KONGSBERG is subject to the reporting requirements regarding corporate governance pursuant to Section 3-3b of the Norwegian Accounting Act, as well as the “Norwegian Code of Practice for Corporate Governance”, cf. Item 7, ongoing requirements for listed companies. The Norwegian Accounting Act is available at Lovdata. The “Norwegian Code of Practice for Corporate Governance”, most recently revised on 30 October 2014, is available at Norwegian Corporates Governance Board (NUES) here.
In compliance with Section 5-4 of the Public Limited Liability Companies Act, this report will be dealt with at KONGSBERG’s Annual General Meeting on 7 May 2015. The Group’s compliance with and any deviations from the recommendation will be commented on and made available to the Group’s stakeholder.
The policy was adopted by the corporate Board of Directors. The Norwegian state, which owns 50.001 per cent of the Group, also assumes that all companies in which the State has a stake will comply with the recommendation. Since the Norwegian state owns a stake of 50.001 per cent, the Group also complies with White Paper No. 13 (2006–2007) – the “Ownership Report”, White Paper No. 27 (2013-2014) – “A diverse and value creating ownership”,, the Norwegian state’s 10 Principles for Good Corporate Governance and the OECD’s Guidelines regarding State Ownership and Corporate Governance.
The following elements are fundamental to KONGSBERG’s corporate governance policy:
• KONGSBERG shall maintain open, reliable and relevant communication with the public about its business activities and factors related to corporate governance.
• KONGSBERG’s Board of Directors shall be autonomous and independent of the Group’s management.
• KONGSBERG will attach importance to avoiding conflicts of interest between the owners, the Board and administration.
• KONGSBERG will have a clear division of responsibilities between the Board and management.
• All shareholders are to be treated equally.
The Group’s Corporate Social Responsibility work is considered an integral part of the principles for good corporate governance. This is in keeping with the State’s vision, as expressed in the “Ownership Report”.