Corporate governance 

The Enron scandal in the US and similar  business scandals have caused increased focus on management of corporations and transparency in their operations.
 
In this context the Danish government has also focused on proper business conduct in Danish companies.

Recommendations

In 2001 the Danish Minister for Business and Industry requested Lars Nørby Johansen (Head of the Committee), Jørgen Lindegaard, Waldemar Schmidt and Mads Øvlisen to evaluate if there is a need for recommendations for good corporate governance in Denmark and, if so, provide their suggestions for such recommendations.

The result of this work is "The Nørby Committee's report on Corporate Governance in Denmark – recommendations for good corporate governance in Denmark".

Though the Nørby Committee's recommendations are aimed primarily at listed companies, COWI's Board of Directors and the Executive Board have found it natural to deal with the recommendations.

Changes and new initiatives

In consequence thereof, COWI's Board of Directors and the Executive Board have implemented a number of changes to the company's articles of association and business procedures, and taken initiatives to enhance corporate communication, transparency and responsibility in relation to the company's customers, staff and shareholders.

A comparison of COWI's practices and the Nørby Committee's recommendations for good corporate governance can be read here in Danish.

Among the most important points in COWI's rules for good corporate governance are management assessments, efforts towards increased transparency, determining the share class system and the company's risk policy framework.