PFA's Executive Management consists of Group CEO Allan Polack, CFO Anders Damgaard, COO Jon Johnsen and CCO Mads Kaagaard.


Allan Polack became Group CEO on 1 April 2015. Before joining PFA, Allan Polack served as CEO of Nordea Asset Management where he, since his appointment in 2007, contributed to doubling the assets under management from approximately DKK 600 billion to approximately DKK 1,200 billion. Previously, Allan Polack has held several executive positions in the Nordea Group, including CEO of Nordea Liv & Pension from 2002 to 2007.

Allan Polack is a member of the Board of Directors of The Stockholm Environment Institute (SEI), La Banque Postale Asset Management, Axcelfuture, FIH Holding A/S, The Danish Insurance Association, PFA Asset Management, PFA Ejendomme and PFA Brug Livet Fonden.

Allan Polack holds a Master of Science in Economics and Business Administration from Copenhagen Business School and has completed an AMP (Advanced Management Programme) from INSEAD.

Allan Polack
Anders Damgaard


Anders Damgaard is Group CFO and responsible for the Actuarial Department, Finance, Investment and Risk, including the companies PFA Asset Management, PFA Kapitalforening, Investeringsforeningen PFA Invest and PFA Ejendomme.

Before joining PFA on 1 December 2014, Anders Damgaard was Executive Vice President and Global Head of Corporate and Institutional Banking at Danske Bank. Prior to his employment with Danske Bank, Anders Damgaard was Assistant Professor of Finance at the University of Southern Denmark.

Anders Damgaard chairs the Board of Directors of PFA Asset Management, PFA Ejendomme and PFA Kapitalforening, and he is a member of the Boards of Danmarks Skibskredit A/S and SE Blue Equity Management A/S.

Anders Damgaard holds a Master of Science in Mathematics-Economics from Aarhus University as well as a PhD in Finance.


Jon Johnsen is Group COO and responsible for Product Management, Customer & Pension Services, Digitization & IT and Insurance.

Before joining PFA on 1 September 2009, Jon Johnsen served as Senior Vice President of Technical and Operations Business at KMD A/S, where he, from 2003, was a member of the Executive Board. Before joining KMD, Jon Johnsen worked as a management consultant at PricewaterhouseCoopers and participated in several major Scandinavian SAP implementation projects.

Jon Johnsen is a member of the Board of Directors of Letpension A/S, Forsikringsakademiet, Ringkjøbing Landbobank and PFA Kapitalforening.

Jon Johnsen holds a Master of Science in Engineering and has a Graduate Diploma (HD) in Informatics and Financial Management.

Jon Johnsen
Mads Kaagaard


Mads Kaagaard is Group CCO and responsible for Private Customers and Business Support.

Before joining PFA on 1 February 2016, Mads Kaagaard held a position at Nordea as Head of Savings & Wealth Offerings in the Nordic region. Prior to his employment with Nordea, Mads Kaagaard worked at Accenture and Boston Consulting.

Mads Kaagaard is chairman of PFA Bank and a member of the Board of Directors of Letpension.

Mads Kaagaard holds a Master of Science in Engineering.

Executive employees

  • Rasmus Bessing, Executive Director, PFA Asset Management
  • Michael Bruhn, Executive Director, PFA Ejendomme    
  • Dorthe Bundgaard, Vice President, Legal Department
  • Jacob Carlsen, Vice President, Risk
  • Torben Dam, Vice President, Actuarial Department
  • Mikkel Friis-Thomsen, Vice President, Communications & External Relations
  • Christian Lindstrøm Lage, Executive Director, PFA Asset Management
  • Thomas Dyhrberg Nielsen, Vice President, Finance
  • Peter Ott, Executive Director, PFA Bank A/S
  • Peter Rosenlind-Nissen, Vice President, Advisory Services
  • Unn Wakefield, Vice President, Insurance
  • Morten Winther Hansen, Vice President, Product Management
  • Henrik Nøhr Poulsen, Executive Director, PFA Asset Management
  • Pia Irene Andreasen, Vice President, HR   
  • Jens Gammelmark, Vice President, Commercial Development
  • Jesper Steensen, Vice President, Corporate Customers
  • Mark Stougaard, Vice President, Strategy
  • Nina Groth, Vice President, Customer & Pension Service

Audit Committee

On 5 February 2009, the Board of Directors set up an audit committee, which, in April 2016, was expanded to include both an audit committee and an investment committee. In April 2017, the Investment Committee was segregated into a separate committee.

As of 14 March 2018, the Audit Committee consists of Niels-Ulrik Mousten (Chairman), Karsten Dybvad, Lasse Grønbech and Mogens Steffensen.

Under the Danish Act on Approved Auditors and Audit Firms, at least one member of the Audit Committee must possess qualifications in accountancy or audit. The full Board of Directors has assessed that two members of the Audit Committee meet this demand; Niels-Ulrik Mousten and Karsten Dybvad. Niels-Ulrik Mousten has served on the Audit Committee in Danske Bank Finland 2011-2016, and Karsten Dybvad served on the Audit Committee in Pension Danmark 2011-2014.

Investment Committee

In April 2016, the Audit Committee was expanded to include both an audit committee and an investment committee. In April 2017, the Investment Committee was segregated into a separate committee.

As of 14 March 2018, the Investment Committee consists of Peder Hasslev (Chairman), Lars Christoffersen, Karsten Dybvad, Niels-Ulrik Mousten and Claus Oxfeldt.

Remuneration Committee and remuneration policy

PFA’s Remuneration Committee consists of five members of the Board of Directors:

  • Torben Dalby Larsen, Chairman
  • Mette Risom
  • Laurits Rønn
  • Per Tønnesen
  • Helle Valentin

On behalf of the Board of Directors, the Remuneration Committee carries out the preparatory drafting of the remuneration policy for the Board of Directors, the Executive Board and other material risk takers, including recommending the remuneration policy for the Board of Directors’ approval and submitting a proposal to the Board of Directors concerning the Executive Board’s remuneration. In its preparatory work, the Committee is attentive to the company’s long-term interests.

Ensuring a competent Board of Directors

The boards of directors within the PFA Group must possess the necessary competencies and qualifications. To ensure that these requirements are met, PFA has, among other things, a diversity policy that describes how the company ensures a diverse board of directors with the competencies necessary to carry out its present as well as its future tasks.

The Board of Directors is evaluated annually based on the company’s business model and the associated risks. The evaluation also includes an assessment of the results achieved by the board. Furthermore, the evaluation assesses the planning of the board’s work as well as whether the board members combined hold the knowledge, professional competencies and experience necessary to understand the company’s activities, including material risks, and to run the company in a responsible manner. Based on this evaluation, the board determines whether any initiatives need to be undertaken in order to ensure sufficient competencies and diversity among the board members at all times. If the evaluation reveals a need for strengthening the combined competencies of the Board of Directors and/or the Executive Board, resources will be earmarked for training, etc.

In addition, it is assessed on an ongoing basis whether any changes in the company’s business model or risk profile necessitate an upgrade of the qualifications of the Board of Directors and/or the Executive Board. The necessary staff resources and financial resources for introductory and supplementary training will be earmarked in the company’s training budget. Newly appointed board members are offered an internal training programme that is fitted to the company’s business model and complexity.