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:
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Fixed salary |
Reviewed annually by the Board Remuneration and People Committee and approved by the Board of Directors
Amount to 1,459,350 EUR annually effective 1 January 2023
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Pension |
Pension provision is in accordance with local laws, regulations and market practice
Maximum 30% of fixed salary on defined contribution plans
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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
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Long-term incentive |
3-year performance period
Conditional shares granted for the 2020-2022, 2021-2023, 2022-2024 and 2023-2025 performance years respectively
Subject to deferral and retention in line with regulatory requirements
Delivered in shares
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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.
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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
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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
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For more information about remuneration paid to the CEO in 2022, please refer to note G8 of Nordea's Annual Report, or Disclosures.