Nordea Bank – AGM 28 May 2020
In general, Nordea Bank ("Nordea") is in compliance with the Finnish regulations relating to the organisation and procedures of the AGM.
Under ITEM 9 discharge of the board of directors & CEO is sought. ECGS notes that the relevant supervisory authorities have conducted ongoing investigations (among others) regarding Nordea's compliance with anti-money laundering (AML) regulation. As long as the results of these investigations are unclear, ECGS is unwilling to grant discharge to the members of the board of directors and the CEO. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 19a authorisation is sought to repurchase own shares. Although the authority requested would meet its guidelines, ECGS considers that it is currently not the right moment to proceed to a new share buyback programme in view of the recent events relating to Covid-19. Accordingly, ECGS recommends to vote OPPOSE.
Nordea Bank is a financial services group based in Sweden. Co. has three business areas: retail banking, wholesale banking, and wealth management. Retail banking conducts a full service banking operation and serves household and corporate customers in the Nordic markets as well as the Baltic countries. Wholesale banking provides banking and other financial solutions to large Nordic and international corporate, institutional and public companies. Wealth management provides investment, savings and risk management products. It also manages customers' assets and provides financial advice to individuals and institutional investors.
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