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A turning point

Copenhagen-based DSB moved from full state control in 1999 as part of a transformation of Denmark's rail network. Since then, the formerly nationalised company's approach to risk has radically altered. By Mark Pengelly

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Like the 160 million passengers it carries every year, Danske Statsbaner (DSB), Denmark's largest railway company, has embarked upon a journey since it became an independent corporation in 1999. "Until then, we didn't really have a well-established treasury department," explains Peder Linnebjerg, the firm's Copenhagen-based treasurer.

As a nationalised entity and part of the Danish transport

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