Composition and diversity policy

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 President and CEO of Nordea is not a member of the Board.
 

According to the Articles of Association, the Board of Directors shall consist of not less than six and not more than fifteen members. The term of office for Board members is one year and expires at the end of the Annual General Meeting following the election.

Updated: February 2019

The Finnish Act on Credit Institutions 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 Finnish Corporate Governance 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: February 2020

Nordea Bank Abp strives to promote diversity of the members of the Group Board with the aim to ensure that the Group Board, 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 the Nordea Group are carried out.

All Board member nominations shall be based on merit with the prime consideration being to maintain and enhance the Group Board’s overall effectiveness. Within this, a broad set of qualities and competencies is sought for and it is recognised that diversity, including age, gender, geographical provenance and educational and professional background, is an important factor to take into consideration. Nordea Bank Abp’s objective is to have a fair, equal and balanced representation of gender and other diversifying factors in the Group Board collectively. With regards to gender balance, the Group Board’s composition is aimed to be aligned with Nordea Group’s ambition of no gender being represented with less than 40%. The Board is to have a composition appropriate to the company’s operations and phase of development and the Board members elected by the General Meeting are collectively to exhibit diversity and breadth of opinions, qualifications and experience.

 

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.

By the Shareholders' Nomination Board 

Speech of the Chair of the Shareholders Nomination Board and Nomination Boards Decision Proposals