PFA's Executive Management consists of Group CEO Allan Polack, CFO Anders Damgaard, COO Jon Johnsen and CCO Mads Kaagaard.
Group CEO – Allan Polack
Group CEO – Allan Polack
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 sits on 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, PFA Kapitalforening 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.
Group CFO – Anders Damgaard
Group CFO – Anders Damgaard
Anders Damgaard is Group CFO and responsible for Finance & Group Functions.
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 sits on the board of directors of Danish Ship Finance, Blue Equity Management A/S, PFA Asset Management, PFA Ejendomme and PFA Kapitalforening.
Anders Damgaard holds a Master of Science in Mathematics-Economics from Aarhus University as well as a PhD in Finance.
Group COO – Jon Johnsen
Group COO – Jon Johnson
Jon Johnsen is Group COO and responsible for Customers & Services.
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.
Jon Johnsen chairs PFA Bank and sits on the board of directors of Letpension A/S, Ringkjøbing Landbobank and Forsikringsakademiet.
Jon Johnsen holds a Master of Science in Engineering and has a Graduate Diploma (HD) in Informatics and Financial Management.
Group CCO - Mads Kaagaard
Group CCO - Mads Kaagaard
Mads Kaagaard is Group CCO and responsible for Products & Development.
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 sits on the board of directors of Letpension.
Mads Kaagaard holds a Master of Science in Engineering.
Nina Groth, Vice President, Customer & Pension Service
Morten Steiner, Vice President, Data & IT
Audit Committee
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), 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 one member of the Audit Committee meet this demand; Niels-Ulrik Mousten. Niels-Ulrik Mousten has served on the Audit Committee in Danske Bank Finland 2011-2016.
Investment Commitee
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, Niels-Ulrik Mousten and Claus Oxfeldt.
Remuneration Committee and policy
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
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.
