Corporate Governance

Schaumann Properties A/S meets the recommendations on corporate governance set out in the Nørby Committee's report on corporate governance in Denmark with only a few exceptions. Below we list the recommendations that we do not follow at present:

Stock Market Announcements in English
We do not currently publish stock market announcements in English. The reason is resource savings. Also translations into English would increase the length of time that would pass before stock exchange announcements etc. could be released.

Investor Meetings
Regular investor meetings are not held at present because the general meeting serves the same purpose. Also all relevant information is published in stock market announcements.

Quarterly Reporting
The Company does not present quarterly financial statements (but only interim financial statements). Since the company invests in real estate, a meaningful measurement of the financial results of property investments and transactions is not possible on a quarterly basis. These results can be measured only over a much longer time span.

Dual Office
The company's President, Jens Schaumann, is also a member of the company's board of directors and through Schaumann Holding A/S, its majority shareholder. The company considers it of utmost importance at present that Jens Schaumann participates actively in the company's day-to-day operations because of his network and his ability to generate new business. Also Jens Schaumann should sit on the board because of his large interest in the company.

Frequency of Board Meetings
The board of directors holds at least three ordinary meetings each year. In addition, the board of directors meets to transact special business. So far there have been many reasons to hold extraordinary meetings, and consequently the board feels no need to hold five annual meetings with a full agenda as set out in its Rules of Procedure. When this changes, the board of directors will reconsider the number of annual meetings.