AI assistant
Green Hydrogen Systems Proxy Solicitation & Information Statement 2023
3401_rns_2023-03-27_256afb0c-a741-42cf-b5a7-bfd180b58c80.pdf
Proxy Solicitation & Information Statement
Open in viewerOpens in your device viewer
NOTICE OF ANNUAL GENERAL MEETING 2023
Green Hydrogen Systems A/S
GREEN HYDROGEN SYSTEMS
Green Hydrogen Systems A/S – CVR nr. 30548701 – Nordager 21 – DK-6000 Kolding
H GREEN HYDROGEN SYSTEMS
The Board of Directors is pleased to invite shareholders to the Annual General Meeting of Green Hydrogen Systems A/S on
Tuesday 18 April 2023 at 09:00 am CEST
Following last year's successful completely electronic Annual General Meeting, the Board of Directors has decided that this year's Annual General Meeting will also be a completely electronic meeting without the possibility of physical attendance.
The electronic Annual General Meeting will be broadcasted live via a virtual AGM portal hosted by Euronext Securities (the "AGM Portal") enabling shareholders to ask questions and express their opinion at the Annual General Meeting via a chat function. In the event of a vote, shareholders will also be able to vote through the AGM Portal.
Agenda
- The Board of Directors' report on the Company's activities in the past financial year
- Presentation and adoption of the Annual Report for 2022
- Appropriation of loss as recorded in the adopted Annual Report for 2022
- Presentation and adoption of the Remuneration Report for 2022
- Resolution to grant discharge of liability to the Board of Directors and the Executive Management
- Approval of the Board of Directors' fees for the current financial year
- Election of members to the Board of Directors
- Election of auditor
- Proposals from the Board of Directors:
9(a) Update of the Remuneration Policy
9(b) Update of authorisation to the Board of Directors to increase the share capital without pre-emption rights for existing shareholders
9(c) Authorisations to the Board of Directors to issue bonds or other debt instruments with access to conversion to shares (convertible loans) with and without pre-emption rights for existing shareholders and to issue warrants without pre-emption rights for existing shareholders
9(d) Specific authorisation to the Board of Directors to increase the share capital with pre-emption rights for existing shareholders and deletion of existing authorisation to increase the share capital with pre-emption rights
- Any other business
H
GREEN
HYDROGEN
SYSTEMS
Complete proposals
-
The Board of Directors' report on the Company's activities in the past financial year
-
Presentation and adoption of the Annual Report for 2022
The Board of Directors proposes that the Annual Report for the financial year 2022 is adopted.
- Appropriation of loss as recorded in the adopted annual report for 2022
The Board of Directors proposes that the result for 2022 is carried forward to next year in accordance with the Annual Report for 2022.
- Presentation and adoption of the Remuneration Report for 2022
The Board of Directors proposes that the Remuneration Report for the financial year 2022 is adopted.
- Resolution to grant discharge of liability to the Board of Directors and the Executive Management
The Board of Directors proposes that the Board of Directors and Executive Management are granted discharge of liability.
- Approval of the Board of Directors' fees for the current financial year
The Board of Directors proposes that the following level of remuneration for 2023 is approved by the Annual General Meeting:
| Position | Base fee multiple
DKK 300,000 | Fee (DKK) |
| --- | --- | --- |
| Member of the Board of Directors | 1x | 300,000 |
| Chairperson of the Board of Directors | 2.5x | 750,000 |
| Vice chairperson of the Board of Directors | 1.5x | 450,000 |
| Member of the Audit Committee | 1/3x | 100,000 |
| Chairperson of the Audit Committee | 2/3x | 200,000 |
| Member of the Manufacturing & Technology Committee | 1/3x | 100,000 |
| Chairperson of the Manufacturing & Technology Committee | 2/3x | 200,000 |
| Member of the Remuneration and Nomination Committee | 1/4x | 75,000 |
| Chairperson of the Remuneration and Nomination Committee | 1/3x | 100,000 |
The Manufacturing & Technology Committee has been made a permanent committee of the Board of Directors following its ad hoc establishment in 2022. Other than the permanent committee fees to the chairperson and members of the Manufacturing & Technology Committee, the fees to the Board of Directors and committees of the Board of Directors are identical to the Board of Directors' remuneration level for 2022.
GREEN HYDROGEN SYSTEMS
7. Election of members to the Board of Directors
The Board of Directors proposes re-election of:
- Christian Clausen
- Troels Øberg
- Lars Valsøe Bertelsen
- Karen Dyrskjøt Boesen
- Simon Krogsgaard Ibsen
- Armin Schnettler
- Anders Jakob Vedel
As set out in the Company's company announcement 05/2023 of 1 March 2023, Thomas Thune Andersen and Jakob Fuhr Hansen do not stand for re-election.
As new member of the Board of Directors, the Board of Directors proposes election of:
- Poul Due Jensen
Reference is made to Appendix 1 comprising a description of the candidates' qualifications, other managerial duties and demanding organizational assignments in Danish and foreign undertakings held by the candidates and independency.
8. Election of auditor
The Board of Directors recommends re-election of PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, CVR no. 33771231, based on a recommendation from the Audit Committee. The Audit Committee's recommendation has not been influenced by third parties and has not been subject to any agreement with a third party restricting the Annual General Meeting's election of certain auditors or audit firms.
9. Proposals from the Board of Directors:
9(a) Proposal to update the Remuneration Policy
The Board of Directors proposes to update the Remuneration Policy to the effect that the "good leaver" and "bad leaver" concept in respect of the long-term incentive program for the Executive Management is abandoned. Furthermore, the Remuneration Policy is proposed updated to include fees to the chairperson and members of the Board of Directors' Manufacturing & Technology Committee.
Additionally, other non-material editorial changes have been made to the Remuneration Policy.
A draft of the updated Remuneration Policy is available at the Company's website Green Hydrogen Systems - Governance - Corporate Governance.
GREEN HYDROGEN SYSTEMS
9(b) Update of authorisation to the Board of Directors to increase the share capital without pre-emption rights for existing shareholders
As communicated by the Company in company announcement 04/2023 of 1 March 2023, the Company contemplates to increase the share capital structured as a rights issue with issuance of new shares with pre-emptive rights for existing shareholders (the "Rights Issue").
In order for the Company to maintain adequate flexibility to adapt its capital structure following the contemplated Rights Issue, the Board of Directors proposes that the current authorisation to the Board of Directors to increase the share capital without pre-emption rights for existing shareholders (Article 5.1 of the Articles of Association) is updated. The proposed update implies that the authorisation allows for increases of the share capital of up to a nominal amount corresponding to approximately 20% of the share capital after the contemplated Rights Issue, if completed with issuance of the maximum number of new shares (nominally DKK 38,600,000). Furthermore, the Board of Directors proposes that the authorisation is prolonged up to and including 17 April 2028. The authorisation remains subject to the terms and conditions set out in Article 5.6 of the Articles of Association.
The proposal implies that Articles 5.1 and 5.5 will be amended to have the following wording:
"5.1 Up to and including 17 April 2028, the board of directors is authorised to increase the share capital in one or more issues without pre-emption rights for the company's existing shareholders by a nominal value of up to a total of DKK 38,600,000 by issuing new shares. The capital increase must be effected at or above market price in the form of cash contributions, conversion of debt or by contributions of assets other than cash, i.e. any non-cash contributions.
5.5 The total amount of capital increases pursuant to Articles 5.1-5.2 cannot exceed a nominal value of DKK 38,600,000."
9(c) Authorisations to the Board of Directors to issue bonds or other debt instruments with access to conversion to shares (convertible loans) with and without pre-emption rights for existing shareholders and to issue warrants without pre-emption rights for existing shareholders
For the purpose of providing the Company with the opportunity to raise customary venture debt financing, the Board of Directors proposes that the General Meeting adopts an authorisation to the Board of Directors to issue bonds or other debt instruments with access to conversion to shares (convertible loans) which are typically applied in venture debt financing structures. The Board of Directors proposes that the Board of Directors is authorised to issue such convertible bonds and other debt instruments with and without pre-emption rights for existing shareholders. The Board of Directors also proposes that the Board of Directors is authorised to issue warrants without pre-emption rights for existing shareholders, e.g., to ensure that the Board of Directors may issue warrants to lenders of venture debt loans in accordance with market terms.
Specifically, the Board of Directors proposes that the Board of Directors is authorised to raise loans, in one or more stages, against issuance of bonds or other debt instruments with access to conversion to shares (convertible loans), which by conversion give right to subscribe for shares of a nominal value of up to a total of DKK 83,200,000 and to resolve on corresponding increases of the share capital. If issued without pre-emption rights for existing shareholders, the convertible loans shall be issued against cash payment and at a subscription and conversion price corresponding to at least the market price at the time of the issuance of the convertible loan. If issued with pre-emption rights for existing shareholders, the convertible loans shall be issued against cash payment and at a subscription and conversion price
H
GREEN
HYDROGEN
SYSTEMS
fixed by the Board of Directors (i.e., the subscription and conversion price may be above, at or below market price).
In respect of issuance of warrants, the Board of Directors specifically proposes that the Board of Directors is authorised to issue, in one or more stages, warrants with rights to subscribe for shares of a nominal value of up to a total of DKK 19,300,000, i.e., approximately 10% of the share capital after the contemplated Rights Issue, if completed with issuance of the maximum number of new shares, and to resolve on corresponding increases of the share capital. The warrants shall be issued at a subscription and exercise price corresponding to at least the market price at the time of the issuance of warrants and existing shareholders shall not have pre-emption rights at the exercise of this authorisation. Furthermore, the board of directors shall be authorised to reuse or reissue potential lapsed non-exercised warrants, provided that such reuse or reissuance occurs in accordance with the terms applicable under this authorisation.
All three authorisations shall apply up to and including 17 April 2028.
The proposal implies that the three separate authorisations will be added to the Articles of Association as new Articles 5.3, 5.4, 5.5 and that the numbering of the subsequent Articles will be amended accordingly. Furthermore, the authorisations will be subject to an aggregated cap on share capital increases of a nominal amount of DKK 83,200,000 and the terms and conditions set out in the current Article 5.6 of the Articles of Association. Consequently, the proposal implies that Articles 5.3, 5.4, 5.5, 5.7 and 5.8 will have the following wording:
"5.3 Up to and including 17 April 2028, the board of directors is authorised to raise loans, in one or more stages, against issuance of bonds or other debt instruments with access to conversion to shares (convertible loans), which by conversion give right to subscribe for shares of a nominal value of up to a total of DKK 83,200,000 and to resolve on corresponding increases of the share capital. The company's existing shareholders shall not have pre-emption rights at the exercise of this authorisation. The convertible loans shall be issued against cash payment and at a subscription and conversion price corresponding to at least the market price at the time of the issuance of the convertible loan. The board of directors stipulates the additional terms applicable to convertible loans issued in accordance with this authorisation.
5.4 Up to and including 17 April 2028, the board of directors is authorised to raise loans, in one or more stages, against issuance of bonds or other debt instruments with access to conversion to shares (convertible loans), which by conversion give right to subscribe for shares of a nominal value of up to a total of DKK 83,200,000 and to resolve on corresponding increases of the share capital. The company's existing shareholders shall have pre-emption rights at the exercise of this authorisation. The convertible loans shall be issued against cash payment and at a subscription and conversion price fixed by the board of directors. The board of directors stipulates the additional terms applicable to convertible loans issued in accordance with this authorisation.
5.5 Up to and including 17 April 2028, the board of directors is authorised to issue, in one or more stages, warrants with rights to subscribe for shares of a nominal value of up to a total of DKK 19,300,000 and to resolve on corresponding increases of the share capital. The company's existing shareholders shall not have pre-emption rights at the exercise of this authorisation. The warrants shall be issued at a subscription and exercise price corresponding to at least the market price at the time of the issuance of warrants. The board of directors stipulates the additional terms applicable to warrants issued in accordance with this authorisation. Furthermore, the board of directors is authorised to reuse or reissue potential lapsed non-exercised warrants, provided that such reuse or reissuance occurs in accordance with the terms applicable under this authorisation."
H
GREEN
HYDROGEN
SYSTEMS
5.7 The total amount of capital increases pursuant to Articles 5.1-5.5 cannot exceed a nominal value of DKK 83,200,000.
5.8 New shares issued pursuant to Articles 5.1-5.6 must be paid up in full; be issued in the name of the shareholder; be registered in the name of the shareholder in the company's register of shareholders; be negotiable instruments and carry the same rights as those conferred by existing shares. The board of directors is authorised to lay down the additional terms and conditions for capital increases effected pursuant to Article 5.1-5.6 and to make any amendments to the articles of association that are deemed necessary as a result of the capital increase."
9(d) Specific authorisation to the Board of Directors to increase the share capital with pre-emption rights for existing shareholders and deletion of existing authorisation to increase the share capital with pre-emption rights
For the purpose of the contemplated Rights Issue, the Board of Directors proposes that the General Meeting adopts a specific authorisation to the Board of Directors to increase the share capital by a nominal amount of up to DKK 110,000,000 in the period up to and including 31 December 2023 enabling the Board of Directors to complete the contemplated Rights Issue. As communicated by the Company in company announcement 04/2023 of 1 March 2023, the contemplated Rights Issue is aimed at funding growth investments and operations of the Company and will be carried out, if completed, with pre-emption rights for the Company's existing shareholders.
In consequence of the proposed specific authorisation, the Board of Directors proposes that the existing authorisation to the Board of Directors to increase the share capital with pre-emption rights for the existing shareholders (Article 5.2 of the Articles of Association) is deleted.
In addition to the deletion of Article 5.2 of the Articles of Association, the proposal implies that the authorisation will be included as a new Article 5.5 of the Articles of Association and that the numbering of the Articles set out in Article 5 of the Articles of Association will be amended accordingly. Furthermore, the authorisation will be subject to the terms and conditions set out in the current Article 5.6 of the Articles of Association. Consequently, the proposal implies that Articles 5.5, 5.7 and 5.8 will have the following wording (provided that items 9(b) and 9(c) on the agenda are adopted):
"5.5 Up to and including 31 December 2023, the board of directors is authorised to increase the share capital in one or more issues with pre-emption rights for the company's existing shareholders by a nominal value of up to a total of DKK 110,000,000 by issuing new shares. The capital increase must be effected by cash contributions at a subscription price fixed by the board of directors.
5.7 The total amount of capital increases pursuant to Articles 5.1-5.4 cannot exceed a nominal value of DKK 83,200,000.
5.8 New shares issued pursuant to Articles 5.1-5.6 must be paid up in full; be issued in the name of the shareholder; be registered in the name of the shareholder in the company's register of shareholders; be negotiable instruments and carry the same rights as those conferred by existing shares. The board of directors is authorised to lay down the additional terms and conditions for capital increases effected pursuant to Article 5.1-5.6 and to make any amendments to the articles of association that are deemed necessary as a result of the capital increase."
- Any other business
GREEN HYDROGEN SYSTEMS
Majority requirements
Adoption of the proposals under items 2-9(a) of the agenda are subject to a simple majority of votes, cf. Article 8.7 of the Articles of Association and section 105 of the Danish Companies Act. Adoption of the proposal under items 9(b)-9(d) must be adopted by at least two-thirds of the votes cast as well as at least two-thirds of the share capital represented at the Annual General Meeting, cf. Article 8.7 of the Articles of Association and section 106(1) of the Danish Companies Act.
Share capital and voting rights
On the date of this notice, the nominal share capital of Green Hydrogen Systems is DKK 83,165,961 divided into shares of a nominal value of DKK 1 each. Each share of nominally DKK 1 carries one vote (83,165,961 votes in total).
Participation and voting rights
All shareholders holding shares in the Company on the date of registration have a right to attend and vote at the Annual General Meeting. The date of registration is Tuesday 11 April 2023.
The number of shares held by each shareholder at the date of registration is based on information recorded in the Company's shareholders' register at the expiry of the registration date as well as any notification received by the Company for registration but not yet entered in the shareholders' register at the expiry of the registration date.
Registration and notice of attendance
A shareholder wishing to attend the Annual General Meeting must notify the Company of the shareholder's attendance no later than on Friday 14 April 2023 at 11:59 pm CEST. Attendance can be notified as follows:
- Via the InvestorPortal via the Euronext Securities webpage www.vp.dk/agm
- By completing, signing and returning a dated registration form (notification of attendance) by email to [email protected]. Registration forms can be used as found on Green Hydrogen Systems - General Meetings
A shareholder or its proxy holder wishing to register an advisor for attending the Annual General Meeting must state the name and email address of the advisor when submitting the notification of attendance.
Confirmation on registered attendance will be sent solely by email to the email address specified upon registration. Accordingly, please state the email address to which such confirmation is to be sent.
Attending the general meeting electronically
Participation in the Annual General Meeting will take place through the AGM Portal which can be accessed by a web browser on desktop devices, smartphones or tablets. The AGM Portal provides the possibility of asking questions, providing comments and voting (if required) during the live webcast of the Annual General Meeting.
Links for accessing AGM Portal and information on the procedure for electronically attending the Annual General Meeting will be provided by email to shareholders having notified the Company of his/her attendance at the Annual General Meeting.
GREEN HYDROGEN SYSTEMS
To attend the Annual General Meeting shareholders must have an electronic device with a supported web browser as well as an adequate and functioning internet connection available at the time of the Annual General Meeting. Each shareholder is responsible for ensuring that the shareholder's hardware and software satisfy the following requirements:
Browser/PC
The Annual General Meeting can be attended by use of evergreen browsers on a PC/Mac, mobile phone and tablet/iPad. Evergreen browsers (e.g., Edge, Chrome, Firefox and Opera) are browsers that automatically update to new versions. Safari is also supported but is not considered an evergreen browser. Internet Explorer cannot be used.
Apple products
The AGM Portal will run in the three latest main versions of the Safari browser on Mac, iPhone and iPad (Safari versions 13, 14, 15 and 16).
Internet connection
The quality of the transmission will depend on the shareholders' individual internet providers. As a minimum, shareholders should have a 5-10 Mbit/s connection for good transmission.
Information on how to electronically attend the Annual General Meeting can also be found at VGM guideline_UK (1).
Proxy
Shareholders may attend the Annual General Meeting by proxy to the Board of Directors or a third party. Proxies can be granted electronically via the InvestorPortal, or by completing, signing and returning a dated proxy form by email to [email protected]. Proxy forms can be found at Green Hydrogen Systems - General Meetings.
Proxies must be received by the Company no later than Friday 14 April 2023 at 11:59 pm CEST.
Proxies can be revoked by the shareholder at any time. Revocation must be submitted in writing by e-mail to [email protected].
Postal vote
Shareholders may vote by post with respect to the agenda items of the Annual General Meeting. Postal votes can be submitted electronically via the InvestorPortal, or by completing, signing and returning a dated postal vote form to [email protected]. Postal vote forms can be found at Green Hydrogen Systems - General Meetings.
Postal votes must be received by the Company no later than Monday 17 April 2023 at 11:59 am CEST.
Postal votes cannot be revoked.
Information at the Company's website
Further information on the Annual General Meeting and the following information and documents will be available at the Company's website Green Hydrogen Systems - General Meetings until and including the date of the Annual General Meeting:
H
GREEN
HYDROGEN
SYSTEMS
- The notice convening the Annual General Meeting, including the agenda and complete proposals
- The total number of shares and voting rights as of the date of this notice
- The Annual Report for 2022
- The Remuneration Report for 2022
- The draft updated Remuneration Policy
- Proxy/postal voting forms applicable to the Annual General Meeting
Questions from shareholders
Any shareholder can ask questions to the Board of Directors and the Executive Management about the Annual Report for 2022, the Company in general or the agenda items prior to the Annual General Meeting. Such questions can be submitted by email to [email protected].
Questions from shareholders submitted prior to the Annual General Meeting will, as far as possible, be answered in writing prior to the Annual General Meeting and published at the Company's website or presented by the chairman of the Annual General Meeting and answered at the Annual General Meeting.
Furthermore, shareholders can electronically ask questions to the Board of Directors and the Executive Management at the Annual General Meeting through the AGM Portal. If a question cannot be answered at the Annual General Meeting, the answer will be published at the Company's website no later than two weeks after the Annual General Meeting.
Technical assistance
Questions on notification of attendance of the Annual General Meeting or use of the InvestorPortal or the AGM Portal may be directed to Euronext Securities by telephone +45 43 58 88 66 (weekdays at 09:00 to 15:00 CET/CEST) and during the Annual General Meeting.
Personal data
Prompted by requirements set out in the Danish Companies Act, the Company processes personal information about its shareholders as part of the administration of the company's register of shareholders and other communications. The following information is processed: Name, address, contact information, VP account number, shareholding and participation in events. Furthermore, the Annual General Meeting will be broadcasted live by webcast. You can read more about how the Company processes personal information on the Company's website: Privacy Policy.
Language
The Annual General Meeting will be conducted in Danish and all representatives of the Company and the chairman of the Annual General Meeting will make their presentations and answer questions in Danish. Shareholders may choose to submit questions and comments in Danish or English.
The Board of Directors
27 March 2023
H
GREEN
HYDROGEN
SYSTEMS
Appendix 1 – Candidates for the Board of Directors
Christian Clausen, Danish, born 1955
Chairman of the Board of Directors since 13 June 2022 and member of the Board of Directors since 2020
Member of the Remuneration and Nomination Committee
Independent
Other position and management duties
Blackrock Group Ltd. (board member); Sampo Plc. (board member); BW Group (board member); Sorø Academy Foundation (board member); C2Capital ApS (CEO); CC Advisory (sole proprietor); and Clausen Capital ApS (Chairman and CEO).
Special competences
In-depth knowledge of operations within complex regulatory framework, P&L leadership, financial reporting, risk management and corporate governance.
Education
Master of Science in Economics from the University of Copenhagen and Executive Education courses from INSEAD.
Troels Øberg, Danish, born 1978
Vice-chairman of the Board of Directors since 2020
Chairman of the Remuneration and Nomination Committee
Not independent
Other position and management duties
Mater A/S (Vice-Chairman); Agro Intelligence ApS (board member); Nordic Alpha Partners ApS (management board member); Nordic Alpha General Partner I ApS (management board member); Nordic Alpha Partners II ApS (management board member); Nordic Alpha Management Invest I ApS (management board member); Nordic Alpha Management Warehousing II ApS (management board member); and Oeberg Holding ApS (CEO).
Special competences
In-depth knowledge of stakeholder management, ESG, mergers & acquisitions, scaling cleantech companies, investments, operations and financing.
Education
Master of Science in Marketing & Strategy and Bachelor of Science in Economics, Philosophy and Social Science, both from Copenhagen Business School, and Executive Education course “Finance for Executives” from INSEAD.
H
GREEN
HYDROGEN
SYSTEMS
Lars Valsøe Bertelsen, Danish, born 1967
Member of the Board of Directors since 2019
Member of the Audit Committee
Independent
Other position and management duties
Norlys Holding A/S (Vice President and Head of M&A) Eniig Energiteknik A/S (Chairman); Eniig City Solutions A/S (Chairman); Aros Capital Fondsmæglerselskab A/S (board member); BC DK ApS (CEO); and ArosBay Invest ApS (CEO).
Special competences
In-depth knowledge of technology and digitalisation, valuation of investments and business cases, M&A strategies, finance and asset management and strategic business development. Strong knowledge of telecom and energy industries.
Education
Master of Science in Economics and Business Administration and Master of Science in Finance and Accounting both from Aarhus University, School of Business and Social Sciences.
Karen Dyrskjøt Boesen, Danish, born 1971
Member of the Board of Directors since 2022
Chairperson of the Audit Committee
Independent
Other position and management duties
Sonnedix UK Services Ltd. (Group CFO)
Special competences
In-depth knowledge of finance, strategy, M&A, commercial, business planning and performance management. Strong knowledge of energy sector.
Education
Master of Science in Business Admin and Commercial Law from Copenhagen Business school, Denmark.
12
H
GREEN
HYDROGEN
SYSTEMS
Simon Krogsgaard Ibsen, Danish, born 1987
Member of the Board of Directors since 2020
Member of the ad-hoc Manufacturing & Technology Committee
Independent
Other position and management duties
A.P. Moller Holding A/S (principal); KK-Group A/S (board member); KKWSH ApS (board member and CEO); KK Wind Solutions Holding A/S (board member); NCS International A/S (board member); NCS International Holding ApS (Board member and CEO); APMH Invest IX ApS (board member and CEO); APMH Invest XXI ApS (board member and CEO); APMH Invest XIII ApS (CEO); APMH Invest XXV ApS (board member and CEO); and Migo ApS (CEO).
Special competences
In-depth knowledge of the renewable energy industry, with investment experience from the full value chain. Well-developed understanding of operations, project management and financial management.
Education
Master of Science in Economics and Business Administration – Finance and Strategic Management and Bachelor of Science in International Business and Politics, both from Copenhagen Business School.
Poul Due Jensen, Danish, born 1971
Not a member of the Board of Directors
Independent if elected
Other position and management duties
Group President & CEO of Grundfos Holding A/S and member of the board of directors at The Poul Due Jensen Foundation.
Special competences
In-depth knowledge of international complex operations within industrialisation, manufacturing, sales and partnerships.
Education
Diploma in Business Administration and Economics from Aarhus School of Business in Denmark. Executive education from IMD Business School, Lausanne, Stanford University, California, and Board Executive education from INSEAD, Paris. Member of Family Business Community, World Economic Forum.
13
H
GREEN
HYDROGEN
SYSTEMS
Anders Jakob Vedel, Danish, born 1957
Member of the Board of Directors since 2022
Member of the ad-hoc Manufacturing & Technology
Committee
Independent
Other position and management duties
Vestas Wind Systems A/S (Chief Science Advisor); Hvide Sande Havn (board member); Hvide Sande Havn Invest ApS (board member); S&L Quick Lift (board member); and GreenLab Skive A/S (board member).
Special competences
In-depth knowledge of and experience in driving innovation and continuous improvement activities, product development, product and innovation strategy, technology transfer, value chain optimisation, service, and construction.
Education
Bachelor's degree in mechanical engineering and Executive Leadership diploma from IMD Business School, Switzerland.
Armin Schnettler, German, born 1963
Member of the Board of Directors since 2022
Chairman of the ad-hoc Manufacturing & Technology
Committee
Independent
Other position and management duties
5THydrogen (Operating Partner); HIF EMEA (Chairman); Profas consulting GmbH (CEO); and Profas Energy Consult GmbH (CEO).
Special competences
Intensive experiences in energy transition, power transmission and distribution, hydrogen economy, operational business responsibility, innovation, and academic research.
Education
Dr.-Ing. and a Dipl.-Ing. Degree in Electrical Engineering from Technical University of Dortmund and a Professorship from RWTH Aachen University.
14