Danish pharmaceutical company Novo Nordisk's board chairman, Lars Rebien Sørensen, may face opposition at the company's annual general meeting after advisory firm Institutional Shareholder Services (ISS) recommended that shareholders withhold support for his re-election. This was reported by Bloomberg News.

ISS points out that Sørensen serves as both chairman of Novo Nordisk and the Novo Nordisk Foundation, which controls 77 percent of the company's voting rights. According to the advisory firm, this concentration of power could jeopardize the board's independence and the protection of minority shareholders.

Although the foundation has stated that Sørensen's chairmanship is intended to be transitional, ISS notes that "there is currently no clear information regarding the end of his mandate or improved safeguards for minority shareholders."

Sørensen was approved as board chairman in November following a disagreement between the board and the foundation concerning the pace of change at the company. This dispute led to more than half of Novo Nordisk's board choosing to resign.

Novo Nordisk has not yet provided a comment.

The annual general meeting is scheduled for Thursday, March 26.