aiming at better care and support for disabled people. In its efforts Össur strives to change the perception of people with physical challenges by promoting strong and successful spokespeople that have disabilities, that can motivate others whose own mobility has been challenged and encouraging them to play more active roles in society with even greater confidence.

Separate CSR Report

The complete CSR Report is available online at ossur.com/corporate/our-responsibility/csr-reports In the report you can read more about Össur‘s approach, our various initiatives as well as find more information on CSR objectives and results

Executive Committee


Jon Sigurdsson

Jon Sigurdsson

President and Chief Executive Officer

Jon Sigurdsson

President and Chief Executive Officer


Click to read full bio

Jon Sigurdsson

President and Chief Executive Officer

Born in 1956


Education

Master’s degree in Business Administration (MBA) from the United States International University in San Diego

Bachelor degree in Industrial Engineering from Odense Technical College in Denmark

Board Positions

Vitrolife AB
The Icelandic American Chamber of Commerce

Past experience

Jon 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).

Jon's experience as a member of the Board of Directors in other companies/organizations includes:

  • Rio Tinto Alcan Iceland 2003-2015
  • The Icelandic Chamber of Commerce 2002-2012
  • Reykjavik University from 2002-2009
  • Samherji hf. from 2002-2006
  • The Icelandic Trade Council from 1997-2003
  • Research Liaison Office of the University of Iceland from 1996-2001

Shares held in Össur

660,708 (incl. related parties)

Egill Jonsson

Egill Jonsson

EVP of Manufacturing and Operations

Egill Jonsson

EVP of Manufacturing and Operations


Click to read full bio

Egill Jonsson

EVP of Manufacturing and Operations

Born in 1957


Education

Master’s degree in Mechanical Engineering from the Technical University in Copenhagen (DTU)

Bachelor degree in Engineering from the Technical University in Copenhagen (DTU)

Board positions

Federation of Icelandic Industries

Past 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

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


Education

Master’s degree in Engineering from the University of Iceland

CS degree in Mechanical Engineering from the University of Iceland

Past 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

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


Education

Master’s degree in Management and Strategy from the University of Iceland

Bachelor degree in Business Administration from the University of Iceland

Past experience

Margret has been with Össur since 2000 in various roles in finance and human resources.

Shares held in Össur

14,100

Master’s degree in Management and Strategy from the University of Iceland.Bachelor degree in Business Administration from the University of Iceland.

Kim de Roy

Kim de Roy

EVP of Research and Development

Kim de Roy

EVP of Research and Development


Click to read full bio

Kim de Roy

EVP of Research and Development

Born in 1977


Education

Master’s degree in Rehabilitation Sciences from the University of Leaven in Belgium

Master’s degree in Physiotherapy and Education from the University of Leaven in Belgium

Bachelor degree in Orthotics and Prosthetics.

Past experience

Kim joined Össur in 2002 and spent 5 years in R&D working on various development projects in both prosthetics and bracing & supports. He subsequently held several leadership positions in Sales, Marketing and Education in EMEA. Kim led Global Marketing & Education for prosthetics, as well as the prosthetics sales in the Americas for five years. Prior to joining Össur, Kim worked for RSScan International in Belgium for 3 years.

Shares held in Össur

67,500

Olafur Gylfason

Olafur Gylfason

EVP of Sales & Marketing

Olafur Gylfason

EVP of Sales & Marketing


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Olafur Gylfason

EVP of Sales & Marketing

Born in 1969


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

Past 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

Sveinn Solvason

Chief Financial Officer

Sveinn Solvason

Chief Financial Officer


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Sveinn Solvason

Chief Financial Officer

Born in 1978


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

Past 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

Board of Directors


Niels Jacobsen

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


Education

Master’s degree in Business Administration from the University of Aarhus in Denmark

Board positions

Nissens A/S (chairman)
KIRKBI A/S (deputy chairman)
A.P. Møller-Mærsk A/S (deputy chairman)
Central Board of the Confederation of Danish Industries

Directorships in several wholly and partly owned companies in the William Demant Group:
William Demant Holding A/S (deputy chairman)
Sennheiser Communications A/S (chairman) Jeudan A/S (chairman)
Jeudan A/S (chairman)
HIMPP A/S (chairman)

Past experience

Mr. Jacobsen has broad management experience both as CEO and as chairman in major international companies, including listed companies. Previous positions include 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

192,105 (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

Kristjan Tomas Ragnarsson

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


Education

Certified by the American Board of Physical Medicine and Rehabilitation University of Iceland’s School of Medicine

Past 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.

Shares held in Össur

619,539 (incl. related parties). Dr. Ragnarsson holds no 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

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


Education

Master’s degree in Business Administration from the Copenhagen Business School in Denmark

Board positions

Sennheiser Communications A/S (member)
Interacoustics A/S (president)

Past experience

Mr. Nielsen has spent his entire career with William Demant Holding A/S in various and expanding roles throughout the world. After working as a management assistant to Mr. Niels Jacobsen and as an interim General Manager of Oticon Australia Pty Ltd. Mr. Nielsen assumed, in 1996, his current position as President of Diagnostic Instruments, 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.

Svafa Grönfeldt

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


Education

Doctorate in Industrial Relations from the London School of Economics

Past experience

Previous positions include President of Reykjavik University, deputy to the CEO of Actavis Group hf., Assistant Professor of Economics and Business Administration at the University of Iceland and Managing Director and Managing Partner of IMG Gallup/ Deloitte.

Shares held in Össur

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

Gudbjorg Edda Eggertsdottir

Member of the Board of Directors

Gudbjorg Edda Eggertsdottir

Member of the Board of Directors


Click to read full bio

Gudbjorg Edda Eggertsdottir

Member of the Board of Directors

Born in 1951


Education

Master’s degree (Pharm.) from Copenhagen University

Board positions

Brunnur Investment Fund (chairman)
Florealis ehf. (chairman)
Orf Genetics hf. (member)
MentisCura ehf. (member)
Mentis Cura A/S (member)
Vistor hf. (member)
Heilsulausnir ehf. (member)
Saga Medica ehf. (member)
Pretium ehf. (member)

Past 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


Össur 2017 Annual Report