BOARD OF DIRECTORS AND ADMINISTRATION

COWIfonden is governed by a board of nine members, of whom six are appointed and two are elected by employees in the Danish part of the COWI Group in accordance with the Danish Company Law and one member is elected by the employees in the Swedish or Norwegian part of the COWI Group. Four of the six members, who are appointed, must be individuals who either are or have been in senior management positions in the COWI Group. The remaining two members are appointed amongst highly respected and independent individuals outside of COWI.