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Gender policy 2021

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

1. Introduction and purpose

This policy provides focus on the gender composition in the leadership 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 leadership 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 leadership 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 leadership

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: 7
  • Women: 2
  • Share: 28.6%

Danske Commodities’ previous target of a 25% share was reached in 2019. The share of 28.6% women was reached in 2021 and Danske Commodities now has an equal gender distribution among its Board of Directors, cf. Danish Business Authorities guideline for §99b.

The Board of Directors has been subject to changes in 2021 due to e.g. the founder stepping back as well as a retirement. The current target is to have minimum 2 female board members.

2.2. Policy for a diversified leadership

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 leadership. Therefore, the Company has an incentive to increase diversification both in terms of gender, age, nationality, etc. Danske Commodities has in the 2022-2025 corporate strategy communicated an ambition to transition towards 30% females by 2025.

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. In this regard, extraordinary focus will also be put on inclusion as this is seen as key to attracting and retaining a diverse workforce.

To support this, the leaders at Danske Commodities are 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 2022 with diversity and inclusion as a key focus area for People & Culture.

In addition, the Company has again in 2021 conducted an internal leadership assessment programme which has qualified female employees attending. This will be repeated with new leadership potentials in 2022.

As per 31 December 2020 out of 53 managerial positions in Danske Commodities; 8 women were represented. As per 31 December 2021 out of 57 managerial positions in Danske Commodities; 9 women were represented. This includes two newly appointed female managers during 2021.

Overall, satisfactory measures have been taken in 2021 and the work will continue with increased focus in 2022 and years to come.

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