Remuneration to CEO

The CEO receives annual remuneration in accordance with the Remuneration Policy, which consists of fixed salary, pension , insurance and benefits, short- and long-term incentives.  The remuneration components are described in the table below:

Fixed salary

Reviewed annually by the Board Remuneration and People Committee and approved by the Board of Directors
Amount to 1,410,000 EUR annually effective 1 January 2022

Pension

Pension provision is in accordance with local laws, regulations and market practice
Maximum 30% of fixed salary on defined contribution plans

Short-term incentive

The maximum STIP award is 75% of fixed salary
1-year performance period based on the achievement of financial and non-financial KPIs at group, business area/ group function and at individual level
STIP awards are determined by the Board of Directors at the end of performance period by assessing performance against pre-defined KPIs   and by further considering  holistic performance
60% of the STIP awards is subject to deferral, retention and delivery in instruments considering regulatory requirements

Long-term incentive

3-year performance period
Conditional shares granted for the 2020-2022 and 2021-2023 performance years respectively
Subject to deferral and retention in line with regulatory requirements
Delivered in shares

Shareholding requirement

A significant number of shares granted from LTIP should be held until the total value of the shareholding in Nordea in total corresponds to 100% of the gross annual fixed salary. Such shares must be held until the end of the GLT membership.

Benefits

Company car 
Insurances, incl. private medical insurance life insurance, personal accident insurance, customary directors’ and officers’ liability coverage
Mobile phone, broadband connection and newspaper subscription
Housing, security and tax advice

Termination terms

12 months' notice from the CEO and from Nordea
12 months' non-competition
Severance payment of maximum 12 months

For more information about remuneration paid to the CEO in 2021, please refer to note G8 of Nordea's Annual Report, or Disclosures.