The Board Audit Committee

The Board Audit Committee (BAC) assists the Board of Directors in fulfilling its supervisory responsibilities by among other things monitoring the Nordea Group’s financial reporting process, and in relation to this the effectiveness of the internal control and risk management systems, established by the Board of Directors, the CEO and Group Executive Management (GEM), as well as the effectiveness of Group Internal Audit. The BAC is further accountable for keeping itself informed as to the statutory audit of the annual and consolidated accounts and reviewing and monitoring the impartiality and independence of the external auditors and in particular the provision of additional services to the Nordea Group. In addition, the BAC is accountable for the guidance and evaluation of the Group Internal Audit.

Members of the BAC are Svein Jacobsen (Chairman), Elisabeth Grieg, as from AGM 2013, and Sarah Russell. Generally, the Group Chief Audit Executive (CAE) and the Chief Financial Officer (CFO) are present at meetings with the right to participate in discussions, but not in decisions.

According to the Swedish Companies Act and the Code, the majority of the members of the BAC are to be independent of the Company and the executive management of the Company. At least one of the committee members who are independent of the Company and the executive management of the Company is also to be independent of the Company’s major shareholders. Nordea follows the law requirement as well as complies with the Code.

For more information on independence.

Updated: March 2013