Board of Directors

Spar Nord’s Board of Directors makes overall decisions regarding vision, mission, strategies and policies, and it has also established an Audit Committee, a Risk Committee and a Nomination and Remuneration Committee.

Board self-evaluation
Spar Nord’s Board of Directors is composed of nine members, six of whom are elected by the shareholders and the remaining three members by the employees. The Bank’s Executive Board is not part of the Board of Directors but takes part in all of its meetings.

Board members are elected for terms of two years, and half of the members elected by the general meeting are up for election each year, while members elected by the employees pursuant to Danish legislation are elected for terms of four years.

The Board of Directors performs an annual self-evaluation, assessing its work and results.

Discussions are ongoing throughout the year, while an actual evaluation of the skills of each board member is performed once a year. In that connection, an evaluation of the Board’s combined skills is also made.

In 2022, the evaluation was made using external assistance combined with an in-house evaluation. The external evaluation was based on an anonymous questionnaire survey and in-depth interviews with each member of the Board of Directors and the Executive Board. The in-house evaluation focused primarily on individual and collective skills as well as a fit-and-proper assessment of the board members.

The overall evaluation has been presented to and discussed among the members of the Board of Directors. The overall conclusion is that the work of the Board of Directors is characterised by openness and constructive dialogue. However, the evaluation also led to the conclusion that the Board needs to work towards greater diversity in terms of its composition. Furthermore, it was concluded that, individually and collectively, the members of the Board of Directors meet the fit-and proper requirements.