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Diverse and Value-Creating Ownership

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Diverse and Value-Creating Ownership Meld. St. 27 (2013–2014) Report the Storting to St. Meld. Meld. St. 27 (2013–2014) Report to the Storting (white paper) Published by: Norwegian Ministry of Trade, Industry and Fisheries Diverse and value-creating Internet address: www.government.no Photo: Olaf Schjelderup and UNINETT AS, Norsk Hydro, Flytoget, ownership Cermaq, Telenor, Hanne H. Christiansen and Unis, Øyvind Hagen and Statoil ASA, Yara International, Alan O’Neill and Statoil ASA Printed by: DSS 03/2015 Diverse and value-creating ownership E JØM RKE IL T M 2 4 9 1 7 3 Trykksak Table of contents 1 Introduction and summary ...... 7 Part II Prerequisites for private 1.1 Background to the report ............. 7 ownership in Norway.............. 25 1.2 Summary ......................................... 8 1.2.1 Ownership – significance for value 3 Ownership in Norway ................ 27 creation ........................................... 8 3.1 The Norwegian capital market – 1.2.2 Prerequisites for private ownership overview and figures ...................... 27 in Norway ....................................... 8 3.1.1 The equity market .......................... 28 1.2.3 The state’s ownership administered 3.1.2 The external capital market .......... 31 directly by the ministries .............. 10 3.1.3 Other characteristics ..................... 31 3.2 Asset management and Part I Ownership – significance for ownership in Norway ..................... 31 value creation ........................ 13 3.2.1 Private ownership ........................... 31 3.2.2 Public ownership ............................ 37 2 Ownership – significance and development trends ................... 15 4 Private ownership as a 2.1 The significance of ownership for main rule ....................................... 39 value creation ................................. 15 4.1 Why should private ownership 2.1.1 The importance of capital be the main rule? ............................ 39 allocation ......................................... 15 4.2 The challenges of state ownership 40 2.1.2 The importance of the exercise 4.2.1 The state’s different roles .............. 40 of ownership ................................... 15 4.2.2 Concentration of power ................. 41 2.1.3 Owner composition and owner 4.2.3 Limited industrial expertise .......... 41 types ................................................ 17 4.3 The government’s policy for 2.2 What characterises good strengthening private ownership .. 41 owners? ........................................... 17 4.3.1 Framework conditions ................... 42 2.2.1 Owners focused on capital 4.3.2 Tax ................................................... 42 allocation ......................................... 18 4.3.3 Other measures .............................. 44 2.2.2 Long-term strategic owners .......... 18 2.2.3 Owners focused on operational Part III The state’s ownership involvement .................................... 19 administered directly by the 2.3 Trends and developments in the ministries.............................. 45 exercise of ownership .................... 19 2.3.1 Polarisation between passive and 5 The present state ownership active owners .................................. 19 administered directly by the 2.3.2 Faster global industrial and ministries ...................................... 47 technological developments ......... 20 5.1 Overview ......................................... 47 2.3.3 Growth in long-term state 5.2 Historical developments ................ 48 ownership with expansive agendas ........................................... 21 6 Why should the state own? ...... 50 2.3.4 Greater expectations of 6.1 Justifications for state ownership . 50 responsible ownership .................. 22 6.1.1 Correction of market failures ........ 50 2.3.5 Increased awareness of the 6.1.2 Maintaining important companies, long-term value trend of head office functions and key companies ....................................... 22 competences in Norway ................ 51 2.3.6 Increase in activist investors ........ 23 6.1.3 Management of common natural 2.3.7 Effective board work has become resources ......................................... 52 a more important competitive 6.1.4 Sectoral-policy and societal factor ............................................... 24 considerations ................................. 52 6.2 Alternative instruments to state ownership ........................................ 54 6.3 Categorisation of the companies under direct ownership ................. 55 7 What should the state own? .... 57 8.2.8 Principle 7. The board assumes 7.1 Changes to the state’s ownership 57 executive responsibility for 7.1.1 Reduction in the state’s direct administration of the company, ownership over time ...................... 57 including performing an independent 7.1.2 Value-increasing transactions ....... 58 supervisory function vis-à-vis the 7.1.3 Demergers and the creation of company’s management on behalf new state companies ...................... 58 of the owners. ................................. 72 7.1.4 Factors to be emphasised in the 8.2.9 Principle 8. The board should event of changes to the state’s adopt a plan for its own work, and ownership ....................................... 59 work actively to develop its own 7.2 Ministerial powers ......................... 59 competencies and evaluate its own activities. ................................. 73 8 How should the state own? ...... 60 8.2.10 Principle 9. Compensation and 8.1 Framework for the state’s incentive schemes shall promote ownership administration ............. 60 value creation within the companies 8.1.1 Constitutional framework ............. 60 and be generally regarded as 8.1.2 The minister’s authority within reasonable ....................................... 74 the company ................................... 61 8.2.11 Principle 10. The company shall 8.1.3 Administration of the company .... 62 work systematically to safeguard its 8.1.4 Specifically concerning manage- corporate social responsibility ...... 74 ment of companies wholly owned 8.3 Details of the state’s corporate by the state ..................................... 62 targets and expectations ................ 75 8.1.5 Other frameworks .......................... 63 8.3.1 Returns and dividends ................... 75 8.2 The Norwegian state’s principles 8.3.2 Board work ..................................... 77 of corporate governance ............... 67 8.3.3 Corporate social responsibility ..... 80 8.2.1 Introduction to the principles ....... 67 8.3.3.1 Overarching and general 8.2.2 Principle 1. All shareholders shall be expectations .................................... 82 treated equally. ............................... 68 8.3.3.2 Climate and environment .............. 83 8.2.3 Principle 2. There shall be 8.3.3.3 Human rights .................................. 84 transparency in the state’s 8.3.3.4 Labour rights .................................. 84 ownership of companies. ............... 68 8.3.3.5 Commitment to anti-corruption 8.2.4 Principle 3. Ownership decisions practices and transparency in and resolutions shall be made at financial transactions ..................... 85 the general meeting. ...................... 69 8.3.3.6 The Government’s follow-up of 8.2.5 Principle 4. The board is responsible corporate social responsibility ...... 85 for elaborating explicit objectives 8.3.4 Executive salaries ........................... 85 and strategies for the company within 8.3.5 Research, development, innovation the constraints of its articles of and expertise .................................. 86 association; the state sets 8.3.6 Diversity and equality .................... 88 performance targets for each 8.4 Contact with companies ................ 88 company. ......................................... 70 8.4.1 Particular about information 8.2.6 Principle 5. The capital structure exchange in companies wholly of the company shall be appropriate owned by the state ......................... 88 given the objective and situation 8.5 The state’s various roles ................ 89 of the company. .............................. 71 8.5.1 Organisation of the state’s 8.2.7 Principle 6. The composition of the ownership administration .............. 89 board shall be characterised by 8.5.2 Further development of the state’s competence, capacity and diversity exercise of ownership .................... 90 and shall reflect the distinctive characteristics of each company. 71 9 A review of the state’s direct ownership interests .................... 91 9.1 Category I – Companies with commercial objectives ................... 91 9.1.1 Ambita AS ....................................... 91 9.1.2 Baneservice AS ............................... 92 9.1.3 Cermaq ASA ................................... 92 9.4 Category 4 – Companies with 9.1.4 Entra Holding AS ........................... 93 sectoral-policy objectives ............... 109 9.1.5 Flytoget AS ..................................... 94 9.4.1 Andøya Space Center AS ............... 109 9.1.6 Mesta AS ......................................... 94 9.4.2 Avinor AS ........................................ 110 9.1.7 SAS AB ............................................ 95 9.4.3 Bjørnøen AS .................................... 111 9.1.8 Veterinærmedisinsk 9.4.4 Eksportkreditt Norge AS ............... 111 Oppdragssenter AS ........................ 96 9.4.5 Enova SF ......................................... 112 9.2 Category 2 – Companies with 9.4.6 Gassco AS ......................................
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