Affitech's Corporate Governance Policy

The Danish Committee on Corporate Governance Danish has defined corporate governance as follows:
"The goals, according to which a company is managed, and the major principles and frameworks which regulate the interaction between the company's managerial bodies, the owners as well as other parties, who are directly influenced by the company's dispositions and business (in this context jointly referred to as the company's stakeholders). Stakeholders include employees, creditors, suppliers, customers and the local community."

The Danish Corporate Governance Recommendations, 2010
As a company organized under Danish law and with a listing on NASDAQ OMX Copenhagen, Affitech is in compliance with Danish securities law and it is Affitech’s intent to be guided by the Corporate Governance Recommendations designated by NASDAQ OMX Copenhagen. NASDAQ OMX Copenhagen has designated the Danish Recommendations on Corporate Governance prepared by the Danish Committee on Corporate Governance as an appropriate standard to be conformed to on a “comply or explain” basis.

Affitech is generally in compliance with such recommendations, but with some deviations. The deviations are generally due either to Affitech’s size or to company specific views on the recommendations consistent with Affitech’s desire to create shareholder value optimally. In some cases Affitech is not making recommended explanations in the Annual Report. This is to keep the Annual Report reasonably short.

Framework for Corporate Governance in Affitech
Affitech’s corporate governance consists of a framework of principles and rules, including the Articles of Association and “Board of Directors ‐ Business Procedures”. The Executive Management in cooperation with the Board reviews these principles and rules regularly in the light of prevailing best practices. Pursuant to the provisions of the Danish Companies Act and the company’s Articles of Association, the control and direction of Affitech is divided among the shareholders in a general meeting, the Board and the Executive Management.

The Board
The Board currently consists of 6 directors. All are elected by shareholders at general meetings. The roles and responsibilities of the Board are defined in the “Board of Affitech ‐ Business Procedures”.

Executive Management
Executive Management is responsible for the day‐to‐day management of the company. It consists of the President & CEO and one more executive. The Board appoints the Executive Management and determines their remuneration through the Remuneration Committee. The Chairmanship, consisting of the chairman and one deputy chairman identifies, together with the CEO, successors to executives who are presented to the Board for approval.

Please find a PDF version of the full Corporate Governance Policy in English to the right.