The Norwegian Code of Practice for corporate governance has been produced in consideration of the international development, other countries’ national corporate governance codes as well as Norwegian legislation and practices.
The Code of Practice is principally intended for companies listed on the Norwegian stock exchange. Companies which are also listed on foreign stock exchanges must comply with the requirements of such exchanges as well.
The EU is the most significant foreign provider of premises affecting corporate governance in Norway. Extensive work is underway throughout the EU on such central issues as shareholder rights, the role of non-executive directors, directors’ remuneration and auditing. The EU has recommended that member states should establish their own national codes of practice which take account of specific national factors.
The OECD published their revised principles on corporate governance in 2004.
The background for increased international attention to corporate governance and the introduction of new legislation and codes is a number of corporate and accounting scandals in many countries. The purpose of the measures is to strengthen corporate governance and re-establish investor confidence.
For more international information, see Links.