As of 24 March 2022
Report on the Norwegian Code of Practice for Corporate Governance
NORBIT aims to maintain a high standard of corporate governance. Good corporate governance strengthens the confidence in the group and contributes to long-term value creation by regulating the division of roles and responsibilities between the shareholders, the board of directors, and the executive management.
Corporate governance at NORBIT ASA shall be based on the following main principles:
- All shareholders shall be treated equally
- NORBIT shall maintain open, relevant, and reliable communication about its activities with relevant stakeholders, including its shareholders, governmental bodies, and the public
- NORBIT’s board of directors shall be autonomous and independent of the executive management
- The majority of the directors shall be independent of major shareholders
- There shall be a clear division of roles and responsibilities between the shareholders, the board, and the management
NORBIT’s corporate governance principles are in accordance with the Norwegian Accounting Act §3-3b and based on the current Norwegian Code of Practice (the Code) for Corporate Governance, most recently issued on 14 October 2021. The Code is available at www.nues.no.
For a review of NORBIT’s compliance with the Code’s recommendations, please see the annual report for 2021.