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Corporate Governance
Corporate Governance
The Corporate Governance Committee has published several recommendations that all listed companies are encouraged to follow and report on according to the follow-or-explain principle.
The main topics that the companies must address are:
- The communication and interaction with investors and other stakeholders
- The duties and responsibilities of the Board of Directors
- The composition, organisation, and evaluation of the Board of Directors
- Remuneration of the management
- Risk management
We report annually on compliance, following the recommendations of the Corporate Governance Committee.
Finans Denmark Code of Management
In addition to the recommendations of the Corporate Governance Committee and the applicable legislation, Finans Denmark has drawn up a management code with recommendations for member companies. The purpose is to get banks, etc. to deal actively with the number of key management issues and to achieve greater transparency about the framework for the management of individual companies.
The management code must be applied according to the follow-or-explain principle.
Danish Ship Finance reports annually on compliance with the code.
Statement of the compliance with Finance Denmark code of management (in Danish)
Inspection report by the Danish FSA
In June 2022, the Danish FSA inspected Danish Ship Finance A/S (Danmarks Skibskredit A/S).
The purpose of the inspection was a review of the area of Danish covered bonds (SDOs), including the capital center structure, compliance with the balance principle, and the ongoing monitoring of the security framework.
The FSA reviewed the company’s relevant policies, business procedures, and reporting in the area of SDOs.
In October 2020, the Danish FSA conducted an inspection at Danish Ship Finance A/S (Danmarks Skibskredit A/S).
The inspection covered the credit area. In addition, the company’s relevant policies, business, procedures, and reporting were reviewed.
The inspection resulted in the issuance of one order by the Danish FSA.
Danish Ship Finance consistently uses the contractual residual maturity of exposures, whereas it should calculate the lifetime-PD in accordance with the Executive Order on Accounting. The company can only do this when its experience with comparable exposures makes it possible and acceptable. Danish Ship Finance has been ordered to rectify this.
In September 2018, the Danish FSA conducted an inspection at Danish Ship Finance A/S (Danmarks Skibskredit A/S).
The inspection covered the areas of the company’s management, securities, funding and liquidity, IT, group matters, outsourcing, and operational risks.
The inspection resulted in the issuance of one order by the Danish FSA.
Danish Ship Finance was ordered by the FSA to assess the extent to which the credit spread risk should be covered in the determination of the internal capital adequacy requirement. Danish Ship Finance complied with the order and added DKK 365 million to the internal capital adequacy requirement on September 30, 2018.
In September and October 2016, the Danish FSA conducted a credit review at Danish Ship Finance A/S (Danmarks Skibskredit A/S).
The FSA reviewed the company’s credit policy, business procedures, and reporting in the area. Moreover, the FSA reviewed 25 loan exposures in total. The FSA further reviewed the rules of procedure of the Board of Directors and the written guidelines of the Executive Board with a particular focus on the credit area.
In June 2015, the Danish FSA conducted an inspection (functional examination) of Danish Ship Finance A/S (Danmarks Skibskredit A/S).
The inspection covered a range of selected areas, including the company’s organisation and management, credit area, securities trading and funding, audit, risk management function, compliance function, capital adequacy, solvency and liquidity statements as well as IT security.
All other content of the statement has been noted.
Active owners denmark guidelines for corporate governance
Active Owners Denmark has prepared a set of guidelines for responsible ownership and corporate governance, in addition to the other guidelines. They relate to the company level and the capital fund level. The guidelines are available on the Active Owners Denmark’s website.
Equity funds and equity fund-owned companies must adhere to the guidelines according to the comply-or-explain principle. The guidelines also aim to increase the general level of information so that the general public has better opportunity to gain insight into the work of the mutual funds.
Code of conduct
The Danish Financial Council recommends that a company’s code of conduct is published with a description of the company values and desired behaviour regarding operations and management.
Danish Ship Finance follows the recommendation and has prepared the following Code of Conduct (in Danish).
Remuneration
Remuneration policies
Danish Ship Finance has defined a remuneration policy. The purpose is to determine the guidelines for Danish Ship Finance’s remuneration of:
- The Board of Directors
- The Management Board
- Employees whose activities have a material impact on the company’s risk profile
- Employees in special functions
- Other staff
The remuneration policy is established to ensure that the company’s remuneration of management and employees, whose activities have a material impact on the company’s risk profile, does not lead to excessively risk-tolerant behaviour. In addition, the remuneration policy reflects that the interests of the shareholders and the company have been realigned with the company’s circumstances, and it seeks to create a balance between the assignments and the responsibility undertaken. Read the latest Remuneration Reports below.
2018 (in Danish)
2017 (in Danish)
Privacy Policy
Who are we
Danish Ship Finance provides ship financing to shipowners.
Contact information:
Danish Ship Finance A/S
Sankt Annæ Plads 3
1250 Copenhagen C
E-mail: danmarks@skibskredit.dk
Phone: +45 33 33 93 33
Purpose
Danish Ship Finance collects and processes personal data for the purpose of distributing newsletters and by using cookies.
Use of personal data
By signing up for one of the newsletters you give your permission to register name and e-mail address and use it to distribute the newsletter. Your consent can always be withdrawn by clicking “Unsubscribe”. All data will be deleted within 90 days.
Please find more information on our use of cookies in our cookie policy.
Personal data will never be passed on or sold, but they will be processed by our data processors. We have entered into data processing agreements.
Your rights
You have the rights granted by The General Data Protection Regulation (GDPR) including the rights to view the data, correction or deletion.
Complaints
Complaints can be submitted to the Danish Data Protection Agency: dt@datatilsynet.dk.
Targets and policies for the underrepresented gender and diversity in management
Regulation
Danish Ship Finance is governed by the act on a ship finance institute. The act includes the legislative basis for the conversion in 2005. The company is also governed by the executive order on a ship finance institute.
According to the executive order on a ship finance institute the company, in its capacity of issuer of bonds on NASDAQ Copenhagen, is also subject to parts of the Executive Order on the Issuance of Bonds by Mortgage Credit Institutions, the Balance Principle, Interest Rate and Exchange Rate Risks.
Furthermore, the company is via the executive order on a ship finance institute subject to parts of the Danish Financial Business Act, which is the common set of rules governing banks, mortgage credit institutions and insurance companies, etc. in Denmark. The company is subject to the provisions of this Act with respect to good practice, ownership and management, capital structure of financial enterprises, annual report, audit and appropriation of profit for the year, intervention in or cessation of the financial enterprise and penalties.
Danish Ship Finance is exempt from the EU credit institution directives. In practice, this means that, unlike other Danish banks and mortgage credit institutions, the company is not subject to a limitation in respect of large customers. Instead, the company is under an obligation to determine rules on risk diversification, including risks associated with lending. The diversification rules are described in the annual report.
In addition to the rules stipulated by the authorities, the company is governed by the articles of association of Danish Ship Finance, which comply with the provisions of the Danish Companies Act. The company’s in-house activities are also governed by a set of policies that may be more restrictive than the external regulation. These policies have been adopted by the Board of Directors.
Consolidation Act on a Ship Finance Institute
Executive Order on a Ship Finance Institute
Executive Order on Bond Issuance (Danish)
Executive Order on Valuation (Danish)
Articles of association (Danish)
Shipping research
Shipping Market Review downloads for 2014 - 2023
Shipping Market Review – May 2024
Shipping Market Review – November 2023
Shipping Market Review – May 2023
Shipping Market Review – November 2022
Shipping Market Review – May 2022
Shipping Market Review – November 2021
Shipping Market Review – May 2021
Shipping Market Review – November 2020
Shipping Market Review – May 2020
Shipping Market Review – December 2019
The Circular Shipping Initiative (website)
Shipping Market Review – November 2018
Shipping Market Review – May 2018
Shipping Market Review – November 2017
Shipping Market Review – May 2017
Shipping Market Review – December 2016
Shipping Market Review – May 2016
Shipping Market Review – November 2015
Shipping Market Review – May 2015
Shipping Market Review downloads for 2010 - 2013
Shipping Market Review downloads for 2004 - 2009
Shipping Market Review – September 2009
Shipping Market Review – April 2009
Shipping Market Review – August 2008
Shipping Market Review – April 2008
Shipping Market Review – November 2007
Shipping Market Review – February 2007
Shipping Market Review – August 2006
Shipping Market Review – February 2006
Shipping Market Review – July 2005
Sustainability
Sustainability reports
Poseidon Principles reporting 2022
In November 2021, we reported our second Portfolio Climate Alignment Score as part of our commitment to the Poseidon Principles. Our reported climate alignment score was +5.7% for the in-scope portfolio. In comparison, the score was +5.6% in 2021. Due to ship owners’ reporting deadline to the IMO for the underlying data in 2022, the climate alignment score of the portfolio is based on the portfolio by the end of 2021.
Read our latest Poseidon Principles Annual Disclosures Reports here:
Poseidon Principles Annual Disclosure Report 2022
Poseidon Principles Annual Disclosure Report 2021
Poseidon Principles Annual Disclosure Report 2020
Read more about the Poseidon Principles and the Technical Guidance at https://www.poseidonprinciples.org/
Investor Relations
Announcements
2024
Announcement no. 15 – Base Prospectus
Announcement no. 14 – Fixing of Coupon Rates
Announcement no. 11 – Danish Ship Finance Trading Update Q1 2024
Announcement no. 9 – Notice of Extraordinary General Meeting of Danish Ship Finance A/S (28th of June 2024)
Announcement no. 8 – New majority shareholder
Announcement no. 7 – Adequate own funds and internal capital adequacy requirement
Announcement no. 6 – Proceedings of annual general meeting
Announcement no. 5 – Notice of annual general meeting
Announcement no. 4 – Supplement to Base prospectus
Announcement no. 3 – Adequate own funds and internal capital adequacy requirement
Announcement no. 2 – Annual Report 2023 Danish Ship Finance Holding A/S
Announcement no. 1 – Annual Report 2023 Danish Ship Finance A/S
2023
Announcement no. 28 – Upwards revision of 2023 net profit guidance
Announcement no. 27 – Fixing of Coupon Rates
Announcement no. 26 – Financial calendar 2024
Announcement no. 25 – Upwards revision of 2023 net profit guidance
Announcement no. 24 – Adequate own funds and internal capital adequacy requirement
Announcement no. 23 – Final Terms
Announcement no. 22 – Final Terms
Announcement no. 21 – Final Terms
Announcement no. 20 – Results of the Invitations
Announcement no. 19 – Expiration Time Announcement
Announcement no. 18 – New bond issue offering and invitation to submit offers to sell bonds
Announcement no. 17 – Supplement to Base prospectus
Announcement no. 16 – Adequate own funds and internal capital adequacy requirement
Announcement no. 15 – Interim report Danish Ship Finance Holding A/S
Announcement no. 14 – Interim report Danish Ship Finance A/S
Announcement no. 13 – Change in the Executive Management Board
Announcement no. 12 – Base Prospectus
Announcement no. 11 – Final Terms
Announcement no. 10 – Fixing of Coupon Rates
Announcement no. 9 – Adequate own funds and internal capital adequacy requirement
Announcement no. 8 – Proceedings of annual general meeting
Announcement no. 7 – Notice of annual general meeting
Announcement no. 6 – Supplement to Base prospectus
Announcement no. 5 – Adequate own funds and internal capital adequacy requirement
Announcement no. 4 – Annual Report 2022 Danish Ship Finance Holding A/S
Announcement no. 3 – Annual Report 2022 Danish Ship Finance A/S
Announcement no. 2 – Final Terms
Announcement no. 1 – Final Terms
2022
Announcement no. 19 – Fixing of Coupon Rates
Announcement no. 18 – Financial Calender 2023
Announcement no. 17 – Upwards revision of 2022 net profit guidance
Announcement no. 16 – Adeguate own funds and internal capital adequacy requirement
Announcement no. 15 – Supplement to Base Prospectus
Announcement no. 14 – Adequate own funds and internal capital adequacy requirement
Announcement no. 13 – Interim report Danish Ship Finance Holding A/S
Announcement no. 12 – Interim report Danish Ship Finance A/S
Announcement no. 11 – Base Prospectus
Announcement no. 10 – Fixing of Coupon Rates
Announcement no. 9 – Termination of Invitations
Announcement no. 8 – New bond issue offering and invitation to submit offers to sell bonds
Announcement no. 7 – Adequate own funds and internal capital adequacy requirement
Announcement no. 6 – Proceeding of annual general meeting
Announcement no. 5 – Notice of annual general meeting
Announcement no. 4 – Supplement to Base Prospectus
Announcement no. 3 – Annual Report 2021 Danish Ship Finance Holding A/S
Announcement no. 2 – Adequate own funds and internal capital adequacy requirement
Announcement no. 1 – Annual Report 2021 Danish Ship Finance A/S
2021
Announcement no. 20 – Fixing of Coupon Rates
Announcement no. 19 – Financial Calendar 2022
Announcement no. 18 – Solvency ratio
Announcement no. 17 – Final Terms
Announcement no. 16 – Results of the Invitations
Announcement no. 15 – New bond issue offering and invitation for submit offers to sell bonds
Announcement no. 14 – Supplement to Base Prospectus
Announcement no. 13 – Solvency ratio
Announcement no. 12 – Interim report
Announcement no. 11 – Base Prospectus
Announcement no. 10 – Fixing of coupon rates
Announcement no. 9 – Solvency ratio
Announcement no. 8 – Proceeding of annual general meeting
Announcement no. 7 – Final Terms
Announcement no. 6 – Final Terms
Announcement no. 5 – Notice of annual general meeting
Announcement no. 4 – Supplement to Base Prospectus
Announcement no. 3 – Solvency ratio
Announcement no. 2 – Annual Report 2020
Announcement no. 1 – Financial Calendar
2020
Announcement no. 17 – Fixing of coupon rate
Announcement no. 16 – Solvency ratio
Announcement no. 15 – Fixing of coupon rate
Announcement no. 14 – Solvency ratio
Announcement no. 13 – Interim Report
Announcement no. 12 – Base Prospectus
Announcement no. 11 – Fixing of coupon rate
Announcement no. 10 – Solvency ratio
Announcement no. 9 – Final Terms
Announcement no. 8 – Fixing of coupon rate
Announcement no. 7 – Proceeding of annual general meeting
Announcement no. 6 – Notice of annual general meeting
Announcement no. 5 – Supplement to Base Prospectus
Announcement no. 4 – Solvency ratio
Announcement no. 3 – Annual Report 2019
Announcement no. 2 – Final Terms
Announcement no. 1 – Financial Calendar
2019
Announcement no. 18 – Fixing of coupon rate
Announcement no. 17 – Final Terms
Announcement no. 16 – Solvency ratio
Announcement no. 15 – Supplement to Base Prospectus
Announcement no. 14 – Fixing of coupon rate
Announcement no. 13 – Interim Report
Announcement no. 12 – Rating information
Announcement no. 11 – Fixing of coupon rate
Announcement no. 10 – Fixing of coupon rate
Announcement no. 9 – Solvency ratio
Announcement no. 8 – Solvency ratio
Announcement no. 7 – Fixing of coupon rate
Announcement no. 6 – Final Terms
Announcement no. 5 – Proceedings of the general meeting
Announcement no. 3 – Base Prospectus
Announcement no. 2 – Annual report
Announcement no. 1 – Financial Calendar
2018
Announcement no. 18 – Fixing of coupon rate
Announcement no. 17 – Fixing of coupon rate
Announcement no. 16 – Fixing of coupon rate
Announcement no. 15 – solvency ratio
Announcement no. 13 – Interim Report
Announcement no. 12 – Final terms
Announcement no. 9 – Final terms
Announcement no. 8 – Addendum no. 2
Announcement no. 7 – Solvency ratio
Announcement no. 6 – Proceedings of the general meeting
Announcement no. 5 – Change of management
Announcement no. 2 – Addendum no. 1
Announcement no. 1 – Annual report 2017
2017
Announcement no. 18 – Change of management
Announcement no. 16 – Final terms
Announcement no. 15 – Solvency need ratio
Announcement no. 14 – Base Prospectus
Announcement no. 12 – Interim report
Announcement no. 9 – Proceedings at the extraordinary general meeting 16 June 2017
Announcement no. 6 – Solvency need and solvency ratio
Announcement no. 5 – Proceedings at the general meeting
Announcement no. 1 – Annual report 2016
2016
Announcement no. 26 – Proceedings at the extraordinary general meeting
Announcement no. 23 – Distribution of extraordinary dividends to the A-shareholders
Announcement no. 21 – Completion of share transfer
Announcement no. 20 – Proceedings at the extraordinary general meeting
Announcement no. 19 – Solvency need ratio
Announcement no. 18 – Regulatory approvals for share transfer
Announcement no. 16 – Rating information
Announcement no. 15 – Company announcement
Announcement no. 14 – Interim Report 2016
Announcement no. 11 – Solvency need
Announcement no. 10 – Proceedings at the general meeting
Announcement no. 7 – Annual Report 2015
Announcement no. 5 – DSF terminates rating agreement with Moody’s
Announcement no. 3 – Rating information
Announcement no. 2 – Income statement
2015
Announcement no. 19 – Solvency need ratio
Announcement no. 18 – Rating affirmed
Announcement no. 17 – Interim report 2015
Announcement no. 13 – Media coverage of Shareholder structure in Danmarks Skibskredit A/S
Announcement no. 11 – Solvency need ratio
Announcement no. 10 – Management change
Announcement no. 9 – Proceedings at the general meeting
Announcement no. 5 – Annual report 2014
2014
Announcement no. 13 – Change of rating outlook
Announcement no. 11 – Solvency need ratio
Announcement no. 10 – Interim report 2014
Announcement no. 7 – Solvency need ratio
Announcement no. 6 – Management change
Announcement no. 5 – Proceedings at the annual general meeting
Announcement no. 2 – Risk report 2013
Announcement no. 1 – Annual report 2013
2013
Announcement no. 14 – Interim report first half year 2013 (correction to interim report)
Announcement no. 13 – Interim report first half year 2013
Announcement no. 2 – Risk Report 2012
Announcement no. 1 – Annual Report 2012
2012
Announcement no. 32 – Repayment of hybrid core capital
Announcement no. 25 – Interim report, First Half Year 2012
Announcement no. 15 – Change of Rating
Announcement no. 12 – Interim announcement first quarter 2012
Standard & Poor’s
Standard & Poor’s performs an ongoing credit assessment of Danish Ship Finance and has assigned the following ratings:
Bond rating
Issuer rating
Outlook
A
BBB+
Stable
Prospectuses
Pursuant to Danish legislation, covered bonds and ship mortgage bonds offered by Danish Ship Finance must be described in a published prospectus, which must be prepared in accordance with EU Commission Regulation (EU) 2017/1129 and related to delegated acts for the purpose of providing information about the issued bonds. The rules on prospectuses came into force on July 1, 2017. Danish Ship Finance’s prospectus for covered bonds and ship mortgage bonds has been prepared as a base prospectus including final terms and conditions. The general terms and conditions for the bonds, a description of the bonds and of Danish Ship Finance are provided in the base prospectus. The specific terms and conditions for the individual bonds are set out in the final terms and conditions.
Base Prospectus for Danmarks Skibskredit A/S Bond Programme can be read below.