Dagbladet Børsen A/S

Management's review

Key activities The company's activity is the publication of the news media Børsen, which consists of the printed newspaper, magazines and digital publications on a number of platforms. In addition, conferences and events of interest to the target group are held. The portfolio also includes the educational platform Børsen Uddannelse. Development in the year Despite the macroeconomic challenges, Børsen has seen revenue growth in 2023 compared to 2022. Revenue in one of the largest areas, advertising, has experienced a decline, which is offset by revenue growth in subscription earnings and adjacent areas, Børsen Education and Partnerships. The company's revenue amounts to DKK 324.0 million against a turnover in 2022 of DKK 315.6 million, which is a growth of approximately 3%. The revenue growth is very close to the expected growth of 4-8%. The reason is that advertising earnings saw a decline. The company's profit before interest is DKK 51.6 million (EBIT) in 2023, which is a retention compared to 2022, when profit before interest was DKK 51.5 million. This small increase is lower than the expected growth, due to an unexpected drop in advertising earnings. The result for the year 2023 is DKK 44.8 million against a result of DKK 40.1 million the year before. The growth is due to change in interest accrual in cash and cash equivalents. Targets and expectations for the year ahead Børsen's growth strategy for the coming years is based on continued growth and the digitization of the subscription business, which in turn forms the basis for Børsen Uddannelse and Partnerships to continue growth in the coming years. At the same time, advertising revenue is also expected to contribute to a positive development driven by growth for digital products. Total revenue is expected to grow by 2-5% in 2024. The expectation for the result for the year is an increase of approx. 1-4%. Basis of earnings **Uncertainty relating to recognition and measurement** There are no uncertainties in respect of the recognition and measurement methods besides the general uncertainty of running a business. Statement of corporate social responsibility and data ethics In 2023, we have formulated a "Børsen CSR report 2023", in which it is described how the company lifts its social responsibility, through a description of the business model, purpose, strategy and culture. In addition, the report touches on the company's environmental and climate impact, data ethics and our continuous focus on this, as well as shedding light on key elements in relation to employee and management conditions and development for all Børsen's employee groups. We refer to the CSR report, deep link: https://cdn.borsen.cloud/sites/borsendk/files/pdf/CSR_rapport.pdf In the following we will explain our gender composition. Explanation of gender composition At Børsen, it is important to have equal opportunities for all. We therefore closely follow the development of our gender distribution at all organizational levels and have a goal of having a 40-60% distribution among women and men. The following is an account of the gender composition of the supreme management body, the rest of management (which includes the first level of management after the supreme governing body and the second level of management with personnel responsibility) and the total level of the organisation. In Børsen's supreme governing body (the Board of Directors), 33% are women (2 out of 6 people), which is assessed as an equal distribution, cf. the Danish Business Authority's guidance on this. Børsen's entire management consists of 16 women and 19 men, i.e. 46% are women. This includes all managers at Børsen - including Børsen’s Executive Board. In Børsen's Executive Board, 2 out of 5 are women, and there is thus an equal gender distribution in Børsen's Executive Board. Among Børsen's other managers, 14 out of 30 are women, and there is thus an equal gender distribution in Børsen's management. Among all Børsen's 236 employees, 119 are men and 107 women, i.e. 52.7% men and 47.3% women. Diversity among employees will continue to be a focus point for the management at Børsen. In 2023, we have employed 51 colleagues (including both full-time and part-time employees). Among the full-time employees, 16 are women and 12 are men, i.e. 57% women. Out of the 51 new colleagues in 2023, 32 are women, i.e. 63%. In 2024, we will continue to focus on meeting our goal of a 40-60% split in both retention initiatives and recruitment processes. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. CSR Report 2023  In 2023 we have formulated a CSR report including Information regarding our Corporate Social Responsibility, including a description of our business model, purpose, strategy, and culture, will be outlined in the following. In the CSR Report we also address Børsen’s environmental and climate impact, data ethics, and stress how we continuously focus on these topics. Furthermore, the CSR Report highlights central elements relating to employee and manager conditions and development in all employee groups. The CSR Report is meant as a supplement to the annual report and accounts for paragraphs 99a and 99d in the Danish Financial Statements Act. Statement of Corporate Social Responsibility   The statement of Corporate Social Responsibility covers the period from January 1 to December 31, 2023, and relates to the Annual Report for 2023. The company complies with current rules and legislation in the markets in which it operates. It should be noted that Børsen is majority-owned by Bonnier AB and is therefore subject to group policies outlined in a separate Group Framework Portal (for an overview of policies, see appendix 1). 1.0 Description of the Company’s Business Model   Børsen’s main sources of income are divided between subscription sales, ad sales, conferences, and educational courses. Børsen employs about 230 full-time staff who, with the exception of a few international correspondents, are situated in the headquarters in Copenhagen and a smaller office in Aarhus (8 employees). A sense of responsibility for society has always been at the center of the newspaper’s 127 year-long history. From Børsen’s founding, enlightening the public about business and economy has been considered central to its purpose, these areas not having been covered adequately prior to the contribution of Børsen. Those values continue to be the common threads in the company’s raison d’etre of promoting competent democracy. 1.1 Purpose and 2030 strategy At the end of 2021, we launched a new strategy focusing long-term, until 2030. A strategy in which we seek to understand and consider the powers and consequences of digitalization, both commercially and in terms of editorial content – and what new equilibriums to imagine in case of complete digitalization. We strive to be ready for the future, which is why we have formulated a strategy that enables us to be a decisive player, including in a digital market without any print products. The above is manifested in our strategy in a specification of the development prerequisites to make Børsen a bigger and stronger company in terms of revenue, profit, and societal significance towards a completely digitalized scenario.   The core of our strategy is an elaboration of Børsen’s purpose. This is based on the many purpose-driven principles that always have constituted the foundation of our operation. Traditionally, Børsen has stressed delivering indispensable journalism of high credibility to business decision-makers. We will continue to do so. However, independent studies show that many Danes do not trust the media, generally, in terms of objective journalism and that the debate about fake news is impacting Danes’ view on the media’s credibility negatively. Børsen already scores high on credibility in Danish readers’ assessment of the media. This represents a valuable asset for Børsen that we are committed to vigorously defending while also actively seeking ways to leverage it positively. It is both a privilege, a commitment, and an opportunity. Meanwhile, it is our conception that digitalization and the business models connected to digitalization, pull in the opposite direction. This is not a direction we wish to follow. At Børsen, our aspiration is to serve as a lighthouse in the media industry by demonstrating competence, independence, and discipline in both our actions and appearance. We must engage more readers and a more diverse crowd of readers than we have done up until now. This without choosing the easy way out with clickbait. We must enlighten, shed light on nuances, qualify, and balance. We must be critical all around. We must challenge the people in power but also listen to them and make them heard. Likewise, we must challenge the critics of the people in power, while also listening to them and making them heard. At Børsen, we must spend time on and make space for the people who undertake substantial responsibilities for the development of the Danish society, and those who work on useful solutions for the challenges of the future; not on those who cry the loudest or has the most extreme opinions, which can potentially create the grimmest debates. The development of Børsen needs to reflect that we are aware of our responsibility. This presumes that we keep our historic core and simultaneously renew the company. We need to build a platform with relevance for significantly more people than ever before. More Danes need to understand and have access to facts and important connections to empower a more competent democracy. And to a larger extent, we need to be a link between the business sector and society, between the individual’s professional challenges and personal values. At Børsen, we work every day to promote competent democracy. 1.1.2 What is our definition of competent democracy? We define competent democracy as sufficient knowledge obtained from sufficient data, which is pivotal to making decisions with the desired impact. We consider insight in the business sector and economy to be especially crucial in relation to democratic competence. In continuation of this purpose, it is Børsen’s strategy to reach a far bigger and wider audience with our content than up until now. We already saw promising developments in 2021 and 2022, and now in 2023, we have reached a milestone with 95,000 individuals having paid access to our journalism. This means we have more subscription customers than ever before, the majority of whom have opted for pure digital access. The strategy calls for a continuation of this growth and investments in even higher quality, both in terms of technology and content. 1.2 Our culture is a decisive factor in whether we succeed with our strategy At Børsen, we strive to have an open and informal culture, where the focus is learning, feedback, and creating an environment where everyone can be the best versions of themselves, and with that also appear as a unified and professional Børsen, proudly devoting great efforts to live up to our purpose of promoting competent democracy every day. We aspire to be an attractive workplace for all our employees, and we want to be the player on the market that can harness the benefits of being a smaller company, like agility, high execution power, and autonomy, while simultaneously offering our employees terms matching the big players on the Danish labour market. This means that we pay a lot of attention to both the mental and physical well-being of our employees. At Børsen, therefore, we offer health insurance, free gym facilities, a ping-pong table, pilates training, a runners club, a resting room, a healthy lunch and fruit scheme, among other perks. Besides the above-mentioned employee benefits, Børsen has had a great focus in 2023 on creating greater knowledge of people across departments, and by that supporting interdisciplinary projects by having more social events, having established a ‘social committee’ (a small group of employees) in every department, which is responsible for organizing social activities in and across departments. Børsen wishes to constantly develop existing employees as well as attract new employees, and so the cultural development is an integrated part of Børsen’s general strategy and will be elaborated in the section ‘Politics for social conditions and employee conditions’. Attracting new employees has been a keyword in 2023. The 2030 strategy requires that we do things differently at Børsen, and in 2023 we have been focused on which roles we need to recruit talented colleagues for, in order to make sure that we organize us correctly to drive the changes we have in front of us. 2.0 Information About Risks in Relation to CSR Børsen’s surroundings have great expectations of the Company and its way of running a business. Therefore, it is important to keep a sharp focus on maintaining Børsen’s reputation and editorial credibility.  However, a strong reputation also has the potential to become a company’s greatest weakness. When the public has high expectations of the actions of the company, potential mistakes will have greater impact. The following is a short run-through of selected areas of Børsen’s business alongside trends the Company should consider. 3.0 Statement on Data Ethics in accordance with the The Danish Financial Statements Act and IT policy (section 99d) At Børsen, we aim to be a digitally responsible company where users, collaborators, and employees can trust that we handle data with respect and care. Therefore, data ethics and data security are of high priority at Børsen. The principles of our data ethics policy are:- Børsen has established an internal data group that meets weekly and reports to the management. The data group continuously assesses data ethics, data processing, and data security.- Børsen uses third-party data received with user consent.- Børsen neither sells nor purchases user data directly.- As overarching data ethical principles, data is always evaluated based on proportionality with a focus on data minimization, anonymization, and deletion.- Collaborators processing data on behalf of Børsen are assessed from both a GDPR perspective and a broader data ethical standpoint by the data group. We continuously work on describing internal activities related to the processing of personal data through "records of processing activities" (ROPA). Additionally, data ethics is outlined in Børsen's privacy policy and cookie policy on the Børsen website. We regularly assess whether there is a need to adjust existing policies/procedures in this area. Børsen will continue to adhere to overarching data ethical guidelines and seek external legal assistance when necessary in the future. 3.1 Information Security Policy The Bonnier Group has adopted an information security policy to ensure high information security throughout the Bonnier Group, as it is crucial for maintaining our values and credibility in the external environment. The information policy applies to all employees in the Bonnier Group, including all employees at Børsen. Based on Bonnier's policy, Børsen has adopted an IT security policy outlining requirements and guidelines for the use of email and other electronic systems at Børsen. This is to collectively safeguard the company against loss and reputational risks. 3.2 Reduction of Carbon Emissions At Børsen, we have an ambition to improve when it comes to reducing carbon emissions. Our focus points of 2023 will follow in the next part of the report and are divided into the following six categories: 1.Print & Distribution  2.Reusage of Materials3.Focus on Suppliers 4.Renewable Energy 5.Reduction in Paper 6.ESG Task Force Group 3.2.1 Print & distribution Børsen still has a large print run, which is distributed throughout Denmark. Therefore, there is a built-in environmental and climate risk in relation to Børsen’s business in the form of choice of distribution and printing method. In 2022, Børsen has chosen to downgrade from 45 g paper to 42.5 g paper which has reduced the use of newsprint by 5%. We are following developments in the paper industry and, if there is an opportunity to make further reductions, this will be carefully considered. Our newspaper is printed on FSC-certified paper from Holmen Paper. For FSC paper production, both recycled paper and new, fresh wood fibres from FSC-certified forests are used. The FSC-label sets requirements for sustainable and responsible forest management, e.g. requirements that prevent deforestation, forest destruction and degradation, as well as requirements for the protection of biodiversity and ecosystems in the forests. Our printing partner is environmentally certified according to ISO14001 and has the Nordic Swan Ecolabel. The Nordic Swan Ecolabel places high demands before, during, and after production has been completed. There is a strong focus on the purchase of environmentally friendly products as well as waste sorting of paper, cardboard, printing plates, and collection, purification, and recycling of moisture water, surplus dye, etc. In 2023, we tested the possibility of reducing the weight of our Pleasure magazine. However, this did not have the desired effect, and the test has been stopped, as it had too negative an effect on the customer experience. Børsen distributes primarily through ‘Dagbladenes Distributionsnet’ (the distribution network in Denmark), and a smaller portion is distributed though Postnord. Dagbladenes Distributionsnet has focused heavily on switching from fossil-fuelled means of transport to emission-free electric vehicles. Børsen has an ongoing dialogue with distribution suppliers, and, as an active part of Danske Medier, together with other Danish newspaper houses we make ongoing demands for further optimization and electrification of the distribution network. In 2023, electric bicycles, electric scooters, electric cars and vans will be used anywhere where the electric charging infrastructure allows it. Where large distances make it impossible to electrify, vehicles with low energy consumption and vehicles prepared for the use of biodiesel have been replaced. 3.2.2 Reusage of materials In 2023, we have had a special focus on reusing our previously distributed hardware and thus reducing the purchase of new hardware. We have established internal processes that ensure that we repair and recycle as much as possible. These processes include, among other things: 1) We clean and reinstall new systems on all phones and computers that are returned by former employees; 2) we prioritize the purchase of quality hardware; 3) hardware that we estimate cannot be reused is sent to HJ HANSEN Recycling Group. In 2023 there is a 89% reduction in the purchase of new hardware at Børsen. The data has been obtained through a review of invoices related to expenses for the acquisition of hardware. Reasons for 89% reduction: - Focus on reducing computers, screens, and mobile phones when recruiting new employees- Service and reparation when required 3.2.3 Focus on suppliers Events are a permanent part of our product portfolio, and we believe this is an obligation—including in relation to criteria for choosing business partners. In addition to our internal off-sites and external training courses, in 2023 Børsen held the Børsen Bæredygtig Summit with up to 3,000 participants, and four Børsen Gazelle Shows. In the selection of location and the planning of these events, we prioritize those that are Green Key-certified or can document that ESG is high on the agenda in some other way. At our Børsen Bæredygtig Summit, our focus areas were meat-free and 100% recyclable catering. New coffee supplier in 2023 We would like to be able to offer our employees good coffee at work—when it comes to taste experience as well as sustainability profile. That is why we have chosen a new coffee supplier in 2023. Today, Yellowbeard, which has a clear ESG ambition, is organic, and certified Fairtrade and Rainforest Alliance, is our coffee supplier. In addition to the certifications, Yellowbeard has their Yellowbeard Impact which focuses on working directly with coffee farmers in Honduras on both the coffee beans and the restoration of the nature surrounding the coffee production. Digitization is a central part of the 2030 strategy, and we therefore naturally monitor our carbon footprint in relation to data compute and storage. Today, our three providers Azure, Global Connect and AWS, as well as our subscription system NETIC, are carbon neutral. 3.2.4 Renewable Energy In 2023, we will have gone from having 19% to 100% green energy, since we have become part of Ørsted’s Green Solution in Q2. 3.2.5 Reduction in paper Børsen is digitizing rapidly and thereby continuously reducing the environmental and climate impact from the print product, which in 2023 will be at a level satisfactory to the industry. In 2023, we have taken the next step towards a paperless office, as we have downsized with two printers. In 2022, we introduced printing on both sides of the paper and have since seen a decrease in the consumption of printing paper in the office from September 2022 to September 2023 of 40% (measured in volume) expect a further decrease in 2024. We are constantly looking for opportunities to do better and therefore initiated a test of recycled towels from Textilas in half of our toilets. This in an attempt to 1) minimize waste; 2) minimize the consumption of plastic bags; 3) minimize packaging; 4) minimize the consumption of paper and 5) improve the user experience. Unfortunately, the test did not show the desired results, and we have not introduced the reusable towels. At the time of writing, we are looking into whether we can replace the paper towels we have today with a more climate-friendly alternative. 3.2.6 ESG Task Force Group In 2023, we took the first steps to further accelerate our work with ESG by setting up an ESG Task Force Group, which aims to work continuously with our strategy in the area, ongoing reporting and initiating concrete improvement measures. The group consists of representatives from our Legal, Print & Distribution, Finance and People departments. The first focus areas for the group are to acquire greater expert knowledge in areas such as: ESG regulation, ESG leadership, green communication, and biodiversity. Miscellaneous 1. We have bikes, which we encourage everyone to use for external meetings within cycling distance. Our photo department also has an electric bike they can use to get out to location.2. Cleaning: We require all products to be Nordic Ecolabelled.3. Canteen: In collaboration with Eurest, we have introduced an active food waste policy, introduced requirements for organic ingredients, and introduced an average of three meat-free days spread over two working weeks.4. Canteen: We have introduced waste sorting in the canteen. In addition to the above, we monitor our transportation expenses/consumption to ensure that all our travel is sensible and necessary. In 2023, we observe a slight increase in the usage of air travel, while both taxi and train expenses are decreasing compared to 2022. The data is collected by looking through travel expenses. 4.0 Social Conditions and Employee Relations Børsen operates in a market that is regulated by the labour market and by various work environment legislation. Risks regarding social conditions and employee relations are considered low. The following outlines our approach to addressing social and employee-related aspects at Børsen. Our approach to structurally working with well-being at Børsen   Børsen conducts a yearly employee survey involving all employees on Børsen including interns in the editorial department. The employee survey measures on the parameters; team efficiency, leadership, engagement, NPS (how likely our employees are to recommend Børsen as a workplace to friends and acquaintances), psychosocial work environment, and this year, for the first time, organizational leadership capacity. In 2023, Børsen once again had a clear goal to acquire a good result and we are pleased to see an increase in all categories. In 2024, we are taking the next step and initiating more frequent temperature measurements to continuously monitor the well-being and motivation of all employees. Continuous work with well-being and development in the day-to-day  Working to create an even more learning-based culture and focusing on developing the entire person, we have implemented Børsen Feedback Process, specially designed to bring together managers and employees and facilitate a dialogue where they explore potential areas of development and learn through structured feedback processes. This means that all employees have quarterly focus dialogues and frequent 1:1 status meetings as a part of Børsen’s defined annual HR wheel. The focus dialogue in Q2 is more thorough and has the characteristics of an employee development conversation. Working environment committee  At Børsen, we have a workplace environment committee that meets at least once per quarter to discuss selected topics crucial for ensuring a healthy work environment. In 2023, we continued to work on the results from the APV conducted in 2022. A specific initiative resulting from this effort is the activity week in week 43. During this week, we placed special emphasis on incorporating both physical and mental well-being as a regular part of the workweek. 5.0 Politics Regarding Social Conditions and Employee Relations Børsen has collective agreements with both commercial and editorial employees as well as a manual concerning mid-level management, which was updated in Q4, 2023. This contains the association and behaviour policy. Furthermore, Børsen has an IT policy which ensures that every employee is familiar with the concept of “good IT practice” in the office. The IT department enforces the IT policy every day, and all employees are submitted to read and sign the policy in order to acknowledge their familiarity with its terms. Culture at Børsen  At Børsen, the employees are the most important parameter in order to succeed with our 2030 strategy. Historically, Børsen’s product has been printed and thus been in physical form—to distribute it has required efficiency and specialized knowledge in every area of the ‘assembly line’, from writing the article to the customers receiving the newspaper in their mailbox. This has naturally created a culture where every department has excelled in their own processes, and where the necessity (and thereby the interest) of cooperation across departments have been minimal. To be able to follow the market and our customers’ demand, one of the goals in the 2030 strategy is that we want to become completely digital, which places new demands on the way we work here at Børsen. In other words, we move away from a culture, where it has been possible to succeed by every department solely focusing on their own processes, and towards a culture of development, strategic cooperation, and knowledge sharing across the entire house, which is decisive to reach the goals. Being on track in regard to the future, in terms of technological development, the employee experience, the customers’ expectations (both subscribers and commercial partners) etc., requires us to rethink our processes less linearly and more agile. A curiosity towards each other and a desire to learn is therefore prerequisites for succeeding with the strategy. The structured work with the culture at Børsen was accelerated in 2022, where some of the corner stones has been 1) to strengthen our People-area; 2) launch a Børsen Leadership Framework; 3) anchoring the feedback process; 4) increased focus on internal communication; 5) development and training (with particular focus on the management team); and 6) increased use of the personality profile tool Insights. In 2023, in addition to the above, we have started a strategy process with the aim of concretizing and breaking down the 2030 strategy into smaller steps, thereby making the common thread between everyday tasks and the direction towards our 2030 goals clearer. Specifically, this strategy process has resulted in us working with Must-Win Battles for the entire organisation, with a clear common thread out to the daily work of the individual departments and teams – so it is clarified how we prioritize best and contribute to the fulfillment of the strategy. 2024 Must-Win Battles will be launched internally at Børsen in early February 2024. These elements are crucial to create psychological safety, laying the foundation to our learning culture. The following sections will elaborate on selected themes on working with the culture at Børsen in 2023, these being; the work with Børsens Leadership Framework, internal communication, development of the managers’ toolbox along with the use of the personality profile tool Insights.   5.1 Børsen’s Leadership Framework  Good leadership is to create sustainable results together with others and via others, and we perceive leadership and motivated managers as foundational for creating a learning culture. Together with all leaders, we have defined a leadership foundation during 2021. A foundation that we continued to work on implementing in 2023. The foundation is meant to ensure a common ground for how we practice good leadership and enable us to navigate within the same guidelines. A shared standpoint that should make it easier to determine when one is successful as a leader and what employees can expect from the leadership within the organization. The core in the Leadership Framework is that every manager has a good and uniform toolbox in order to give and receive feedback constructively, take responsibility for and communicate the ‘ 2023 strategy’, practice personal leadership , understand changes, and be able to show the way and create motivation during changes. 5.2 Development and education   Wanting to practice a learning culture, we naturally advocate interesting and challenging work tasks for the employees in their day-to-day work life and simultaneously, we wish to support concrete development initiatives that are relevant to the business. We want to improve the possibility of creating a career across Børsen, to make it an integrated part of our culture that we can discuss relevant steps of development internally at Børsen. During recruiting, we are especially aware of possible internal candidates across all departments. We wish to have a culture, where open dialogue between manager and employee can exist, if the employee has a desire to develop themselves in another work area or department at Børsen. We have a great focus on working with leadership as a professional discipline and on developing our managers to make them even more able to drive learning and development in the different teams. We believe that this is essential when it comes to motivation in the day-to-day and retention of employees at Børsen. 5.2.1 Leadership Development Program In 2021, we tailored a management development program (in collaboration with an external consultancy), with the aim of giving all managers at Børsen a solid toolbox when we talk about management as a professional discipline. In 2023, we will continuously work to integrate these tools within personal management, change management, and motivation into daily work. All managers and trainee supervisors must go through Børsen’s basic management training, which currently consists of selected subjects, which together must give our managers skills that strengthen the work of creating a good framework for psychological safety in all aspects of the work. Each module yields concrete activities, such as structured work with focus interviews and employee development conversation, follow-up, 360-degree feedback as well as a management network that brings together managers across departments and forms a good framework for knowledge sharing and discussion. 5.3 Internal Communication We believe that good, transparent, and continuous communication is essential when it comes to creating a good employee experience and developing a learning culture. Therefore, we work to create structures for the internal communication at Børsen. Two concrete examples of frequent and transparent communication are our strategy touchdowns and Business Reviews, which we introduced in 2022. Strategy touchdowns are held for all employees every 8th weeks and are complemented by monthly video updates aimed at ensuring transparency regarding the activities/projects initiated as part of the strategy. These updates also aim to create awareness of core projects and success stories across the entire Børsen organization. Business Reviews are conducted monthly with a focus on reviewing the progress and initiatives for both the core product and financial areas. The meeting is attended by our Product Owners and all Level 1 leaders. 5.4 The personality profile tool Insights  In 2019, Børsen introduced Insights Discovery profiles to all full-time employees to create a greater focus on, and a common language for, cooperation and learning. All employees are offered an Insights Discovery profile and participation in a workshop or an individual feedback session when receiving the report. In 2023, approximately 50 colleagues have attended a workshop or received individual feedback. 6.0 Information about non-financial KPIs related to CSR Børsen measures employee turnover and readership numbers on a monthly basis. As part of Børsen's strategy, various aspects of reader digital activity on Borsen.dk and the use of the e-paper are continuously monitored. Børsen also places significant importance on external, independent measurements of credibility. The following outlines Børsen's principles regarding gender diversity in our journalism, anti-corruption, bribery, and human rights. 6.1 Gender Diversity in our Journalism As outlined in the management’s review, we have a gender-balanced composition at Børsen. As Denmark’s leading business media, Børsen carries the responsibility to support a development towards a larger diversity in the business world, with extra focus on executive and board levels. For that reason, Børsen has, in the past years, prioritized several stories about (missing) diversity in the business world and stories about #MeToo and abuse related topics in Danish companies. Additionally, Børsen has, in the past three years, participated in major innovation and research projects with the aim of informing biases in terms of the number of female sources in journalism. The project, which has been supported by the Nordic Council of Ministers with the participation of researchers from Denmark’s Media and Journalism College, has mapped the use of female sources in various subject areas in Børsen’s journalistic universe and set up benchmarks against several other Danish and international media in relation to gender diversity, among other things. Simultaneously, the project has developed a method that Børsen and other media can make use of going forward, in relation to how male and female sources are referred to with different language in a number of cases. Internally at Børsen, the work has resulted in the gender diversity of our journalism now firmly being measured, and an editorial working group has been set up which continuously discusses new initiatives to promote diversity. The work is anchored in the top management of the news director. 6.2 Politics Regarding Anti-Corruption and Bribery6.2.1 Anti-Corruption and Bribery The primary risk involves the influence on editorial content and, consequently, Børsen's policies regarding this matter. The risk is assessed as low. In 2024, we will maintain the same focus as in 2023. As previously mentioned, Børsen is subject to and has incorporated a variety of policies from its majority owners, Bonnier AB. These policies are available in a separate Group Framework Portal and include, among other things, group policies for anti-corruption and whistleblowing, which Børsen adheres to. The anti-corruption policy broadly addresses journalistic ethics and best practices, due diligence procedures when entering into contracts with new agents and/or consultants, as well as a review of legal consequences for violations of anti-corruption legislation. The whistleblowing policy outlines the specific procedure for using the whistleblowing system. To ensure complete anonymity, Bonnier has partnered with an external company that manages the reporting aspect. Børsen has formulated a code of conduct as a supplement to our social policy, emphasizing these, along with the whistleblowing system, to all employees in the organization during a cafeteria meeting on December 15. This is to ensure that all employees are familiar with our policies in this area and know what to do in case they witness colleagues not adhering to them. Børsen has procedures for employees reporting securities transactions. The procedures and policy ensure that there is no trading or writing based on non-publicly available editorial information. Additionally, Børsen has its own policies for disclosure in, for example, travel and gastronomy articles, which require informing the reader whether Børsen was invited on a specific press trip. Similar to previous years, the above is clearly stated in articles published in 2023. Børsen is also a member of the Press Council. In 2023, none of Børsen's articles gave rise to criticism from the Press Council. 6.2.2 Human rights, corporate governance/compliance, environment and climate The previously mentioned Group Framework Portal also includes policies concerning acquisitions and travels. The travel policy encourages employees to use environmentally conscious transportation when possible.  Human Rights Børsen operates in a highly regulated market, which is why the risk of human rights violations is assessed as very low. Therefore, Børsen does not currently have a separate policy for this matter but has clear ambitions to draft one in 2024. Corporate governance/compliance It is of high priority for Børsen to adhere to the rules and expectations set forth by legislators, customers, and other stakeholders. Additionally, Børsen is subject to and has incorporated a variety of policies from the majority owner, Bonnier AB. 7.0 Børsen's Own Environmental and Climate Initiatives in Our Product Portfolio At Børsen, we place significant emphasis on sustainability in the Danish business sector, considering it part of our mission to disseminate messages related to sustainability to the Danish public. We aim to steer Danish business towards more profitable and sustainable initiatives. Consequently, sustainability is one of the focal points in our 2030 strategy. Børsen Bæredygtig (Børsen Sustainable) was introduced in 2020 and is sponsored by Danske Bank and PwC. Børsen Bæredygtig is an independent editorial product designed to spotlight and enhance knowledge about sustainability in the business sector. Thanks to sponsorship from Danske Bank and PwC, the publication is accessible to all free of charge. At Børsen, we believe that the significant impact in the green transition and the shift towards a more sustainable world largely occurs within the business sector. In 2023, we have therefore initiated the following events/activities under the auspices of Børsen Bæredygtig: Børsen Bæredygtig Cases 2023 We would like to pay tribute to the green frontrunners and provide inspiration to everyone who would like to work more with sustainability. Therefore, in 2023 we once again have asked Danish businesses to submit their own green projects to Børsen Bæredygtig Cases. The goal is to create an annual list that shows the good green examples of concrete and scalable projects that are already being worked on in Danish companies, and which can provide inspiration for everyone. Several hundred companies submitted their projects to us, and among them we have selected 50 inspiring projects, that Danish businesses are now able to explore. The selection process was handled in collaboration between our own sustainability editorial team, the analysis agency Wilke and an advisory board of sustainability profiles. Bæredygtig Masterclasses 2023 With Børsen Bærdygt Masterclasses, Børsen will help raise the debate about the green transition and, not least, give companies concrete tools to work with this. In 2023, we held four masterclasses. Børsen Bæredygtig Summit 2023 In 2023, we gathered the apex of the business community to focus on how we can make the green transition a unique opportunity for Danish businesses together and to discuss how to combine healthy business with a high, green social responsibility. In addition to the aforementioned events/initiatives, it is worth noting both Børsen Gazelle, where we annually recognize and celebrate the country's fastest-growing companies, and our inaugural education program in green communication and greenwashing created in collaboration between Børsen Uddannelse and Børsen Bæredygtig. We will continue to focus on what value this collaboration can generate for our customers, our society, and thus also for our purpose. Finally, at the time of writing, we are working on getting a better overview of Børsen’s carbon footprint, in collaboration with Bonnier, with the overall goal being to minimize this as much as possible. The end product is a report that contains data that includes: a central reporting of electricity consumption, IT equipment, printing and distribution, travel and waste, and last but not least the result from an employee transportation survey, giving us an overview of which type of transportation our employees use going back and forth between our offices and their homes.