The state’s expectations of the companies

The state wishes to contribute to attaining the state’s goal as an owner in a sustainable and responsible way.

Topic The state expects that:
Overarching goal
for the exercise
of ownership
• The companies in Categories 1 and 2 deliver the highest possible return over time.

• The companies in Category 3 deliver the most efficient possible attainment of public
policy goals. If the company also has activities in competition with others, the state
normally expects the highest possible return over time from this part of the company’s
Sustainable value
creation, clear goals
and strategies

• The company has an overarching agenda for sustainable value creation.

• The company defines and implements clear goals and strategies, and reports on them.

• The choice of risk level is an integrated part of the company’s strategy.

Factors with a bearing on the company’s goal attainment and implementation of strategy:

Resources and

• The company’s resources are efficiently managed and organised in a way that promotes
attainment of the company’s goals and supports the company’s strategy. Resources
here refers to everything the company utilises in its processes, such as human capital,
financial capital, corporate culture, relationships, natural resources and other tangible
and intangible assets.

• The company works systematically on recruiting and developing employees, and has
clear goals and measures in place for increasing relevant diversity, including a better
gender balance, in the company.

• The listed companies communicate what they deem to be an appropriate capital
structure and dividend level to the market. The non-listed companies communicate what
they deem to be an appropriate capital structure and dividend level to their owners.


• Remuneration and other incentives used by the company promote attainment of
the company's goals.

• The remuneration of senior executives is competitive, but not market-leading, and
is set with due regard to the principle of moderation.

• The company is transparent about the structure, level and development of the
remuneration of senior executives.

business conduct

• The company leads the field in its work on responsible business conduct.

• The company works to protect human rights and labour rights, reduce its climate
and environmental footprint and prevent economic crime, including corruption
and money laundering.

• The company has a justified tax policy that is publicly available.

• The company conducts due diligence for responsible business conduct based on
recognised methods.

• The company is transparent about material areas, goals and measures relating to
its work on responsible business conduct.

Performance and
risk management

• Selskapet måler verdiskaping, oppnåelse av mål ogThe company measures value creation, goal attainment and the implementation of
the strategy. The most important key performance indicators are reported to the owners.

• The company has an effective risk management system adapted to the company’s
operations, goals and strategy.

The Norwegian
Governance Board's
Code of Practice
• The company complies with the Norwegian Code of Practice for Corporate Governance
where relevant, adapted to the company's operations.
The board’s work • The board follows best practice for board work, adapted to the company's operations.

Transparency and
• The company is transparent about and reports on material matters relating to
the company's operations.