The Norwegian Code of Practice for Corporate Governance

The Norwegian Corporate Governance Board - NUES (Norsk Utvalg for Eierstyring og Selskapsledelse) consists of representatives of different parties (owners, issuers and the stock exchange) and its goal is to keep the Norwegian Code of Practice for Corporate Governance updated as well as to promote the Code of Practice both in Norway and internationally.

NUES consists of:

  • Norwegian Institute of Public Accountants 
  • Institutional Investor Forum*)
  • Finance Norway**)
  • Norwegian Society of Financial Analysts 
  • Norwegian Association of Pension Funds 
  • Confederation of Norwegian Enterprise**)
  • Norwegian Mutual Fund Association 
  • Oslo Børs

*) The members of the Institutional Investor Forum are Alfred Berg Kapitalforvaltning, Danske Capital, DNB Asset Management, Equinor Asset Management, Folketrygdfondet, Holberg Fondsforvaltning, KLP Kapitalforvaltning, Nordea Investment Management, Odin Forvaltning, Oslo Pensjonsforsikring, the Ministry of Trade and Industry (Department of Ownership), Statoil Kapitalforvaltning and Storebrand Asset Management.
**) Finance Norway and the Confederation of Norwegian Enterprise also represent the Næringslivets Aksjemarkedsutvalg. These two organisations are members of the Næringslivets Aksjemarkedsutvalg together with the Enterprise Federation of Norway (Virke) and the Norwegian Shipowners’ Association.

The Norwegian Code of Practice for Corporate Governance

 The objective of the Code of Practice is that companies listed on regulated markets in Norway will practice corporate governance that provides division of roles between shareholders, the board of directors and executive management more comprehensively than is required by legislation. The Code of Practice comprises 15 issues.

  1. Implementation and reporting on corporate governance
  2. Business
  3. Equity and dividends
  4. Equal treatment of shareholders and transactions with close associates
  5. Shares and negotiability
  6. General meetings
  7. Nomination committee
  8. Board of directors: composition and independence
  9. The work of the board of directors
  10. Risk management and internal control
  11. Remuneration of the board of directors
  12. Remuneration of the executive management
  13. Information and communications
  14. Take-overs
  15. Auditor

The current version of the Norwegian Code of Practice for Corporate Governance from 17 October 2018 is available here

The Norwegian Code of Practice for corporate governance is based on "the comply or explain principle" whereby companies must comply with the Code of Practice or explain why they have chosen an alternative approach.

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Elisabeth Adina Dyvik