NOVO NORDISK FONDEN HVORFOR? HVORDAN? - INDEN FOR HVILKE RAMMER?

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1 NOVO NORDISK FONDEN HVORFOR? HVORDAN? - INDEN FOR HVILKE RAMMER? STEN SCHEIBYE Bestyrelsesformand 3. december 2014

2 Short introduction History, Vision and Societal Goals

3 IT BEGAN WITH INSULIN Pedersen brothers Marie Krogh August Krogh H.C. Hagedorn August Kongsted

4 THE HISTORY OF THE NOVO NORDISK FOUNDATION December 1922: Krogh returns to Denmark with insulin rights 1924: The break 1925: Nordisk Insulin Foundation and Nordisk Insulinlaboratorium established 1989: The Novo Nordisk Foundation is established through the merger of Nordisk Insulinlaboratorium, Nordisk Insulin Foundation and Novo s Foundation December 1999: Novo A/S is established 2013: NNF Group result DKK 8,755 m 1925: Novo Terapeutisk Laboratorium founded March 1923: First Danish insulin testet on patient 1951: Novo s Foundation established 1989: The merger of Nordisk Gentofte and Novo Industri into Novo Nordisk January 2000: The de-merger of Novo Nordisk into Novo Nordisk and Novozymes

5 THE FOUNDATION OF TODAY (2014) Grants ~ DKK 1 billion per year Investments ~ DKK 10 billion annual cash in-flow Dividends on capital invested ~26.5% shares ~74.0% votes ~25.5% shares ~70.4% votes Dividends on capital invested The Novo Group WITH CORPORATE INTERESTS

6 Grant Objectives Corporate Objective to provide a stable basis for the commercial and research activities of the Novo Group companies to support physiological, endocrinological, metabolic and other medical research, to contribute to the preservation and operation of Novo Nordisk A/S' research hospital activities, to support other scientific purposes, to support humanitarian and social purposes VISION AND OBJECTIVES Vision: To contribute significantly to research and development that improves the health and welfare of people

7 SOCIETAL GOAL Develop a knowledge-based society with Denmark as the Foundation s centre of gravity Promote world-class research and innovation in medical, biotechnological and natural sciences and help foster a world-class educational system. Help develop a knowledge-based society that contributes to long term economic activity and job creation for improved general health and welfare, with Denmark as the Foundation s centre of gravity. Strategic goals for the Novo Nordisk Foundation

8 COMMERCIAL ACTIVITIES

9 COMMERCIAL GOALS Be a strong owner of the companies in the Novo Group Generate attractive investment returns to the Foundation on its financial investment portfolio Make investments with the main goals of promoting knowledge and world class research Strategic goals for the Novo Nordisk Foundation

10 NOVO NORDISK FOUNDATION GROUP FACTS 2014 Employees: Copenhagen: 22 Employees Copenhagen: 27 Employees worldwide: 40,700 Employees worldwide: 6,100 San Francisco: 8 UK: 1 Revenue 2013: DKK 84 billion Revenue 2013: DKK 12 billion Combined assets in NNF and Novo not linked to Novo Nordisk or Novozymes: DKK 46 billion Current value of shares held by NNF (Sept ): DKK 198 billion Current value of shares held by NNF (Sept ): DKK 21 billion Total assets: ~DKK 265 billion

11 NOVO NORDISK FOUNDATION AND NOVO A/S BOARD OF DIRECTORS Göran Ando Jeppe Christiansen Per Wold Olsen Sten Scheibye (Chair) Steen Riisgaard (Vice Chair, NNF) Bo Ahrén Karsten Dybvad Lars Fugger Marianne Philip Anne Marie Kverneland Lars Bo Køppler Karen Lauberg Lauritsen

12 THE NOVO GROUP CHARTER FOR COMPANIES IN All companies in the Novo Group must demonstrate that they are willing and able to make a targeted effort to meet the following criteria: Products and services = significant difference - improving the way people live and work Perceived as innovator in technology, products, services and/or market approach Among the best in its business and a challenging workplace Delivers competitive financial performance. Companies in Novo Group commit to: Value-based management Open and honest dialogue with their stakeholders Continuous improvement of: financial performance environmental performance social performance Reporting in accordance with relevant, internationally approved, conventions

13 BOARD COMPOSITION - ELECTION PRINCIPLES Chairman and Vice Chairman of the Foundation should also be members of the Board of Novo A/S Novo A/S wishes to have 2 representatives on the Board of Novo Nordisk and Novozymes. Formalised Maximum at two levels per individual Employees from NN and NZ are elected to NNF board

14 NOVO A/S SEGMENTS LARGE INVESTMENTS AND FINANCE Novo Large Investments Investment focus Long-term value generation. Large scale, late-stage investments in wellestablished life science companies that have positive cash flow, strongly positioned products, attractive prospects and ability to act as strong agents of innovation. Novo Finance Investment focus Value-oriented investor - long-term return - while preserving invested capital. A portion of the portfolio is managed internally, and some is invested through external portfolio managers. Yearly budget Up to DKK 10 bn 16.6 DKKbn invested since Investments since DKKbn current value of assets 13.5 % annual return last 3 years

15 NOVO A/S SEGMENTS VENTURE AND SEEDS Novo Venture Investment focus Life-science companies in Europe and USA. An open evergreen fund with Novo A/S as the sole investor. Yearly budget DKK 1.2 bn Investments since 2000 DKKbn invested since Exits/IPOs since 2000 Novo Seeds Investment focus Promising startup life-science companies in Scandinavia. Provides managerial and strategic support in the critical start-up phases. Yearly budget DKK 130 m (USD 21.8 m) Investments since 2007 DKKm invested since Exit 5 Investments to Novo Venture closed down

16 THE VALUE CHAIN

17 GRANT ACTIVITIES

18 GRANT-GIVING GOALS Strengthen biomedical and biotechnology research in selected fields Advance individual scientific excellence Fuel crossdisciplinarity Spur imagination, inspiration and knowledge about science and technology Build bridges between scientific discoveries and their commercial applications Achieve social & humanitarian impact Strategic goals for the Novo Nordisk Foundation

19 AREAS OF SUPPORT Innovation Education and inspiration Health sciences research Basic biomedical research Translational research Clinical research Public health research Nursing research Art and art history research Humanitarian and social purposes Biotechnology research Percentages are based on payouts in 2013, excluding jubilee grants

20 Expected Estimated DKK millions 2,500 USD millions 450 2, , , Awarded Paid out GRANT STRATEGY TOWARDS 2018

21 2018 PAYOUT ALLOCATION Open competition Centre Cluster payout ambition 2013 payout Standalone Grants * Humanitarian and social purposes Payouts (DKK millions) * 90 years anniversary grants not included for 2013

22 OPEN COMPETITION GRANTS Committee on Medical and Natural Sciences Research Nordic Research Committee Committee on Art History Research Novo Nordisk Prize Committee Project grants Grant period: 1-3 years Investigator grants Investigator programmes Fellowships for PostDocs Scholarships for PhD students Committee on Nursing Research Committee on General Practice and Family Medicine Research Committee on Mads Øvlisen Art Fellowships Committee on Novo Nordisk Foundation Laureate Research Grants Committee on Exploratory Pre-seed Grants Committee on Biotechnology-based Synthesis and Production Research Committee on the Novo Nordisk Foundation Interdisciplinary Synergy Programme Committee on the Novo Nordisk Foundation Challenge Programme

23 THE NOVO NORDISK FOUNDATION RESEARCH CENTRE CLUSTER Develops the region Creates new research positions Internationalises the research environment Recruits the best DKK 3.1 billion over 10 years

24 BIOPro World Talent Campus Natural History Museum STANDALONE STANDALONE GRANTS GRANTS Copenhagen International School Nordhavn Danish Diabetes Academy

25 HUMANITARIAN/SOCIAL GRANT ACTIVITIES Research hospital and health promotion Not-for-profit organisations Dansk Røde Kors Dansk Flygtningehjælp Mellemfolkeligt Samvirke Red Barnet Ungdommens Røde Kors Education and outreach UNICEF Danmark Care Danmark Ingeniører uden grænser Tandsundhed uden grænser Børns Vilkår

26 PURPOSE OF THE IMPACT ASSESSMENT STRATEGY Good governance Identify and document the impact of grants Better instruments and operating models Evidence based research funding through established evaluation practice Transparency and accountability Communicate the societal value of NNF grants Show the relationship between objectives, goals and results Clarify the role of NNF in the Danish research system

27 ANDEL AF UDENLANDSKE FORSKERE I KLYNGEN AF FORSKNINGSCENTRE I alt 226 udenlandske forskere ud af 421 i fire centre 54 % 23 udenlandske forskere ud af 116 forskere 20 % 55 udenlandske forskere ud af 94 forskere 59 % 91 udenlandske forskere ud af 129 forskere 71 % 57 udenlandske forskere ud af 82 forskere 70 % Tallene er opgjort 5. oktober 2014

28 Within legal Framework

29 NEW LEGISLATION AND CODE ON FOUNDATION GOVERNANCE Soft Law: Comply or Explain Recommendations from the Committee for Good Governance in Foundations. 16 recommendations All except election period (1 year and not 2-4 years) Effective: January 1, 2015.

30 CREATING VALUE IN SOCIETY

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