Responsible interaction between owners, the Board and management
KONGSBERG's objective is to protect and enhance stakeholder value by engaging in profitable, growth-oriented industrial development in a long-term, global perspective. Good corporate governance is intended to maximise value creation and reduce business risk, at the same time as the company's resources are to be used in an efficient, sustainable manner. The Group will achieve its goals by further developing first-class hubs of expertise and supplying leading systems, products and services to its global market segments, as well as by operating in an ethically, environmentally and socially responsible manner.
KONGSBERG is listed on the Oslo Stock Exchange and is subject to Norwegian securities legislation and stock exchange regulations.
How we understand the concept
The Group's value platform and the Corporate Code of Ethics are fundamental for KONGSBERG's corporate governance. Corporate governance deals with issues and principles associated with the segregation of roles between the governing bodies in a company, and the responsibility and authority assigned to each body. Good corporate governance is characterised by responsible interaction between owners, the Board of Directors and management, as seen from a long-term, productive and sustainable perspective. This requires effective cooperation, a defined segregation of responsibilities and roles between shareholders, the Board and management, respect for the Group's other stakeholders, and open and honest communication with the communities in which the Group operates.
Treatment of the topic in 2011
The topic of corporate governance is subject to annual reviews and discussions by the corporate Board of Directors. Among other tasks, the Group's governance documents are reviewed and revised annually and the contents of this chapter of the annual report are reviewed by the Board of directors in detail.