Nordea's corporate governance
At Nordea we are committed to strong corporate governance by having clear and systematic decision-making processes that provide clarity about responsibilities, avoid conflicts of interest and ensure satisfactory transparency. This commitment to Nordea's mission and vision requires the integration of sound governance practices into regular business activities in order to attain - as far as possible - a company this is well governed and well managed. Learn more about Nordea's Group Corporate Governance.
Our sustainability governance model aims to ensure that we focus on embedding sustainability in the business by implementing decisions within the relevant business areas. The Group Executive Management team, the Sustainability Committee and Sustainability unit all have roles to play. These are explained below.
Group Executive Management
Group Executive Management (GEM) is responsible for approving the sustainability strategy and goals each year. With the Group CEO and two members of GEM directly responsible for sustainability-related matters, social and environmental aspects are represented in the senior management. GEM receives an update on sustainability topics from the Head of Sustainability three to four times annually.
Business Ethics & Values Committee
The Business Ethics and Values Committee oversees that Nordea’s business is conducted responsibly and in adherence with our values and ethical standards. In addition, the Committee develops the values of the Group and ensures that key policies and strategies reflect these values as well as our ethical standards. Similarly, the Committee provides guidance to business areas and functions on ethical considerations such as conflicts of interest.
The Sustainability Committee consists of those business areas and functions most important to the development of sustainability in Nordea. The Sustainability Committee is the primary decision-making body for sustinability-related matters in Nordea and is responsible for discussing strategic oversight and direction related to corporate responsibility. The Committee meets on a quarterly basis. The Committee's responsibilities include:
- Preparing, following up on and ensuring executive of Nordea's Sustainability strategy
- Defining and following up on Nordea's Sustainability strategy
- Defining Nordea's core sustainability policies
- Ensuring that the decisions made are implemented in the business areas and group functions as planned
- Sharing knowledge and identifying sustainability trends and opportunities for Nordea
Nordea’s Sustainability unit coordinates the group-wide sustainability strategy, sustainability initiatives and brings issues to the attention of senior management. It ensures that sustainability is on the business agenda of the group. The Sustainability unit's responsibilities include:
- Creates and develops the overall sustainability strategy and goals for the group
- Coordinates sustainability actions and business area commitment
- Communicate Nordea as a sustainable company and good corporate citizen
- Initiates and participates in sustainability projects as separately agreed