Composition and diversity policy

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The Board of Directors consists of ten members elected by the General Meeting. In addition three members and one deputy member are appointed by the employees, as agreed in accordance with the applicable law and regulations. The CEO of Nordea is not a member of the Board.

Updated: October 2018

Articles of Association Law and the Code Diversity Policy Statements Articles of Association

Articles of Association

According to the Articles of Association of Nordea Bank Abp, the Board of Directors shall consist of at least six and no more than fifteen members elected by the shareholders at the General Meeting. The term of office for the Board members expires at the end of the Annual General Meeting following the election.

Updated: October 2018

Law and the Code

Law and the Code

The Finnish Credit Institutions Act requires that the Board of Directors has adequate and versatile knowledge and experience in respect of its tasks on the business activities and related risks of the credit institution. Further, the Board of Directors shall approve for the credit institution operating principles to advance the versatility of the Board composition. The Board of Directors shall approve an objective of equal representation of the genders in the Board of Directors for the credit institution and prepare operating principles by which this objective can be achieved and maintained.

According to the Code, a Board member must have the competence required by the position and the possibility to devote a sufficient amount of time to attending to the duties. The number of directors and the composition of the Board of Directors shall be such that they enable the Board to see to its duties efficiently. Both genders shall be represented in the Board of Directors. The company shall establish principles concerning the diversity of the Board of Directors.

Updated: October 2018

Diversity Policy

Diversity Policy

The bank strives to promote diversity of the members of the Board of Directors with the aim to ensure that the Board of Directors as a whole for the purpose of its work possesses the requisite knowledge of and experience in the social, business and cultural conditions of the regions and markets in which the main activities of Nordea are carried out. 

All board member nominations should be based on merit with the prime consideration being to maintain and enhance the Board of Directors’ overall effectiveness. Within this, a broad set of qualities and competences is sought for and it is recognized that diversity, including age, gender, geographical provenance and educational and professional background, is an important factor to take into consideration. The bank’s objective is to have a fair, equal and balanced representation of different genders and other diversifying factors in the Board of Directors collectively.

The bank should disclose its policy on diversity, its objectives and relevant targets set and to which extent these objectives and targets have been achieved. In the event that any diversity objectives or targets have not been met, the bank should document the reasons why and the measures to be taken including in which timeframe in order to ensure that the diversity objectives and targets will be met.

Updated: October 2018

Statements

Statements

By the Board of Directors

Presently the Board of Directors collectively possesses the requisite knowledge and experience in the social, business and cultural conditions of the regions and markets in which the main activities of the Nordea Group are carried out, exhibiting adequate diversity and breadth of qualities and competences and the gender distribution is well balanced.

Updated: October 2018

By the Nomination Committee

Statement on the proposal regarding the Board of Directors. (pdf, 139 KB)

Updated: February 2018