Our Remuneration Policy

Makes visible the fair, performance-based and results-oriented compensation of our Executive Management and Board of Directors.

Remuneration Policy and Remuneration Report

In accordance with the Danish Companies Act and the Danish Corporate Governance Recommendation Lundbeck has prepared a Remuneration Policy. The policy was approved with sufficient majority at Lundbeck’s Annual General Meeting on 24 March 2020. Further, Lundbeck has in accordance with the Danish Corporate Governance Recommendations prepared a Remuneration Report. Both the Remuneration Policy and the Remuneration Report can be downloaded below.

Decision Process and Approval Framework

Each of the registered Executive Management members participates in a short-term incentive program that provides an annual cash bonus based on the achievement of predetermined targets for the preceding financial year. The short-term incentive payment levels will be determined by the Board of Directors from year to year. The CEO has a target of up to 100% and a maximum of up to 117% of the fixed annual base salary. The other registered Executive Management members have a target of up to 33.33% and a maximum of up to 50% of the fixed annual base salary. All registered Executive Management members may receive payment below target and potentially no payment in case of performance below target.

Remuneration of key management personnel1

  2023 DKKm 2022 DKKm
Short-term staff benefits 157 129
Retirement benefits 13 14
Other social security costs 1 1
Equity- and cash-settled incentive programmes 24 -
Severance and other costs 40 21
Total 235 165
  1. Key management personnel are defined as persons who report directly to the registered Executive Management.

Executive Management

2023 DKKm Charl van Zyl   

President & CEO
Deborah Dunsire

Former President & CEO
Joerg Hornstein

Jacob Tolstrup

EVP, Commercial Operations ex US
Lars Bang

EVP, Product Devopment & Supply
Per Johan Luthman

Total Management
Base Salary
2.7 7.1
6.0 4.8 4.5 5.0 30.1
Pension 0.3 - - 1.3 1.2 1.3 4.1
Other benefits 0.5 0.1
0.3 0.2 0.2 0.2 1.5
Total fixed 3.5 7.2 6.3 6.3 5.9 6.5 35.7
Tax indemnification - 15.0 - - - - 1.9
Total after tax indemnification 9.3 37.5 10.9 10.9 10.1 11.3 75.0

Remuneration - Board of Directors

The total remuneration of the Board of Directors for 2023 amounted to DKK 9.6 million (DKK 9.0 million in 2022). The amount includes fees for participation in the Audit Committee of DKK 0.7 million (DKK 0.7 million in 2022), the Remuneration Committee of DKK 0.7 million (DKK 0.7 million in 2022), the Scientific Committee of DKK 1.1 million (DKK 0.9 million in 2022) and travel allowances of DKK 1.2 million (DKK 1.2 million in 2021) for board members with permanent residence outside of Europe. The remuneration for 2023 is consistent with the remuneration presented at the Annual General Meeting held on 21 March 2023.

The members of the Board of Directors held a total of 292,518 Lundbeck shares at 31 December 2023 (238,380 shares at 31 December 2022).

The total remuneration of the chair of the Board of Directors amounted to DKK 1.7 million (DKK 1.7 million in 2022). The total remuneration of the deputy chair of the Board of Directors amounted to DKK 1.2 million (DKK 1.2 million in 2022). These amounts include fees for participation in Board committees.

More from Lundbeck

Reports and Presentations

Lundbeck’s download center for key annual reports and investor presentations.

Shareholders and Dividends

Who owns Lundbeck and information on the dividends thereof.

Executive Management

The Executive Management team consists of 8 members led by Deborah Dunsire, CEO.