Organisation, ownership and investor relations



The COWI Group is organised into five business lines - Denmark, Norway, Sweden, COWI internationally and Arkitema Architects.

New organisational chart 

*COWI Denmark includes subsidiaries in Belgium, India, Poland, United Kingdom

** COWI's international business line is anchored in Denmark and includes subsidiaries or branch offices in Bahrain, Canada, Germany, Hong Kong, India, Korea, Norway, Qatar, Singapore, Taiwan, Uganda, United Arab Emirates, United Kingdom and United States.

Executive leadership team

Jens Højgaard Christoffersen

President & Group CEO

Group Chief Financial Officer Natalie G. Shaverdian Riise-Knudsen
natalie shaverdian riise-knudsen

Executive Vice President, Group CFO

Marius weydahl berg

Chief Business Development Officer, Group CBDO

Henrik Winther
Executive Vice President of Business Line Denmark
Michael Bindseil
Executive Vice President of Business Line International and interim Head of COWI's engineering and design centres
blonde woman standing outside and smiling
Birgit farstad larsen
Executive Vice President of Business Line Norway
Anders Wiktorson
Executive Vice President of Business Line Sweden
Anne Daugaard Barslund
Anne Daugaard Barslund
Head of People and Culture

board of directors

Jukka Pertola
Jukka Pertola


Carsten Bjerg

Vice Chairman

Anne Harris
Jaspe Kyndi
Jasper Kyndi

Elected by the employees

Kristin Sandberg

Elected by the employees

Niels Fog

Elected by the employees

Jeanette Fangel Løgstrup
Ivor Gatto


The Group’s parent company, COWI Holding A/S, is an unlisted Danish public company owned by COWIfonden (the COWIfoundation) and present and former employees.

COWIfonden (the COWIfoundation)

COWIfonden is a commercial, independent foundation holding a majority of the shares in COWI Holding A/S.

The object of the Foundation is to create a stable basis for COWI Holding A/S and to support research and development relating to Danish engineering. COWIfonden supports the COWI Group in accomplishing its vision, securing competitiveness and good financial results.

According to the foundation instrument, COWIfonden is to retain its controlling interest and to ensure that COWI keeps its financial independence through self-financing, employee-financing or by injection of external capital.

In connection with capital increases in COWI Holding A/S or mergers with other companies the Foundation may give up its position as holder of the majority of shares in the company, if necessary in order to retain and develop the commercial activities as a competitive business at an international level.

COWIfonden holds approximately 87 per cent of the share capital of COWI Holding A/S, including all A shares. (May 2023)

Visit COWIfonden's homepage

Other shareholders of COWI Holding A/S

Approximately 13 per cent of the share capital of COWI Holding A/S is held by present and former employees of the COWI Group. (May 2023)

COWI wishes to achieve a broadly based co-ownership among employees. 

 Organisational chart of COWI holding

Investor relations

COWI Holding A/S

COWI Holding A/S is the Group's holding company, established in 2010, and owned by the COWI Foundation and COWI employees. COWI Holding A/S in an unlisted Danish public limited liability company.

The involvement of COWI employees in the circle of owners is an important part of COWI's strategy.

We believe that employee ownership will increase cooperation within the COWI Group and strengthen coherence between performance and the employees' competencies and efforts.

In short, having employees in the circle of owners is an important premise for COWI’s future success.

The COWI Foundation holds all A shares plus some B shares, approximately 87 per cent of the share capital. Employees hold approximately 13 per cent of the shares. (May 2023)


COWI Holding A/S' share capital (May 2023) is DKK 286,593,700 (20,865,937 votes).

  • DKK 200,000,000 is made up of A shares (divided into A shares of nominal DKK 100 or multipla thereof, carrying 20,000,000 votes) fully owned by the COWI Foundation.
  • DKK 86,593,700 is made up of B shares (divided into 865,937 B shares of nominal DKK 100, carrying 865,937 votes) owned by the COWI Foundation, COWI employees and COWI Holding A/S.


When B shares in COWI Holding A/S are made available for subscription, such shares can be acquired by COWI Group employees and management in COWI Holding A/S and COWI Foundation provided:

  • The employee is employed with a COWI Group company in territories where the employee share program is made available. Applicable territories are determined annually in connection with the annual general meeting.
  • The employee has not handed in a resignation, been terminated or been laid off at the time the B shares are purchased.

Employees, management in COWI Holding A/S and COWI Foundation may acquire as many of the available B shares according to a sales offer as they wish, provided that no individual at any time can hold a total number of B Shares exceeding a fixed limit of 0.5% of the share capital issued in COWI Holding A/S.


The B share price is determined by the company’s book value which is defined by the company's net worth divided by its share capital.

A new share price is calculated every year after the annual general meeting. This price will last until the following year's annual general meeting.


Sale of B shares is done via COWI's shareholder portal with Computershare. COWI's shareholder portal can be found here.

Annually, in connection with the opening of the share trading window, current and former employees will receive an email with a link to the shareholder portal.

Shareholders may sell the B shares in the annual share trading window (within 4 weeks after the annual general meeting) and there is no period of commitment before it is possible to sell. However, local variations and/or legal requirements may be applicable in some countries.


If the shareholder's employment with the COWI Group is discontinued, the shareholder is under an obligation to sell back B shares in the first coming sales window (within 4 weeks after the annual general meeting). However, in certain instances former employees may keep the B shares for an additional three-year period. (Learn more by reading Terms for possession of B shares under Read More.



The content of this web site is made available as a service and for information purposes only. While we have attempted to maintain the information as accurate as possible, this general information about the COWI Share Programme does not replace, amend, alter or in any other way modify the terms and conditions set out in the Terms of possession of B shares or similar terms or conditions as individually agreed and accepted by the shareholders as part of the acquisition and/or possession of shares.

Get in contact

COWI-medarbejder Linda duncan Wendelboe

Linda Duncan Wendelboe
Head of Communication
Communication, Denmark

Tel: +45 56405351