Remuneration structure
17% of companies remunerated board membership through both fixed and meeting attendance fees. This structure is seen in Finland, where 68% 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 higher travel fees.
Non-executive chairs
Fees
The average non-executive chair fee in the region is €184,152, an increase compared to last year (€168,912).
All board chair fees increased. Board chairs in Sweden receive the highest fees for the role at €251,364 (2023, €226,892). On the other end of the spectrum, board chairs in Norway receive the lowest fees at €97,963 (2023, €90,983). Chairs in Denmark receive €215,961 (2023, €200,929) and those in Finland receive €162,772 (2023, €151,092).
2024 non-executive chair fees (€000)
Over the past five years, chair fees have increased across all countries. Chair fees in Norway have grown the most at 54%, although they remain lower than among their regional counterparts. Chair fees in Sweden have grown the least, at 23%.
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 |
| 2024 |
€184,154 |
€215,961 |
€162,772 |
€97,963 |
€251,364 |
| Growth |
31% |
34% |
24% |
54% |
23% |
Non-executive chair fee, historical trend (€000)
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 has expanded to €86,191, up from €77,929 in 2023.
Total remuneration
The total remuneration paid to chairs — including committee and meeting fees, in addition to the chair fee — has increased since 2019. However, this progression has fluctuated somewhat each year (measured in Euros).
Total remuneration for chairs (€000)
89 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 €213,863 (2023, €200,285).
Chair total fee per country (€000)
There are no Norwegian companies among the top 20 companies in the region that pay the highest remuneration to chairs, even though two of top 20 companies by market value are Norwegian.
Deputy chairs
62% of the companies in the sample have a deputy chair or equivalent. The average role fee paid is €98,747, ranging from €51,442 in Norway to €130,610 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 (13 boards or 52%) and the least common in Sweden, where only 11 boards (44%) have a deputy chair.
Deputy chair fees by country (€000)
Non-executive directors
The average base fee for non-executive directors is €67,773, rising from €63,181 in 2023.
Non-executive director fees by country (€000)
Non-executive director fees (2020–2024, €000)
Directors in Sweden continue to receive the highest fixed fee in the region, with an average of €82,817 (2023, €71,957). Repeating the pattern seen in chair remuneration, non-executive directors in Norway receive the lowest fees, at €44,842 (2023, €43,939).
Our perspective: “Brain drain” and the risk of remuneration
Nordic boards are notorious for low fees compared with European and international peers.
Anecdotally, we have seen board members reject roles in the region due to a disproportionate ratio between compensation and workload. This is particularly acute in Norway, where fees are unusually low. This does not only apply to international candidates, but increasingly to Nordic board members, including those who have had an impressive track record, and are therefore more careful when selecting assignments.
While Nordic listed companies remain popular amongst first-time non-executives, positions on private boards, and/or with private equity backing have become more attractive with the majority of board professionals. This is due to factors such as flexibility, as well as opportunities for ownership and increased return on investment.
It is important to consider whether listed boards in the region will be able to attract the right calibre of talent if the remuneration issue is not addressed. Even if nomination committees would like to implement some changes, increasing board remuneration is challenging as recommendations would need to be approved by companies’ annual general meetings which could prove difficult if fees increase dramatically.
Remuneration also has a cascading effect elsewhere. For example, policies to compensate for international travel need to be in place and board papers also need to be optimised in order to maximise productivity.
A major selling point, however, is leadership development. The opportunity to serve as a chair should be clear and advertised by nomination committees. An additional leadership position might also emerge in Norway and Sweden, where only 60% and 44% of boards currently have a deputy chair.