1. Statement of policy on corporate governance

Orkla is subject to corporate governance reporting requirements under section 3-3b of the Norwegian Accounting Act and the Norwegian Code of Practice for Corporate Governance, cf. section 7 on the continuing obligations of stock exchange listed companies. The Accounting Act may be found (in Norwegian) at www.lovdata.no. The Norwegian Code of Practice for Corporate Governance, which was last revised on 30 October 2014, may be found at www.nues.no.

This statement of policy will be an item of business at Orkla’s Annual General Meeting on 20 April 2017. The company’s auditor has assessed whether the information provided in this statement with regard to section 3-3b of the Accounting Act is consistent with the information provided in the annual financial statements. The auditor’s statement may be found on page 149 of Orkla’s Annual Report 2015 (see PDF below).

The Board of Directors at Orkla actively adheres to good corporate governance standards and will at all times ensure that Orkla complies with the requirements of section 3-3b of the Accounting Act and the Norwegian Code of Practice for Corporate Governance. This is done by ensuring that the topic of good governance is an integral part of the decisionmaking process in matters dealt with by the Board. Moreover, Orkla’s corporate governance principles are subject to annual assessment and discussion by the Board, which has also considered this statement at a Board meeting.

The following statement of policy is structured in the same way as the Code of Practice, covers each point of the Code and describes Orkla’s compliance efforts. Orkla is committed to promoting sustainable social development by operating in compliance with responsible business principles, systematically improving its operations in relation to the external environment, climate and energy resources and investing in profitable business projects that can generate positive ripple effects for society. The Group’s attitudes towards corporate responsibility have been defined in the Orkla Code of Conduct and the Group directive on corporate responsibility. The documents may be found on Orkla’s website under “Sustainability” and on the bottom of this page, and are described in further detail in a separate statement on Orkla’s Corporate Responsibility (see section 3-3c of the Accounting Act). The statement also gives an account of the Group’s efforts to address important corporate responsibility issues in 2016.


Annual Report 2016