On behalf of the Board of Directors and executive management, I'm very pleased to welcome you to this annual general meeting 2023 of Netcompany Group. I would like to thank our shareholders for your attendance, and not least support of the company. Today, the board of directors is represented by myself as the chairman and executive management by our CEO, André Rogaczewski, and our CFO, Thomas Johansen. 2022 has been an exciting year, and despite all the challenges we have seen, we have managed to deliver results in line with the original guidance set out in January 2022, realizing revenue growth of 52.7% and an adjusted EBITDA margin of 20%.
A significant part of the revenue growth was related to our acquisition of Netcompany-Intrasoft back in 2021, which accounted for 37.8% of the growth, leaving organic revenue growth at 14.9% for the year. We have been very pleased with the performance of the acquisition of Intrasoft. We are also excited to see the commitment of our new colleagues and the added business benefits the acquisition already offer our customers. Amongst others, the acquisition has contributed to the acceleration of our ongoing projects, and we have managed to recap business benefits much faster than originally planned. This has resulted in wins of a significant number of large contracts, both within EU and in Greece, including contracts under the EU Recovery and Resilience Facility.
Despite the challenging year, we are proud to have delivered within guided expectations throughout the year, and we redistribute DKK 100 million through share buyback. Nevertheless, the share price still decreased by 58.2%. At the end of 2022, Netcompany had close to 25,000 registered shareholders. Attorney-at-Law, Thomas Holst Laursen, has been appointed Chairman of this general meeting by the Board of Directors in accordance with Section 714 of the company's Articles of Association. I will now pass the word to Thomas to ensure that all rules and regulations are complied with in connection with holding of this general meeting.
Thank you very much. [crosstalk]
Welcome, Thomas.
Thank you for the appointment. My role here today will be to make sure that we manage the meeting in accordance with the formalities and have a good dialogue with shareholders. First, in accordance with the Articles of Association, the meeting will be held in English, but we will assist with any translation if there are questions or comments that is submitted in the chat function. I have made sure that the notice to convene the general meeting has been made public in accordance with the formalities and relevant deadlines on 8 February 2023. On the same day, a notice was sent to all shareholders registered in the register of shareholders who had requested such notice. Finally, a notification was transmitted through the depository bank, Danske Bank, in accordance with the Shareholder Rights Directive.
I have established that the notice is in compliance with the company's articles and the Danish statutory provisions, that all relevant documents have been made available via the company's website. We have approximately 60% of the voting share capital representing at today's general meeting. Unless there are any comments or questions, the legality of the general meeting is confirmed, and we have a quorum to proceed with business. As it was also stated in the notice, this general meeting is audio and visually recorded and made available through a webcast to the company shareholders via the company's website. If you need information about the company's handling of personal data, please visit the company's website where you can find the company's privacy policy for shareholders.
If you wish to participate, you need to be participating through the shareholder webcast found on the Netcompany general meeting site as stated in the notice, where you will be selecting shareholder webcast and then log in with the details that you had received when your admission was requested. Voting will occur through the use of the general meeting solution as stated in the notice. Please note that all shareholders who have submitted postal votes or proxies prior to the general meeting will be unable to cast votes during the general meeting. Such votes and proxies will be automatically counted and including in each voting result. The voting mechanism that you will be applying is as follows. The voting will commence, I will initiate it, and the available choices will appear automatically.
When voting motions are put forward, a bar with a link to the voting tab will automatically appear on your screen. To vote, simply select your voting direction from the options shown on the screen. Your vote has been cast when the check mark appears, and to change your vote, click Change My Vote. Each voting motion is open for 60 seconds, after which it is final. If you go to the next slide, please. If you participate through the shareholder webcast, you can use the question function by clicking on the Q&A chat box function to either ask a question or provide a comment during the meeting. For good measure, please note that your name will be recorded and shown both on the webcast as well as in the general meeting minutes.
Should the press have any comments or questions, they are kindly referred to Netcompany's press contact information as found on the Netcompany website. Next slide, please. The agenda of this year's annual general meeting is in accordance with section 713 of the articles as follows, and you should see it there on the screen with items 1-10 that is listed there. What we will do is we will process items one, two , and three together. With that, and having received no comments or question, I will pass the word to CEO André Rogaczewski and CFO Thomas Johansen to give the report on the company's activities in 2022. Comments and questions we will handle after the full report from management. Please.
Thank you, Thomas, thank you, Chairman. What a busy year 2022 has been, where we've been working and always in accordance with our higher purpose, which is sustainable, prosperous societies driven by digitalization. Never before has that been more important, especially when looking at the overall political winds swiping Europe. When I dive into 2022, I look at five. Can I have the next slide, please? Five highlights. In 2022, we enhanced our go-to-market vertical strategy to be fully in accordance with what we do for the year of 2023. I will dwell more into that later on. We also accomplished new strategic wins in the EU across our geographies, but also very importantly, together with Intrasoft.
The Intrasoft-Netcompany collaboration has certainly matured during 2022, especially when it comes down to selling together and addressing market together. We also succeeded in attracting talent across the group, despite that talent and IT talent is in very high demand across Europe and across our markets. Finally, we also enhanced our footprint in the terms of the customers asking for more services in our markets. Now I'll go more into the enhanced go-to-market strategy. Can I have the next slide, please? We are adressing eight different industries, four in the public sector and four in the private sector. I think it's important to mention that tax and customs being a strategic focus area is very important for Netcompany. Together with Intrasoft, we are addressing several tax and customs offices across our geographical span.
Public safety is also one of my important verticals, working for police forces and defense. In the healthcare sector, we're experiencing a large demand for digitalization. That goes for hospitals, but also when it comes down to monitoring patients and having demographic and analysis work done for the health sector in general. Deals with government has always been and is a stronghold of Netcompany, where we do self-service solutions, but also do very heavy and critical administration for public administration. Going into private sector, transportation and logistics has been and is a very important industry vertical for our company, optimizing transport, optimizing all kinds of flows in those companies. Telco is an area where we have several important customers, especially with the Intrasoft acquisition. In the finance industry, we are working closely with insurance companies and also with banks and pension funds.
Finally but not least, taking into consideration that we are all going through a green transition, energy, and utility has become an important focus area where Netcompany is helping companies optimizing the entire flow of producing energy, transporting energy, and consuming energy. These are the eight industries where we're putting an extra focus with our new GTM strategy. Can I have the next slide, please? Netcompany at a glance right now, DKK 5.5 billion in revenue and a 20% average revenue growth for the last 10 years, reaching a total employee number of above 7,400. Next slide, please. Netcompany numbers is quite a substantial company now, and adding to those numbers, our EBITDA is now over DKK 1 billion. The adjusted EBITDA market margin is 20%, having a 90.9% normalized cash conversion.
Next slide, please. Netcompany ambition is clear, has become, even more clear over the years, is to become a market leader with IT services in Europe. During this decade, we will position us as a leader in that field. We'll do it by utilizing our platforms, our pragmatic approach, our methodologies, and our unique talent in delivering IT systems at time, budget, and at the acquired quality. We will export and implement that business model. Next slide, please. Nothing happens without strategic wins and customers joining.
I'm happy to say that one of our most strategic wins in 2022 was the European Digital Identity Wallet, a very important infrastructural component and project across European countries, where Europe will develop a European Digital Identity Wallet for all citizens, containing important documents and certificates, and even accommodating communication between citizens, governments, between governments and governments, and private institutions.
Can I have the next slide, please? Adding to those strategic wins, it's important to say that Netcompany has won tremendous amounts of great deals in the public sector, especially also in the U.K., where strategic customers like the NHS and the HM Revenue and Customs office has become important customers. In Denmark, we are also an important player, both in the public and private sector. Customs, again, a very good example of how we work closely with Intrasoft.
In the other countries, in Norway, we're working with Møller Mobility Group, as shown in the video just starting this call. Can we have the next slide, please? The same goes for the Netherlands and also cross-European work together with Intrasoft. We've had some real important strategic wins during 2022. Next slide, please. Looking into the employee development, as I said before, more than 7,000 employees. Churn rates are normalized during 2022, and the number of client-facing employees is around 6.6 percentage points. Netcompany is a company with a young workforce, talented workforce with a lot of IT skills. Our average age is about mid-thirties. We are ready to employ even further and also to enlarge our business across the European territories.
With that, I'll give the word to our CFO, Thomas Johansen. Thomas, please go ahead.
Thank you, André. In 2022, we had the full impact, as our chairman already mentioned, of the acquisition of Intrasoft, which we made last year in 2021. That was one of the main reasons for our revenue increase of 52.7% to DKK 5.5 billion in 2022. Organic revenue growth was 14.9%. Gross profit increased by close to 33% to DKK 1.8 billion in the past year, driven by strong performance in Netcompany Core and the full inclusion of Netcompany-Intrasoft. Adjusted EBITDA was close to DKK 1 billion, an increase of more than 22% compared to previous year. Amortizations increased with more than 100% compared to last year and was DKK 134 million.
This was mainly driven by amortization of the purchase price related to the acquisition of Intrasoft back in 2021. Financial costs also increased by more than 100%, also as a result of the acquisition of Intrasoft, which was 100% debt financed. Net profit after tax was DKK 602 million, an increase of 5% compared to 2021. In constant currencies, we grew revenue by 52.5%, which means that the impact from currencies on our reported numbers was positive by 0.2 percentage points. A high level of activity, in particular Netcompany U.K. and Netcompany-Intrasoft, attributed to the total growth. These two entities had an even larger impact on organic revenue growth that ended at 14.5% in constant currencies for 2022.
In Denmark, the revenue grew 11.1%, driven by the private segment that grew 13%. In the public segment, revenue grew 9.7%, and the slightly lower revenue growth in the public segment was a result of a lower tendering activity from the Danish government in 2022, which happens from time to time, as large tenders are often cyclical and difficult to predict from a timing perspective. In addition, a generally higher than normal level of absence impacted utilization negatively in Denmark in 2022, which had a negative impact on our revenue growth also. In Norway, revenue grew close to 9%, which was below our expectations.
The main reason for the lower growth in Norway was project adjustment related to three specific projects and a somewhat low utilization, mainly driven by a higher than normal level of absence, as also observed in the Danish business in 2022. In the U.K., we grew revenue with close to 32% in the past year. A really strong performance by our U.K. team following a period of significant focus of aligning our organization and customer focus in the U.K. over the last couple of years. With high level of activity and a customer base that counts some of the largest public entities, such as the HMRC, the NHS, the Ministry of Defence, we stand on a solid platform for continued growth in the U.K. going forward. In the Netherlands, we grew revenue by more than 25%, however, from a low base.
We are pleased about the progression of top line in the Dutch market, a market that is almost 3 times the size of the Danish market. At the same time, the Dutch government are seeking to implement many of the solutions in the public sector that we in Netcompany have implemented with the Danish government over the past decade. We grew revenue in Netcompany-Intrasoft with 12.4% on a comparable basis in 2022.
The organic revenue growth in Netcompany-Intrasoft, and that means the month of November and December, was 24.5%, driven by a strong close to the year and income recognition of licenses sold to customers. Our continued focus on winning joint projects with Netcompany Core and Netcompany-Intrasoft is progressing well. The release of funds under the so-called Recovery and Resilience Facility from the European Union is beginning to bring projects to the market increase. The next slide, please. Thank you. Gross profit margin for the group was five percentage point lower in 2022 than realized in 2021. The main reason for the lower gross margin for the group is, as expected, the inclusion of Netcompany-Intrasoft for a full year. Gross profit margin in Netcompany-Intrasoft was above 20%, which was an improvement over the level of 2021.
In Denmark, gross profit margin was slightly lower at 42.8% compared to 43.5% in 2021, mainly as a result of the lower utilization caused by the higher level of absence. This was something that was also observed in the whole of the Danish society in 2022. Margin in Norway was lower as a result of the project adjustments made mid-year and the onboarding of more than 70 new employees in the middle of the year. In the Netherlands, margins increased as a result of better project pricing and high utilization. Finally, in the U.K., gross profit margin was also improved and was 29.3%, driven by improved utilization and better project pricing. Total adjusted EBITDA margin fell in line with gross profit margin by 4.6 percentage point compared to 2021.
Before headquarter cost allocations, adjusted EBITDA margin was 20.7%, and after headquarter cost allocation margin was 20%. As was the case for gross profit margin, the main explanation for the lower group margin this year is the full inclusion of Netcompany-Intrasoft. Lower than expected margins in Norway and the Netherlands was offset by strong performance in the U.K., where margin was improved with more than five percentage point to 18%. Overall, performance for the group was satisfactory and fully in line with the expectations set at the beginning of the year. Free cash flow for the year was strong and improved with close to DKK 200 million to DKK 602.7 million at the end of the year.
The strong development in free cash flow was a result of improved working capital management, with significant reduction in work in progress and accounts receivables seen together as a percentage of total revenues compared to last year. Specifically, for accounts receivables, base sales outstanding was reduced from 103 in 2021 to 73 in 2022. At the end of the year, leverage was 1.6x compared to 2.6x at the end of 2021. Looking into 2023, we start the year with almost DKK 4.2 billion of revenue committed. This is around 68% of the midpoint guided revenue for 2023, and that level is in line with levels seen in previous years. The contractually committed revenue related to Netcompany-Intrasoft is mostly derived from the multi-year contracts that have been signed with the European Union.
Our revenue visibility is a key element for us when we set the expectations for the coming year, which I will discuss now. For 2023, we expect that part of Europe will be in recession at some point in time. This could potentially have a negative impact on the willingness of both governments and private institutions to continue spending on large IT digitalization projects, which may lead to what we refer to as quote, unquote, 'stop and go." This stop and go could potentially have a negative impact on our revenue growth, which is the main reason for our expectation setting of between 8% and 12% organic revenue growth next year.
Despite the cautious outlook for top-line growth, we will continue to invest in our company to ensure that we can execute on our longer term strategy of becoming a European leader in the IT services space by the end of this decade, as André has just alluded to. This means investments into an enhanced go-to-market approach, investment into a new and modern headquarter, both in Copenhagen and Athens, and continued and substantial investment into our organization in broader terms. Altogether, these investments, in conjunction with fewer working days in 2023, will have an estimated dilutive impact on our margins compared to 2022 of around 3.5 percentage point. We therefore expect our margin measured as EBITDA to be between 15% and 18% in 2023.
During 2022, the Danish Business Authority conducted a compliance audit of the annual report of Netcompany Group for 2021 as part of their normal check for compliance of the larger companies in Denmark. The Danish Business Authority found that Netcompany had treated the performance-based element of an earn-out agreement made with the founders of QDelft, which is the company in the Netherlands that Netcompany acquired in 2019, in a way which was not compliant with IFRS 3, and hence, a restatement of the annual reports would be required. Netcompany does not agree with the assessment made by the Danish Business Authority and have been in detailed dialogue over this matter.
A final ruling has been rendered by the Danish Business Authority, stating that the Danish Business Authority still is of the opinion that the chosen treatment from Netcompany of the earn-out agreement was not in line with IFRS 3, and Netcompany does still not agree to that assessment. However, as the matter has been fully disclosed in the annual report of 2022, and that the impact in 2022 overall would be immaterial if changed. The Danish Business Authority has also ruled that no further action is required by the company. Hence, Netcompany will not be required to restate any of its previous annual reports, and the matter is formally closed with no actions required by the company as to potential restatements of previously approved annual reports. With that, I will hand back the word to our Chairman, Bo Rygaard.
Thank you so much, Thomas, I will start with elaborating on our strong focus on corporate governance and sustainability. Sustainability and corporate governance is very important for Netcompany, and we, as a modern company, takes great responsibility in our role in the societies in which we are present. We comply with all 40 recommendations on the corporate governance in all material respects.
As part of our reporting, we include how we comply, even when we are fully complying with the recommendations to provide the most transparency to our external stakeholders. We call this Comply or Explain principle. The board will continue to evaluate our corporate governance in the light of the corporate governance recommendations and use them as guidelines for the continued management of the company. Netcompany is always engaging in constructive stakeholder dialogue, as this is a key principle to us.
Now some few words about our board evaluation. The annual evaluation of the board was conducted in Q4 2022. The evaluation was an internal evaluation, as the previous evaluation was conducted with external consultants. The conclusion of the evaluation was that the board works well and there is no current need for any additional committees. The evaluation highlighted that the board was effective and structured with open discussions, had high quality material, that the board was diverse in all aspects, and that the meetings were well prepared with enough time to discuss each item on the agenda. In conclusion, it is an effective board with the right competencies and the cooperation between the board and the executive management is very good. Now another topic which is very, very important to us, and that is diversity.
It continues to be so, an important factor for us because it's not only on the board level, but throughout the company as a whole. Diversity is often simplified to only refer to gender diversity. At Netcompany, we celebrate and encourage a broad definition of diversity, as ensured by our diversity and inclusion policy. Gender-wise, however, we have to take into consideration that IT companies traditionally have lack of gender diversity, and it's therefore important to be especially aware of this. At Netcompany, we promote diversity not only at our management level, but also in the industry, where we encourage everyone to study IT and choose IT as their future career. In 2022, we met all our diversity targets. Our number of women in the management level this year was 17%, achieving the goal set in 2022.
For 2023, our goal is to stay at a minimum at the 17% women, hopefully we can come above. At board level, we set the target of two women in the board in 2019. The goal was met in 2020, kept in 2021, in 2022, we had an equal distribution of genders to which we are proud of. Various diversity initiatives held in 2022 helped us increase the overall diversity level in Netcompany. Now ESG key points. Our ESG strategy is centered around strategic areas, setting the overall direction for our company's sustainability efforts. We believe that our biggest strength is to set a high standard and enable societies in creating a sustainable and fast digital transition, leaving no one behind.
Our 2022 ESG report embodies a strong focus on social efforts while never losing sight of opportunities to strengthen the environmental and governance efforts. We are driven by our commitment to promote accountability, transparency, and ethical conduct through our business activities and environments. Shown on the presentation is Netcompany's ESG targets for 2022 and previous years. In addition, we reached our diversity goal with 17% women and an equal distribution of genders on the Board of Directors, as previously mentioned. Our key figures can be seen in detail in our ESG report for 2022. With these words, I will hand over to the Chairman of the Meeting, Thomas Holst Laursen.
Thank you very much. The company's board and management are, of course, pleased to take comments and questions from shareholders in relation to items one, two, and three and the presentations provided. We'll just give it a second. There are no questions or comments that has been received. Based on that, I will proceed to the next slide. Item one is not up for vote, we will therefore commence the voting on items two and three. You should note that both items will be handled together, that you have to vote for both of the items. It's possible to vote for both at the same time, you can elect to vote on them individually. If there are no further comments, there are not, the voting will commence. Please. We're getting the results of the vote.
Consequently, looking at the results of the vote, it is established that the report on the company's activities has been acknowledged by the general meeting. The presented audited annual report for 2022 is approved by the general meeting, and the proposal, as set out on the distribution of the previous year's profit, is approved by the general meeting. With that, I came to the next slide. Thank you. We will proceed to agenda item number four, regarding presentation of an advisory vote on the remuneration report for 2022. Please, Bo.
Thank you, Thomas. The company's remuneration report 2022 have been audited by the company's auditor, EY, and is in line with both Danish and international corporate governance guidelines. The remuneration package is approved by the general meeting in 2022. The remuneration is in line with the material points in our remuneration policy. Let me highlight some key points of the policy. Fixed remuneration, market-based salary level, and a clear link to creation and maximization of shareholder value. The remuneration elements for the board of directors consist of fixed fees for their work on the board and in the committees. The remuneration to executive management is a mix of fixed salary, benefits, and both short and long-term incentives, which consist of both cash and shares. In 2022, the total remuneration for the executive management decreased.
This was due to the fact that not all financial targets for the 2022 step were met, which resulted in that no step bonus for the members of the executive management were paid in 2022. In addition, some of the previously granted shares under the LTIP lapsed. The remuneration of the board of directors and executive management has been described in detailed in the remuneration report for 2022. With these words, I will again hand over to you, Thomas.
Thank you very much. We'll see if there are any questions or comments from shareholders. We have received none. Therefore, the board proposes the remuneration report for 2022 be approved in the advisory vote voting by the general meeting. With that, please commence voting. Thank you, voting is hereby concluded. We will bring up the result of the voting. As will appear on the screen, it is established that the remuneration report for 2022 has been approved in the advisory voting. If you please change the slide. We will proceed to agenda item five, regarding approval of the board of directors' remuneration for the current financial year. That will be presented by Chairman Bo Rygaard.
Thank you, Thomas. The Board of Directors proposes that the general meeting approves the remuneration for the Board of Directors for the financial year 2023. The remuneration is kept at the same level as in 2022, the Board of Directors therefore proposes the following remuneration. Members of the Board of Directors shall receive a base fee of DKK 450,000. The Chairman of the Board of Directors shall receive three times base fee for the extended duties, and the Vice Chairman of the Board of Directors shall receive two times base fee for the extended duties. Additionally, the Board of Directors proposes that the members of the Board of Directors receive the following compensation for their work in 2023 in the Audit Committee, Remuneration Committee, and Nomination Committee.
We start with the Audit Committee, where the members shall receive an annual committee member fee of DKK 112,500. The chairman of the Audit Committee shall receive an annual committee member fee of DKK 270,000. Members, including the chairman of the Remuneration Committee, shall receive an annual committee member fee of DKK 112,500. Last but not least, members including chairman of the Nomination Committee shall receive an annual committee member fee of DKK 112,500. On top of this, I have some few additional notes which I will share with you about the proposed remuneration. The chairman and the vice chairman of the board of directors will not receive any committee member fee for their participation in the Remuneration Committee and Nomination Committee.
The members of the Board of Directors may retain an additional fee for operational task carried out on an ad hoc basis outside the scope of the ordinary duties of the Board of Directors. The Board of Directors shall approve such tasks and determine such additional fees. Also, the Board of Directors may receive reimbursement of expenses such as travel and accommodation in connection with the board meetings as well as training. The members of the Board of Directors may be reimbursed for their traveling time with up to one thousand Danish kroner per day. Sorry, euro. EUR 1,000 per day. The total fees will be disclosed in the annual report and approved at the annual general meeting in 2024. The remuneration of the members of the Board of Directors does not include any incentive-based remuneration.
We are, of course, pleased to take any questions from the shareholders in relation to our proposal.
I'm checking to confirm if there are any questions or comments. There's been received none by shareholders. Therefore, if you change the slide, please. The board of directors proposes the described remuneration level to the board of directors for 2023 to be approved by the general meeting. With that, I will initiate voting for the proposal. Thank you. With that, voting is concluded. I can confirm that it is established that the remuneration to the board of directors, as outlined in the notice, is approved by the general meeting. I will proceed, next slide, please, to pass on the word to Chairman Bo Rygaard to present the board of directors' proposal in relation to the election of board members under the item 6 of the agenda.
According to the company's articles of association, the members of the board of directors are elected for a one-year term. The members up for re-election this year are Juha Christensen, Åsa Riisberg, Susan Cooklin, and myself, Bo Rygaard. In addition, I'm very pleased to announce that we have a new member up for election to the board of directors. It's Bart Walterus. Bart has an extensive international knowledge and experience in digital transformation, organization reforms, business planning and valuation, foundation of companies, finance and risk management for EMEA public sector, EU institutions, NATO, and other. In connection with the annual general meeting, Scanes Bentley and Hege Skryseth will step down as board members. Bart will now join the general meeting remotely and give a brief presentation of himself. Welcome, Bart.
Thank you, Bo, thanks for giving me the opportunity to candidate for the board of Netcompany and to present myself. The last part of my executive career, I have worked internationally at KPMG EMEA as the head of government and public sector covering Europe, Middle East, India and South Africa. I coordinated the mobilization in this region for the growth strategy, the go-to-market and delivery of all KPMG services in public sector, such as consulting, IT services, audit, legal and tax services. Thanks to a stronger network, sharing of people and know-how, the KPMG EMEA public sector revenues grew from EUR 885 million in 2019 to more than EUR 1 billion at the end of 2021.
I combine this mandate with the role of global lead partner for the account of European institutions of the EU, where I led the KPMG EU Brussels-based business development, sales and delivery PMO team. As director spent on top of the multi-year budget of the EU via the EU Recovery and Resilience Facility on digitization, reforms and ESG will be more than EUR 800 billion in the coming years. I focused the multinational sales and delivery teams in KPMG on these key core EU teams, as well on the EU institutions who will further digitize themselves. This strategy contributed to the growth of the account with 60% by the end of 2021, which was mainly achieved in digital transformations and reforms within the very large European framework conference.
The main trigger for success in this EU account was, apart from showing the EU growth potential, to share the expertise and set up of another business model with multinational teams involving local and international partners such as Microsoft, SAP, and niche or local players. Before my international career in KPMG, I founded and have led the consulting in Belgium for nearly two decades, focusing on performance improvement, information technology, financial and risk management in private and public sector. During my career, I have been very active as well for the federal Flemish government in stimulating economic development and was very active in the startup environment. For the latter, I had a fit and proper board member certificate of the financial services regulator as this fintech company had a banking license.
Having advised many CFOs and boards of stock-quoted companies on business planning, growth, performance improvement, digitization, finance and risk management, and having worked an important part of my career in a Big Four, helps me in taking up board memberships. Non-executive experience I have acquired as chairman of the EMEA board in KPMG for public sector and as chairman of the one for European institutions.
I was a board member of KPMG Belgium, KPMG Advisory N.V. as well. Outside KPMG, I was board member and/or associate in public, not-for-profit, and private sector companies. As a future board member of Netcompany, I hope to use my vast experience in European institutions and public sector in digital transformation, reforms, financial and risk management to support the strategic management and proper organization of Netcompany's activities, as well to help supervising Netcompany's financial performance, risk management, and compliance with regulation. Thank you.
Thank you so much, Bart, for the presentation. Consequently, the board of directors proposes that the following members of the board of directors are re-elected. Juha Christensen, Åsa Riisberg, Susan Cooklin, and myself, Bo Rygaard. In addition, Bart Walterus to be elected as a new member. A description of the nominated candidates was included in the notice convening the general meeting. We are of course, pleased to take any questions from the shareholders in relation to our proposal.
To the next slide, please. Slide 45, where the board of directors approval is set out as presented by the chairman. I have received no comments or questions, just checking, making sure. With that, voting will commence. Thank you. Thank you very much. With that, voting is concluded, and it is established that the board of directors approval has been resolved. With that, please turn to the next slide, agenda item number seven regarding election of the company's auditor. If you move to the next slide, please. The board of directors recommends the re-election of EY Godkendt Revisionspartnerselskab in accordance with the Audit Committee's recommendation. I am checking to see if there has been received any comments, questions, which is not the case. With that, I will commence voting, please. Thank you.
The voting has been concluded, and it is hereby established that EY Godkendt Revisionspartnerselskab is re-elected as the company's auditor by the general meeting. If you please shift the slide to agenda item number eight regarding authorization to acquire treasury shares. If you use the next slide, please. The board of directors proposes to prolong the authorization to acquire treasury shares such that it is continued until 2nd of March 2028, and it is on the same terms as the existing authorization, which is set out in the notice and as well as they are shown in the presentation of the general meeting. I'll be happy to take any questions or comments, which is not the case. Looking at the screen. As a result, please can we commence voting? Thank you. Voting has been concluded.
With the vote, it has been established that the authorization is prolonged until 2nd of March 2028, as outlined in the notice and approved by the general meeting. With that, next slide, please. Proceeding to agenda item nine, regarding any proposals submitted by the board of directors or by shareholders. First is to inform you that in respect of item 9 A on the agenda, this was withdrawn by the board of directors based on dialogue with shareholders prior to the general meeting. If you switch the slide, please. Unless there are any comments here to that, I am proceeding to agenda item 9 B. There are none.
As item 9B, the board of directors proposes that the general meeting approves the amended articles of association, section 5.2. The extent of the proposal is shown there on the screen, as well as in the notice sent out beforehand, so I will not read it out loud. It is an extension of the already existing authorization. I welcome any questions or comments, which is not the case, looking at my screen, and therefore, I will commence voting. Thank you. Voting is concluded. It has been established with the voting that the amended articles of association section 5.2 is approved by the general meeting. With that, we'll change the slide, move on to item 10 regarding any other business, where I am looking to see if any has final comments or questions from shareholders. That is not the case.
We have gone through the agenda, and I will pass on the word to Chairman Bo Rygaard to conclude the meeting.
Thank you so much, Thomas. I would like to thank the shareholders for a good meeting. Thank you so much for your participation and not least support of Netcompany Group. At the same time, I will also thank management very much indeed for your great efforts together with all colleagues in Netcompany Group. Thank you so much.