Corporate Governance

Our Governance Framework

Lundbeck is committed to serving all its stakeholders. Our governance framework consists of rules and principles that support sustainable financial performance and long-term value creation for our shareholders and for our societies.

Governance Structure

Lundbeck has a two-tier board structure consisting of the Board of Directors and the Executive Management. The two bodies are independent, and no person serves as a member of both.


Corporate governance at Lundbeck involves the way in which the company is managed and controlled, the guidelines that regulate the interaction between our Executive Management, Board of Directors and shareholders as well as the internal control and audit processes of our business.

Lundbeck's Board of Directors position on the corporate governance recommendations made by NASDAQ Copenhagen A/S.


To incentive and reward our employees, we aim to remunerate all employees fairly, transparently and in line with market conditions.

Board tasks

The ten members are responsible for approving the corporate strategy, setting goals for, and evaluating the executive management. They also ensure adequate internal and external controls are in place.

Corporate Governance Reporting in Lundbeck

Lundbeck is strongly focused on responding to the most recent recommendations of the Danish Committee on Corporate Governance. The Board of Directors and Executive Management broadly share the committee’s views, and Lundbeck complies with all the recommendations from the Danish Committee on Corporate Governance as reflected in our corporate governance report.

Corporate Governance Model

At Lundbeck, we structure corporate governance processes through a number of managerial bodies which interact, control and depend on each other.

Internal Control

The Board of Directors has a supervisory duty and the Executive Management the overall responsibility for Lundbeck’s risk management and internal controls in relation to the financial reporting process, including compliance with relevant legislation and additional disclosure requirements pertaining to financial reporting.

Risk Management

The principal aim of Lundbeck’s risk management is to strike the right balance between risk exposure and value generation. Lundbeck assesses the probability of an event occurring and the potential impact for the company in terms of financial loss or reputational damage. Risk evaluations carried out by our decentralized units are regularly reviewed by the risk management team through clearly-defined reporting, decision-making and follow-up procedures. The overall risk exposure is then evaluated by our central Risk Office.

Audit Committee

The Board of Directors has set up an Audit Committee, which has an advisory role relative to the Board of Directors, including on matters such as internal controls in the financial reporting procedures, special financial and accounting issues, evaluation of financial reporting and other financial information and risk management.


Lundbeck's financial statements are being audited by PricewaterhouseCoopers.


PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab


Lars Baungaard, State-Authorized Public Accountant
Torben Jensen, State-Authorized Public Accountant


A few minor foreign subsidiaries are not audited by the Parent company's auditor, a foreign business partner of the auditor, or by a recognized, international auditing firm. At the Annual General Meeting held on 23 March 2021, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab was re-elected as Lundbeck's external auditor. The fee for non-audit services provided by the Group by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 5 million during 2020 and consisted of tax services relating to expatriates and transfer pricing, advisory services relating to cyber risk, other auditor reports on various statements to public authorities, and other accounting and tax advisory services. 


Audit Fees 2019 DKKm 2020 DKKm
Statutory audit 10 10
Other opinions - -
Tax consulting 1 4
Other services 9 1
20 15

Constitutive Documents

English version
Danish version

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