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Remuneration, Regulation and the Future Demands on Boards

Does remuneration in your organisation drive the desired behaviour?

Insights from an Odgers Roundtable

A confidential space for reflection, perspectives, and experience from board and executive leadership level.

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Odgers x PwC

On 29 January 2026, Odgers had the pleasure of hosting an exclusive roundtable for board members from some of Denmark’s most prominent companies.

In collaboration with PwC, the discussion focused on a number of key themes that are increasingly shaping the framework for executive remuneration and board responsibility. These included developments in C25 and Large Cap remuneration, the top marginal tax rate, the EU Pay Transparency Directive and the new Danish Gender Balance Act.

The evening was anchored in PwC’s analysis Danish Large Cap and OMXC25 Executive Remuneration Trends, presented by Thomas Rønhoff and Claus Høegh Jensen. They also provided in depth responses to the many questions raised regarding developments in incentive structures, market benchmarks and future competency requirements.

Odgers contributed with an overview of the Gender Balance Act, with Charlotte Dohm facilitating an open and insightful dialogue on the practical implications for boards and nomination committees in large listed companies.

Read more about PwC’s analysis
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Key insights from the evening

➣ Base salary levels for CEOs in the C25 are higher than in both the Netherlands and the UK, but lower when it comes to total remuneration including STI and LTI. Remuneration levels in the US remain significantly higher than in Europe.

➣ In the Large Cap segment, the average annual base board fee is DKK 496,000, with a factor of two applied for the vice chair and a factor of three for the chair. However, there are significant variations reflecting differences in complexity, responsibility and scope.

➣ The top marginal tax rate is expected to have a negative impact on the retention of Danish talent in Denmark and may lead to a substantial loss of domestic talent in the future.

➣ The EU Pay Transparency Directive must also be discussed at board level, as the overall framework needs to be aligned.

➣ The Gender Balance Act has entered into force. If balanced representation is not achieved defined as the gender share closest to 40 percent without exceeding 49 percent on the boards of large listed companies by 30 June 2026, specific measures must be implemented to avoid fines and sanctions. Importantly, compliance must be assessed separately for shareholder elected and employee elected board members.

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An engaged forum for insight and responsibility

The level of engagement and quality of debate remained high throughout the evening. It is clear that boards in leading Danish companies are operating under increasing pressure at the intersection of global competition, growing regulation and rising expectations around transparency and accountability. For this reason, knowledge sharing and dialogue are more important than ever.

At Odgers, we work by the motto Leadership matters. When we bring together key stakeholders and create a space for nuanced discussion, it is precisely to strengthen the foundation for the decisions that will shape the future of leadership.

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