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Nordic Board Index 2017

The Spencer Stuart 2017 Nordic Board Index analyses board composition, committees, director remuneration and other aspects of board governance in Denmark, Finland, Norway and Sweden. Our research covers the 25 largest listed companies by market capitalisation in Denmark (OMX Copenhagen), Finland (OMX Helsinki), Norway (OBX), and Sweden (OMX Stockholm) at May 2017.

In our analysis we examine year-on-year changes, as well as trends between 2014-2017, on a wide range of measures, from board size and diversity to director commitments and remuneration. We also compare leading Nordic companies with their counterparts in other countries, both in Europe and the US.

Key findings include:

  • The proportion of women sitting on Nordic boards of directors has increased from to 38.8% from 34.1% in 2016. Denmark has the fewest women on boards (28.1%) and Norway the highest (45.4%).
  • Women account for 20.7% of all executive committee (ExCo) positions in the Nordic companies surveyed.
  • Foreign directors now account for 34% of all directorships on the boards of leading Nordic companies.
  • 44% of all newly appointed directors across the region are non-nationals. In Denmark and Finland more than half of all new appointees are non-nationals.
  • The average total chairman remuneration across the Nordics was €154,036, an increase of 13% on 2015 levels, and 22% on 2014.
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