Nordea has clear remuneration policies, instructions and processes, securing sound remuneration structures throughout the organisation.
Here you find information about Nordea’s remuneration policy, remuneration to the Board of Directors, the CEO, the Deputy Managing Director, the Group Leadership Team (GLT), Nordea s variable remuneration programmes as well as disclosures relating to remuneration. Remuneration Policy for governing bodies
Here you find Nordea s Remuneration Policy for Governing Bodies. Read more Nordea s Remuneration Policy
Here you find information about Nordea s Remuneration Policy. Nordea offers a competitive and market aligned total reward offering. Read more Remuneration to Board of Directors , CEO, Deputy MD and GLT
Sara Mella
Nina Arkilahti
Martin A Persson
Snorre Storset
Erik Ekman
Christina Gadeberg
Ian Smith
Jussi Koskinen
Ulrika Romantschuk
Matthew Elderfield
CEO
Nordea Group’s President and Chief Executive Officer (CEO) is charged with the day-to-day management of Nordea Bank Abp and the Nordea Group’s affairs in accordance with the external and internal framework. The internal framework regulates the division of responsibilities and the interaction between the Group CEO and the Board. The Group CEO works closely with the Chairman of the Board in relation to the planning of Board meetings.
The Group CEO is accountable to the Board for the management of the Nordea Group’s operations and he is also responsible for developing and maintaining effective systems for internal control within the Nordea Group. The Group CEO works together with certain senior officers within the Group Leadership Team (GLT).
Transforming our sustainability governance model
Nordea’s sustainability governance structure dates from a couple of years back. In June 2020, a group-wide task force was appointed with the purpose of identifying improvements in terms of managing sustainability in general and ESG and climate-related risks in particular following heightened expectations from supervisors and regulators. The outcome of the task force’s work was a five-year action plan. The first step is to revise the ESG risk definitions in our risk taxonomy to consider ESG factors as drivers of the existing risk categories – including credit risk, market risk, liquidity risk and operational risk – and to further incorporate them into the existing risk management framework. To support this approach, we decided to modify our sustainability governance model to tie sustainability and risk closer together.
Internal control and risk management
The systems for internal control and risk management of financial reporting are designed to provide reasonable assurance about the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, applicable laws and regulations, and other requirements for listed companies. The internal control and risk management activities are included in Nordea’s planning and resource allocation processes. Internal control and risk management of financial reporting at Nordea can be described in accordance with the COSO Framework as follows below.
The control environment constitutes the basis for Nordea’s internal control and centres around the culture and values established by the Board and Group Leadership Team, and the organisational structure, with clear roles and responsibilities.
The Board elects the Vice Chair and appoints the members of the Board Committees.
The Board has adopted written work procedures governing its work that also set forth the management and risk reporting to the Board (the “Charter”) and separate work procedures for its work carried out in each of the Board Committees (the “Committee Charters”). For example the Charter sets forth the Board’s and the Chair’s respective areas of responsibility, documentation and quorum well as the frequency of meetings. It also contains rules regarding conflicts of interest, confidentiality and the Board Secretary (currently Jussi Koskinen, Chief Legal Officer).