Since the days of the founders, a values-based management approach has guided decision-making. Today, this is codified in the Novo Nordisk Way which articulates the company purpose and vision, as well as a set of behaviours – essentials – that employees are expected to demonstrate, and are held accountable for through regular internal reviews and audits.
In 2003 the Board of Directors approved a proposal to integrated the company’s annual financial report and the sustainability report. Since 2004 Novo Nordisk has produced an integrated annual report.
Over the years the format and contents have evolved, and so has the process of preparing the annual report, and the organisation has harvested valuable learnings. Notably, the commitment to report on performance in a concise format and with a holistic perspective on what drives performance over time has helped develop, drive and shape the integrated thinking and management approach in the company.
At Novo Nordisk integrated thinking, articulated as the TBL approach, is embedded in the management processes via solid governance structures from the strategic level to the day-to-day operations managed by internal targets set in the Balanced Scorecard. The Novo Nordisk Annual Report is the most important document for communicating externally how the company is managed and performs according to TBL.
As an early mover in the discipline of Integrated Reporting, Novo Nordisk has contributed to the development of the <IR> Framework. While not yet fully aligned with the Framework, the company has benefited from the guidance provided and the important conversations and knowledge sharing in the business network.
Novo Nordisk’s journey towards Integrated Reporting has been well documented by several external authors. For inspiration, please see One report: Integrated reporting for a Sustainable Strategy by Robert G. Eccles, Michael P. Krzus and Don Tapscott (2010), Accounting for Sustainability, Practical Insights by Anthony Hopwood, Jeffrey Unerman and Jessica Fries (2010), and The Integrated Reporting Movement: Meaning, Momentum, Motives, and Materiality by Robert G. Eccles and Michael P. Krzus (2014). Or watch an interview with Susanne Stormer, VP, Corporate Sustainability (Chief Sustainability Officer), on Novo Nordisk’s journey towards integrated reporting.
You can view Novo Nordisk’s Integrated Annual Report 2020 here.
Novo Nordisk is a global healthcare company with more than 90 years of innovation and leadership in diabetes care. From this heritage, the company has built experience and capabilities that also enable it to help people defeat other serious chronic conditions: haemophilia, growth disorders and obesity. Headquartered in Denmark, Novo Nordisk employs more than 40,000 people in 75 countries and markets its products in more than 180 countries.
Novo Nordisk’s B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO).