out a policy to increase the proportion of women in senior management positions. 

The relevant action items are as follows: 

• Headhunters must present at least one qualified female candidate when recruit- ing for senior management positions. This requirement has been incorporated into the Group Recruitment Policy but it is too early to judge the impact of the initiative. 

• The Carlsberg Group has a leadership pro- gramme (ALDP – Accelerated Leadership Development Programme) to which qual- ified employees are appointed once a year. The target is to ensure that at least one third of the participants in each programme are women. In 2013, 35% of the appointed participants were women, an increase of more than 30% compared to 2012. 

• Finally, any woman who, based on a very strong performance and potential rating, including full international mobil- ity, qualifies to take on a role at CEO or management board level in Carlsberg’s local subsidiaries and/or in the commercial supply chain or finance areas at VP level in Carlsberg Group functions/headquarters/ regions/Carlsberg Supply Company AG, Switzerland, must have a mentor ap- pointed. The mentor must be a senior manager, and the role of the mentor is to encourage the strong-performing woman to continue to develop her competences within management and consider career opportunities and promotions (including in Carlsberg businesses in other countries). All women from this group who received a strong performance rating in 2013 already have a mentor or will have one appointed during the first six months of 2014. Similarly, mentors will be appointed for qualifying women in 2014. Group HR is considering whether a structured men- 

tor guideline should be drawn up, but at present the mentor is relatively free to decide on how to fulfil the mentor role as long as the aim is to encourage women to develop management skills and consider relevant opportunities and promotions. It is expected that the mentor programme will increase the number of women who decide on a management career in Carls- berg, but it is too early to judge the actual impact of the programme. 

Carlsberg wants to be an attractive work- place for both female and male managers where men and women consider that they have equal and fair opportunities for promo- tion to higher managerial positions and that their competences can be used in the best possible way irrespective of gender. 

International experience 

The objective regarding the international experience of Supervisory Board members is met as at least six of the 10 members of the Supervisory Board elected by the General Meeting can be considered to have substantial international experience from managing large corporations or institutions and all members elected by the General Meeting are able to operate in an interna- tional environment. 

## THE WORK OF THE SUPERVISORY BOARD 

The Supervisory Boards of the Parent Company, Carlsberg A/S, and of the other companies in the Group ensure that their Executive Boards observe the goals, strate- gies and business procedures established by the Supervisory Boards. Information from the Executive Boards of the various companies is provided systematically at meetings, as well as in written and oral reports covering 

areas such as market developments and the companies’ performance, profitability and financial position. 

The Supervisory Board of Carlsberg A/S held nine meetings in 2013 and a two-day strategy seminar combined with a visit to Carlsberg’s supply chain organisation in Switzerland. The strategy seminar and six of the Supervisory Board meetings were attended by all Supervisory Board members. The remaining meetings were attended by all but one member. According to its Rules of Procedure, the Supervisory Board meets at least six times a year in addition to an annual strategy meeting at which the Com- pany’s strategy and overall organisation are discussed. In between its ordinary meetings, the Supervisory Board receives written in- formation on the Company’s operations and financial position. Extraordinary meetings are convened if necessary. The Supervisory Board decides on major investments and divestments, the size and composition of the Company’s capital base, long-term obliga- tions, significant policies, control and audit issues, risk management and significant operational matters. 

The Supervisory Board’s Rules of Procedure set out the procedures for the Executive Board’s reporting to the Supervisory Board and for any other communication between the two bodies. The Rules of Procedure are reviewed annually by the Supervisory Board and adjusted if required. 

The Chairman and Deputy Chairman of the Supervisory Board constitute the Chairman- ship, which organises meetings of the Super- visory Board in cooperation with the Exe- cutive Board. The Chairmanship held eight 

meetings in 2013 and they were all attended by both the Chairman and the Deputy Chair- man. The specific duties of the Chairman and – in his absence – the Deputy Chairman are set out in the Rules of Procedure. 

Each year, the Chairman of the Supervisory Board heads a structured evaluation of the Board’s work, accomplishments and com- position in a structured dialogue with each Board member. The evaluation is carried out in accordance with a written procedure estab- lished by the Supervisory Board on the basis of a recommendation from the Nomination Committee and on the basis of a question- naire with a number of items that the Supervisory Board members are to consider as part of the evaluation. This evaluation also includes the cooperation between the Supervisory Board and the Executive Board, and the work, accomplishments and compo- sition of the Executive Board and a session without the presence of the Executive Board at which its performance is evaluated. 

Finally, the process includes a meeting without the presence of the Chairman at which the performance of the Chairman is discussed. During the evaluation process in 2013, the Supervisory Board members generally expressed that they were very content with the structure and function of the Supervisory Board and, in particular, with the detailed meeting planning, the amount and quality of meeting material and the presentation of issues by the Execu- tive Board and the subsequent open discus- sions at the Supervisory Board meetings. 

The Supervisory Board also expressed content with the focus on risk evaluation, strategy and direction-setting during Board 

