A number of recommendations for corporate governance form part of the rules for companies listed on NASDAQ OMX Copenhagen A/S. These recommendations can be found at www.nasdaqomx.com/listingcenter/nordicmarket/rulesandregulations/copenhagen. As in other European countries, companies must either comply with the recommendations or explain any deviation.

As discussed above, Carlsberg’s corporate governance complies with these recommendations with only a few exceptions. The exceptions are outlined and explained below (references in brackets refer to the relevant sections of the recommendations).