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Diversity Policy in Flügger’s Leadership Team:

Goals and Results 2024/2025

In accordance with Section 107d of the Danish Financial Statements Act, Flügger has defined diversity targets for the composition of the group’s Board of Directors, Executive Board, and overall workforce.

Board of Directors

When appointing the members in Flügger group A/S elected by the general meeting, we focus on both diversity and the individual members’ competencies and experience. Our goal is to ensure gender balance and a broad skill set aligned with the company’s core and strategic priorities.

We have defined specific targets for gender representation and independence on the Board:

  • We aim for the underrepresented gender to constitute at least 40% of the shareholder-elected board members (40/60%). In 2024/25, the Board consisted of one woman and three men, or 25/75%. According to the Danish Business Authority, this qualifies as gender balance.
  • At least half of the shareholder-elected board members must be independent under the Danish Recommendations on Corporate Governance. This requirement was met in 2024/25, with two out of four members classified as independent.

Management

The management of Flügger group A/S consists of three members: the CEO, CFO, and majority shareholder Ulf Schnack, who has been actively involved in the company since 1958.

Flügger has chosen not to define specific diversity targets for the management. This is because we prioritise insight, experience and relevant competencies when appointing executive members.

Other Management

Flügger aims for a gender composition in other management levels and the overall workforce where the underrepresented gender constitutes at least 40% (40/60%), aligning with the objective for the composition of the Board of Directors.

Flügger’s recruitment principles and guidelines further support Flügger’s diversity objectives and policy.

What we do:

We continuously strive to ensure diversity both at the leadership level and across all employee groups.

Our efforts are based on the following principles:

  • Flügger is a workplace that offers equal opportunities for all in a safe and non-discriminatory work environment.
  • We aim for a minimum of 40 % representation of each gender in our leadership roles and focus on fair and inclusive recruitment.
  • We comply with national and international standards on human rights and equality, and ensure fair employment conditions regardless of gender, ethnicity, religion or other personal traits.
  • We strive for equal pay for equal work, regardless of gender or other characteristics.
  • We do not tolerate bullying, sexual harassment, discrimination or offensive behaviour, and we actively prevent it through regular employee training.
  • We seek a diverse workforce of both young and experienced employees who can inspire and support our shared development.
  • The Board of Directors reviews the diversity policy at least once a year and updates it as needed.

What we believe in:

At Flügger, we believe that a diverse workplace and an inclusive work environment are valuable assets. We recognize and value individual differences and believe that diverse teams – including leadership – drive innovation, make better decisions and foster openness and tolerance across the organisation.

Flügger is committed to being a responsible employer. We recruit, promote and develop employees based on their skills and in a manner that supports diversity. This includes ensuring equal treatment regardless of gender, gender identity, social origin, sexual orientation, age, nationality, physical ability, disability, political beliefs, ethnicity, family status, religious beliefs or other ideologies.

In accordance with Section 107f of the Danish Financial Statements Act, we report annually on gender distribution in the Board of Directors and leadership levels in our annual report. For further data, please refer to our latest annual report here.

Karen Frøsig

Born 1958
Joined the Board of Directors in 2025
Independent

Holding of Flügger shares

0 pcs.

  •  
  • Master of Laws from Aarhus University

Experience from the financial sector and several board positions, including from Danish and international retail. In addition, experience with financial reporting, risk management and capital markets from a previous position as CEO of Sydbank A/S.

Deputy Chairman of the Board of Directors:

  • Ecco Holding A/S and its subsidiary Ecco Sko A/S

Member of the Board of Directors:

  • Musikhuset Esbjerg. Fond and its subsidiary Kunsten ApS
  • Brask Thomsen Stiftung Fond
  • MFT Energy A/S
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Alexander Vilhelm Martensen-Larsen

Born 1975
Joined the Board of Directors in 2025
Independent

Holding of Flügger shares

0 pcs.

  •  
  • MBA from IMD
  • B.Sc. International Business from CBS

Experience from Morgan Stanley with a financial and strategic background as well as from leading roles in IC Group, as both CFO and CEO, Gubra A/S (publ) as deputy chairman, and Swedish RVRC Holding AB (publ) (Revolution Race) as chairman. In addition, experiences with roles in audit and nomination and remuneration committees as both chairman and member.

Chairman of the Board of Directors:

  • RVRC Holding AB (publ)
  • Give Elementer A/S and two subsidiaries
  • Raaco Holding ApS and the subsidiary Raaco A/S
  • The Jewellery Room ApS
  • Laplandar ApS
  • Gubra Green ApS

Deputy Chairman of the Board of Directors:

  • Gubra A/S (publ)

 

CEO:

  • AML ApS
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Bettina Antitsch Mortensen

Born 1978
Joined the Board of Directors in 2022
Non-independent

Holding of Flügger shares

M+ II A/S has 851,487 shares (major shareholder).

  •  
  • Master of Laws, lawyer with right to appear before the Supreme Court (Attorney-at-Law (H))
  • CBS Executive board education

Through her ownership and management positions in the M+ Group, which includes Hybel and M+ Ejendomme, she has great market insight into the construction and property industry. At the same time, she has broad legal experience with a background as a commercial lawyer and subsequently a long-term career as a defense lawyer with the right to appear before the Supreme Court.

Through Bettina Antitsch Mortensen’s many years of work in the construction and real estate industry, she has gained experience in the documentation requirements associated with construction.

Chairman of the Board of Directors:

  • M+ Invest A/S and nine subsidiaries
  • M+ Ejendomme A/S and six subsidiaries
  • M+ II A/S, Hybel Danmark A/S and four subsidiaries
  • Stenhøj Husene Holding A/S and two subsidiaries
  • MPP Holding I A/S and four subsidiaries
  • Won Holding ApS and one subsidiary

Board member:

  • Four subsidiaries of M+ Invest A/S
  • Nine associated companies of M+ Invest A/S
  • Ejendomsselskabet Houmannsgade ApS

 

Director:

  • F.M. 16 Holding ApS
  • FM 09 Holding ApS
  • Hybel M.K.P. Holding ApS
  • Hybel M. S. Holding ApS
  • RM 07 Holding ApS
  • FRB 20 Holding ApS
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Nicolai Schnack

Born 1990
Joined the Board of Directors in 2025
Non-independent

Holding of Flügger shares

103 pcs.

  • MSc in Economics and Business Administration and Mathematics (Cand.merc.(mat)) from CBS
  • B.Sc. in Economics and Business Administration and Mathematics (HA(mat)) from CBS

Experience with business-critical systems and digitalization on an international scale.

Chief Technology Officer:

  • JOE & THE JUICE A/S.

 

Director:

  • Spire Holding ApS and its subsidiary Spire ApS.
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Dorthe Laursen

Born 1963
Joined the Board of Directors in 2023
Employee Representative

Holdings of Flügger shares

30 pcs.

  •  

Payroll and ER Lead in People, Communication & Culture

Extensive experience within Flügger with employment in Payroll and HR since 1986. Dorthe Susanne Laursen has insight and understanding of how new initiatives and work processes affect the organisation.

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Mikkel Boelskifte

Born 1983
Joined the board in 2023
Employee Representative

Holdings of Flügger shares

715 pcs.

  •  

Country Manager for Flügger Danmark and PP professional paint.

Great knowledge of the business as a whole through many years of experience in several different positions including. Regional Manager – Flügger, Sales Manager Professional – PP professional paint and most recently Country Manager for Flügger Denmark and PP professional paint.

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Lucas Eichild

Born 1990

Holdings of Flügger shares

Holdings of Flügger B shares, incl. related parties:

  • 910 pcs.
  •  

Experience from Carnegie Investment Bank and previous management role in Flügger with responsibility for
business development.

Warrants & RSU:

  • 9,077 pcs. per 30/4 2025
  • M.Sc. Economics and Business Administration (Accounting and Finance) from Copenhagen Business School in 2015

2021-           Flügger group A/S

  • CFO / Chief Financial Officer
  • Senior Vice President (Corporate Development)
  • Senior Vice President (Strategy & Integration)

2017-2021    Carnegie Investment Bank 

  • Associate Director
  • Senior Associate
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Ulf Schnack

Born 1936

Holdings of Flügger shares

Holdings of Flügger A and B shares, incl. related parties: 

  • 590,625 pcs. Flügger A
  • 720,610 pcs. Flügger B
  •  
  •  

More than 65 years of experience in Flügger.

  • Chemical engineer from Krefeld
  • HD-A from CBS

1958-         Flügger group A/S

  • Chief DNA Officer
  • CEO
  • Employee
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Sune Schnack

Born 1990

Holdings of Flügger shares

Holdings of Flügger A and B shares, incl. related parties:

  • 590,625 pcs. Flügger A
  • 720,610 pcs. Flügger B
  •  

In-depth knowledge of Flügger through management positions in both group and subsidiaries. Solid financial and strategic toolbox from education and previous job as senior consultant at Ramboll Management Consulting.

Warrants & RSU:

  • 29,751 pcs. per 30/4/2025
  • M.Sc. Economics and Business Administration (Accounting and Finance) from Copenhagen Business School in 2015

2018-           Flügger group A/S

  • CEO
  • Head of Products & Assortment
  • Head of Assortment, PP professional paint A/S
  • Manager, PP professional paint A/S

2015-2017    Rambøll

  • Strategy & Operations


2011-2015    FSN Capital

  • Analyst, Intern 
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Charlotte Ottesen-Hansen

Education
  • Master of Science (management) from HEC Paris in 2004.

2025-           Flügger group A/S

  • Senior Vice President (Brand & Business Development)

 

2022-2024   Georg Jensen

  • Senior Director Marketing and Product Management

2018-2022    L’Oréal

  • Brand Director, Lancôme Nordic
  • Brand Director, YSL Nordic

 

2011-2018    PANDORA A/S

  • Global Brand Marketing Director, Group Marketing
  • Global Trade Marketing Manager, Group Marketing

 

2005-2011    Parfums Christian Dior

  • Nordic Marketing Manager
  • Nordic Merchandising Manager & Sell Out Sales Manager Denmark
  • Nordic Merchandising & Agents Manager
  • Nordic Business Analyst & Agents Manager

 

2003-2005    Selective Beauty

  • Brand Manager
  • Brand Manager Assistant
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Anette Beck

Education
  • Various IMD educations from Wharton Business School
  • Master of Business Administration from Aarhus University in 1997

2020-           Flügger group A/S

  • Senior Vice President (Product, Innovation & Procurement)
  • Senior Vice President (Procurement, QHSE, CSR)
  • Senior Vice President (Procurement)

2016-2020    Novozymes

  • Director, Global Head of Direct Sourcing & Procurement

 

2013-2016    DR

  • Head of Corporate Procurement & Contracting

 

2009-2013    Dong Energy

  • Director, Technical Procurement
  • Senior Manager of Technical Operations Procurement
  • Manager of Indirect Procurement Services
  • Head of Procurement & Logistics

 

1999-2009    TDC

  • Head of Procurement & Logistics
  • Various project management positions

 

1997-1999    Lego

  • Market Consultant
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Anders Klamer

Education
  • MBA from Scandinavian International Management Institute in 2007
  • Graduate Diploma in Business Administration (Accounting and Financial Management) from Copenhagen Business School in 1994

2009-           Flügger group A/S

  • Senior Vice President (Commercial Nordics)
  • Senior Vice President (Unicell Nordics & Franchise)
  • Senior Vice President (Emerging Markets)
  • Head of Business Development
  • Sales Support Manager
  • Senior HR Business Partner

2007-2009    Ernst & Young

  • Senior Manager (Transaction services)

 

2000-2007    IC Company A/S

  • Executive Assistant
  • Business Control Manager

 

1996-2000    Falck

  • M&A Manager
  • Group Control Manager
  • Finance Manager
  • Internal Auditor

 

1988-1996    Deloitte

  • Auditor
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Marlene von Essen-Müller

Education
  • Various IMD, INSEAD, AVT, etc.
  • Cand.comm.(psych.) from Roskilde Universitet in 2002

2021-           Flügger group A/S

  • Senior Vice President (People, Culture & Communication)
  • Vice President (People & Culture)

 

2017-2021    Bang & Olufsen

  • Head of People & Culture
  • Director & Senior HR Business Partner 
  • Senior HR Business Partner

2015-2017    Telenor DK

  • Senior Development Specialist

 

2011-2015    Ledelseskraft

  • Owner

 

2007-2011    Oticon/ Demant

  • HR Business Partner

 

2004-2007    Debenhams/ Magasin

  • HR Manager

 

2003-2004    Siemens

  • PR & Communications Manager
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