Vestas Wind Systems A/S has a two-tier management system in which the Board of Directors and the Executive Management are responsible for managing the company’s affairs.
Vestas’ Board of Directors consists of:
- Eight external members with broad international experience
- Four employee representatives
The external members are elected at the general meeting for one year at a time, while the employee representatives are elected by and among the company’s employees for four years at a time.
Under Danish law, employees have the right to elect a number of representatives equivalent to half of the representatives elected by the general meeting at the time when the election of employee representatives is called.
The most recent ordinary election of employee representatives took place in 2007/08. As a rule, all employees are eligible for election, but this does not apply to members of the Executive Management and employees whose permanent workplace is outside Denmark. In accordance with the legislation, employee representatives have the same rights, duties and responsibilities as the other members of the Board.
Competences of the members of the Board of Directors (description of competences)
In connection with the election of members to the Board of Directors at general meetings, the resigning board members will by recommending board member candidates ensure that it is possible for the General Meeting to elect a continuing Board of Directors that:
- acts independently of any particular interests;
- represents a balance between continuity and innovation;
- suits the company’s situation;
- is knowledgeable of the trade and has the business and financial competences necessary to ensure that the board can perform its duties in the best way possible; and
- reflects the competences and experience required in order to manage a company with shares registered for trade at a stock exchange and fulfils its obligations.
