On Friday, Nordea Bank announced a series of changes to its Board of Directors and Shareholders' Nomination Board.
In the European afternoon, Nordea confirmed the composition of its Shareholders' Nomination Board. The board consists of the Chair of the Board of Directors and the four largest shareholders who represent the largest number of voting rights in the company and wish to participate in the work of the Nomination Board. The members include Niko Pakalén from Cevian Capital, Lars Ingemann Nielsen from Nordea-fonden, Daniel Kristiansson from Alecta, Timo Sallinen from Varma Mutual Pension Insurance Company, and Stephen Hester, Chair of the Board of Directors of Nordea Bank Abp (OTC:NRDBY). At its first meeting, Niko Pakalén was elected as Chair of the Nomination Board.
Earlier in the day, Nordea made changes to its Board Operations and Sustainability Committee (BOSC). Birger Steen stepped down as Chair but will continue as an ordinary member. Kjersti Wiklund, a member since March 24, 2022, has been appointed as the new Chair.
In addition to these changes, there have been alterations involving employee representatives on the board. Kasper Skovgaard Pedersen, a veteran at Nordea for nearly 14 years and currently serving as a union board member in Finansforbundet in Nordea, has been appointed as an ordinary member of the Board of Directors until the end of the next Annual General Meeting. His appointment is pending relevant authority approval. Dorrit Groth Brandt resigned from her position as an ordinary member.
The board now includes three ordinary members and one deputy member appointed by Nordea Group employees: Gerhard Olsson, Hans Christian Riise, Kasper Skovgaard Pedersen, and Joanna Koskinen as a deputy member.
These changes come as part of Nordea Bank's ongoing governance adjustments to maintain effective management and representation of its shareholders and employees.
According to the real-time metrics from InvestingPro, Nordea Bank Abp has a market capitalization of $38887.24 million. The company's P/E ratio stands at 8.09, suggesting that the stock is trading at a low price relative to its earnings growth, a fact corroborated by one of the InvestingPro Tips. The company has also achieved a significant revenue growth of 25.64% as of Q2 2023.
The company's dividend yield as of stands at 7.69%, indicating that it pays a significant dividend to its shareholders. This is in line with another InvestingPro Tip that suggests that despite the low earnings quality, with free cash flow trailing net income, the company has managed to maintain a significant dividend payout.
For more insights like these, check out the InvestingPro product that includes additional tips. There are 11 more tips listed in InvestingPro, providing a comprehensive understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.