NDF - Financing for climate change and development projects



The structure of NDF’s governing bodies reflects NDF’s status as an international financial institution owned by the five Nordic countries.

Board of Directors 

The Board of Directors is the key governing body, which makes policy decisions concerning the operations of NDF and approves the financing of projects proposed by NDF’s Managing Director. The Board of Directors also approves the annual budget and is responsible for NDF’s financial statements. The Board of Directors may delegate its powers to the Managing Director to the extent considered appropriate. 

Each member country appoints one member and one alternate to NDF’s  Board of Directors for a term of up to five years. The Board of Directors elects a Chairman and Deputy Chairman for a term of one year at a time. The chairmanship and the deputy chairmanship rotate among the member countries. The Nordic Investment Bank (NIB) has an appointed Observer without the right to vote in the Board of Directors. The Chief Counsel of NDF serves as Secretary to the Board of Directors.

Control Committee 

The Control Committee is NDF’s supervisory body. It ensures that NDF’s operations are conducted in accordance with the Statutes of NDF. The Control Committee is responsible for the audit of NDF and submits its annual audit report to the Nordic Council of Ministers.

The Nordic Council appoints five Nordic parliamentarians to the Committee. The Chairman of the Committee is appointed by the Nordic Council of Ministers. The Control Committee appoints two professional external auditors for the purpose of assisting the Committee in carrying out its work and responsibilities. One of the appointed professional auditors is from NDF’s host country (Finland) and one from another member country.

Nordic Council of Ministers 

The Nordic Council of Ministers (i.e. the five Ministers of Nordic Cooperation) is the body responsible for, among other things amendments to NDF’s Statutes and capital. The Nordic Council of Ministers also approves the annual report of the Board of Directors and the audited financial statements of NDF. [For more information see Nordic Council and Nordic Council of Ministers

Managing Director

The Managing Director is appointed by the Board of Directors for a term of up to five  years at a time. The Managing Director is responsible for the conduct of the current operations of NDF and must follow the guidelines and instructions given by the Board of Directors. The Managing Director is assisted in his or her work by the Management Committee and Project/Investment Committees.

Management Committee

The Management Committee is an advisory body to the Managing Director. The Vice Presidents for Operations and Support & Administration, the Director for Quality Assurance & Reporting and the Managing Director form the Management Committee.

Staff and location 

NDF employs approximately 20 people, all working at the headquarters in Helsinki, Finland. The NDF headquarters is in the same building complex as the Nordic Investment Bank (NIB, www.nib.int) and the Nordic Environment Finance Corporation (NEFCO, www.nefco.org).