Report on the capital increase in DONG Energy A/S and the initial public offering (IPO)


Report no. 16/2016

Rigsrevisionen launched the study in September 2016 at the request of the Danish Public Accounts Committee. 

The Public Accounts Committee asked for a factual description of the capital increase and IPO, and Rigsrevisionen has therefore generally described, but not assessed, the facts of the case. Rigsrevisionen has assessed how the Ministry of Finance has managed its ownership interests and whether it has adhered to principles of good administration. 

It is Rigsrevisionen’s overall assessment that the Ministry of Finance has managed its ownership interests actively and had a leading role in connection with the capital injection and subsequent IPO of DONG Energy. During these intensive processes, the Ministry of Finance and DONG Energy worked closely together, assisted by their advisers. 

Rigsrevisionen has noted that several key documents on the capital injection are non-existent, and the ministry’s deliberations are not always adequately documented. This is considered very unsatisfactory by Rigsrevisionen, when taking into account the financial value of the transaction and the fact that the inadequate documentation concerns important aspects of the case. The Ministry of Finance has thus failed to ensure adequate transparency of the decision-making process as prescribed by the principles of good administration.

Read the 1st chapter of the report (PDF)