„Össur will continue to generate value by focusing our business strategy on successful product innovation, sustainable growth and efficiency.“
The Össur stock price increased by 17% in 2018, compared to a decline of 11% of the OMXC25GI index. Össur returned USD 35 million to its shareholders in 2018, in the form of USD 26 million share buybacks and USD 9 million in dividends.
Össur‘s stock is listed on Nasdaq Copenhagen and was the 31st largest company listed on Nasdaq Copenhagen when measured in terms of market value at year-end 2018.
The share capital of Össur is ISK 430,808,063 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 51% of the total shares and 52% of the voting rights at year-end 2018. 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. WDI is wholly owned by the Oticon Foundation and Össur is therefore included in the consolidated financial statements of the Oticon Foundation. 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 Vision RT in addition to minority holdings in Jeudan A/S and Vitrolife AB.
In addition, ATP Pension Fund, The Pension Fund of Commerce, Gildi Pension Fund, LSR Pension Fund, and Oppenheimer Funds had announced holdings above 5% in Össur at year-end 2018.
At year-end, about ~90% of Össur‘s shareholders were located in Scandinavia. The remaining ~10% of the shares are held by investors residing in other countries.
The Oticon Foundation is a Danish charitable business foundation that supports projects within the areas of research, education, culture and selected social areas. Its main purpose is to secure and expand the commercial activities of William Demant Holding and William Demant Invest, which handles the Oticon Foundation’s investment activities, and to donate money to charitable causes.
Source: Oticon Foundation’s website
Össur applies the Danish Recommendations on Corporate Governance (“Recommendations”) as the Company’s shares are solely traded on Nasdaq Copenhagen and Össur is not subject to a corporate governance code in Iceland. The Recommendations are the best practice guidelines for companies admitted to trading on a regulated market in Denmark. For further information see clause 2.5 and explanations to clause 4.1 in Nasdaq Copenhagen’s rules for issuers of shares.
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 | Yes | 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
March Meeting
Annual General 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 Board’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’s single largest contribution to society is its products, which help millions of users improve their mobility every year.
Össur believes it has a great responsibility towards people with impaired mobility, not only to design products that improve mobility, but equally to support third party initiatives to improve patient care and support. Proper prosthetic solutions allow amputees to become mobile again and live a life without limitations. Likewise, bracing and supports products provide hospitals and healthcare systems alternative treatments which can postpone surgeries and improve mobility.
In the spotlight
The average age of the amputee population is estimated to be between 65-70 years old and only 30-40% of new lower limb amputees are estimated to receive a prosthetic solution. Össur believes that it is cost-effective to fit this group of amputees with functional prosthetic products such as bionics, as it is expected to enable them to stay mobile and be more independent. Physical activity and exercise can have immediate and long-term health benefits and most importantly, regular activity can improve quality of life. If this patient group receives more functional solutions it is expected that they will need less assistance from the healthcare system which should lead to less overall cost in patient care.
Össur strives to deliver clinical evidence demonstrating the benefits of providing elderlies with more functional solutions. Össur intends to work with key stakeholders to evaluate the best solutions for the end users and the health care systems.
Results from a survey on Corporate Social Responsibility that was performed among the public on Icelandic companies ranked Össur in second place with a score of 3.97 out of 5. The questions were related to business ethics, environment, transparency and direct support to the society. Össur has been committed to work with its impact on the environment and the societies it operates in for years and as such became a signatory of the UN Global Compact Initiative in 2011.
Össur joined the UN Global Compact in 2011 and signed the UN Women’s Empowerment Principles in 2014. Annually Össur publishes a report on the progress of key projects in the four categories set forth by the Global Compact; environmental concerns, labor practices, human rights and anti-corruption.
Key focus is on CO2 emission, waste management and sustainable product design
Key focus is on screening distributors and educating key employees
Key focus is on equal opportunities, safe workplace and employee participation
Key focus is on social compliance auditing of product suppliers
Further information about Össur’s CSR activities can be found in the progress report, available on the Company’s website: www.ossur.com/CSR
In March 2017, Nasdaq’s Nordic and Baltic stock exchanges issued voluntary guidelines for Environmental, Social, and Corporate Governance (ESG) disclosure to support the companies listed on these exchanges. The Nasdaq voluntary guide focuses on the 33 ESG metrics that the World Economic Forum has recommended to stock exchanges around the world. Össur has chosen to report in accordance with these guidelines.
Below are the highlights within each category but further details can be found in the CSR report on www.ossur.com/CSR
Össur has an environmental management system in place. All main locations are certified in accordance with ISO 14001:2015.
| Environmental Metrics | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Environmental Metrics | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||
| Full Time Equivalents (FTE) within scope | 1,274 | 1,156 | 1,067 | 989 | ||||||||||||||||||||||||||||||||||||||
| Annual Revenue (USD m) | 613 | 569 | 521 | 483 | ||||||||||||||||||||||||||||||||||||||
| E1 Direct & Indirect GHG Emissions (tonnes CO2e) | 4,520 | 4,140 | 3,800 | 3,770 | ||||||||||||||||||||||||||||||||||||||
| Scope 1 (Fuel from company cars; Iceland only) | 38 | 43 | 41 | 38 | ||||||||||||||||||||||||||||||||||||||
| Scope 2 (Energy use) | 3,700 | 3,480 | 3,210 | 2,430 | ||||||||||||||||||||||||||||||||||||||
| Scope 3 (Business Travel & Freight; Iceland only) | 1,660 | 1,280 | 1,170 | 1,300 | ||||||||||||||||||||||||||||||||||||||
| Carbon offsetting; Business Travel | -880 | -660 | -620 | 0 | ||||||||||||||||||||||||||||||||||||||
| E2 Carbon Intensity | ||||||||||||||||||||||||||||||||||||||||||
| Tonnes CO2e emissions/FTE, with offsetting | 3.5 | 3.6 | 3.6 | 3.8 | ||||||||||||||||||||||||||||||||||||||
| CO2e emission/Revenue (Tonnes/USD m), with offsetting | 7.3 | 7.3 | 7.3 | 7.8 | ||||||||||||||||||||||||||||||||||||||
| E3 Direct & Indirect Energy Consumption | 57,000 | 50,800 | 47,300 | 43,800 | ||||||||||||||||||||||||||||||||||||||
| Renewable Energy consumption (GJ) | 32,700 | 30,100 | 27,700 | 29,200 | ||||||||||||||||||||||||||||||||||||||
| Non-Renewable Energy consumption (GJ) | 24,300 | 20,700 | 19,600 | 14,600 | ||||||||||||||||||||||||||||||||||||||
| Renewable Energy generation (GJ) (Solar cells) | 630 | 600 | 320 | 0 | E4 Energy Intensity | |||||||||||||||||||||||||||||||||||||
| Energy consumed/FTE (GJ/FTE) | 45 | 44 | 44 | 44 | ||||||||||||||||||||||||||||||||||||||
| Energy consumed/Revenue (GJ/USD m) | 93 | 90 | 91 | 91 | E5 Primary Energy Source | |||||||||||||||||||||||||||||||||||||
| Coal (GJ) | 800 | 620 | 870 | 680 | ||||||||||||||||||||||||||||||||||||||
| Natural Gas (GJ) | 4,650 | 1,840 | 2,770 | 1,850 | ||||||||||||||||||||||||||||||||||||||
| Oil (GJ) | 18,130 | 18,120 | 15,860 | 12,050 | ||||||||||||||||||||||||||||||||||||||
| Hydro and Geothermal (GJ) | 31,730 | 28,910 | 26,390 | 28,240 | ||||||||||||||||||||||||||||||||||||||
| Solar (GJ) | 820 | 780 | 320 | 0 | ||||||||||||||||||||||||||||||||||||||
| Wind (GJ) | 180 | 410 | 980 | 960 | ||||||||||||||||||||||||||||||||||||||
| Nuclear (GJ) | 760 | 70 | 100 | 70 | E6 Renewable Energy Intensity | 57,070 | 50,750 | 47,290 | 43,850 | |||||||||||||||||||||||||||||||||
| Renewable energy/Non-renewable energy | 1.3 | 1.5 | 1.4 | 2.0 | E7 Water Management | |||||||||||||||||||||||||||||||||||||
| Cold water consumed (m3) | 94,000 | 80,000 | 112,000 | No data | E8 Waste Management | |||||||||||||||||||||||||||||||||||||
| Waste recycled (tonnes) | 660 | 360 | 380 | 310 | ||||||||||||||||||||||||||||||||||||||
| Waste not recycled (tonnes) | 470 | 360 | 520 | 440 | ||||||||||||||||||||||||||||||||||||||
| Hazardous waste (tonnes) | 100 | 130 | 150 | 150 | ||||||||||||||||||||||||||||||||||||||
| Total waste (tonnes) | 1,230 | 850 | 1,050 | 900 | ||||||||||||||||||||||||||||||||||||||
| Total waste generated/FTE (Kg/employee) | 970 | 740 | 980 | 910 | ||||||||||||||||||||||||||||||||||||||
| Total waste generated/Revenue (Tonnes/USD m) | 2.0 | 1.5 | 2.0 | 1.9 | ||||||||||||||||||||||||||||||||||||||
| % Recycled Waste | 54% | 42% | 36% | 34% | 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? | No | No | No | No | ||||||||||||||||||||||||||||||||||||||
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 | 22 | ||||||||||||||||||||||||||||||||||||||||
| S2 Gender Pay Ratio | Audits: equal pay for equal responsibility | Össur Headquarters is certified in accordance with ISO 85:2012 on Equal pay for Equal responsibility and Össur Americas complies with the Equal Pay Act in the USA | |||||||||||||||||||||||||||||||||||||||
| S3 Employee Turnover Ratio | 15% | - | |||||||||||||||||||||||||||||||||||||||
| S4 Gender Diversity | Male 51% Female 49% | Historically, Össur has had good balance between male and female employees | |||||||||||||||||||||||||||||||||||||||
| S5 Temporary Worker Ratio | 4.2% | - | |||||||||||||||||||||||||||||||||||||||
| S6 Non-Discrimination Policy | In Place | Policy available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| S7 Injury rate | 1.1 | Down from injury rate of 1.3 in 2017 | |||||||||||||||||||||||||||||||||||||||
| S8 Global Health and Safety policy | In Place | Policy available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| S9 Child & Forced Labor Policy | In Place | See Össur’s Human Rights Policy: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| S10 Human Rights Policy | In Place | Policy available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| S11 Human Rights Violations | None | No Human rights violations were reported in 2018 | |||||||||||||||||||||||||||||||||||||||
| S12 Board Diversity | Men 60%, Women 40% | No employees have a seat on the Board | |||||||||||||||||||||||||||||||||||||||
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
| Governance Metrics | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Governance Metrics | Measurement/Status | Comments | |||||||||||||||||||||||||||||||||||||||
| G1 Board Separation of Powers | In Place | The CEO does not have a seat on the Board, he does not act as Chairman or and he doesnt‘ lead Committees | |||||||||||||||||||||||||||||||||||||||
| G2 Board - transparent practices | In place | Board of Directors rules | |||||||||||||||||||||||||||||||||||||||
| G3 Incentivized pay | No | Remuneration Policy does not include ESG Strategy | |||||||||||||||||||||||||||||||||||||||
| G4 Fair Labor practices | In Place | Human Rights Policy and Supply Code available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| G5 Supplier Code of Conduct | In Place | Available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| G6 Ethics - Code of Conduct | In Place | Available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| G7 Anti-Corruption and Bribery | In Place | Available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| G8 Tax transparency | In Place | Available at: www.ossur.com/csr | |||||||||||||||||||||||||||||||||||||||
| G10 Other Framework Disclosures | In Place | UN Global Compact, UN Women, Carbon Disclosure Project, Festa Declaration of Climate Issues | |||||||||||||||||||||||||||||||||||||||
| G11 External Validation & Assurance | No | The CEO does not have a seat on the Board, he does not act as Chairman or and he doesnt‘ lead Committees | |||||||||||||||||||||||||||||||||||||||
| G12 Board Separation of Powers | In Place | ||||||||||||||||||||||||||||||||||||||||
Niels Jacobsen
Chairman of the Board of Directors
Niels Jacobsen
Chairman of the Board of Directors
Click to read full bio
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
Nissens A/S (chairman)
KIRKBI A/S (deputy chairman)
The Thomas B. Thrige Foundation (chairman)
ABOUT YOU Holding GmbH (deputy chairman)
Directorships in several wholly and partly owned companies in the
William Demant Group:
William Demant Holding A/S (deputy chairman)
Sennheiser Communications A/S (board member)
Vision RT Ltd. (chairman)
Founders A/S (chairman)
Boston Holding A/S (board member)
Jeudan A/S (chairman)
HIMPP A/S (chairman)
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. Previous positions include CEO of William Demant Holding, 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
Click to read full bio
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
Graduate of University of Iceland Medical School (1969)
Certified by the American Board of Physical Medicine and Rehabilitation
(1976)
Experience
Chairman and Lucy Moses Professor of the Department of Rehabilitation Medicine at The Mount Sinai Medical Center in New York City (1986-2016). Has held numerous other leadership positions at Mount Sinai as well as in various American professional and cultural organizations. Dr. Ragnarsson current title is Emeritus Professor and Chairman of Rehabilitation Medicine, Icahn School of Medicine at Mount Sinai.
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
Click to read full bio
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
Sennheiser Communications A/S (member)
Interacoustics A/S (president)
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.
Dr. Svafa Grönfeldt
Member of the Board of Directors
Dr. Svafa Grönfeldt
Member of the Board of Directors
Click to read full bio
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
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, an international generic pharmaceutical company, President of Reykjavik University, deputy to the CEO of Actavis Group, 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
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
Member of the board of directors since the year 2013
Education
Master’s degree (Pharm.) from Copenhagen University
Board positions
Brunnur Investment Fund (chairman)
Florealis ehf. (chairman)
Coripharma Holding ehf (chairman)
Orf Genetics hf. (member)
MentisCura ehf. (member)
Mentis Cura A/S (member)
Vistor hf. (member)
Heilsulausnir ehf. (member)
Saga Natura ehf. (member)
Pretium ehf. (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 (now Medicines for Europe) 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
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
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:
Shares held in Össur
660,708 (incl. related parties)
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 University of Iceland
Board positions
Federation of Icelandic Industries
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
Education
Master’s degree in Engineering from the University of Iceland
CS degree in Mechanical Engineering from the University of Iceland
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
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
15,100
Kim de Roy
EVP of Research and Development
Kim de Roy
EVP of Research and Development
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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.
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
55,000
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
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
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