Investor Presentaiton
Novo Nordisk Annual Report 2023
GOVERNANCE
Setting high standards
for how we do business
Introducing Novo Nordisk Strategic Aspirations Risks
Management
Consolidated statements
Additional information
Our business has come under increasing scrutiny over the past
year - particularly with regard to our GLP-1-based products - as
the level of public interest in our company has grown significantly.
Against this backdrop, we have remained steadfast in our
commitment to uphold high ethical standards and adhere to
the regulatory requirements of different authorities. In the face
of unprecedented demand for our medicines - particularly our
GLP-1-based therapies - we have also strengthened our focus
on ensuring that only the approved indications of our products
are promoted.
At times, however, we were challenged in our aspirations. In the
UK, for example, we received a two-year suspension from The
Association of the British Pharmaceutical Industry (ABPI) in 2023
after the trade body found Novo Nordisk to be in breach of the
industry's self-regulatory code of practice. The breach related
to the provision of insufficient information regarding our
sponsorship of a weight management course offered by a
third-party clinical training provider for healthcare professionals.
When mistakes are made, we learn from them. Over the past
year, we invested substantial resources in robust training for
colleagues with the aim of ensuring we always deliver the right
message, whether we are addressing the general public
or healthcare professionals. We have also strengthened our
governance processes in key affiliates via local ethics and
compliance committees, and we are ready to step up our
monitoring efforts by significantly increasing the number
of internal checks and reviews in 2024.
More broadly, our new global code of conduct sets out the
fundamental principles and required behaviours for our employees
and collaborators and is rooted firmly in the Novo Nordisk Way
Essentials - a foundational set of guiding principles that shape and
inform everything we do. We use a unique, systematic approach
known as facilitation to ensure everyone lives up to these
Essentials. In 2023, 42 units and approximately 2,300 employees
were facilitated, compared to 36 units and 1,700 employees in
2022. Any issues are addressed locally, and a consolidated report
is shared with the Board of Directors and Executive Management.
We also measure the extent to which we live up to societies'
expectations through several other governing processes. These
include our company reputation score among key stakeholders
(see pages 41-42 for more information), regular product quality
and supplier audits, and an enduring commitment to ensuring
the accuracy of our financial and ESG reporting via both
internal and external audit processes. Our financial reporting
and associated processes are audited according to the
Sarbanes-Oxley Act by an independent audit firm elected at the
Annual General Meeting, and we voluntarily include an
Assurance Report from an independent external auditor for
ESG reporting in the Annual Report.
The Novo Nordisk Way Essentials
1
We create value by having a patient-centred
business approach.
2
We set ambitious goals and are empowered
to achieve them.
3
We are accountable for our financial, environmental
and social performance.
We are curious and innovate for the benefit
4
of patients and society at large.
5
We build and maintain good relations with
our stakeholders.
6
We value diversity and treat everyone
with respect.
7
We focus on performance and personal development.
8
We have a healthy and engaging working
environment.
9
We strive for agility and simplicity
in everything we do.
10
We never compromise on quality and ethics.
194View entire presentation