DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee...
Transcript of DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee...
![Page 1: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/1.jpg)
DONG ENERGY IPO
SET FRA LEGAL COMPLIANCE OFFICER
Ulrik Jarlov
Director, head of Company Secretariat & Compliance
![Page 2: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/2.jpg)
2
Agenda
Introduktion
Compliance set-up
IPO
Reflektioner
Compliance opgaver i IPO
Børsretligt compliance program
![Page 3: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/3.jpg)
21. januar 2008
3
![Page 4: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/4.jpg)
9. Juni 2016
4
![Page 5: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/5.jpg)
Advokat
Hos DONG Energy siden 2007
Chef for Legal Company Secretariat &
Compliance (del af Group Legal)
Primære arbejdsområder:
-Compliance
-Børsret
-Selskabsret
-Corporate governance
-Anti-korruption
-Bestyrelsesforhold
- Incitamentsprogrammer
-Fast ejendom
Ulrik Jarlov
5
Introduktion
![Page 6: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/6.jpg)
DONG Energy
6
DONG Energy arbejder med at udvikle, opføre og drive
havmølleparker; producere el og varme fra vores
kraftværker; forsyne privat- og erhvervskunder med energi
samt at producere olie og gas.
DONG Energy har 6.700 ansatte og har hovedsæde i
Danmark.
Wind Power
Bioenergy &
Thermal Power
Distribution &
Customer Solutions
Oil & Gas
Introduktion
![Page 7: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/7.jpg)
DONG Energy’s compliance set-up
7
Compliance
Committee
Compliance Officer
Wind Power
Compliance Officer
O&P
Compliance Officer
Thermal Power
Compliance Officer
Customers & Markets
Internal Audit
Audit & Risk
Committee
Compliance Officer
Group Finance &
Services
Compliance Officer
Group Support
Board of
Directors
Chief Legal
Compliance
function
Compliance Officer
Group IT
CEO (chairman)
CEO
CFO (business units)
Legal, IT, Procurement,
Internal Audit, HR, Stakeholder
relations
God forretningsadfærd
Konkurrenceret
Børsret
Finansiel regulering
Juridiske compliance programmer Compliance Committee
Compliance set-up
![Page 8: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/8.jpg)
IPO fra en compliance-vinkel – noget nyt?
8
Statslige aktieselskab og børsnoterede
obligationer
Har prøvet processen før…
Ny EU regulering
Compliance set-up i version 2.0
Langt større fokus på processer og
kommunikation
Compliance fylder mere i selve IPO processen –
men… også en del andre work-streams
IPO
![Page 9: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/9.jpg)
DONG Energy project organisation
Gro
up
B
U r
ep
rese
nta
tive
s
Financials &
accounting
Corporate &
regulation
Prospectus & legal
documentation
Analyst & investor
presentations
Offer structure &
marketing
Group
Management Group CFO’s
Valuation & capital
structure
Project Management
IPO Committee
Due diligence
A C D F G E B
Meeting frequency: Weekly
Meeting frequency: Bi-weekly
Meeting frequency: Weekly
9
IPO
![Page 10: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/10.jpg)
Datarum + due diligence (dokumenter,
memo’er, QA)
Prospekt (risikofaktorer, væsentlige
non-compliance sager, diverse
formalia)
Selskabsretlige regler for børsnoterede
selskaber
Børsretligt compliance program
Hvad laver legal compliance officer i en IPO?
10
Compliance opgaver i IPO
![Page 11: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/11.jpg)
“Teamet”
11
DONG Energy
Eksterne
advokater
IT
Diverse
Chief Legal Compliance Officer
HR (medarbejdere specialiseret i HR-processer)
IR chef, pressechef, kommikationsdirektør
Intern kommunikation
Advokat for DONG Energy: Partner + senioradvokat
Advokat for hovedaktionær, storaktionær(er), banker
Leverandør af løsning til håndtering af aktiebog + insiderliste: Chef, key account manager +
team af IT-udviklere
IT konsulent
Udvikler af e-learning program
Oversættere
Ekstern grafiker
Compliance opgaver i IPO
![Page 12: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/12.jpg)
Risikofaktorer - 45 sider med 71
risikofaktorer
8 risikofaktorer om legal compliance:
-Varmelovgivningen
-Særlovgivning for distributionsforretning
-Patentlovgivningen
-Konkurrencelovgivning
-Statsstøtteregler
-Udbudslovgivningen
-Finansiel regulering
-Miljølovgivningen
-Bestikkelseslovgivningen
-Skattelovgivningen
-Lovgivning på nye markeder
Prospekt - risikofaktorer
12
Compliance opgaver i IPO
![Page 13: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/13.jpg)
Ét fælles program (aktier + obligationer)
Sikre compliance, ikke “over-implementere”*
Ikke blot et par juridiske dokumenter
Centralt forankret, men “forretningen” skal inddrages
Dokumenterede (og enkle…) processer
Fokus på kommunikation og træning af flere
målgrupper
Vi skal ud over rampen…til tiden
Børsretligt compliance program
- designkriterier
13
Børsretligt compliance program
*) Visse undtagelser….
![Page 14: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/14.jpg)
Leverancer - der var alligevel en del…
14
Memo om legal framework
Mapping af intern viden
Hvem har adgang til intern viden?
Opdateret e-learning program
Interne regler
Proces for ledelsens indberetning af handler
Ledelsens “nærtstående”
Pixi-version af interne regler
Mail til alle fra CEO – “Hurra, husk nye regler”
Præsentation - bestyrelsen
Præsentation - “road show”
Artikel - “Managers Brief”
Insiderliste proces – “permanente”
Insiderliste proces – “deal-specific”
Etablering af Disclosure Committee
Proces for legal review af investeringsindstillinger
Proces for åbning og lukning af handelsvinduer
Aftalegrundlag med news provider
Insiderliste - portalløsning
Insiderliste – MAR rapporteringsformat
Insiderliste - mailskabeloner
Opdateret politik for god forretningsadfærd “Light” elearning til alle
Selskabsmeddelelse template
Disclosure level post IPO
Tekst til standard ansættelseskontrakter Alignment med REMIT program
Præsentation - koncernledelse
Artikel - VITAL
“road shows”
Legal review London / Luxembourg
Insiderliste proces – eksterne
Børsretligt compliance program
![Page 15: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/15.jpg)
Nye strenge krav 3.
juli
Behov for ny proces
Ikke “plug-and-play”
løsning i markedet
Compliant “før tid”
Eksempel - insiderlisteproces for “permanente insidere”
15
Situation Løsning
Daglig identification af insidere i SAP
Daglig “til/afgang” rapport med tilgængelige stamdata
Daglig indlæsning af data
Daglig udsendelse af “velkommen-mail” og “farvel-mail”
Daglig opdatering af data
Daglig aktivitetsrapport til Legal
Ugentlig rykkerproces
Sign-off + validering / indtastning af supplerende stamdata via portal-løsning
Mail når handelsvindue åbner/lukker
Børsretligt compliance program
100%
automatisk
![Page 16: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/16.jpg)
Compliance “blot” én blandt mange work streams
Nye regler og ambitiøs tidsplan komplicerende factor
Mange nye bureaukratiske påfund -
ressourcekrævede og svære at forklare
Burde måske nok have talt med peers inden IPO
Svær kommunikationsopgave
Den egentlige opgave starter når alle andre er
færdige…
Reflektioner
16
![Page 17: DONG ENERGY IPO - bem-symfony-content.s3.eu-west-1 ... · Internal Audit Audit & Risk Committee Compliance Officer Group Finance & Services Compliance Officer Group Support Board](https://reader031.fdocuments.us/reader031/viewer/2022031507/5c9beb2b09d3f28d6a8ca246/html5/thumbnails/17.jpg)
17
QUESTIONS?