Our Remuneration Policy

Makes visible the fair, performance-based and results-oriented compensation of our Executive Management. 

Decision Process and Approval Framework

As a people-powered business, our company’s success depends on the motivation, performance, and expertise, of all our employees. To incentive and reward our employees, we aim to remunerate all employees fairly, transparently and in line with market conditions.


The Board of Directors, acting on the recommendations of the Remuneration Committee, makes decisions on the remuneration of the Executive Management. To keep innovation at a high level while increasing the value that the company creates for all stakeholder groups, the Executive Management participates in a short-term incentive program that provides an annual bonus for the achievement of pre-determined targets.


In the case of exceptional performance, the CEO is entitled to receive a maximum of 14 months worth of fixed salary, subject to the 2019 Annual General Meeting’s approval of amended remuneration guidelines for Lundbeck. The other members of the registered Executive Management may receive up to six months’ base salary on condition of achievement of exceptional results.

Executives 1

  2019 DKKm 2018 DKKm
Short-term staff benefits 85 81
Retirement benefits 11 10
Other social security costs 1 1
Equity- and cash-settled incentive programmes 10 10
Total 107 102

1) Executives are persons who report directly to the registered Executive Management. 

Executive management

2019 DKKm Deborah Dunsire
President & CEO
Lars Bang
Executive Vice President, Product Development & Supply
Anders Götzsche
Executive Vice President, CFO* 
Jacob Tolstrup
Executive Vice President, Commercial Operations
Anders Gersel Pedersen
Executive Vice President, R&D **
Salary 9.4
3.8 4.0 3.2
Cash bonus (STI) 9.0
1.8 1.8 1.6
Pension - 1.3
1.0 1.0 0.8
Other benefits 0.1
0.2 0.2 0.1
Equity- and cash-settled incentive programmes 2.7
1.5 1.5 1.9 0.5
Retirement package - - - - -
Total 21.2 10.2 8.3 8.9 6.2

Tax equalization


According to the employment agreement with Deborah Dunsire, Lundbeck will pay the difference in taxation on investment return from personal assets between the US and Denmark. This tax compensation totals DKK 36 million in 2019.


*Anders Götzsche was interim CEO from November 2017 to August 2018.

** Johan Luthman joined H. Lundbeck A/S in February 2019.


The total remuneration of the Board of Directors for 2019 amounted to DKK 6.8 million (DKK 6.0 million in 2018). The amount includes fees for participation in the Audit Committee of DKK 0.7 million (DKK 0.7 million in 2018), the Remuneration Committee of DKK 0.7 million (DKK 0.5 million in 2018), the Scientific Committee of DKK 0.7 million (DKK 0.7 million in 2018) and travel allowances of DKK 0.5 million (DKK 0 million in 2018) for board members with permanent residence outside of Europe. The remuneration for 2019 is consistent with the remuneration presented at the Annual General Meeting held on 26 March 2019.


The members of the Board of Directors held a total of 47,313 Lundbeck shares at 31 December 2019 (43,813 shares in 2018).


The total remuneration of the chairman of the Board of Directors amounted to DKK 1.6 million (DKK 1.6 million in 2018). The total remuneration of the deputy chairman of the Board of Directors amounted to DKK 1.1 million (DKK 1.1 million in 2018). These amounts include fees for participation in Board committees.

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