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2019 Nordic Spencer Stuart Board Index

The 2019 Nordic Spencer Stuart Board Index analyses board composition, committees, director remuneration and other aspects of board governance among listed companies in Denmark, Finland, Norway and Sweden.

Our research covers the following indices: OMX Copenhagen (25 companies), OMX Helsinki (25 companies), OBX (25 companies), and OMX Stockholm (25 companies). Our purpose is to provide business leaders with a snapshot of current practice on boards across the region.

In our analysis we examine year-on-year changes, as well as trends between 2015-2019, on a wide range of measures, from board size and diversity to director commitments and remuneration.

Key findings include:

  • The proportion of women among new directors across the Nordics has jumped to 44% from 35% last year. In Denmark, 48.3% of new directors were women.
  • Women hold 21.6% of posts on executive committees, although there are significant disparities within the region – 25% in Norway vs 13% in Denmark.
  • Foreign directors now account for 44% of all new directorships on the boards of leading Nordic companies, up from 36% last year. Denmark has the most international boards, with 41.8% non-nationals.
  • Only 18% of Nordic companies chose to undergo an externally facilitated board assessment.
  • The average total remuneration for chairs across the Nordics was €162,369, a 3.5% decrease on the previous year.