We have chosen to define Corporate Governance as:

Rules governing the framework for Management's incentives as well as how to act in the shareholders' and other stakeholders' best interests.

It is a key feature of Topdanmark's philosophy to maintain and build up those factors that unite the most important stakeholders: Customers, employees and shareholders, forming an unbreakable trinity.

Current state of Corporate Governance

• Topdanmark has removed all the relevant limitations set out in the Articles of Association
• The recommendations on good Corporate Governance by the Committe on Corporate Governance are practically met
• Topdanmark believes that a share price reflecting the future earnings potential is the only real protection against an uninvited take-over