Competence of the Board
Pandora has established a corporate governance framework that emphasises accountability and transparency, thereby promoting responsible business practices and laying a solid foundation for sustained long-term value creation.
Governance structure
The shareholders exercise their rights at the Annual General Meeting, which is the supreme governing body of the company. During the Annual General Meeting, among other duties, the shareholders elect the members of the Board of Directors, approve the Annual Report and adopt any proposed changes to the company’s Articles of Association.
Pandora operates with a two-tier management structure consisting of the Board and Executive Management. The Board defines the overall vision, strategy and objectives of Pandora’s business activities, supervises the performance of Executive Management and is responsible for overseeing the execution of Pandora’s business strategy, including sustainability priorities, performance and targets. Furthermore, the Board is responsible for overseeing cyber security governance, adopting sustainability- related policies, reviewing sustainability reporting and overseeing performance related to Pandora’s strategic sustainability priorities and targets. Members of Executive Management are appointed by the Board. Executive Management is responsible for the day-to-day management and for the execution of Pandora’s strategy.
Furthermore, Pandora has an Executive Leadership Team (the ELT), comprised of one woman and seven men, representing seven different nationalities. The team members are responsible for the day-to-day operations of their respective business areas and serve as a part of Pandora’s overall leadership. Selected ELT members are also part of Pandora’s Sustainability Board. (ESRS 2 GOV-1)
To support the Board in its duties, the Audit, Nomination and Remuneration Committees have been established. Each committee is responsible for carrying out various preparatory tasks within the Board’s key areas of responsibility. The Remuneration Committee is responsible for incentive schemes and remuneration, including those related to sustainability. (ESRS 2 GOV-3) The committees’ terms of reference are available at our website: Governance documents
Board evaluation
Each year, the Board conducts a board review focusing on its effectiveness and skills. The ideal mix of skills and experience required of Board members includes:
- Board experience
- Executive management
- Sectoral experience
- Marketing and brand
- Retail
- Digitalisation
- Sustainability
- Finance
- Governance
An external assessment of the Board’s skills and effectiveness is conducted every three years to ensure objectivity and benchmarking. In 2025, the Board effectiveness review was conducted internally and the results identified that the Board continues to be well-established and well-functioning, supported by a strong belief in the strategy and effectiveness in collaboration with the committees and Executive Management.
Board activities in 2025
The Board held 10 meetings in 2025. Its primary focus was to strengthen the company’s resilience to external factors and navigate Pandora through continued macroeconomic uncertainty, including the implications from increased commodity prices, fluctuating foreign exchange rates, imposed US tariffs and complex socio-political environments. Additionally, the Board ensured that Pandora remained aligned with the Next Growth Chapter of the Phoenix strategy, announced at Pandora’s Capital Markets Day in 2023. The Board also appointed Berta de Pablos-Barbier as new CEO. She succeeded Alexander Lacik on 1 January 2026. Furthermore, the Board continued to oversee cybersecurity governance and the integration of sustainability into relevant processes across Pandora, ensuring alignment with our strategic priorities and sustainability targets.