In general, Danske Bank is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting.

Under ITEM 4f it is proposed to re-appoint Ms. Carol Sergeant as Vice Chairman of the board of directors. Although she is considered independent, ECGS does NOT approve of the re-appointment of any board members who were part of the board of directors at the time of the money laundering scandal in Estonia. Accordingly, ECGS recommends to vote OPPOSE.

Under ITEM 7 authorisation is sought to repurchase own shares. Although the authority requested would meet its guidelines, ECGS considers that it is currently not the right moment to proceed to a new share buyback programme in view of the recent events relating to Covid-19. Accordingly, ECGS recommends to vote OPPOSE.

Under ITEM 8 approval is sought to establish the remuneration of the board of directors. ECGS notes that it is proposed to increase the (base) fees of the board of directors by somewhere between 22.5% (Members) and 65% (Vice Chairman). Although ECGS acknowledges the motivation provided for the proposed changes, it does NOT approve of increases of such magnitude. Accordingly, ECGS recommends to vote OPPOSE.

ITEMS 11-15 are proposals made by shareholders. ECGS recommends to vote FOR ITEMS 11, 13.2, 13.3 and 15.10, but does NOT support the other proposals.

Finally, the FY 2018 was an annus horribilis for Danske Bank in many aspects. The Company was hit by a money laundering scandal at its Estonian branch and admitted that it did too little too late both in terms of closing the portfolio down and realising the seriousness and scope of the problems. As of the date of this report, various investigations by the competent authorities are currently ongoing. Although it is not yet possible to reliably estimate the timing and amount of any potential settlement or fines, the consequences of the scandal are likely to be material.