Novo Nordisk Annual Report 2021
Contents Introducing Novo Nordisk
Strategic Aspirations
Key risks
Management
Consolidated statements
Additional information.
F
Novo Nordisk Annual Report 2021
21
Governing Processes
Novo Nordisk Way
The Novo Nordisk Way is a set of guiding principles which
underpins every decision we make. We use a unique, systematic
approach known as facilitation to ensure that everyone lives
up to the Novo Nordisk Way. In 2021, 34 facilitations and eight
special assignments were completed. Any issues are addressed
locally and a consolidated report is shared with the Board of
Directors and Executive Management.
In 2021, five units were found not to be operating in full
accordance with the Novo Nordisk Way, a similar percentage
to 2020 but still a concern. In most cases the root causes were
grounded in leadership style and behaviours not living up to
the Novo Nordisk Way. There were no findings around quality or
business ethics mindset.
Company reputation
The Novo Nordisk reputation score among key stakeholders (i.e.,
the informed general public, people with diabetes, people with
obesity, healthcare professionals and diabetes specialists) is an
indicator of the extent to which we live up to society's expectations.
We achieved a reputation score of 82.6 points in 2021
measured on a scale of 0-100. As the only company among our
selected peers, Novo Nordisk enjoys a score above 80 points
for Products & Services, which is the most important driver
of reputation across all stakeholder groups, and thus the key
driver of the positive overall result.
Business ethics
Our approach to business ethics is acting with integrity and
in compliance with the Novo Nordisk Way, our Business Ethics
The Novo Nordisk Way - Essentials
1. We create value by having a patient centred
business approach.
3.
2. We set ambitious goals and strive for excellence.
We are accountable for our financial, environmental
and social performance.
4. We provide innovation to the benefit of
our stakeholders.
5. We build and maintain good relations with
our key stakeholders.
6. We treat everyone with respect.
7. We focus on personal performance and 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 business ethics.
Code of Conduct and international and local standards for
responsible business conduct. Business ethics covers anti-fraud,
anti-bribery, anti off-label promotion, transparency in dealing
with healthcare professionals and healthcare organisations, the
protection of personal data, as well as respect for human rights
with the aim of minimising any potential risks to our patients,
business, people and stakeholders.
Annual training in business ethics is mandatory for all
employees, including all new hires. In 2021, 98% of employees
completed and documented their training, with the remaining
2% missing mainly due to employees being on leave. In
2021, 37 business ethics reviews were completed with 129
findings, compared with 32 reviews with 107 findings in
2020. Consolidated findings are reported to our Executive
Management and the Audit Committee.
Group Internal Audit assesses that the level of business ethics
compliance is sound. Management action plans and closure
of findings progressed as planned and there were no overdue
management actions or findings at the end of the year.
In 2021, data ethics principles were enhanced and will be
implemented through policies and trainings across the
organisation in 2022. Our data ethics principles support ethical
decision-making when using data across the value chain. We
further strengthened the global integration of data protection
and human rights risks in the business ethics risk management
process. Please find more information at novonordisk.com.
Product quality and supplier audits
In 2021, as in 2020, Novo Nordisk had no failed inspections
among those resolved by the relevant health authority at
year-end. However, a contract manufacturer filling syringes for
WegovyⓇ failed an inspection causing disruption in the supply
of WegovyⓇ. During the year, 97 inspections were conducted,
compared with 77 in 2020. At year-end, 86 inspections were
passed and 11 were unresolved, as final inspection reports
had not been received or the final authority acceptance was
pending. Follow-up on unresolved inspections continues in
2022. Please see note 9.4 on page 91 for further information.
In 2021, a total of 253 supplier audits were conducted to assess
compliance levels with our supplier standards.
In 2021, we had 1 product recall from the market. Please see
note 9.3 on page 91 for further information.
Financial and ESG assurance
We are committed to ensuring the accuracy of our financial and
ESG reporting. Our financial reporting and the internal controlsView entire presentation