How do we carry out our ownership of Novo Nordisk A/S and Novonesis A/S?
According to the Articles of Association of the Novo Nordisk Foundation,, the Foundation must provide a stable basis for the commercial and research activities of Novo Nordisk A/S and Novonesis A/S. In order to fulfil this objective, the Foundation must maintain a majority of the votes in the form of A shares in both companies. In addition to this, it has been decided that the Foundation should hold at least 25.5% of the two companies’ share capital. The Foundation has given its fully owned subsidiary Novo Holdings A/S mandate to act on its behalf in carrying out the long-term ownership of Novo Nordisk A/S and Novonesis A/S.
In 2025, the Foundation adopted the Novo Group Governance Principles. The purpose of these principles is to ensure good governance between the following entities in the Novo Group:
- Novo Nordisk Foundation
- Novo Holdings A/S
- Novo Nordisk A/S and Novonesis A/S
The governance principles intend to enable the Novo Group entities to fulfil their specific objectives and create a robust system of checks and balances while maintaining an arm’s length relationship with the operating companies. They intend to ensure that no individual, board or entity can exert undue influence or act in a way that unduly prioritises individual interests over those of the Novo Group as a whole and to promote transparency and accountability.
You can read the Governance Principles here.
Additionally, as a permanent owner of Novo Nordisk A/S and Novonesis A/S, the Foundation has formulated several long-term objectives concerning its ownership. The objectives reflect that Novo Nordisk A/S and Novonesis A/S must be global leaders in their respective fields with distinct commercial and research activities. Thus, through its ownership the Foundation seeks, among other things, to support the companies in:
- realising a shared vision to contribute positively to the lives of people and the sustainability of society;
- providing engaging and inspiring working environments;
- generating competitive long-term financial results; and
- living up to the Novo Charter.
The Foundation emphasises being a responsible, relevant and capable owner, thereby helping to secure the financial capacity of the companies and supporting societal developments that will benefit Novo Nordisk A/S and Novonesis A/S as well as the rest of society. This has concrete implications for the Foundation, for instance in relation to capital reserves and policies.
In line with the Governance Principles, the Board of Novo Holdings, as the steward of the Foundation’s financial assets, is responsible for managing the Foundation’s shareholding in the operating companies.
