Page 46 - Sustainability Report 2022

46 Corporate story

Governance and reporting:
Positive outcomes from the new
board of directors

In last year’s sustainability report, Phoenix
Design Aid reported on the installation of its
new board – the onboarding process, the
board’s aims and member introductions. A
year on, Phoenix Design Aid is already seeing
positive outcomes from the establishment of
this new governance structure.

In July 2021, Phoenix Design Aid officially
welcomed its new board of directors. In
addition to the four board members, a
consultant and two employees act as secretary
and advisors to the board. The board’s first
tasks were to sign off on documents to
formalize its structure and guide its work,
including articles of association, rules of
procedure and executive instructions.

An annual cycle of work was created to Lars Johansson, Chairperson at the Phoenix Design Aid board of directors. Photo: Groovy Graphic.
provide structure for the board meetings
and to feed into the agenda for each
meeting. The current annual cycle of
work includes a monthly online meeting
complemented by four in-person meetings
and one full-day strategy seminar.
Next steps for the board of directors
In addition, the board has created a secure
digital channel on Microsoft Teams where all “Governance is the key word for all the work Phoenix Design Aid and the board have
shared documents are saved, with permissions that has been done since the installation of developed new key performance indicators
limited to Phoenix Design Aid board members. the board. Governance sets the framework (KPIs) to start measuring and evaluating
This ensures that all board members can for our future work together and ensures the company’s performance against a KPI
access shared documents without the need that all members have the same requisites. It framework. These KPIs address risks related to
to send these via email, which risks issues with also aims to ensure that the board has the areas such as digital, finance and reputation.
security and version control. This cloud-based necessary information in order to be able to Phoenix Design Aid’s work on its KPIs will
document sharing will be particularly beneficial create value-add by providing knowledge continue in the second half of 2022 as the
as travel starts to increase post pandemic. and ideas that benefit the company, its company prepares for environmental, social
clients, shareholders and employees,” and governance (ESG) reporting, but it will also
said Lars Johansson, Chairperson of the ensure that the focus on KPIs does not result
Governance leads the way Phoenix Design Aid board of directors. in rigid work procedures. Phoenix Design Aid
recognises that not all employee performance
A few months into the board’s work, a new According to Dennis Lundoe Nielsen, and well-being can be captured and measured
monthly regime was initiated whereby a CEO of Phoenix Design Aid, knowledge- solely by numbers. These aspects are managed
report on the financial status of the company, sharing among the highly qualified board effectively via weekly meetings between
including forecasts, status of projects and members is a key priority of the board. management and staff where, for example, the
project pipelines, is presented to external physical working environment is addressed.
stakeholders, including the company’s bank “The board provides Phoenix Design Aid with
and accountants. This monthly reporting qualified and competent knowledge-sharing “The aim of the work with the monthly
covers Phoenix Design Aid A/S as well as its and feedback on financial and strategic reporting, KPIs and risks is also for the
two subsidiaries, meaning that all information aspects as well as governance. I am sure that board to initiate the best possible ideas that
and reports on the three corporations are the board will help make significant progress benefit the future of the company as well as
now stored together in one data room. in the company,” said Dennis Lundoe Nielsen. minimizing possible risks,” said Lars Johansson.

Phoenix Design Aid ⁄ Sustainability Report 2022