Like other large companies in Denmark, Novo Nordisk operates on the basis of an industrial foundation model of corporate governance. Control over company decisions is maintained by a non-profit institution, the Novo Nordisk Foundation, which holds 76.1% of votes and 28.1% of capital through its shares in Novo Nordisk. The remaining votes and capital are in shares held by institutional and private shareholders. Studies of industrial foundations suggest that the corporate governance model provides relative stability through the development of long-term capital. The working paper suggests that while this may be true, in the case of Novo Nordisk, the company has an interest in keeping insulin prices high in the United States.