Nordea complies with applicable requirements regarding independence of the Board according to Finnish laws and regulations as well as according to the Finnish Corporate Governance Code.
The evaluation of independence according to Finnish laws and regulations has resulted in that all Board members are determined to be independent except for Lars G Nordström who has served as Board member for more than twelve consecutive years (from 2003) and has had the position as CEO (2002-2007).
The evaluation of independence according to the Finnish Corporate Governance Code has resulted in that all Board members are determined to be independent of Nordea Bank Abp as well as of its major shareholders with the following exceptions.
- Björn Wahlroos and Torbjörn Magnusson are dependent of Nordea Bank Abp’s major shareholders. Björn Wahlroos is chairman of the Board of Directors of Sampo plc and Torbjörn Magnusson is member of the Group Executive Committee of Sampo plc, which owns more than ten per cent of all shares in Nordea Bank Abp;
- Lars G Nordström is dependent of Nordea Bank Abp considering his long-time of service; and
- all Board members and the deputy Board member appointed by the employees are employed by the Nordea Group and therefore dependent of Nordea Bank Abp.
No Board member elected by the shareholders at the General Meeting is employed by or works in an operative capacity in the Nordea Group.
Updated: February 2019
The table shows the independence of the individual Board members in relation to Nordea Bank Abp as well as to the major shareholders.
|Board members||Independent in relation to Nordea Bank Abp
||Independent in relation to major shareholders
|Elected by shareholders|
|Björn Wahlroos, Chairman||Yes||No|
|Lars G Nordström, Vice Chairman||No||Yes|
|Appointed by employees*|
|Dorrit Groth Brandt||No||Yes|
|Hans Christian Riise||No||Yes|
* One of the appointed members is a deputy member. Who this is changes every half-year according to a routating schedule.
Updated: October 2018