CORPORATE GOVERNANCE
Solar considers that The Committee on Corporate Governance in Denmark’s 2017 recommendations are, in general, a valuable tool for exercising sound management, good transparency for shareholders and other stakeholders, and efficient risk management. Overall, Solar therefore complies with the recommendations wherever they are relevant to the company.
AUDIT
Based on the Audit Committee’s recommendation, the Board of Directors, having consulted the Executive Board, will elect an auditor. The Executive Board informs the Board of Directors if an agreement is made with the auditor for material non-auditing services. Moreover, the auditor reports on any non-accounting services in the letter of recommendation on an ongoing basis.
NOMINATION
The Board of Directors has decided to establish a forum for dialogue with our large shareholders concerning the future composition of the Board of Directors and, thus, has drawn up a charter determining the guidelines for this. Representatives from the two largest shareholders, the company’s majority shareholder, the Fund of 20th December, and the Chairman of the company’s Board of Directors, will form a committee, which is to make proposals to the Board of Directors of both reelection and new election of board members. The committee must perform a number of preparatory tasks in relation to ensuring that the Board of Directors at any time meets the guidelines determined by the Board of Directors. This committee is not a Board of Directors’ committee like the Audit Committee or the Remuneration Committee, and the Board of Directors’ tasks in relation to the composition of the Board of Directors have not changed with the establishment of this committee.
TAX POLICY
Our tax policy is built on our commitment to comply with the applicable laws and regulations and act in an ethically sustainable and social responsible way in all our business activities.
We do this by pursuing an active but not aggressive tax policy. In particular, Solar:
- Manages tax risks and opportunities proactively to ensure that the right tax is paid
- Manages levy costs and risks consistent with tax laws and practices of the tax jurisdictions in which Solar operates
- Aims at paying and reporting taxes in due time and with due consideration
- Strives always to consider tax issues from a group perspective
- Aims at being compliant with local tax regulations and take commercial approach rather than a tax driven approach when operating its business
- Does not conduct tax speculations and does not participate in transactions, which only have the purpose of reducing debt.
2019
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2012