M e m b e r o f t h e A m c h a m n e t w o r k
Dedicated to the memory of Per Månsson – who truly made a difference
Board Member 2002 – 2004
Message from the Ambassador 6
Message from the Chairman 8
Board of Directors 9
About AmCham Denmark 11
Message from the Executive Director 12
AmCham Staff 12
AmCham Denmark Profile 13
AmCham Denmark Policy & Advocacy 17
AmCham Denmark Company Promotions & Profiling 21
AmCham Denmark Knowledge Exchange 25
AmCham Denmark Networking 33
Special Section
Doing Business in Denmark 2007 49
AmCham Denmark Members 63
AmCham Denmark Annual Membership Reception 72 & Entrepreneurship Award
AmCham Denmark Membership Directory 75
AmCham Denmark Worldwide Network 101
Other Key Contacts 111
Founded in 1999, the American Chamber of Commerce in Denmark (AmCham Denmark) is a non-profit, non-governmental business association that is part of the international network of AmChams spanning 91 countries and headquartered in Washington DC. Our core mission is to support value creation among Chamber members by improving the invest-ment climate in Denmark and the U.S.; promoting entrepreneur-ship, innovation and global com-petitiveness; and facilitating trans-Atlantic commerce and knowl-edge exchange.
AmCham Denmark would like to thank Hans Henrik Tholstrup for providing the aerial photos of Denmark for this publication. To learn more about his photos, publications, and special services please visit:
www.hanshenriktholstrup.dk
Managing Editor:Chris Eberhart
Writer and Editor:Scott Berman
Layout & Design:Woer|Gregorius
Printing:Phønix Trykkeriet A/S
Contact Information: AmCham Denmark, Christians Brygge 28, 1. th 1559 Copenhagen V, Denmark Phone (+45) 33 932 932 Fax (+45) 33 130 517 mail@amcham.dk www.amcham.dk The American Chamber of Commerce in Denmark has made every effort to insure the accuracy of the information in this publica-tion.
We apologize for any errors or omissions.
2 0 0 7
C o n t e n t s
An Open Letter from the American Ambassador
2006 was an outstanding year for the American Chamber of Commerce in Denmark, and for productive cooperation between the United States Embassy and AmCham. Together we worked to ensure successful high-level visits by such leaders as Colin Powell, Steve Forbes, and U.S. Chamber of Commerce President Tom Donohue. We teamed up to promote Denmark as a destination for American business and investment, and we strove in tandem to persuade the Danish Government to make Denmark’s business and investment climate even more conducive for American firms and individuals by implementing AmCham’s well-crafted Foreign Investors’ Agenda.
I am particularly proud of the partnership between the Embassy and AmCham in launching a diversity internship program that promotes positive perceptions about America within the community of “New Danes” and helps assimilate immigrants into Danish society by pro-viding valuable real-life job experience. Helen and I, and our Embassy colleagues, have also been pleased to host and participate in a wide-range of AmCham functions and events that range from company promotion dinners to roundtable discussions on key political and economic issues of interest.
We at the Embassy look forward in 2007 to continuing our close and cooperative working relationship with AmCham’s Board of Directors, Executive Director Stephen Brugger and his fine staff, and all of AmCham’s members to advance our mutual goal of increased prosperity for America and her commercial allies.
Sincerely,
James P. Cain
Ambassador of the United States of America To the Kingdom of Denmark
Message from the
Ambassador
Ambassador James P. Cain
Ambassador James P. Cain was nominated by President Bush as U.S. Ambassador to the Kingdom of Denmark on June 30, 2005. Following confirmation by the U.S. Senate on July 29, Ambassador Cain took the oath of office in the Old House Chamber of the State Capitol in Raleigh, North Carolina on August 10, 2005. He and his family arrived in Denmark on August 14, 2005.
Upon arrival in Denmark, Ambassador Cain spearheaded the development of a mis-sion statement that serves as a shared commitment of all agencies of the Federal Government represented at the Embassy in Copenhagen. The statement commits the U.S. Embassy to work with Danish and regional allies to fight terror and the ene-mies of human dignity, advance our shared political and humanitarian goals, and assist American citizens and businesses as they pursue their charitable and commer-cial interests.
Ambassador Cain has engaged in an aggressive and broad range of outreach to the Danish public as well as government, academic, business, cultural and media institu-tions of Denmark. This outreach has included such initiatives as the launch of a major sports diplomacy program designed to use sports as a tool to promote tolerance and understanding in Denmark's immigrant and Muslim communities. The NFL, NBA, and WNBA are partnering in our efforts. Other initiatives have included
a diversity internship program with the membership of the American Chamber of Commerce in Denmark and an aggressive public diplomacy initiative to engage young people and ethnic minorities to explain U.S. policies, society, and values. Ambassador Cain has made economic cooperation and development between the United States and Denmark a focal point of the mission by focusing on projects such as the creation of entrepreneurial exchange and 'best practice' programs, a showcase for North American defense and security capabilities and trade and economic devel-opment tours in the United States and in Denmark.
Prior to his service as America's Ambassador to Denmark, Ambassador Cain’s career spanned the business and legal world. He was with the international law firm of Kilpatrick Stockton for twenty years, co-founding the firm’s Research Triangle office in 1985. He was also involved in multiple business ventures in various fields, and served from 1999-2003 as President and Chief Operating Officer of the National Hockey League franchise and current Stanley Cup Champions, the Carolina Hurricanes.
He has held numerous positions on the boards of civic and business organizations in his home state of North Carolina, including the North Carolina Citizens for Business and Industry and the Eastern North Carolina Chamber of Commerce. He has been honored by his community as “Business Leader of the Year” by Business Leader Magazine, received the "John Ross Leadership Award" from the Greater Raleigh Convention and Visitors Bureau, and received the National Outstanding Community Service Award from the American Diabetes Association in 2003.
A native of North Carolina, he was born in Charlotte, did his early schooling in Winston-Salem, and attended high school at High Point Central. He did his undergraduate work and earned a law degree from Wake Forest University. Ambassador Cain has been politically active for many years, going back to the early campaigns of President Ronald Reagan. He served as Republican National Committeeman for North Carolina from 2003 to 2005, and served as Regional Chairman for the Bush-Cheney ‘04 Campaign. He served as President Bush’s Emissary to the Philippines in 2004.
Ambassador Cain and his wife, Helen, have two daughters, Cameron (age 16)
American Chiefs
of Mission at Rydhave
Minister Monett B. Davis (1945)Ambassador Josiah Marvel, Jr. (1946-1949)
Ambassador Eugenie Andersen (1950-1953)
Ambassador Robert Coe (1953-1957)
Ambassador Val Peterson (1957-1960)
Ambassador William McCormick Blair, Jr. (1961-1964)
Ambassador Katherine E. White (1964-1968)
Ambassador Angier Biddle Duke (1968-1969)
Ambassador Guilford Dudley, Jr. (1969-1971)
Ambassador Fred J. Russel (1971-1972)
Ambassador Philip K. Growe (1973-1975)
Ambassador John G. Dean (1975-1978)
Ambassador Warren D. Manshel (1978-1981)
Ambassador John L. Loeb, Jr. (1981-1983)
Ambassador Terence Todman (1983-1989)
Ambassador Keith L. Brown (1989-1992)
Ambassador Richard B. Stone (1992-1993)
Ambassador Edward E. Elson (1993-1998)
Ambassador Richard N. Swett (1998-2001)
Ambassador Stuart Bernstein (2001-2005)
Ambassador James P. Cain (2005-)
Brug
gammelt
foto
In 2006 AmCham Denmark embarked on a new journey, highlighted by the October release of our Foreign Investors’ Agenda, which recommends ways to make the Danish economy even stronger. Our journey will contin-ue until Denmark is recognized as a global investment magnet and a model of economic innovation and sustain-ability. There will be challenges along the way, but we will get there through vision, resolve, and perhaps more than anything else, entrepreneurial spirit. Entrepreneurship is a state of mind. It is about trying to make things better for your business, your employees and your society. Entrepreneurs try and try again, launching and sus-taining businesses despite setbacks, withstanding failure when it happens, and seizing opportunities for success. Entrepreneurial spirit creates the kind of environment where businesses thrive.
Message from the
Chairman
AmCham Denmark
Board of Directors
Honorary President: James P. Cain
U.S. Ambassador to Denmark United States Embassy
Chairman: Paul Coleman
General Manager
Biogen Idec Manufacturing ApS
Vice Chairman: Mark Luscombe Managing Director Citigroup Denmark Treasurer: Søren Holm Chairman Hess Denmark ApS
Torben Juul Andersen
Associate Professor
Copenhagen Business School
Jørgen Bardenfleth
Country General Manager Microsoft Denmark
Steen Blomquist
Head of Transaction Services KPMG
Jørgen A. Engell
Executive Vice President A.P. Møller – Mærsk A/S
Peter George
Nordic President CSC
Jesper Bertel Hansen
Strategic Account Manager, Europe
UPS Denmark A/S
Mette Winther Pedersen
Branch Manager UL International Demko Michael C. Smiley Managing Director Tellabs Denmark Jason Smith CPO/Country Head Novartis Healthcare A/S
Eskil A. Westh
Partner Amrop Hever
Kim Østrup
Vice President IBM Danmark A/S
Ex-Officio Liaison Board Member John Rath
Economic Officer United States Embassy AmCham Denmark Lifetime Honorary Members:
2001 – Ambassador Richard N. Swett
2002 – Christopher Beede, Embassy Economic Officer 2003 – Elias Panayotopoulos (Chairman 2001- 2003) 2005 – Ambassador Stuart Bernstein
2005 – Jonathan Grover (Chairman 2003 - 2004) 2005 – Deputy Chief of Mission Sally Mathiasen Light
2006 – Dan O’Day, Roche (Board Member and Healthcare Committee Chair 2004 – 2006) 2006 – Greg Burton, Embassy Economic Officer (Ex-officio Liaison Board Member 2004 – 2006)
Management
AmCham Denmark’s chief governing and policy body consists of a board of directors democratically elected by the membership for two-year terms. Through the donation of their time and experience, the board members are responsible for the overall strategies and policy decisions of the AmCham Denmark organization.
The board appoints an executive director who manages the organization’s daily operations in the areas of membership, publications, finances, advocacy programs and the work of the various committees.
I’m encouraged by AmCham’s progress in 2006 and antici-pate more in 2007. I’m encouraged by the dialogues we’ve started with key decision makers in Denmark and the United States, the relationships we are building through our net-working and outreach, and the value of these initiatives to our members.
We believe that our efforts will lead to more growth, more jobs, and new opportunities for our companies and for Denmark as a whole. We won’t reach our destination this year or next, or the one after that, but with your active support, we will go far on that long and crucially important journey.
AmCham Denmark
Message from the Executive Director
Our Mission
What We Do
Membership
(Left) Rosenborg Castle, (Right) The Black Diamond (Photos by Hans Henrik Tholstrup)2007 is shaping up to be an exciting and strategic year for AmCham and its members. We are building on the progress of a banner 2006, when the Chamber retooled its mission, released its Foreign Investors' Agenda and brought together key lawmakers, experts and executives.
AmCham is focusing on strategically growing its membership while sustain-ing and servicsustain-ing our existsustain-ing mem-bers, and providing added value to memberships. That takes many forms, including conducting policy-driven events with key diplomats, ministers, and business leaders, whose decisions impact the economic climate in which our companies operate; and providing pro-motion and profiling opportunities such as sponsorships, member-to-member promotions, and events at the U.S. Embassy. You can read more about these activities and pro-grams in the following pages.
AmCham is strengthening its voice for international and American businesses in Denmark. Our work on policy and advocacy exemplifies the progress we’ve made. The release of our Foreign Investors’ Agenda in October raised the bar for AmCham, and its distribution to key governmental agen-cies and legislators has increased the awareness of our mem-ber companies and the issues you face. You can find more information about the Chamber's policy activities in the poli-cy and committee sections of this yearbook.
Message from the
AmCham is also leveraging its global network to support our member companies doing business in the United States and around the globe. With a visit from U.S. Chamber President and CEO Tom Donohue in October, important relationships with key Danish agencies and organizations were solidified, putting Denmark on the map with the world's largest busi-ness federation. In addition, AmCham assisted numerous members this past year to establish important business con-tacts through its extensive network in both Europe and Asia. Finally, this past year, the Chamber made a effort to increase its presence in the media, speaking out on issues of impor-tance to the membership to gain results. In 2006, AmCham received coverage of seven separate themes in national busi-ness publications. Our efforts have brought more visibility, a stronger voice, and recognition for our member companies. We hope that you will find the 2007 yearbook to be an informative resource for your business. The information you’ll find here may even generate some new ideas about optimiz-ing your membership. Thank you to our sponsors for makoptimiz-ing this publication possible and thanks to you, our members, for your continuing participation and support.
Stephen Brugger, Executive Director, AmCham Denmark
Executive Director
AmCham Denmark · Staff
Chris Eberhart Deputy Director Davia Hayward Membership & Event Specialist Bo Kristensen Web Manager Scott Berman Journalist Scott Dille Project Manager
AmCham’s mission is to support
value creation among Chamber members
by improving the investment climate
in Denmark and the U.S.; promoting
entrepreneurship, innovation and
global competitiveness; and
facilitating trans-Atlantic commerce
and knowledge
exchange.
Our Mission
Membership
Patron Membership
Voting membership open exclusively to American companies or companies incorporated in the U.S. • Eligibility for election to the AmCham Denmark board of directors
• Exclusive invitations to Patron member events
• Invitations to all regular events and activities for up to five company representatives • Participation in all Executive Forum events
• Eligibility for chairmanship of AmCham Denmark committees • Company logo in the annual Membership Directory
• Corporate profile and news features in Chamber newsletters and publications • Professional assistance from Chamber staff in organizing corporate events • Company logo and link on the Chamber website
AmCham Denmark membership is open to both major corporations and small businesses (American, Danish and others) that have direct links to American business and share a common interest in the mission of the Chamber. Approval of membership resides with the AmCham Denmark board of directors.
AmCham membership is not a personal membership. It is a company membership open to your entire manage-ment team. All managemanage-ment team members are urged to participate and take advantage of member benefits. The Chamber has three membership categories: Patron, Corporate, and Associate.
Corporate Membership
Voting membership open to all companies.
• Eligibility for election to the AmCham Denmark board of directors
• Invitations to all regular events and activities for up to two company representatives • Participation in Executive Forum events (by invitation)
• Eligibility for chairmanship of AmCham Denmark committees • Listing in the annual Membership Directory
• Listing on the Chamber website
Associate Membership
Non-voting membership open to small businesses and organizations with 15 or fewer employees. • Invitations to all regular events and activities for one company representative
• Participation on AmCham Denmark committees • Listing in the annual Membership Directory • Listing on the Chamber website
What We Do
Policy and Advocacy
As the voice of foreign investors in Denmark, AmCham works to ensure an optimal investment climate in Denmark and to facilitate resolution of issues impacting our members through policy initiatives and strategic cooperations:
• Foreign Investors’ Agenda • Periodic position statements
• Cooperation with the U.S. Embassy and U.S. Commercial Service • Dialogue with Danish government officials and business organizations
As a member of a global network of American Chambers of Commerce, headquartered in Washington D.C., AmCham works on behalf of its members doing business in the U.S. and internationally:
• Accreditation in the U.S. Chamber provides access to U.S. legislators and government agencies • AmCham’s global network gives members access to business organizations and governmental
agencies in more than 100 countries Company Promotion and Profiling
As an organization, AmCham Denmark provides value to its membership by offering effective and economical company profiling and promotion opportunities.
• Company promotions at the U.S. Embassy with AmCham coordination assistance • Sponsorship opportunities – AmCham events, website and publications
• Member-to-Member communication Knowledge Exchange
As a forum for sharing best practices, AmCham works to facilitate knowledge exchange among its members:
• AmCham committees work to identify common issues and reach common goals
• High level events address key topics on a timely basis, and foster discussion among members, business and political leaders, and industry experts
Networking Opportunities
As a leading business association, AmCham Denmark believes in the development of members’ professional and personal networks:
• AmCham events and activities provide a forum for networking with peers, key business and political leaders, and industry experts
• AmCham committees promote cross-company cooperation and create valuable relationships • AmCham’s global network provides introductions and access to more than 100 countries
Policy & Advocacy
As the voice of foreign investors, AmCham Denmark works to facilitate the resolution of issues impact-ing its members’ operations through policy initiatives and position statements, and direct contact with key governmental decision makers.
Accordingly, a series of events, editorial comment and comprehensive policy statements contributed constructive ideas about these issues to the business and political agenda in Denmark. AmCham’s Foreign Investors’ Agenda and the Healthcare Committee’s Healthcare Policy Agenda were the biggest developments along these lines. These wide-ranging reports go right to the core of the challenges critical to the investment and business community in Denmark. Here are some details.
(Left) Dybbøl Mølle, (Right) Ørestad
AmCham Denmark’s Foreign Investors’ Agenda is a comprehensive and provocative set of recommenda-tions aimed at strengthening Denmark’s position in the competition for international investments.
The agenda’s priority points are:
• Create a tax and regulatory climate that encourages foreign investment
• Invest in a broadly accessible healthcare system based on innovation
• Reform the educational system to promote entrepreneurship and enhance innovation • Enhance employers’ ability to attract and retain
a quality workforce
• Encourage entrepreneurship by rewarding reasonable risk
• Support diversity in the workplace
AmCham Chairman Paul Coleman, general manager of Biogen Idec, said the agenda, as well as the Danish gov-ernment’s recent 333-point proposal on how to make the economy more competitive, offer a chance to “carpe diem (seize the day).”
The release of the agenda was followed up with an op-ed by AmCham Executive Director Stephen Brugger that ran in Børsen, the Danish business daily, on April 6. From the op-ed: “As one of the smaller countries, it is essential that Denmark differentiate itself when a for-eign investor is evaluating locations for a manufacturing or R&D facility in Europe. If we don’t, it’s easy for investors to pick the “obvious” solution of larger and more visible countries…
It is necessary that we change some things if we are to attract foreign investment. Denmark should:
Implement lower marginal tax rates and more attractive corporate tax rates; increase funding for research and development; reform the education system to produce a quality workforce in line with business needs; invest in accessible and innovative healthcare; and encourage entrepreneurship. Our member companies, which employ about 150,000 taxpayers in Denmark, stand ready to help with that process.”
Foreign Investors’
Agenda
Healthcare
Policy Agenda
Policy & Advocacy
In May 2006 the policy agenda turned to healthcare, when AmCham Denmark’s Healthcare Committee issued a comprehen-sive report that argued that Denmark needs to change the way it looks at the public healthcare system if it is to create swifter treatment, healthier workers, longer life expectancy and an improved quality of life. The information generated coverage in one of Denmark’s leading newspapers, Berlingske Tidende, on June 10.
The Danish healthcare system has fallen behind when it comes to innovation and research in medicine and medical treatment, resulting in comparatively low average life expectancy, unnecessarily long treatment times, and a great loss of workforce produc-tivity. The report also details:
• High mortality among patients with potentially terminal but treatable illnesses • Low usage rate of innovative medications • Inferior conditions for pharmaceutical
research
These problems result in lost earnings due to illness absenteeism and indirectly undermine the desire for international firms to establish a presence in Denmark.
AmCham’s report recommends the following:
• Support more clinical experiments with innovative medications
• Encourage the introduction of needed, innovative medicines
• Decrease or abolish value-added taxes on innovative medications
AmCham Chairman Paul Coleman describes the Foreign Investors’ Agenda.
Company Promotion & Profiling
In 2006 AmCham Denmark introduced more services and more opportunities for our members to promote and profile their companies including:
• Sponsorship • Member-to-Member
• Company promotions at the U.S. Embassy and Rydhave • Ambassador company visits
Amalienborg Castle (Left: The Guard, Right: The Canal)
In 2006 AmCham introduced its sponsorship program. Sponsor support enables the Chamber to create high-quality publications, maintain an informational web-site, develop its business agenda, organize high-level events with governmental and business leaders, and sustain our valuable professional and social network. The key sponsorship opportunities include: AmCham Publications & Website– a cost effec-tive way to raise brand equity, enhance positioning, and extend your reach to more than 1500 potential customers, partners, and suppliers within AmCham Denmark’s local and global executive networks – all year long.
AmCham Events– puts your company ‘front and center’ at high-level events. AmCham events create both the ideal starting point for launching new brand campaigns and delivering your company message; and provide a platform for follow-up member-to-member direct mailings.
Sponsor
ship
Company Promotions at the U.S. Embassy and Rydhave
Contact AmCham Denmark or visit the AmCham website for more information.
Companies planning high-profile visits by their chief executives have used prestigious locales – the U.S. Embassy and its Diplomat restaurant, and Rydhave, the official resi-dence of Ambassador James Cain – for their company promotions and profiling events, organized with AmCham and the U.S. Commercial Service.
AmCham Patron member Struers held a new products and strategy session at the Embassy in January, attended by more than 40 American sales and marketing professionals. Another AmCham Patron, Verizon Business, utilized the meeting facilities for a hosting sem-inar in April. Also, AmCham Patron member UL International Demko celebrated its 10 years of cooperation in Denmark and looked ahead at an event at the Embassy in June. Ambassador Cain welcomed the participants, who also attended a roundtable discussion and a lunch at The Diplomat. Waters and Global Eyes rounded out the promotion and profiling agenda for the year with events in November. Rydhave was the site of high-profile receptions in 2006 with Larry Kellner of Continental Airlines; Scott McNealy of Sun Microsystems; and Steve Ballmer of Microsoft. Each of these corporate leaders mingled with the Ambassador, AmCham AmCham also introduced the Member-to-Member
(M2M) program, which includes a complete M2M section on the AmCham website. Members are wel-come to share important news, announcements, spe-cial offers, and event invitations with other AmCham members via direct mainings to AmCham Denmark’s member database and/or via postings on the AmCham Denmark Website.
Member-to-Member
Larry Kellner, CEO, Continental Airlines;and Ambassador James P. Cain; meet at a Rydhave luncheon in April.
Sun Microsystems CEO Scott McNealy (center) speaks to AmCham members at a Rydhave reception.
Mette W. Pedersen, UL Demko; Hamid Syed, UL Europe; Søren Krøigaard, Sikkerhedsstyrelsen;
Weibel President Peder R. Pedersen, right, hosts Ambassador Cain at Weibel Scientific, an AmCham Corporate member, in December 2006.
Ambassador Cain, Microsoft Denmark Managing members, and others at events tied to new
products and services.
In addition, Ambassador Cain, an enthusias-tic proponent of American-Danish trade, vis-ited with a number of AmCham member companies for events at their headquarters during 2006.
Such events and visits showcase the unique working relationship between the Embassy and the Chamber. They also offer possibilities for promotional and profiling events for your company, particularly when your chief exec-utive visits Denmark. The options for your company in 2007 include strategy sessions, roundtables, panel discussions, receptions, dinners and customer service seminars. Call AmCham for the details.
Knowledge Exchange
– AmCham Denmark Committees
AmCham Denmark’s committee system is a key aspect of what we do and hope to accomplish as an organization. Our committees drive policy and advocacy and offer excellent opportunities for knowledge exchange between compa-nies.
Our committees work with many issues that directly and indirectly affect the key
operations within an organization, for example, taxes, security, risk manage-ment, innovation, professional develop-ment, and a healthy, productive, and motivated workforce. Each type of com-mittee enables members to identify and address common issues, and achieve common goals. All the more reason to get involved.
AmCham Denmark currently supports 7 committees: Analytical Instruments Executive Forum Healthcare Human Resources OSAC Denmark Sales and Marketing Tax and Finance
(Left) Rosenborg Castle, (Right) Kongens Nytorv
OSAC Denmark Country Council
The Executive Forum is a managing directors’forum where top executives meet to discuss best practices.
The Executive Forum made its official debut in 2006 with a September roundtable hosted by Ford Motor Company, which explored the challenges and opportunities inherent in a Nordic operation. How can companies cor-ral and harness the power of various opera-tions spread across the Nordic region? The attendees – managing directors, mostly of American subsidiaries – shared some answers to that and other questions during the session. The 25 business leaders recount-ed their experiences and sharrecount-ed best prac-tices of going regional in a time when most organizations are looking to do more, in more places, with less.
Executive Forum
OSAC is comprised of the American private sector in Denmark. Its mission is to provide a forum for this sector and the U.S. Embassy to exchange information and promote programs designed to enhance the safety and security of the community. Membership is limited to U.S. citizens, U.S. entities, and non-U.S. citizens
OSAC Steering Group:
Chairman, Steve Glick, Chevron Denmark; Peer Wollenberg, American Aviation Data; Arthur Buchman, NLP World; Volker Dinstuhl, Copenhagen Marriott; Kurt Essenbæk, Unisys; Anette Landberg, Oracle Danmark; Steffen Ring, Motorola; Lizzi Schultz, 3M; Anders de la Motte, Dell; Ted Collins, U.S. Embassy.
Planning Group Members:
Pete George, CSC; Mark Luscombe, Citigroup; Kenneth Jørgensen, Ford Motor Company; Kurt Bager, EMC.
Andrew Howell, U.S. Chamber, at the May event.
Speakers at the September OSAC event: Adam Dobby, AON; Fred Stolper, Deputy Director, OSAC; Henriette Korf, Security Consultant - Danish Intelligence Agency – PET; Corey J. Vitello, European Regional Director, OSAC.
The Executive Forum was born out of earlier Ambassador’s Roundtable meetings held in February, hosted by Gorrissen Federspiel Kierkegaard law firm in Århus, Jutland and in April, at the Ambassador’s residence, Rydhave. The executives in both sessions dis-cussed best practices generally, and the spe-cial challenges and opportunities for U.S. subsidiaries operating in Denmark.
Attendees at the April 25 roundtable at Rydhave.
John Hestehave, Struers; Mark Luscombe, Citigroup; Scott Berman, AmCham; and Mette Winther Pedersen, UL International Demko at the session on Nordic business models.
The regional security officers from the Nordic and Estonian U.S. embassies attended the September seminar. managing U.S. subsidiaries residing and or
legally constituted in Denmark.
The OSAC committee was particularly active in 2006. In May, Andrew Howell, vice presi-dent of U.S. Chamber of Commerce Homeland Security Policy, discussed
home-land security as risk management at an OSAC seminar at the Embassy. In September, lead-ers of the Nordic OSAC country councils gathered to discuss best practices in Copenhagen. The 11/
2day program
con-cluded with an OSAC business breakfast on Nordic security challenges.
Healthcare
The AmCham HR Committee is comprised of HR manage-ment professionals from AmCham Denmark member companies across sectors. The committee provides a meeting forum for HR professionals to consider strategic issues, facilitate regular exchange of information and share best practices. The goal is to create a stronger work-force and an enhanced working environment.
This year’s committee initiatives included a roundtable session where experts and participants shared their ideas about how American managers and Danish employees can best work together. About 40 HR managers and other executives from across sectors attended the thought-pro-voking session hosted by Rønne & Lundgren in Hellerup.
HR Steering Group:
Annette Bjørke, Amerada Hess; Randy Spicochi, Biogen Idec; Jette Ronøe, Bech-Bruun Law Firm; Anne Marie Abrahamson, Rønne & Lundgren Law Firm; Jesper la cour Madsen, Accenture; Lise Aarup, Sanofi-aventis; Anne Kathrine Schøn, Accura Law Firm; Claus Gylling, IBM; David Husfeldt-Clasen, Stryker; and Lars Wittig, Global-Eyes.
AI Committee:
Chairman Rune Frederiksen, Waters Corporation, Gorm Karstens, Agilent Technologies Inc.; Lena Rasmussen, Applied Biosystems Group; Claus Sjøner, Dionex Corporation; Jan B. Petersen, Thermo Electron Corporation; Hasse Hedeby, PerkinElmer, Inc.
Healthcare Committee:
Chair: Laurent Van Lerberghe, Abbott Laboratories; Paul Coleman, Biogen Idec; Karen Lykke Sørensen, sanofi-aventis; Simon Jose, GlaxoSmithKline Pharma; Jason Smith, Novartis Healthcare; Jan Peutzfeldt, Ferring Pharmaceuticals; Peter Popowicz, Wyeth Denmark; Dorthe Mikkelsen, Merck Sharp & Dohme; Karin Verland, Pfizer; Gert Vium Andersen, Bristol-Myers Squibb.
The AmCham Healthcare Agenda was distributed to key stakeholders in May.
Randy Spicochi, Biogen Idec’s HR country manager, and event speaker Kurt Hillman, Hess, address cross-cultural management issues in May. Pharmaceutical Committee members and diplomats gather at Rydhave in
February 2006.
Human Resources
Analytical Instruments (AI) is an industry-specific committee representing the interests of U.S. analytical instruments companies in Denmark, allow-ing its members to work together to achieve common goals. Rune Frederiksen, customer manager, Waters Corporation, is chair of the com-mittee. Membership is by invitation only.
The AI Committee’s goal is to build and nurture a professional network between environmental, food, chemical, biotech, and pharmaceutical chemists, suppliers and users.
The main vehicle for achieving this goal is the “Executive Seminars in Analytical Chemistry” (ESAC), an annual forum where new developments and trends are discussed in a high-level professional setting. ESAC is a non-profit event sponsored by the AI Committee members. About 200 industry representatives attended the sixth annual forum held in April. ESAC 2007 is slated for April 27 at the Symbion Science Park in Copenhagen.
Analytical Instruments
Thermo Sales Director Willy Bjørklund demonstratestheir latest equipment at ESAC 2006.
AmCham’s Healthcare Committee is a man-aging director forum for research-based international pharmaceutical and biotech companies in Denmark. Through our invest-ments in research and development and our work with the Danish healthcare system, we hope to fulfill our vision in becoming an invaluable asset to both the industry and to the people of Denmark. Toward that end, the committee works with various stakeholders in Danish healthcare in coordination with the Danish Pharmaceutical Industry Association, LIF.
The committee met with Ambassador James Cain in February 2006 to discuss the chal-lenges faced by the pharmaceutical industry in Denmark. In May 2006 the committee documented the sector’s concerns and made recommendations in a comprehensive report distributed to key stakeholders in the Danish healthcare industry.
N
ew in 200
7
Sales and Marketing
AmCham’s Tax Committee identifies, disseminates and communicates information about Danish tax laws and legislation impacting American and international companies in Denmark. The committee works with its mem-bers to form policy positions on key taxation issues; the goal is to ensure an equitable taxation environment in Denmark for American and international investors.
The Committee came together to consider and address the general message being sent by tax policies to the international business community. Tax policies impact decisions of international companies considering where to establish businesses in Northern Europe.
Tax and Finance
The AmCham Sales and Marketing Committee was officially launched at a knowledge sharing seminar and dinner held on January 8, 2007 at the U.S. Embassy.
Sales and marketing professionals among AmCham’s membership will be able to network, share best practices, explore relevant issues, attend high-profile events, and even compete for an industry award (the SAMMY) currently being planned.
Danilo Copiz, vice president of International Sales at Nordic Phytopharma and a key organizer of the Chamber committee, presented committee guidelines to the event attendees. Copiz urged members to come forward, get involved in this new opportunity, and offer ideas for seminar top-ics. “The more involvement, the better the bene-fit for us all,” he added.
The Committee held its founding meeting on January 25.
Tax and Finance Committee:
Chair: Ulrik Fleischer-Michaelsen, Rønne & Lundgren; Ove Lykke Hindhede, PricewaterhouseCoopers; Michael Kirkegaard, Ernst & Young; Per Ørtoft Jensen, KPMG; Nikolaj Bjørnholm, Bech-Bruun; Troels Graff, Deloitte; Ellen Hertz Bilberg, U.S. Embassy (ex-officio member); Henriette La Cour, Accura; Jochem Van Rijn, Citco; Poul Gunnar Jensen, MASQ
The Diplomat hosted a dinner for the attendees.
Simon Gade Hjorth, AdPeople (left) and Jette Vestergaard, Verizon Business, shared case studies with fellow sales and marketing executives; Danilo Copiz, Nordic Phytopharma (center) presented the committee guidelines.
Tax committee representatives met with Danish Tax Minister Kristian Jensen in November. Here, AmCham Chairman Paul Coleman, Biogen Idec, with the Minister following the meeting.
Networking
2006 in Review
AmCham Denmark organizes a wide-range of events and functions that are strategic for our members. The events facilitate networking and knowledge exchange among AmCham members, prominent professionals, and business leaders across industries and cultures. These events include:
•
Executive Forums™•
Business Breakfasts™•
Power Lunches™•
Business Conferences & Executive Seminars•
Exclusive Patron Member Events•
Social & Cultural Events (Left) Christiansborg, (Right) Town Hall PlazaEvent
Review
2 0 0 6
Ambassador’s Roundtable Executives of 10 American subsidiaries in Jutland meet with AmCham and
Ambassador Cain to discuss business cases. Sponsored by Gorrissen Federspiel Kierkegaard, Aarhus.
March
Meet the Leaders Power Lunch Chair of the Social Democratic Party, Helle Thorning-Schmidt, and AmCham member representatives discuss social welfare and global competitiveness. Sponsored by Unisys and Radisson SAS Scandinavia Hotel.
April
Member Reception
Former CEO for Sun Microsystems Scott McNealy meets and mingles with AmCham guests at a reception at Rydhave.
Organized by AmCham and sponsored by Sun Microsystems.
CEO Luncheon
Larry Kellner, CEO, Continental Airlines, dis-cusses the travel industry and Continental’s new Copenhagen-New York route with travel industry leaders at an exclusive lunch at Rydhave. Organized by AmCham and sponsored by Continental.
AmCham Annual General Meeting AGM participants approve accounts, re-elect and confirm board members. Ambassador Cain is the keynote speaker. A reception follows. Sponsored by Deloitte and Delta Air Lines.
ESAC 2006
Executive Seminars in Analytical Chemistry The Analytical Instruments Committee hosts about 200 participants to discuss the latest industry developments at Symbion Science Park.
Reception & Dinner
Steven Ballmer, CEO, Microsoft, meets with executives at Rydhave.
May
HR Committee Roundtable
Experts discuss how to bridge cultural gaps in the workplace.
Sponsor: Rønne & Lundgren Partner Event
w/Børsen Executive Club Seminar and Luncheon with former Secretary of State Colin Powell.
Powell addresses AmCham Denmark and Børsen Executive Club members at Det Ny Teater. An exclusive luncheon follows at Rydhave.
OSAC Denmark Security Council Andrew Howell, Homeland Security Policy, U.S. Chamber of Commerce discusses bal-ancing business and security with OSAC Denmark constituents at the U.S. Embassy.
June
Executive Focus USA U.S. Midterm State of Affairs
Experts forecast U.S. mid-term elections, the economy and trade. A reception follows. Sponsored by Global Eyes. Partner Event
w/ Forbes CEO Europe AmCham Patron members enjoy an exclusive dinner with Steve Forbes, CEO, Forbes Inc., and the speakers and spon-sors of the Forbes CEO Europe Forum at Rydhave.
Ambassador’s
Independence Day Celebration AmCham members join other friends of the United States and sports celebrities for the festivities at Rydhave. A fireworks display topped the evening’s program.
August
Power LunchU.S. Congressional Delegation led by Rep. Joe Barton (R-TX)
House Energy and Commerce Committee members discuss energy, telecommunica-tions and healthcare policy. Sponsored by Novozymes, Motorola, and the
Copenhagen Marriott. AmCham Cup
30 teams compete at this filled-to-capacity sporting and networking event held at Simon’s Golf Club in Humlebæk. (sponsors listed in events section) Board Dinner
Sandra Kaiser, DCM, U.S. Embassy, hosts AmCham board members and their spouses in her home, Søro, in Charlottenlund.
September
OSAC Nordic SummitMembers of the OSAC committees in the Nordics meet to share best practices. OSAC Business Breakfast Nordic Security Challenges 2006 Experts urge companies to prepare detailed security plans.
Sponsored by AON, ADT, and the Copenhagen Marriott.
Meet the Leaders Business Breakfast Lars Løkke Rasmussen, Minister, Interior and Health, and AmCham members dis-cuss the future of healthcare in Denmark. Sponsored by Scandic Hotel Copenhagen and CA Northern Europe.
Executive Forum Nordic Business Models
Managing directors consider the best ways to regionalize. Hosted and sponsored by Ford Motor Company.
ECACC Fall Meetings, Barcelona, Spain
AmCham Denmark’s Stephen Brugger joins other senior AmCham managers from Europe for the knowledge exchange sessions.
October
Partner Event w/U.S. Commercial Service
How to Do Business with the Federal Government
Executives share valuable knowledge at this special member opportunity.
Membership Reception
AmCham members gather for the annual membership reception at Rydhave and the presentation of AmCham’s 2006
Entrepreneurship Award. Sponsored by DaimlerChrysler.
Business Breakfast
Incentivizing the Entrepreneurial Spirit U.S. Chamber President and CEO, Tom Donohue
Danish Industries and U.S. Chamber call for new cooperation on trans-Atlantic trade. Hosted and sponsored by Confederation of Danish Industries.
November
Business BreakfastRipple Effect: Implications of the U.S. Midterm Elections
Experts discuss tax and trade implications of Democratic gains in U.S. Congress. Family Thanksgiving Dinner Capacity crowd enjoys AmCham's 5th annual family Thanksgiving dinner at the Copenhagen Marriott. Sponsored by Discovery Networks.
December
Partner Eventw/ Copenhagen Business School Copenhagen Conference on Strategic Management
Business and academic experts gather at Copenhagen Business School to discuss ‘strategic renewal’ and how companies revi-talize themselves to remain globally competi-tive. Sponsored by Citigroup, Hess, and Verizon Business.
January
Business Breakfast
Carl Schramm, CEO, Ewing Marion Kauffman Foundation, shares provocative thoughts about Denmark’s economic future. 65 executives attend.
Sponsored by Hilton Copenhagen Airport 4th Annual New Year’s
Dinner Party at Rydhave
Ambassador Cain hosts elegant dinner for 80 AmCham Patron members and their spouses. Sponsored by SAS –
Scandinavian Airlines. Partner Event
w/ Copenhagen Capacity General managers describe the advan-tages of Copenhagen as a Nordic base. Sponsored by Deloitte.
February
Ambassador’s Roundtable Pharmaceutical Committee Ambassador Cain and committee members discuss healthcare agenda. Rydhave
Business Breakfast
Diana Farrell, McKinsey Global Institute, recommends ways for Denmark to ride the offshoring tiger. Sponsored by Danske Bank.
Super Bowl XL
AmCham partners w/Danish American Football Federation for the ‘big game’ all night party. Sponsored by Microsoft, and the Copenhagen Marriott.
Building an Entrepreneurial Economy
Reaping the Benefits of Globalization
– The Economic Impact of Offshoring
Offshoring, a key issue tied to globalcom-petitiveness, was the topic in February, when globalization expert Diana Farrell, director of the McKinsey Global Institute, addressed an AmCham Denmark Business Breakfast at Danske Bank’s “Kuppelsalen” in Copen-hagen. About 70 executives attended.
Entrepreneurship and Global Competitiveness
Global Competitiveness
Carl J. Schramm, president and chief execu-tive officer of the Ewing Marion Kauffman Foundation, argued that Denmark has the low unemployment and the labor flexibility required to start building an entrepreneurial economy. But whether Denmark has the political will to go the route of entrepreneur-ship is an open question, he said.
There are enormous implications for global competitiveness and job creation at home. Schramm joined a distinguished panel to dis-cuss this topic at an AmCham Business Breakfast at the Hilton Copenhagen Airport on January 20, 2006. Diana Farrell, McKinsey Global Institute, tells AmCham members that offshoring is part of the for-mula for pro-ductivity in the 21st century global economy.
Bent Petersen, professor, Center for Strategic Management and Globalization, CBS, offered an academic perspective.
Farrell and Bent Petersen, professor at the Copenhagen Business School’s Center for Strategic Management & Globalization, pointed out that few global competition issues generate more heat and emotion than offshoring, the practice of moving business functions to locations with lower costs. The AmCham’s panel on entrepreneurship. L to R: Jonathan Zuck, Association for Competitive Technology; Jens Hald Madsen, member, Danish Parliament;
Leif Beck Fallesen, Børsen; Paul Coleman, Biogen Idec; and Carl J. Schramm, Ewing Marion Kauffman Foundation.
Carl J. Schramm, Ewing Marion Kauffman Foundation, describes an ‘Entrepreneurial Ecosystem.
facts show that every crown spent offshore generates savings for consumers and value for investors in Denmark.
Farrell recommended that Danish decision makers:
• Free up the service sector, enabling it to compete and produce at high levels • Increase work incentives and labor
market flexibility
• Harmonize and consolidate regulations across the European Union
Schramm’s message to Denmark: western economies should leave behind outmoded industrial economic models and embrace entrepreneurial capitalism.
In entrepreneurial systems, start-ups, univer-sities, big companies, and governments interact to create dynamic economies that do not guarantee security for individuals, but ultimately are more resilient, prosperous, and secure for all.
AmCham Chairman Paul Coleman, Biogen Idec, Carl Schramm speaks with Ambassador Cain, who,
Photo :
Hasse F
er
ro
ld
AmCham’s Stephen Brugger welcomes Tom Donohue to Copenhagen.
Hans Skov Christensen, Confederation of Danish Industries (DI), welcomed the U.S. Chamber’s Tom Donohue, Ambassador Cain, and AmCham Chairman Paul Coleman, Biogen Idec, to a business breakfast on October 11.
U.S. Chamber’s
Tom Donohue
Visits Denmark
AmCham Denmark hosted Thomas J. Donohue, president and chief executive officer of the U.S. Chamber of Commerce, during his intensive, two-day visit to Copenhagen in October. Donohue met with government, diplomatic, business and trade officials.
He discussed AmCham Denmark’s newly released Foreign Investors’ Agenda, and joined Ambassador James Cain and AmCham Chairman Paul Coleman as they presented AmCham’s 2006 Entrepreneur-ship Award to CSC Denmark and Topsoe Fuel Cell.
Tom Donohue
Europe has an
opportunity to look
at the problems we’ve
had with frivolous
lawsuits and
class-action litigation and
avoid them. Don’t
allow this to become
a problem.
I believe that everybody ought to be
rewarded on their efforts, their integrity,
their hard work, their innovation and
their good luck.
People who aren’t playing global aren’t playing.
To walk away from the Doha agreement is like walking away and leaving
your wallet on the counter. It’s a dumb idea.
Donohue discussed bilateral trade, Doha, sustainable energy and competitiveness with Danish Trade Council officials, issues facing Danish small- and medium-sized companies entering the U.S. market with Børsen, and international business initiatives with the Confederation of Danish Industries (DI). Donohue’s visit signaled AmCham’s growing presence on the business and economic scene in Denmark.
During his visit, Donohue shared his views on issues of concern to AmCham Denmark members. Among his comments:
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Photo: T h o rkild A mdi Chr is te n se nSocial welfare systems must be efficient and results-oriented in order to meet the needs of an ever-changing world.
That was what Helle Thorning-Schmidt, leader of Denmark’s Social Democratic Party, told 90 business leaders, diplomats, and party officials who gathered in March for
Key Danish Minister
Discusses Healthcare Reforms
AmCham members convened in Septemberto hear Danish Interior and Health Minister Lars Løkke Rasmussen describe how unfold-ing reforms and innovations are improvunfold-ing Denmark’s healthcare system. Rasmussen said the keys to improving Danish health care include:
Meet the Leaders
Rasmussen told AmCham that while he “doesn’t completely agree” with everything in the Chamber’s 2006 Healthcare Policy Agenda, he appreciates its perspectives.
Steen Horsleth, Varian Medical Systems, and Anders Bagger, GE Healthcare, were among the participants.
Members of the Pharmaceutical Committee posed questions to the minister. AmCham’s Executive Director Stephen Brugger engages
Helle Thorning-Schmidt in a lively Q & A following the keynote.
Helle Thorning-Schmidt and Ambassador James Cain at the Power Lunch. He introduced Thorning-Schmidt as “a person of style, substance and savvy.”
Launched in 2006,
AmCham’s Meet the Leaders events bring
together key officials in government and industry to discuss
issues of shared concern. The first two forums addressed two of
Denmark’s most pressing issues, the quality and competitiveness
of healthcare and the social welfare system.
Thorning-Schmidt to AmCham:
Welfare System Should Adapt
AmCham’s first Meet the Leaders Power Lunch event. Some take-away points from her presentation:
• Denmark needs outside-the-box thinking to make the public sector more cost effective.
• The current government has dropped the ball on research and development funding that would boost the economy globally, particularly in renewable energy. • The government is missing opportunities
for public sector market economy connec-tions.
• A centralized, consolidated hospital structure
• Preventive measures to identify and treat symptoms earlier • A more open, clear and patient-oriented system
• More public-private initiatives, such as centers of excellence and specialized hospitals, to make the Øresund region even more of an international healthcare hub.
xxxx
AGM
AmCham Denmark member representatives discussed the future of U.S. energy, telecom-munications and health care policy with seven members of the U.S. House Committee on Energy and Commerce at AmCham’s Power Lunch on August 21, 2006.
AmCham Approves Accounts
and Looks Ahead at AGM
Members of the U.S. House Committee on Energy and Commerce at AmCham’s August 2, 2006 event. L to R: Rep. Gene Green (D-TX), Rep. Nathan Deal (R-GA), Rep. Mike Ross (D-AR), Ambassador James Cain, Rep. Joe Barton (R-TX), Rep. Tammy Baldwin (D-WI), Rep. Michael Burgess (R-TX), and Rep. Edward Markey (D-MA).
Steffen Ring, technical director for Motorola Denmark, questions the CoDel on current telecommunications initiatives.
Key Congressional Committee
Meets with AmCham Members
The committee is a powerful one, with legisla-tive oversight relating to interstate commerce, energy, the environment, telecommunications, consumer protection, the Food and Drug Administration, the National Institutes of Health, the private health care industry, Medicaid and much of Medicare. The law-makers and executives discussed how Danish insights could be applied in U.S. markets.
Ambassador Cain delivers the keynote at the AGM. Ulrik Fleischer-Michaelsen, a partner of Rønne &
Lundgren, directs the proceedings at the AGM.
Looking inward, Denmark faces some big challenges, the Ambassador said. In coming decades, the growth in the number of senior citizens will far outpace that of new workers. Cain said the resulting stress on Denmark’s comprehensive social safety net is “a cause for worry.” As he sees it, Denmark ultimately will need to take bold action to address the unfolding changes. The fact that Denmark is competing and doing well economically makes such action more difficult at this time, said the Ambassador.
In a question-and-answer session with AmCham members, Cain addressed the AmCham ideals of globalization and entre-preneurship. He said that education can spark the entrepreneurial spirit in young peo-ple. Still, it won’t be easy: While Europeans are “fascinated” with the entrepreneurial, risk-taking success of the U.S. economy, they prefer traditional guarantees.
AmCham’s Annual General Meeting (AGM) approved accounts for 2006, re-elected six board members and confirmed four others. The April session at Deloitte’s Copenhagen offices was shepherded by AGM chairman Ulrik Fleischer-Michaelsen, partner of Rønne & Lundgren.
Accounts showed AmCham to have a solid financial foundation. Revenues grew substan-tially the previous year, enabling the Chamber to provide more services and pro-grams. Membership grew by 9.3 percent in 2005, reaching 268 companies by the end of the year. Twenty membership upgrades also added to the Chamber’s revenues.
Other details of the AGM report indicated a period of significant growth and strategic development for the Chamber. AmCham projected 2006 to be an active year high-lighted by policy formulation, a busy com-mittee agenda, and high-level meetings with governmental and corporate leaders in Denmark and the United States. Chairman Coleman
Presents Foreign Investors’ Agenda AmCham Chairman Paul Coleman, general manager, Biogen Idec, presented the agenda to the membership at the AGM. He said the content of the agenda is formulated to help start and sustain dialogues among public and
private stakeholders to address the key ques-tion facing the Danish economy, “Where will we be in five years?”
Coleman said that it is important to express the exuberance/can-do spirit that has tradi-tionally driven American business achieve-ments, but to do so in a way that has traction in a Danish business culture. The Foreign Investors’ Agenda is a way to do so. Ambassador Cain Delivers Keynote Ambassador Cain described what he called the Embassy’s “great relationship” with AmCham. He said the two entities are “the vanguard” of American enterprise in Denmark, which finds itself at the forefront of Europe and disproportionately influential in NATO and the European Union.
AmCham Cup 2006
Thanksgiving
Thanks to all of the AmCham Cup 2006 sponsors:
3M, Amerada Hess,Computer Associates, Chevron, Citigroup, Continental Airlines, CSC, Danish American Football Federation, Discovery Nordic Network, Eversheds, Fair Insurance, Hertz, Hobart Foster Scandinavia, Rønne &
Chevron Denmark won the AmCham Cup 2006.
Cub Scout Troop 865 perform a flag ceremony.
AmCham Cup 2006
30 Teams Compete for
The fifth annual AmCham Cup con-tinued the tournament’s tradition as a top-notch sporting and networking event. It was held at Simon’s Golf Club in Humlebæk on August 24. Team Chevron Denmark won the tournament. Hilton Copenhagen Airport was the main sponsor. This year’s 120 players competed and net-worked on the golf course’s varied holes, including the 10th, where the 18 golfers who cleared the water and hit the narrow green won the new “Citigroup Drive to the Green” prize – a case of Brooklyn Beer. The top team prize was four Motorola RAZR mobile phones; the top individual prize, for the longest drive, was round-trip airfare on Continental Airlines to New
York City and a three nights’ stay at the city’s luxurious Hilton Millennium Hotel. All players were equipped with AmCham caps provided by Sun Microsystems. Participant Alan Pitts, managing director of Chevron Denmark, reported, “I found the AmCham Cup to be a tremendous opportunity to meet a diversity of people within the Danish-American business com-munity. The quality of sponsors is a testa-ment to the value businesses place on well-organized and attended events such as the AmCham Cup.”
“A day like this really brings value to my business,” said Kaare K. Førby, sales man-ager, Manufacturing, for SAS Institute A/S.
Thanksgiving
Already the largest event of its kind in the region, the AmCham Family Thanksgiving’s size and reputation continue to grow. There were 420 guests at this year’s dinner, including more than 140 children. The chil-dren were entertained by volunteers from Denmark’s International Study Program (DIS) who facilitated games and crafts; a balloon artist; and face painters in the speciallydeco-Face painters ‘decorated’ the children.
Thanks to all of the Thanksgiving 2006 sponsors:
Motorola, Lexmark, Coca-Cola Nordic Services, Mattel, Copenhagen Marriott Hotel, Air France – KLM Group, Elizabeth Arden, Nordic Phytopharma, Microsoft Denmark, Møbeltransport Danmark, Radisson SAS Royal Hotel, 3M, Toms, McDonald’s Denmark, Hilton Copenhagen
The Gospel Sisters provide the entertainment in the main ballroom, singing lively renditions of both new and classic gospel selections.
rated kid’s room, another AmCham
Thanksgiving tradition. The event was a cele-bration of family, togetherness and bounty, said AmCham Chairman Paul Coleman. Another highlight of the festivities was AmCham’s traditional Thanksgiving gift raf-fle, which generous sponsors have made into a dramatic giveaway of valuable prizes including airline tickets to Milan and the
Main Sponsor:
Ambassador Cain carves the first turkey.
United States, hotel accommodations, meals, the latest mobile phones and Xboxes, wines, chocolates, cosmetics and more.
AmCham thanks the volunteers, sponsors, hotel staff, entertainers, guests and speakers, all of whom made the 2006 festivities so meaningful, joyous and memorable. We look forward to sharing Thanksgiving with you again next year.
Partner Events
Partner Events
Jørgen Vig Knudstorp, chief executive officer of Lego, and AmCham board member Mark Luscombe, managing director of Citigroup Danmark, were among the participants at the Copenhagen Business School’s Conference on Strategic Management, an AmCham Partner Event.
Colin Powell joins AmCham’s Stephen Brugger at the May event.
Tax Minister Kristian Jensen and Steve Forbes joined a host of distinguished guests, AmCham Patron members and key Embassy officials for a CEO Europe Forum speakers and sponsors dinner at Rydhave. Ambassador Cain; Ohio State University Professor Jay Barney; and José Santos, INSEAD; at CCSM 2006.
Partner Events help AmCham members and other relevant partners hold top-notch, targeted meetings and events, net-work with colleagues in professional and social settings, share best practices, and deliver key messages to their customers and the general public. AmCham provides planning and logistical support for these programs.
Events in 2006 covered a number of topics of direct interest to our members, including inward and outward investment, how to do business with the U.S. federal government, and
strategic renewal. Partner Events also provided opportunities to meet renowned corporate figures. Some of the highlights: AmCham Denmark worked with Børsen Executive Club in May on an exclusive speaking engagement with former Secretary of State Colin Powell. In addition, AmCham spon-sored a lunch for Powell at the Ambassador’s residence, Rydhave. Ambassador Cain welcomed government leaders, key business executives, members of Amcham’s board of directors, and special guest Crown Prince Frederik.
In June, AmCham partnered with Forbes CEO Europe Forum for a Speakers/Sponsors Dinner at Rydhave in June 2006. More than 85 AmCham Patron members, Forbes CEO Europe Forum organizers, event speakers and sponsors, Danish gov-ernment representatives, and Embassy officials attended. Experts discussed strategic renewal at the 2nd annual Copenhagen Conference on Strategic Management – CCSM 2006 – an AmCham Denmark and Copenhagen Business School partner event. The morning program, which included presentations from four renowned topical experts, was fol-lowed by a Power Lunch, where Ambassador Cain shared his views on entrepreneurship. More than 150 academicians and business leaders attended.
Special Section
Doing Business in Denmark 2007
AmCham is proud to present “Doing Business in Denmark” in your 2007 Yearbook.
We thank Ernst & Young for contributing this useful and informative special section.
(Left) Nyhavn, (Right) The Øresunds Bridge
Denmark at a Glance
Denmark is a monarchy and a modern democracy – Copenhagen is the capital. Denmark is one of the world’s top 3 flexible labour markets with a well-educated popula-tion of app. 5.4m, distributed over 2.5m households, with a high proportion of uni-versity graduates and excellent language skills.
Denmark is considered the natural gateway to the Scandinavian countries and the Baltic area with its location in Northern Europe.
Organising Business Activities
in Denmark
Business activities in Denmark may be organ-ised in a number of different ways. The rules applying to the formation of subsidiaries, in the form of a public limited company or a pri-vate limited company or a branch office, are described below. These types of business organisation are most commonly used by for-eign enterprises wishing to establish a busi-ness in Denmark.
Subsidiary corporation – limited company
General
Foreign business enterprises may conduct business in Denmark through a limited liabil-ity company. The liabilliabil-ity of the shareholders is limited to the share capital, i.e. the capital invested. Limited companies are separate legal entities governed by the Danish Companies Act. The Companies Act provides for two types of companies. A company may be established as either a public limited lia-bility company (“Aktieselskab” or “A/S”) or as a private limited liability company (“Anpartsselskab” or “ApS”).
The requirements for either type of com-pany are fairly identical, with a few excep-tions.
Share capital
The minimum capital requirement for an A/S is DKK 500,000, which must be paid in cash or in the form of assets (non-cash contribu-tion). The share capital must be paid in full before registration can take place. It is possi-ble to issue shares that carry voting powers exceeding those attached to other shares by up to ten times. An A/S may hold up to 10% of its own shares.
The minimum capital requirement for an ApS is DKK 125,000, which must be con-tributed in cash or in the form of assets (non-cash contribution). The share capital must be fully paid in before registration can be com-pleted. Voting rights may be agreed. An ApS cannot hold any of its own shares.
Founders
One or more individuals or legal entities may found a limited liability company. At least one of the founders must be resident in Denmark or have a registered address in another EU member state.
Management
An A/S must have a Board of
Directors/supervisory board (“Bestyrelse”) and minimum 3 board members. The super-visory board appoints the executive board, which must count at least one person. The A/S supervisory and executive boards are jointly responsible for managing the compa-ny. If the company has employed at least 35 persons during the past three years, the employees are entitled to elect additional members to the supervisory board from The highly developed infrastructure as well
as EU membership means swift and easy access to all markets in the Northern European region.
Denmark has one of the most advanced telecommunication infrastructures in Europe with world leading use of PC, Internet and Broadband.
Denmark offers a competitive company tax rate and a special tax regime to the benefit of expatriates. Population: 5.427.459 (Jan 2006) Area: 43.560 sq km (2006) Currency Danish krone (DKK): 1 kroner (DKK) = 100 øre $1 USD = 5,91 DKK (Jan 2007) 1 EUR = 7,45 DKK (Jan 2007) GDP: GDP per capita (PPP) USD 34,600 (2004) GDP real growth rate (2005) 3.4% Labor force: 2.766.000 (2004 DS) Unemployment rate: 4,0 % (ultimo 2006, DS)
The rules governing the formation of part-nership companies, limited partpart-nerships, general partnerships, cooperative societies, commercial foundations, European Economic Interest Groupings (EEIG), joint ventures, etc. will not be covered. The review does not include financial services institutions (banks, stockbrokers, insurance companies, mortgage banks, etc.), which are governed by separate legislation.
as to the residence or registered address of members of the supervisory and executive boards.
An executive board is the minimum require-ment for managerequire-ment of an ApS. However, a supervisory board is required if the company has had more than 35 employees during the past three years, as the employees of an ApS have a right to elect members to the supervi-sory board from among themselves. Management of an ApS is the responsibility of the supervisory board, the executive board, or both bodies. The number of mem-bers of the supervisory and executive boards may be agreed freely. There are no restric-tions as to the residence or registered address of members of the supervisory and executive boards.
Distribution of dividends
Basically, only the Annual General Meeting of shareholders can resolve to distribute divi-dend. However, a general meeting of share-holders can authorise the supervisory board to carry through an extraordinary distribu-tion of dividend at times other than in con-nection with the Annual General Meeting of shareholders. However, the possibility of such an authorisation must be laid down in the articles of association.
Only revenue reserves can be distributed. Distribution of dividends must not exceed what is reasonable considering the compa-ny’s financial position.
Loans and security provided by the company Danish companies are not permitted to advance loans or provide security to share-holders, members of the supervisory and executive boards of the company or the par-ent company. Excepted from this main rule are, however, loans to a parent company and security provided in respect of a parent com-pany’s obligations. According to the Danish Commerce and Companies Agency, this exemption does not apply to foreign parent companies outside the EU.
Accounting and Auditing Requirements
All business entities are required by law to maintain appropriate bookkeeping for the
of the business carried out. The Bookkeeping Act provides the minimum requirements and the tax authorities issue supplementary regu-lations and guidelines. According to the Bookkeeping Act, separate bookkeeping records must be prepared for the Danish enterprise. Under the Act, it is permitted to have the company’s bookkeeping performed outside Denmark. However, the accounting records must be kept in Denmark. In certain, special circumstances, an exemption from the archiving rules may be granted (only for the Nordic countries). Basically, accounting records for the current financial year and the previous five financial years must be kept. The management of a company must pre-pare financial statements in accordance with the Danish Financial Statements Act (årsregn-skabsloven) that sets out format, content and standard principles for the financial report-ing. The annual financial statement compris-es an annual report, a profit and loss state-ment, a balance sheet, a cash flow statement and appropriate explaining notes. Moreover, companies listed on the Danish Stock Exchange are required to disclose financial statements in compliance with International Financial Reporting Standards (IFRS). Non-listed Danish companies are always allowed to prepare their financial statements in com-pliance with IFRS.
The financial statements must be audited in Denmark by a state authorised public accountant or a registered public account-ant. For listed companies, only state autho-rised public accountants can issue an audit report. Smaller companies can be relieved from the mandatory audit of their financial statements.
Without undue delay after the Annual General Meeting (3-4 days), the company must submit the financial statements to the Commerce and Companies Agency for pur-poses of publication. The financial state-ments must be filed not later than 5 months after the year-end. The deadline is one month shorter for listed companies. The financial statements of a foreign parent company, if any, need not be submitted.
