Nordea EN English Dansk Norsk Suomi Svenska Corporate governance framework Breadcrumb Home About us Corporate governance Corporate governance framework External framework The external framework that regulates corporate governance includes EU-law and nation­al-level laws, such as Directive 2013/36/EU (“CRD IV”), Regu­lation (EU) No 575/2013 (“CRR”), Directive 2014/65/EU (“MiFID II”), Regulation (EU) No 600/2014 (“MiFIR”) as well as rules and guidelines issued by the relevant financial super­visory authorities, such as the EBA Guidelines on Internal Governance (“GL11”) and the Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the man­agement body and key function holders (“GL 12”), as well as national level laws, including the Finnish Companies Act, the Finnish Act on Credit Institutions, the Finnish Accounting Act and the relevant FIN-FSA regulations and guidelines. Nordea also complies with rules and guidelines issued by other rel­evant financial supervisory authorities, as well as EU legisla­tion for the financial industry, stock exchange rules for each relevant stock exchange, and the rules and principles of the Finnish Corporate Governance Code (the “Code”). The Code can be found on the Securities Market Association’s webpage, https://cgfinland.fi/en/corporate-governance-code/ Internal framework The Board has adopted instructions for the President and Group CEO specifying his responsibilities as well as other charters, policies and instructions for the operations of the Nordea Group. Furthermore, Nordea’s Code of Conduct provides an ethical framework for the conduct of all members of governing bodies and employees. These mechanisms, together with the Articles of Association, the Board Charter and the Board Committee Charters constitute the internal framework that regulates corporate governance at Nordea. The internal framework is designed to enable prudent conduct of business by defining the powers and responsibilities of the corporate bodies and employees. See more about the Charter and the Committee Charters here. Application of code Nordea is subject to and applies the Finnish Corporate Governance Code 2020, approved by the Securities Market Association on 19 September 2019, (the “Code”) and complies with all the recommendations of the Code apart from the appointment procedure for electing employee representatives to the Board (Recommendation 5). The appointment procedure for the employee representatives to the Board deviates from Recommendation 5 “Election of the Board of Directors” of the Code. The reason for this deviation is that at Nordea, employee representation is based on an agreement between Nordea and an employee representative body, which was entered into under the Finnish Act on Employee Involvement in European Companies and European Social Cooperatives as well as the Finnish Act on Personnel Representation in the Company Administration in connection with the cross-border merger effectuating the re-domiciliation to Finland in 2018. The Board consists of 13 ordinary members and one deputy member. Of these Board members, ten (six men and four women) were elected by the AGM held on 24 March 2021, and three ordinary members and one deputy member (three men and one woman) were appointed by the employees of the Nordea Group. Share this page About us Who we are Nordea in society Corporate governance Investors Nordea in figures Reports & presentations Share News & insights Press room Economic Outlook Blogs Careers Vacant positions Join us Locations Sustainability Sustainability at Nordea Sustainable Choice Reports Our services Corporates & institutions Small & medium businesses Personal customers Contact us General terms Privacy policy Cookies Accessibility Site feedback Nordea Bank © 2021 Nordea’s use of cookies Dansk Norsk Suomi Svenska Nordea uses own cookies as well as cookies from third parties. Cookies are used to enhance your online experience and to remember your preferences, for example language. Cookies are also used to analyse web traffic and to show you targeted ads in our own and third parties’ online media. We ask for your consent to use such cookies, except for necessary cookies which are needed to run our website. If you click on “Settings” below, you are able to decide which cookies you want to consent to. By clicking “Accept all cookies” you consent to all cookies from Nordea and our third-party collaborators. You can change or withdraw your consent at any time. You can read more about the use of cookies and how you can withdraw your consent in our cookie policy. Accept all cookies Settings