Pursuant to s. 107(b) of the Danish Financial Statements Act and clause 4.3 of the “Rules for issuers of Shares – NASDAQ OMX Copenhagen”, Topsil must report on how the Group addresses the recommendations published by The Committee on Corporate Governance in Denmark on 16 August 2011. The recommendations are available to the public on the website of The Committee on Corporate Governance www.corporate.governance.dk.

In this report on corporate governance, companies must apply the “comply or explain” principle according to which they must either comply with the recommendations or explain why the recommendations are not complied with in full or in part. The purpose is to create transparency in respect of a company’s management structure and it is up to the individual companies to assess whether it is prudent to comply with the recommendations.

SeeTopsil's comments in relation to the corporate governance recommendations 2011 here.

Corporate governance 2010
Corporate governance 2009