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The Norwegian Code of Practice for Corporate Governance
The Norwegian Corporate Governance Board - NUES (Norsk Utvalg for Eierstyring og Selskapsledelse) consists of representatives of different parties (owners, issuers and the stock exchange) and its goal is to keep the Norwegian Code of Practice for Corporate Governance updated as well as to promote the Code of Practice both in Norway and internationally.
NUES consits of::
Norwegian Shareholders Association
Norwegian Institute of Public Accountants
Institutional Investor Forum*)
Norwegian Financial Services Association**)
Norwegian Society of Financial Analysts
Norwegian Association of Private Pension Funds
Confederation of Norwegian Enterprise**)
Norwegian Mutual Fund Association
Oslo Børs
*) The members of the Institutional Investor Forum are ABN AMRO Kapitalforvaltning, DnB NOR Kapitalforvaltning, Folketrygdfondet, KLP, Nordea Fondene, Odin Forvaltning, Oslo Pensjonsforsikring, the Ministry of Trade and Industry (Department of Ownership), Statoil Kapitalforvaltning, Storebrand and Vital Forsikring.
**) The Norwegian Financial Services Association and the Confederation of Norwegian Enterprise also represent the Næringslivets Aksjemarkedsutvalg. These two organisations are members of the Næringslivets Aksjemarkedsutvalg together with the Federation of Norwegian Commercial and Service Enterprises and the Norwegian Shipowners’ Association.
The Norwegian Code of Practice for Corporate Governance
The objective of the Code of Practice is that companies listed on regulated markets in Norway will practice corporate governance that provides division of roles between shareholders, the board of directors and executive management more comprehensively than is required by legislation. The Code of Practice comprises 15 issues.
- Implementation and reporting on corporate governance
- Business
- Equity and dividends
- Equal treatment of shareholders and transactions with close associates
- Freely negotiable shares
- General meetings
- Nomination committee
- Corporate assembly and board of directors: composition and independence
- The work of the board of directors
- Risk management and internal control
- Remuneration of the board of directors
- Remuneration of the executive management
- Information and communications
- Take-overs
- Auditor
The Norwegian Code of Practice for corporate governance is based on "the comply or explain principle" whereby companies must comply with the Code of Practice or explain why they have chosen an alternative approach.