To ensure that possible conflicts of interest are appropriately taken into consideration in all decision-making, Nordea has procedures in place to identify and define its related parties. Many of the transactions with related parties are however part of Nordea's ordinary course of business and carried out on the same criteria and terms as those of comparable transactions with external parties of similar standing. With the exception of compensation and loans to the key management, all related party transactions are thus made on the same criteria and terms as those of comparable transactions with external parties of similar standing. The decision-making processes have furthermore been structured in order to avoid conflict of interests.
In case Nordea would conduct and significant transactions or transactions deviating from Nordea's ordinary criteria and terms with its related parties, such transactions shall be approved by the Board.
Group People is responsible for maintaining and updating the list of related parties while Group Credit Risk Management is the overall coordinating unit for transactions with related parties as part of its routines for control and reporting.
Updated: February 2019