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 1,514,076 EUR annually effective 1 January 2024 |
|---|---|
| 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 2021-2023, 2022-2024, 2023-2025 and 2024-2026 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 Severance payment of maximum 12 months Non-competition clause of 12 months applies following the ending of employment |
For more information about remuneration paid to the CEO in 2023, please refer to note G8 of Nordea's Annual Report, or Disclosures.