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2023 Nordic Spencer Stuart Board Index

2023 Snapshot


average fee for chairs (€165,501 in 2022)


average total remuneration for chairs


average basic retainer for NEDs (€62,161 in 2022)

Remuneration figures are converted to Euros for comparative purposes using average yearly conversion rates where applicable. Remuneration data for the 2023 Board Index is based on the 2022 annual reports.

Remuneration structure

28% of companies remunerated board membership through both fixed and meeting attendance fees. Most of these meeting fees are seen in Finland, where 80% of companies also pay an additional meeting attendance fee. In the cases of meeting attendance fees, companies tend to allow for higher fees depending on country of residence to accommodate for higher travel fees (within the Nordics, within Europe or international)

Non-executive chairs


The average non-executive chair fee in the region is €168,912, a slight increase compared to last year (€165,501). The sample now includes A.P. Moller–Maersk, after the company revised its chair remuneration. In 2021, the chair of A.P. Moller–Maersk earned DKK 7 million, 68% more than the next-highest-earning chair.

All board chair fees increased, with the exception of Sweden. Nevertheless, board chairs in Sweden receive the highest fees for the role at €226,892 (2022, €229,739). On the other end of the spectrum, board chairs in Norway receive the lowest fees at €90,983 (2022, €81,897). Chairs in Denmark receive €200,929 (2022, €182,036) and those in Finland receive €151,092 (2022, €145,064).

2023 non-executive chair fees

Over the past five years, chair fees have increased across all countries. Chair fees in Norway have grown the most at 43%. Denmark has the second highest increase at 24%, though it is 44% lower than Norway.

5-year chair fee comparison
All Denmark Finland Norway Sweden
2019 €140,127 €161,496 €130,984 €63,584 €204,444
2020 €151,250 €194,000 €130,000 €61,000 €220,000
2021 €151,556 €175,263 €138,404 €70,571 €221,986
2022 €165,501 €182,036 €145,064 €81,897 €229,739
2023 €168,912 €200,929 €151,092 €90,983 €226,892
Growth 21% 24% 15% 43% 11%
Non-executive chair fee, historical trend

Fees paid to non-executive chairs in Norway are significantly lower than those paid to their Nordic peers, although fees have grown. The differential between the average Norwegian chair fee and the regional average is €77,929, less than that recorded in 2022 (€83,604).

Total remuneration

The total remuneration paid to chairs — including committee and meeting fees, in addition to the chair fee — has increased since 2017. However, this progression has fluctuated somewhat each year (measured in Euros).

Total remuneration for chairs

87 Chairs served a full year on the board. The average total remuneration for non-executive board chairs who served the full financial year stands at €200,285 (2022, €199,153).

Chair total fee per country

No Norwegian companies fall into the top 20 companies in the region paying the highest remuneration to chairs, even though two of top 20 companies by market value are Norwegian.

Deputy chairs

67% of the companies in the sample have a deputy chair or equivalent. The average role fee paid is €95,821, ranging from €50,066 in Norway to €123,777 in Denmark.

Deputy chairs are most common in Denmark, where only four boards do not have a deputy chair, and Finland, where all companies have a deputy chair. The deputy chair position is less common in Norway (11 boards or 44% have the position) and the least common in Sweden, where only 10 boards (40%) have a deputy chair.

Deputy chair fees by country

Non-executive directors

The average base fee for non-executive directors is €63,181 rising from €62,161 in 2022.

Non-executive director fees by country
Non-executive director fees (2019-2023)

Directors in Sweden continue to receive the highest fixed fee in the region, with an average of €71,957 (2022, €70,835). Repeating the pattern seen in chair remuneration, non-executive directors in Norway receive the lowest fees, at €43,939 (2022, €42,778).

Nokia (Finland) pays the highest fixed fee for non-executives, at €170,000; the lowest fixed fee (€14,447) is recorded at SalMar (Norway).