The Danish Royal Family is phasing out their royal warrants in a bid to modernise their monarchy.

“It is the Royal House’s opinion that a scheme that means that individual companies can claim special recognition from the Royal House for a number of years is no longer up to date,” according to a new statement from the Danish Royal Court.

There are currently 104 companies with royal warrants—either ‘Royal Court Supplier’ or ‘Supplier to the Royal Danish Court’ or similar—that grants businesses the rights to showcase that they provide supplies to members of the Royal Family.

With King Frederik’s accession earlier this year, the Danish Royal Court had announced that a decision would be made at a later date, but that current warrant holders would be able to complete their five years’ and until 14 January 2025—a year after King Frederik’s accession.

Now, the Danish Royal Court is announcing that royal warrants will be phased out entirely and that any companies holding warrants will be able to do so until 31 December 2029 before they will be required to stop.

The Danish Royal Court said: “The royal couple and the rest of the royal family will continue to support the interests of Danish business in a way that caters to as many companies and industries as possible.”

This will include more visits to Danish businesses, conferences, and promoting Danish businesses aboard during official visits.