The Norwegian Code of Practice for Corporate Governance

The purpose of the Code of Practice is to clarify the respective roles of shareholders, board of directors and executive officers beyond the requirements of the legislation. Oslo Børs stipulates that companies listed on Oslo Børs must annually publish a statement on the company’s principles for corporate governance in accordance with the Norwegian Code of Practice for Corporate Governance - or the equivalent code for companies with a primary listing on a foreign stock exchange. The Code of Practice has been produced and published by the Norwegian Corporate Governance Board (NUES). NUES is monitoring the need for adjustments of the code which will be published when deemed appropriate. The current edition of the code was issued on 21 October 2010.

The Norwegian Code of Practice for Corporate Governance (the “Code of Practice") is issued by the Norwegian Corporate Government Board (NCGB). NCGB considers each year whether a revised version of the Code of Practice should be issued. Matters that will require a revised version include changes in legislation and regulations as well as experience gained from the use of the Code of Practice. NCGB also takes into account international changes in this area. Each autumn, NCGB organises a conference, the “Corporate Governance Forum" to report on its work and contribute to the debate on corporate governance. In addition, NCGB strives to improve awareness of the Code of Practice both in Norway and internationally.

The current edition of the Code of Practice was issued on 21 October 2010, replacing the edition of 21 October 2009. NCGB has decided not to issue a new edition of the Code of Practice in 2011. However, NCGB has decided to communicate a few minor changes and adjustments to the Code of Practice by means of a separate document (see below).

Any questions or comments in respect of the Code of Practice can be submitted to info@ncgb.no.

Download the entire code in pdf-format here:

Changes to the Norwegian Code of Practice for corporate governance: Autumn 2011