Bank manager bows out – get huge board – Swedish Dagbladet

Nordea’s outgoing CEO Christian Clausen. Photo: Fredrik Persson / TT

Already in Nordea’s Annual General Meeting 2012 were Clausen’s high pension sharp criticism of, among other things, the Shareholders Association and then calculated the approximately SEK 100 million.

Since then, pension has grown further. Nordea has in the past five years, paid about 8 million per year on average to Christian Clausen’s board and the bank’s commitment to the CEO’s retirement at the end of last year, EUR 15.3 million corresponding to SEK 142 million.

Clausen has a so-called defined benefit pension, which in this case means he his days are guaranteed a pension equal to half his basic salary.

Clausen’s base salary last year was just over 1.2 million EUR corresponding to approximately SEK 11 million, which means he should be able to count on more than 5 million per year the rest of his life.

Clausen, however, is already in his retirement to bring responsibility for the entire pension pot. Nordea has an unusual design which means that Clausen takes over responsibility for the pension capital. Thereafter, Nordea has no more obligations with respect Clausen’s retirement.

Clausen’s total pension is calculated that he will be 85 years old. Nordea’s pension plans are funded, which means that the bank’s pension obligations relate to actual assets that the bank set aside.