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5/2010: Deferral of the date for the requirements regarding board independence to come into effect
| For: | Issuers of securities listed on Oslo Børs or Oslo Axess |
| Date: | 23/03/2010 |
Section 20, second paragraph, of the Continuing Obligations stipulates that the requirements regarding board independence in the Listing Rules will apply as a continuing obligation with effect from 1 January 2011 for companies listed prior to 1 January 2008.
Oslo Børs is presently working on a possible revision of the listing rules regarding board independence. In short, Oslo Børs is considering whether to replace the current rules with a ”comply or explain” regime as part of the existing requirement to provide a report on the company’s corporate governance. The contemplated “comply or explain” regime may possibly be combined with certain minimum requirements regarding independence to be set out in revised Listing Rules. Oslo Børs expects to circulate proposed new rules in this respect for consultation during the second quarter of 2010.
Oslo Børs has on this basis decided to defer the implementation of the requirement regarding board independence as a continuing obligation until 1 July 2012. The relevant change in the Continuing Obligations is covered by Circular no. 4/2010, see section 7.2.1.
For companies listed after 1 January 2008, the listing requirements regarding board independence will continue to constitute a continuing obligation.
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Yours truly
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Lars Jacob Braarud Vice President Listing |
Elisabeth Adina Dyvik Senior Adviser Listing |