Orkla receives prize for its corporate governance reporting
”On behalf of Orkla ASA, it is a great pleasure and honour for me to accept this year’s prize for corporate governance reporting in the 2010 Annual Report,” declared Board member Åse Aulie Michelet. The award ceremony took place today/on 20?? October 2011 at NUES’ annual Corporate Governance Forum.
When accepting the award on behalf of Orkla, Åse Aulie Michelet also said, “As a global Group with operations in many countries where things are often done differently from the way they are done in Norway, we at Orkla do not hide the fact that we face challenges and that there is potential for improvement in the way we carry out our activities. We therefore emphasise the importance of working continuously in this area as well to improve our performance by focusing on the implementation of concrete improvement projects.”
NUES’ grounds for the award
The prize is awarded by the Norwegian Corporate Governance Board (NUES), which gave the following general grounds for presenting the prize to Orkla this year:
“The company gives a good, extensive and, not least, company-specific description of its compliance with the Norwegian Code of Practice for Corporate Governance*. It is clear from the report that the Board of Directors is closely involved in both monitoring corporate governance activities in the company and in formulating the report as a whole. It follows the Code of Practice systematically, making it easy for users to see how Orkla addresses each of the issues in the Code of Practice.”
NUES was established by the Confederation of Norwegian Enterprise, Finance Norway, the Institutional Investor Forum, the Oslo Stock Exchange, the Norwegian Association of Private Pension Funds, the Norwegian Shareholders Association, the Norwegian Society of Financial Analysts and the Norwegian Fund and Asset Management Association.
* The purpose of the Norwegian Code of Practice for Corporate Governance is to clarify the respective roles of shareholders, the Board of Directors and executive management beyond the requirements of legislation. The Oslo Stock Exchange requires that listed companies publish a statement each year on the company’s principles for corporate governance in accordance with this Code of Practice.
The Code of Practice was drawn up by the Norwegian Corporate Governance Board (NUES).