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Gender Policy 2020

General info on our 2020 gender policy

1. Introduction and purpose

This policy provides focus on the gender composition in the management of Danske Commodities.

Further, this policy constitutes the required reporting according to the Danish Financial Statements Act §99 b on targets for policies on gender composition of top management of the company as well as the Danish Companies’ Act § 139c on a policy for increasing the proportion of the under-represented gender on the additional management levels.

The policy is based on women as the under-represented gender due to the company’s current gender balance.

2. Target and policy for a diversified management

Danske Commodities has created a policy and target for the under-represented gender in the Board of Directors.

The current representation of women as well as the target for increasing the share of women in the Board of Directors may be found in section 2.1.

2.1. Target for Board of Directors

Board members: 8
Women: 2
Share: 25,00%
Target: 33,00%

Danske Commodities’ previous target of a 25% share was reached in 2019. In 2019, the target was increased to 33%, aiming for three women in the Board of Directors. The target is to be reached at the latest in 2022. Despite new appointments of four men and two women in 2019, the target of 33% women in the Board of Directors was not achieved because no other qualified candidates were found.

Since the 2019 reported figures, the Board of Directors has been subject to changes due to organisational changes in the parent company of Danske Commodities. Out of the current Board of Directors; one male and one female have been appointed during 2020.

2.2. Policy for a diversified management

Danske Commodities is a leading energy trading house which trades power, gas and certificates across borders. The company uses market knowledge and a 24-hour trading setup to support customers through tailor-made services targeting renewable producers, conventional assets and energy suppliers.

The energy trading industry is characterised by the majority of the positions with and without managerial responsibility is occupied by men. According to a report by the Boston Consulting Group[1], there are fewer women in energy than almost any other major industry. Women account for less than a quarter (22%) and only 1% of CEOs.

Danske Commodities is aware of the benefits of a diversified organisation and a diversified management. Therefore, the Company has an incentive to increase diversification both in terms of gender, age, nationality, etc.

Further, the company has an incentive to increase the talent pool we recruit from to include as many talented and qualified candidates as possible regardless of e.g. gender.

To support this, the leaders at Danske Commodities have in 2020 been provided with diversity indexes showing how their teams measure up on diversity in gender, age, nationality and educational background to create awareness e.g. when recruiting for future roles with or without leadership responsibility. This will be continued regularly in 2021 with diversity as a key focus area for People & Culture.

In addition, the Company has in 2020 conducted an internal leadership assessment programme which has qualified female employees attending. This will be repeated with new leadership potentials in 2021.

Furthermore, Danske Commodities aims to make the company more attractive to a diverse employee group by e.g. offering flexible working hours, the possibility to work from home (regardless of Covid-19) and to work part time.

As per 31 December 2019 out of 54 managerial positions in Danske Commodities; nine women were represented. As per 31 December 2020 out of 53 managerial positions in Danske Commodities; 8 women were represented. This includes one newly appointed female manager during 2020.

Overall, satisfactory measures have been taken in 2020 and the work will continue with increased focus in 2021 and years to come.

[1] The Boston Consulting Group. (2017). Untapped Reserves: Promoting Gender Balance in Oil and Gas.