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Nordic business diversity index
2024

Nordic business diversity index 2024 cover illustration
You are reading the 5th edition of the Nordic Business Diversity Index. What started off as a report focusing solely on Finland, has evolved into the largest and most comprehensive insight into the diversity of senior leadership in Nordic listed companies, including over 600 companies from Denmark, Finland, Iceland, and Sweden.

Join us on this journey as we assess the diversity of senior leadership in the Nordics, explore the hurdles that persist, and illuminate the pathways to a more inclusive future of corporate leadership.

This year's top performing companies

The Nordic Business Diversity Index scores companies up to 100 points, split evenly between Executive Management and Board of Directors, based on Gender, Age, Nationality, and Education, with each variable contributing up to 12.5 points. Gender scores are higher for gender-balanced teams, plus bonus points for female leadership roles. Age, nationality, and education are scored on diversity within the team. These variables are chosen for their public availability and relevance to corporate governance standards.

Although extremely limited, they offer a foundational perspective on diversity in leadership. For a detailed methodology, please refer to the full report.

Nordic Top Performers

CompanyScore
🇸🇪Orrön Energy89.5
🇸🇪Embracer Group89.5
🇩🇰Genmab88
🇩🇰Össur86
🇸🇪BYGGFAKTA GROUP85
🇩🇰DFDS85
Large Cap
🇸🇪Orrön Energy89.5
🇸🇪Embracer Group89.5
🇩🇰Genmab88
🇩🇰Össur86
🇸🇪BYGGFAKTA GROUP85
🇩🇰DFDS85
Mid Cap
🇸🇪Calliditas Therapeutics87
🇸🇪G5 Entertainment85
🇩🇰Gubra85
🇸🇪Ambea84.5
🇫🇮Anora84.5
Small Cap
🇸🇪Ascelia Pharma90
🇸🇪Alligator Bioscience88.5
🇸🇪Abliva87
🇸🇪Dedicare85.5
🇸🇪Karolinska Development82.5

Ascelia Pharma, a small cap company, received the highest score of all companies in the Nordics for 2024.

Top 15 Large Cap

RankCompanyScore
1.Citycon83.5
2.Uponor83
3.Sampo82
4.Nokia81.5
5.Revenio Group80
6.Konecranes77.5
7.Orion75
8.Fiskars Group74.5
9.Outokumpu74.5
10.Wärtsila73.5
11.Huhtamaki73
12.Stora Enso72
13.Metso72
14.Nordea Bank71.5
15.Fortum71.5
RankHelsinki
1.Citycon83.5
2.Uponor83
3.Sampo82
4.Nokia81.5
5.Revenio Group80
6.Konecranes77.5
7.Orion75
8.Fiskars Group74.5
9.Outokumpu74.5
10.Wärtsila73.5
11.Huhtamaki73
12.Stora Enso72
13.Metso72
14.Nordea Bank71.5
15.Fortum71.5
Stockholm
Orrön Energy89.5
Embracer Group89.5
BYGGFAKTA GROUP85
Vitrolife84.5
Arjo83
Sinch82
Stillfront Group82
Swedish Orphan Biovitrum82
Telia Company81.5
Cint Group81.5
Medicover80
Truecaller80
Viaplay Group80
Hemnet Group79.5
Elekta78.5
Copenhagen
Genmab88
Össur hf86
DFDS85
Novozymes81.5
Iss81
Bavarian Nordic80
NKT80
Rockwool80
GN Store Nord80
Danske Bank79.5
Coloplast77.5
Tryg75
Chr Hansen Holding74.5
Topdanmark72.5
Øersted72

Top 15 Mid Cap

RankCompanyScore
1.Anora Group84.5
2.Musti Group82
3.F-Secure80
4.Suominen80
5.Taaleri80
6.WithSecure80
7.Purmo Group77.5
8.Ålandsbanken77
9.Tecnotree76.5
10.Oriola75.5
11.Marimekko75
12.Scanfil75
13.Caverion72.5
14.Stockmann71.5
15.Enento Group71.5
RankHelsinki
1.Anora Group84.5
2.Musti Group82
3.F-Secure80
4.Suominen80
5.Taaleri80
6.WithSecure80
7.Purmo Group77.5
8.Ålandsbanken77
9.Tecnotree76.5
10.Oriola75.5
11.Marimekko75
12.Scanfil75
13.Caverion72.5
14.Stockmann71.5
15.Enento Group71.5
Stockholm
Calliditas Therapeutics87
G5 Entertainment85
Ambea84.5
BioInvent82.5
Fingerprint Cards82.5
Biogaia82
Elos Medtech81
Sedana Medical80
Xvivo Perfusion78.5
Hansa Biopharma77.5
Humana77
Alimak Group76
Netel Holding75.5
Eltel75
Copenhagen
Gubra85
Brødrene A&O Johansen77
NNIT72.5
Green Hydrogen Systems65
Tivoli62
RTX45

Top 15 Small Cap

RankCompanyScore
1.Siili Solutions76
2.Martela75
3.Biohit75
4.Nurminen Logistics73
5.Solteq70
6.Orthex69.5
7.Enersense68.5
8.Exel Composites67.5
9.Endomines Finland65
10.Glaston65
11.Honkarakenne63.5
12.Apetit62.5
13.Ilkka62.5
14.Boreo62.5
15.Alisa Pankki60
RankHelsinki
1.Siili Solutions76
2.Martela75
3.Biohit75
4.Nurminen Logistics73
5.Solteq70
6.Orthex69.5
7.Enersense68.5
8.Exel Composites67.5
9.Endomines Finland65
10.Glaston65
11.Honkarakenne63.5
12.Apetit62.5
13.Ilkka62.5
14.Boreo62.5
15.Alisa Pankki60
Stockholm
Ascelia Pharma90
Alligator Bioscience88.5
Abliva87
Dedicare85.5
Karolinska Development82.5
SAS82.5
Svedbergs Group81
Q Linea78
Oncopeptides75.5
Episurf Medical75
Orexo72.5
Egetis Therapeutics71
B3 Consulting Group70
Boule Diagnostics70
Cantargia70
Malmbergs Elektriska70
Copenhagen
Bioporto75
The BANK of Greenland68.5
Rias52

Icelandic Top Performers

RankCompanyScore
1.Amaroq Minerals82.5
2.Alvotech80
3.Arion Banki75
4.VIS Insurance72.5
5.Eimskipafélag Íslands72
6.Sjóvá-Almennar64.5
7.Reitir fasteignafélag63.5
8.Festi62.5
9.Reginn58.5
10.Kaldalón58.5
11.Síminn56
12.Íslandsbanki49
13.Marel48.5
14.Kvika banki48.5
15.Ísfélag47.5
RankIceland
1.Amaroq Minerals82.5
2.Alvotech80
3.Arion Banki75
4.VIS Insurance72.5
5.Eimskipafélag Íslands72
6.Sjóvá-Almennar64.5
7.Reitir fasteignafélag63.5
8.Festi62.5
9.Reginn58.5
10.Kaldalón58.5
11.Síminn56
12.Íslandsbanki49
13.Marel48.5
14.Kvika banki48.5
15.Ísfélag47.5

Key insights from this year's report

Gender representation

Female

Male

Helsinki Large Cap

Helsinki Mid Cap

Helsinki Small Cap

Stockholm Large Cap

Stockholm Mid Cap

Stockholm Small Cap

Copenhagen Large Cap

Copenhagen Mid Cap

Copenhagen Small Cap

Iceland All Caps

29%
71%
28%
72%
21%
79%
28%
72%
30%
70%
29%
71%
23%
77%
14%
86%
11%
89%
32%
68%

10,3%

is the percentage of female CEOs in 631 companies.

Age distribution

0%

of board members were born in the 1950s or 1960s.

0%

of executive team members were born in the 1960s or 1970s.

Education

Helsinki Large Cap

Helsinki Mid Cap

Helsinki Small Cap

Stockholm Large Cap

Stockholm Mid Cap

Stockholm Small Cap

Copenhagen Large Cap

Copenhagen Mid Cap

Copenhagen Small Cap

Iceland All Caps

44%
34%
9%
13%
52%
25%
9%
14%
47%
36%
4%
13%
51%
31%
8%
10%
52%
28%
6%
14%
52%
24%
3%
21%
55%
20%
7%
18%
63%
27%
1%
9%
71%
16%
1%
12%
54%
25%
8%
13%

Business

Law

Engineering

Other

54%

of people in the board and executive team have a business-related educational background.

Nationality

0%

of the boards and executive teams have Nordic nationalities.

0%

of the boards and executive teams have non-European nationalities.

Typical

So... here's your typical Nordic

Male

90% of CEOs are male.

54 years old

54 years

Only 3% of CEOs are under 35 years old.

Business education

58% of CEOs have education in Business.

Local nationality

87% of CEO are from the same country as the company is listed in.

Thoughts

When leadership in our societies and companies reflects diverse backgrounds, we send the message that opportunity and success is not limited to a closed, homogeneous group. Additionally, representation empowers those who have traditionally been left voiceless, and it encourages all of us to encounter our unconscious biases and learn about people who are different from us. As individuals we are scared and as organisations unprepared to welcome diversity and to walk the extra mile to ensure our workplaces are inclusive.

Impaktly challenges you: expand your circles, practice empathy, be a role model and if you are in a position of power, use your power to make the change.

Driving systematic DEI transformation

To achieve meaningful change, companies need to treat DEI as any change initiative—it needs unwavering support from leadership and tangible actions at all levels of the organisation.

Set clear goals

Assess status quo to understand where the organisation is at. Focus on demographics, analyse processes & practices and deep-dive into company culture. Continue by setting concrete and timebound goals that reflect your organisations’ starting point and the change that needs to happen.

Identify key actions

Identify the critical first actions and develop a strategic roadmap to guide your way, measure and manage your DEI work and seek regular feedback from your critical stakeholders.

Build inclusive leadership culture

Leaders and managers play a crucial role in building and leading diverse teams. Build inclusive leadership systematically: ensure integration into KPIs, leadership principles, competence development and processes to propel transformation.

Integrate in processes

Change is tangible actions taken everyday across the organisations and functions. Define together with different teams how DEI becomes a systematic part of processess, such as recruitment, employee experience, career development, innovation practices, brand, product and service design and marketing.

Provide tools for action

Support the change by making sure the different functions across the organisation have tools to act. Start by building foundational awareness, and then move to enabling actions by providing data and shared tools.

Strive towards inclusive customer experience

DEI is an opportunity to change the way how companies interact with their customer base: how they design and deliver inclusive experiences that cater for diverse audiences. It offers a significant business opportunity, but above all it offers a profound opportunity to make a positive impact on peoples’ lives.

Interested in featuring us?

Behind the Nordic Business Diversity Index, the most extensive business diversity ranking in the Nordics, is a team of social responsibility professionals from leading sustainability consulting group Impaktly.

Impaktly is a sustainability consultancy that helps clients define and accelerate sustainability transformations. Our advisors are experts in their field of environmental and social sustainability, business strategy, service design and data & technology. By leveraging our expertise, we help our clients embed sustainability at scale across the organization to make core businesses resilient and unlock new business opportunities.

Our DEI professionals like to talk about diversity, equity and inclusion and the interconnectedness of these with business and society. Please do not hesitate to reach out, if you need support on your journey!

Diversity, equity & inclusion

Suvi Halttula

she/her

Project Lead

Aaro Angerpuro

he/him

Company culture & leadership

Monika Nars

she/her