Disclosures

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Here you find Nordea's disclosures relating to remuneration and other related information.

Remuneration Report for Governing Bodies

On this page you can find Nordea's Remuneration Report for Governing Bodies as adopted through an advisory vote at the 2021 AGM:

Remuneration Statement

Please also find Nordea's Remuneration Statement for past reporting years with a remuneration report and information about remuneration for the Board of Directors, the CEO, the Deputy Managing Director and Group Leadership Team (GLT).

Updated: March 2021

Remuneration of the GLT excl. CEO and interim Deputy MD

Below Nordea discloses information about remuneration of the GLT excl. the CEO and interim Deputy Managing Director to meet the requirements described in the Finnish Corporate Governance Code 2020 page 66 in the section ‘Information on the remuneration of the rest of the management team.

Updated: March 2021

Additional information

AGM Guidelines

Below are the past years' AGM approved guidelines for remuneration for the executive officers, as proposed by the Board of Directors. 

To the proposal to the 2018 AGM, the Board of Directors attached additional information; see tab "Additional info".

Evaluation

The Board of Directors were to, according to the Swedish Corporate Governance Code in force before Nordea's re-domiciliation to Finland in October 2018, report the results of the evaluation of the programmes for variable remuneration which the members of GEM take part in and the application of the guidelines for remuneration to executive officers approved by the AGM, as well as the current remuneration structures and levels in Nordea.

The Auditor should, according to the Swedish Companies Act in force before Nordea's re-domiciliation to Finland in October 2018, provide a written signed statement to the Board whether there has been compliance with the guidelines for remuneration to executive officers, which have been applied since the previous AGM.

Below you will find the evaluations as PDF.

Additional information

The following additional information was attached to the Board of Directors proposal for guidelines for remuneration to the executive officers for 2018, which were proposed and approved at the AGM 2018.

Deviations from approved guidelines 2017: 

There have been no deviations from the approved guidelines 2017.

Cost for variable remuneration for executive officers (excluding social cost):

2017  
The actual cost for GEM EIP 2017 was EUR 5.2m to be paid over a five-year period.

2018  
The estimated maximum cost for GEM EIP 2018 was EUR 6.9m and the estimated cost assuming 65% fulfilment of the performance criteria was EUR 4.5m.

Updated: February 2019   
Source: Annual Report 2017

Sustainability risk in Nordea’s remuneration policy

Good and responsible investment and insurance advice is a key part of the way we work, and it includes providing our customers with information about the potential risks involved. These risk considerations also cover the downturn effect that environmental, social or governance events can have on the value of the investment. Good and responsible investment and insurance advice is also promoted through Nordea’s variable remuneration programmes. 

Employees eligible for variable remuneration, who provide investment or insurance advice to customers, are either rewarded through specific performance goals and targets linked to good quality advice or quality of advice is considered as part of the holistic performance assessment. Independent control functions are involved in setting performance goals and targets and they provide input to individual performance assessments. Furthermore, people leaders also have performance goals linked to risk and compliance performance which require adherence to high standards in customer service and advice quality, as well as our Code of Conduct.

Similarly, variable remuneration for those making investment decisions is linked to the impact, positive and negative, that environmental, social or governance events can have on the value of the investment. There are specific performance goals and targets which link the value of the managed investments to the remuneration outcome for investment managers. Additionally, in some cases there are also specific performance goals and targets supporting sustainable investment choices. These elements support the integration of sustainability risk in investment decisions.

Updated: March 2021

More detailed information about remuneration in Nordea

Nordea's performance-related remuneration account for a minor proportion of Nordea's total staff costs. A more detailed quantitative disclosure of remuneration is found in the reports below, one for each year. This additional disclosure is given in accordance with the applicable regulations and general guidelines.

Updated: July 2021