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## Corporate Governance in the Carlsberg Group 

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The concept of Corporate Governance encompasses a companyGLYPH<213>s aims and the general principles and structures regulating the interaction between the management of the company, the owners and other parties directly affected by the transactions and operations of the company. 

Carlsberg continuously follows the international de- velopments as well as the current debate on Cor- porate Governance, including the recommenda- tions presented by a Danish committee of top business executives in a recent report on the sub- ject, which has been studied in detail by the Board of Directors. 

The basic framework of Corporate Governance includes, among other things, the Danish Compa- nies Act, the Danish Financial Statements Act, the Danish Securities Trading Act, GLYPH<210>Rules Governing Securities Listing on the Copenhagen Stock Ex- change A/SGLYPH<211> etc. as well as the companiesGLYPH<213> articles of association. In addition, a number of internal procedures are followed to ensure active, safe and profitable governance of the companies. 

The Boards of Directors of Carlsberg A/S, 

Carlsberg Breweries A/S and the other Carlsberg Group companies ensure that the Executive Boards implement the goals and procedures es- tablished by the Boards of Directors. The Executive Boards keep the Boards of Directors of the various companies up-to-date both through various meet- ings and written and oral reports. The reports in- clude i.a. general international developments, busi- ness developments, the companyGLYPH<213>s earnings capacity and the financial situation of the company/ Group. The Boards generally meet 5 to 6 times a year, and at least once a year a day-long meeting is held between the Board of Directors and the Exec- utive Board with issues such as company mission, goals and strategy on the agenda. The Boards make decisions on a wide variety of issues, includ- ing acquisitions, large investments and divest- 

