THE STATE OWNERSHIP REPORT 2015 Contents
Norges sjømatråd AS 92 Norsk Helsenett SF 93 Norsk rikskringkasting AS 94 The Minister’s introduction 3 Category 3 – Commercial and other Norsk Tipping AS 95 Scope and key figures 5 specifically defined objectives NSD – Norsk senter for forskningsdata AS 96 Central matters for the state as owner 9 Aerospace Industrial Maintenance Norway SF 62 Nye Veier AS 97 Return and financial values 13 Argentum Fondsinvesteringer AS 63 Petoro AS 98 Key figures describing financial performance 19 Eksportfinans ASA 64 Rogaland Teater AS 99 Corporate governance 25 Electronic Chart Centre AS 65 Simula Research Laboratory AS 100 Raising the standard for efficient GIEK Kredittforsikring AS 66 Siva – Selskapet for Industrivekst SF 101 and transparent state ownership 36 Investinor AS 67 Space Norway AS 102 Kommunalbanken AS 68 Statnett SF 103 NSB AS 69 Statskog SF 104 Posten Norge AS 70 Staur Gård AS 105 Statkraft AS 71 Store Norske Spitsbergen Kulkompani AS 106 Category 1 – Commercial objectives Talent Norge AS 107 Ambita AS 42 Trøndelag Teater AS 108 Baneservice AS 43 UNINETT AS 109 Entra ASA 44 Universitetssenteret på Svalbard AS 110 Flytoget AS 45 Category 4 – Sector policy objectives AS Vinmonopolet 111 Mesta AS 46 Andøya Space Center AS 74 SAS AB 47 Avinor AS 75 Veterinærmedisinsk Oppdragssenter AS 48 Bjørnøen AS 76 Carte Blanche AS 77 AS Den Nationale Scene 78 Regional health authorities Den Norske Opera & Ballett AS 79 Helse Midt-Norge RHF 114 Eksportkreditt Norge AS 80 Helse Nord RHF 115 Category 2 – Commercial objectives and objective Enova SF 81 Helse Sør-Øst RHF 116 of maintaining head office functions in Norway Gassco AS 82 Helse Vest RHF 117 Aker Kværner Holding AS 52 Gassnova SF 83 DNB ASA 53 Graminor AS 84 Kongsberg Gruppen ASA 54 Innovasjon Norge 85 Nammo AS 55 Kimen Såvarelaboratoriet AS 86 Norsk Hydro ASA 56 Kings Bay AS 87 Other companies 118 Statoil ASA 57 Nationaltheatret AS 88 Owner-appointed / shareholder-elected Telenor ASA 58 Nofima AS 89 board members at 31 March 2016 120 Yara International ASA 59 Nordisk Institutt for Odontologiske Materialer AS 90 Contact details 124 Norfund 91 Comments and definitions 125
Cover photo: © Johan Wildhagen. The photo is provided by Norges sjømatråd AS. The Minister’s introduction
Eleven ministries manage the state’s di- tively. The state’s ownership policy is speci- raised questions about the state’s man- rect ownership in 70 companies. In the fied in the white paper Report no. 27 to the agement of its ownership interests. In my 2015 State Ownership Report, the Minis- Storting (2013–2014) Diverse and value- opinion, these cases do not provide a ba- try of Trade, Industry and Fisheries pro- creating ownership, including the state’s sis for amending the fundamental frame- vides an overview and presentation of all principles for good corporate governance work for the state’s exercise of its owner- the companies in which the state has an and the state’s expectations of the compa- ship. The principles of a clear division of ownership interest, with emphasis on the nies. The state’s ownership is excercised to roles, both between the state’s various companies’ development last year. Trans- enhance value creation by promoting ap- roles and between the owners, the board parency regarding the state’s exercise of propriate board composition, good corpo- and the management should be upheld. its ownership and the companies’ opera- rate governance, an effective capital struc- Also challenging issues ought to be man- tions is a fundamental pillar of state own- ture and suitable dividends, that sustaina- aged within the established framework ership. This year we have included a chap- bility and corporate social responsibility that now has legitimacy among the com- ter on the state’s corporate governance, in are integrated into the business, and trans- panies’ stakeholders and which the Stor- part to provide more detailed insight into parency and good reporting. ting (Parliament) endorses unanimously. how the state as an owner exercises its The state’s conduct as an owner has This has been an advantage for Norwe- ownership in practice. great importance for the public’s, inves- gian state ownership. The overarching goal of state owner- tors’ and other stakeholders’ confidence in The ownership dialogue is the main tool ship is value creation. The objective for the Norwegian companies with state own- for following up the state’s expectations in companies in which the state’s ownership ership and the Norwegian capital market. various areas. In its capacity as an owner, has commercial objectives is to achieve State ownership shall be exercised profes- the state seeks to ask relevant questions in the highest possible return on invested sionally and predictably within the frame- order understand how the companies man- capital over time. For companies where work of corporate law and shall be based age corporate governance and corporate the state’s ownership has primarily secto- on generally accepted principles of corpo- social responsibility, both in general and in ral policy objectives, the ambition is that rate governance. Consequentially, the state relevant specific cases. The state wants to these defined objectives are achieved as must respect the division of roles between ascertain whether the corporate systems efficiently as possible. the owner, the board and the management. and measures are effective, how any devia- The value of the state’s assets in its com- It is an important principle that state own- tions were able to occur and how lessons mercial shareholdings was estimated to ership shall not imply advantages nor dis- learned are incorporated in relevant areas. NOK 644 billion at year-end 2015, down advantages for companies. In addition, there is an ambition for the NOK 16.7 billion from the previous year. The board of directors and the CEO are state to continually raise the standard as a Much of the decline is due to the fact that responsible for the management of the responsible owner including developing the state is heavily invested in industries company. Perhaps the state’s most impor- and improving the follow-up of the compa- that had a challenging year. Mainland GDP tant task as an owner is to promote good nies. Despite the negative image that has growth was 1.0% in 2015, which is the low- and competent boards that exercise their developed over the past year, my impres- est rate since the financial crisis in 2009. influence in the best interest of companies sion is that most companies are working Much of the decline is linked to the signifi- and owners. The state as an owner sets systematically and well with designing sys- cant drop in demand from the oil industry. clear expectations to the board through the tems and measures to raise the standard Lower demand from the petroleum white paper on ownership policy. These ex- for good corporate governance and im- sector implies that the Norwegian econo- pectations are followed up in our regular prove the work on corporate social respon- my is facing a challenging restructuring ownership dialogue with the companies. sibility. process. However, Norway is in a strong Over the past year there have been sev- I hope you will find this report informa- position with high employment, relatively eral cases concerning companies with tive and useful. low unemployment and a highly educated state ownership with regards to their © Hans Jørgen Brun population that is accustomed to thinking work on corporate social responsibility, outside the box and embracing the oppor- corporate governance and compliance tunities that change can afford. Several of with laws, regulations and their own the companies with state ownership have guidelines. As an owner the state empha- demonstrated a great ability to adapt their size that companies with state ownership business in line with developments in so- strive for good corporate governance and ciety. It is perhaps more important now work systematically and strategically with than ever that the companies develop corporate social responsibility issues. skills and improve operations, in order to Managing such matters well helps protect play a construtive part in the restructur- the state’s shareholder value and can con- ing of the Norwegian economy so that to- tribute to ethically correct coduct. tal value creation increases. The unfortunate issues that have been As an owner, the state constantly strives reported during 2015 and 2016 date back to contribute to the companies’ value crea- a few years and have been of varying na- Monica Mæland tion by managing its ownership construc- tures. These incidents have nevertheless Minister of Trade and Industry
3 Kongsberg Gruppen is an international, knowledge-based group that delivers high-technology systems and solutions to customers in the offshore industry, the oil and gas industry, merchant fleet and defence and space.
4 Scope and key figures
The state has direct ownership, managed by the ministries, in 70 companies. The total value of the state’s commercial ownership was estimated to around NOK 644 billion at year-end 2015. © Kongsberg Gruppen ASA
5 The state’s direct ownership The Ministry of Trade, Industry and and Communications each manage the The state’s direct ownership includes Fisheries has the largest portfolio and state’s ownership interests in four compa- companies in which the state’s ownership manages the state’s ownership interests nies. The Ministry of Finance, the Minis- interest is managed directly by the minis- in 30 companies. The Ministry of Culture try of Defence, the Ministry of Local Gov- tries. The table below contains a list of the manages the state’s ownership interests ernment and Modernisation and the Min- 70 companies, distributed according to in eleven companies, the Ministry of istry of Foreign Affairs each manage the the ministry that manages the state’s own- Health and Care Services in seven, and state’s ownership interest in one compa- ership interests. All the companies are the Ministry of Petroleum and Energy in ny. The contact details of the ministries presented in the 2015 State Ownership Re- six companies. The Ministry of Education that manage the state’s ownership inter- port, and figures are reported for 67 com- and Research, the Ministry of Agriculture ests in companies are provided on page panies. and Food and the Ministry of Transport 124.
Overview of the state’s direct ownership by ministry
Ministry Shareholding Category Ministry Shareholding Category Ministry of Finance The Ministry of Trade, Industry and Fisheries Folketrygdfondet (special-legislation company) 100 % Not categorised Ambita AS 100 % 1 Aker Kværner Holding AS 30 % 2 Ministry of Defence Andøya Space Center AS 90 % 4 Aerospace Industrial Maintenance Norway SF 100 % 3 Argentum Fondsinvesteringer AS 100 % 3 Baneservice AS 100 % 1 Ministry of Health and Care Services Bjørnøen AS 100 % 4 Helse Midt-Norge RHF 100 % 4 DNB ASA 34 % 2 Helse Nord RHF 100 % 4 Eksportfinans ASA 15 % 3 Helse Sør-Øst RHF 100 % 4 Eksportkreditt Norge AS 100 % 4 Helse Vest RHF 100 % 4 Electronic Chart Centre AS 100 % 3 Nordisk Institutt for Odontologiske Materialer AS1 49 % 4 Entra ASA 49.73 % 1 Norsk Helsenett SF 100 % 4 Flytoget AS 100 % 1 AS Vinmonopolet (special-legislation company) 100 % 4 GIEK Kredittforsikring AS 100 % 3 Innovasjon Norge (special-legislation company) 51 % 4 Ministry of Local Government and Modernisation Investinor AS 100 % 3 Kommunalbanken AS 100 % 3 Kings Bay AS 100 % 4 Kongsberg Gruppen ASA 50.001 % 2 Ministry of Culture Mesta AS 100 % 1 Carte Blanche AS 70 % 4 Nammo AS 50 % 2 AS Den Nationale Scene 66.67 % 4 Nofima AS 56.84 % 4 Den Norske Opera & Ballett AS 100 % 4 Norges sjømatråd AS 100 % 4 Filmparken AS 77.6 % 4 Norsk Hydro ASA 34.26 % 2 Nationaltheatret AS 100 % 4 SAS AB 14.29 % 1 Norsk rikskringkasting AS 100 % 4 Siva – Selskapet for Industrivekst SF 100 % 4 Norsk Tipping AS (special-legislation company) 100 % 4 Space Norway AS 100 % 4 Rogaland Teater AS 66.67 % 4 Statkraft SF 100 % 3 Rosenkrantzgate 10 AS 3.07 % Not categorised Store Norske Spitsbergen Kulkompani AS 100 % 4 Talent Norge AS 33.33 % 4 Telenor ASA 53.97 % 2 Trøndelag Teater AS 66.67 % 4 Veterinærmedisinsk Oppdragssenter AS 34 % 1 Yara International ASA 36.21 % 2 Ministry of Education and Research NSD – Norsk senter for forskningsdata AS 100 % 4 Ministry of Petroleum and Energy Simula Research Laboratory AS 100 % 4 Enova SF 100 % 4 UNINETT AS 100 % 4 Gassco AS 100 % 4 Universitetssenteret på Svalbard AS 100 % 4 Gassnova SF 100 % 4 Petoro AS 100 % 4 Ministry of Agriculture and Food Statnett SF 100 % 4 Graminor AS2 28.2 % 4 Statoil ASA 67 % 2 Kimen Såvarelaboratoriet AS2 51 % 4 Statskog SF 100 % 4 Ministry of Transport and Communications Staur gård AS2 100 % 4 Avinor AS 100 % 4 NSB AS 100 % 3 Nye Veier AS 100 % 4 Posten Norge AS 100 % 3
1 The Ministry of Health and Care Services is intending to inform the Storting about the categorisation of this company in Proposition no. 1 to the Storting (2016–2017). Ministry of Foreign Affairs 2 The Ministry of Agriculture and Food is intending to inform the Storting about the categorisation Norfund (special-legislation company) 100 % 4 of this company in Proposition no. 1 to the Storting (2016–2017).
6 Categorisation of the companies no. 27 to the Storting (2013–2014) Diverse As the owner, it is important to the state that The companies is divided into four catego- and value-creating ownership. There are 25 the sectoral policy objectives are achieved as ries depending on the objective of the companies in categories 1–3. In connection efficiently as possible. The companies’ de- state’s ownership: with Proposition no. 52 to the Storting gree of commercial orientation varies. For (2015–2016), Store Norske Spitsbergen Kul- example, the broadcasting company Norsk 1. Commercial objectives kompani was moved from category 3 to rikskringkasting operates in a competitive 2. Commercial objectives and objective of category 4 in the spring of 2016. market, while Vinmonopolet has exclusive maintaining head office functions in The ownership interests in 20 out of the rights to retail sale of alcoholic beverages Norway 25 companies in which the state’s ownership exceeding 4.7% alcohol by volume. 3. Commercial objectives and other spe- has commercial objectives are managed by cifically defined objectives the Ownership Department of the Ministry Main figures 4. Sectoral policy objectives of Trade, Industry and Fisheries. The state’s The table below summarises a number of ownership interests in other companies in key figures for the companies. The figures The main purpose of the state’s com- which the state’s ownership has commercial are defined on page 125. Figures for previ- mercial ownership (the companies in cate- objectives is managed by the Ministry of ous years are available at gories 1–3) is to achieve the highest possi- Defence (Aerospace Industrial Maintenance www.eierberetningen.no. ble return on invested capital over time. Norway), the Ministry of Local Government At year-end 2015 the value of the state’s For companies in category 2, the state has and Modernisation (Kommunalbanken), direct ownership of shares listed on the Oslo added an objective of maintaining the com- the Ministry of Petroleum and Energy (Stat- Stock Exchange (Oslo Børs) was NOK 523 pany’s head office and associated head of- oil) and the Ministry of Transport and Com- billion, down from NOK 543 billion in 2014. fice functions in Norway. For companies in munications (NSB and Posten). Statoil accounts for 50.5% of this value. Tel- category 3, the state has commercial objec- State ownership in the companies in cat- enor and DNB come next, with 23% and tives and other societal reasons for state egory 4 generally have sectoral policy objec- 11.6% respectively (see diagram 1). The com- ownership than maintaining the head office tives. The state’s ownership interests in panies employed 280,229 people in 2015, in- in Norway. One example of this kind of spe- these companies are usually managed by cluding employees who work abroad. The cific objective is to contribute to the profit- the ministries that are responsible for secto- regional health authorities alone account for able and responsible management of Nor- ral policy in the relevant area. An example of 110,403 people or 39.4% of the employees. wegian natural resources (Statkraft). The sectoral policy objectives that are achieved The Helse Sør-Øst RHF has most employ- objective of state ownership in each com- through state ownership is control of the ees, followed by Telenor and Statoil (see dia- pany is specified in the white paper Report sale of alcoholic beverages (Vinmonopolet). gram 2).
Key figures 20153 NOK millions Listed companies Unlisted companies in categories 1–3 Companies in category 4 Total Value of the state’s shareholding 523 224 120 959 – 644 183 Weighted return in 2015 1.3 % – – – Profit for the year after tax and minority interests 5 078 1 124 11 037 17 239 Weighted return on equity -1.6 % 3.4 % – – Dividend to the state 26 669 2 084 1 144 29 898 The state’s sales proceeds 127 – – 127 Capital contributions / share purchases – -1 000 -1 480 -2 480
Diagram 1: Share of the value of the state’s shareholding on Oslo Diagram 2: Number of employees at state-owned Stock Exchange at Andelyear-end av verdiene 2015, in av total statens NOK eierandel 523 billion på Oslo4 Børs companiesAntall at year-end ansatte i 2015,selskaper in total med statlig280 229 eierandel,5 ved utgangen av 2015, totalt 523,2 mrd. kroner totalt 280 233 Entra Kongsberg Yara Gruppen 1.2 % SAS Norsk Hydro International Norsk 1.7 % 0.2 % Hydro 4.7 % 4.6 % 4.5 % Helse Nord RHA 4.8 % Yara Helse Midt-Norge RHA 7.3 % 5.7 % Other companies 24.0 %
DNB 11.6 % Posten Norge 7.1 % Statoil 50.5 % Helse Vest RHA Helse 7.6 % Sør-Øst RHA 21.3 % 3 The figures are defined on page 125. Statoil 4 Does not include the value of Telenor underlying listed companies in 23.0 % 7.7 % Aker Kværner Holding. Telenor 5 Does not include employees in 12.5 % underlying companies in Aker Kværner Holding.
7 Norsk Tipping has the exclusive right to offer a range of money games in Norway. The company shall operate gambling in a socially acceptable form under public control, aimed at preventing negative consequences of gambling activities.
8 Central matters for the state as owner
This chapter presents matters of a special character or particular significance that the state as an owner has dealt with in 2015 and up until 31 March 2016. These will typically be capital contributions, purchases and sales of shares, relevant white papers, changes in the sectoral policy guidelines for the companies, etc.
© Norsk Tipping AS
9 January–March 2015 and Communications will enter into an of the railway reform is a railway sector Talent Norge AS was established with agreement on the distribution of subscrip- that is more customer oriented and effi- three owners in January 2015: the state, tion newspapers on Saturdays. This agree- cient. The reform entails: a restructuring of represented by the Ministry of Culture, ment will be awarded on the basis of an NSB AS where passenger rolling stock, Sparebankstiftelsen DNB and Cultiva – open competition. ROM Eiendom AS, Mantena AS and func- Kristiansand Kommunes Energiverksstif- In May 2015 the Ministry of Trade, In- tions related to sales and ticketing are telse. Talent Norge was established to pro- dustry and Fisheries presented a proposi- moved out of the company in order to cre- mote greater dispersion of power in and tion to the Storting to strengthen the li- ate equal conditions of competition and low broader financing of arts and culture and quidity of the Store Norske Spitsbergen barriers of entry in upcoming tenders for to foster a professional cultural sector of Kulkompani AS group (SNSK) by NOK passenger rail transport; a gradual tender- an international standard. The aim is to 500 million (cf. Proposition no. 118 S ing of passenger rail transport; and the dis- help more talents advance within their (2014–2015) Amendments to the 2015 na- continuation of the Norwegian National field than the current structure allows and tional budget under the Ministry of Trade, Rail Administration and the establishment to strengthen public–private partnerships. Industry and Fisheries (Store Norske of a Railway Directorate and a state-owned During the course of 2015 Talent Norge Spitsbergen Kulkompani AS – estates and rail infrastructure company. initiated eleven talent development pro- mining)). The Storting adopted the Minis- In June 2015 the Ministry of Culture grammes in all genres and secured NOK try’s proposal on 11 June 2015 (cf. the con- presented the white paper Report no. 38 51.7 million in private co-financing. sideration of Recommendation no. 343 S to the Storting (2014–2015) Open and in- As a follow-up to the 2014 evaluation of (2014–2015)). The state bought land and formed, on public service broadcasting the Norwegian Seafood Council, the Minis- infrastructure from the SNSK group for and media diversification. The white pa- try of Trade, Industry and Fisheries sub- NOK 295 million and provided SNSK with per contains a broad review of Norsk riks- mitted a proposal for amendments to the a subordinated loan of NOK 205 million. kringkasting (NRK)’s activities, including Regulations relating to the export of fish The funds were intended to help finance an assessment of the company’s public and fish products (the Fish Export Regula- minimum operations in the wholly-owned service remit and the conditions for com- tions) and the Regulations relating to coor- subsidiary Store Norske Spitsbergen petition with commercial players. The dinated collection of taxes on fish exports Grubekompani AS, which undertakes Storting considered the report on 1 for consultation in February 2015. On 17 coal mining activities, in 2015 and 2016. To March 2016, and a broad political majority April, in part on the basis of the comments give the state as an owner greater flexibil- supported the main lines of the govern- and feedback from the bodies consulted, ity in its handling of the further develop- ment’s proposal. At the same time a major- the Ministry of Trade, Industry and Fisher- ment of the SNSK group, the state bought ity of the Storting asked the government ies amended Regulation no. 157 of 22 out the remaining shareholders of SNSK, to propose a new mandate for NRK, meas- March 1991 relating to export of fish and who owned 0.06% of the shares. ures to ensure that NRK and the licence fish products. The amendments pertained The Ministry of Transport and Com- payers are afforded greater predictability to the composition of the board and the munications presented its proposed through management signals every four process for board elections in the company framework for Nye Veier AS’s operations to years, and to present proposals for future to streamline them with the Norwegian the Storting in the white paper Report no. funding by the end of 2016. In autumn state’s principles for good corporate gov- 25 to the Storting (2014–2015) On the 2015 the government appointed an expert ernance (cf. the white paper Report no. 27 right road – Reforms in the road sector. group to examine the various alternatives to the Storting (2013–2014) Diverse and The Storting considered the report on 15 for public funding of NRK. The group will value-creating ownership). In part on the June 2015 (cf. Recommendation no. 362 S submit its report on 1 July 2016. basis of the consultation process, the gov- (2014–2014)). The white paper provided On 19 June 2015 the Ministry of For- ernment decided to reduce the tax from an overview of the company’s tasks and eign Affairs presented the white paper Re- 0.75% to 0.6% for salmon and trout and pe- start-up portfolio, as well as models for fi- port no. 35 to the Storting (2014–2015) lagic fish. The amendments entered into nancing and governance. In Proposition Working together – Private sector devel- force on 1 January 2016. The purpose of no. 1 S (2015–2016) the Ministry of Trans- opment in Norwegian development coop- lowering the tax rate is to reduce the Nor- port and Communications proposed that eration. The white paper, which among wegian Seafood Council’s revenues, which in 2016 the Ministry would be able to bind others addresses Norfund, looks at how increase as seafood exports appreciate. the state to future budget commitments Norwegian aid shall promote private sec- and sign contracts with Nye Veier. In Prop- tor investment, job creation and poverty April–June 2015 osition no. 1 S, Supplement no. 2 (2015– reduction in developing countries. The The Ministry of Transport and Communi- 2016) the Ministry of Transport and Com- goal is that aid shall act as a catalyst to a cations presented the new Postal Services munications presented a proposal to in- greater degree, by triggering other forms Act to the Storting in spring 2015 (cf. crease the share capital in Nye Veier in of capital, and promote local economic de- Proposition no. 109 L (2014–2015) Act re- connection with the transition to an oper- velopment through the ripple effects of lating to postal services (Postal Services ating company on 1 January 2016. The two private sector investments. In the white Act). The Act came into force on 1 January propositions were treated in Recommen- paper the government indicated that it 2016, with the exception of a few individu- dation no. 13 S (2015–2016) and the Stort- wants to increase its efforts to ensure bet- al provisions. The new Act represents a ing’s decision of 15 December 2015. The ter framework conditions, transfer of change in the regulation of postal services capital increase was approved at an ex- knowledge and skills, and establish new in Norway whereby Posten Norge AS will traordinary general meeting on 18 De- systems for collaboration with the private lose its exclusive right to distribute mail cember 2015. After recapitalisation, the sector. weighing less than 50 grams, thereby company had equity of NOK 611 million at opening the market to free competition. the end of 2015. October–December 2015 Previously the state ensured that every- On 15 June 2015 the Storting author- In November the EFTA Surveillance Au- one in Norway had access to basic mail ised the government to proceed with work thority (ESA) decided to close the com- services through provisions in Posten on reforming the railway sector (cf. the plaint case against Norway regarding lot- Norge’s licence. Under the new Act, statu- white paper Report no. 27 to the Storting teries. ESA launched legal proceedings tory services will be secured through (2014–2015) On the Right Track. Reform against the Norwegian state in January agreements with providers of postal ser- of the railway sector and Recommenda- 2014 following a complaint from a private vices. In 2016 the Ministry of Transport tion no. 386 S (2014–2015)). The objective lottery operator, which claimed that the
10 Norwegian rules for granting licences to private lotteries were unclear. This case could have had widespread implications for Norsk Tipping AS’s regulatory frame- work. In autumn 2015 the Ministry of Trans- port and Communications proposed that the Storting allow Avinor AS’s wholly owned subsidiary Avinor Flysikring AS to provide consulting services in other coun- tries (cf. Proposition no. 19 to the Storting (2015–2016) Amendments to the 2015 na- tional budget under the Ministry of Trans- port and Communications). The Storting adopted this proposal on 14 December 2015 (cf. the consideration of Recommen- © Posten Norge AS dation no. 132 S (2015–2016)). Allowing consultancy activities abroad will provide Avinor Flysikring with new market oppor- ownership of the company was changed strengthen the company as a commercial tunities and will help build expertise within from category 3 – commercial and other operator and change the objective of the the company in areas such as remote and specifically defined objectives, to category state’s ownership in a more commercial virtual towers and airspace organisation. 4 – sectoral policy objectives. direction. In addition, the Ministry wanted It was decided in the Royal Decrees On 4 March 2016 the Ministry of Trade, to ensure good framework conditions for dated 11 and 18 December 2015 that the Industry and Fisheries presented a pro- flexible, commercial operation by the responsibility for the management of the posal to the Storting on amendments to company having been given the opportu- state’s ownership of Baneservice AS and the Act relating to Innovasjon Norge (cf. nity to seek private capital and adapt the Veterinærmedisinsk Oppdragssenter AS will Proposition no. 66 L (2015–2016) Amend- ownership structure to what best serves be transferred to the Ministry of Trade, ments to the Act relating to Innovasjon the company in the long run. The bill and Industry and Fisheries on 1 January 2016, Norge (responsibilities and management)). draft resolution are currently being con- from the Ministry of Transport and Com- The bill contains proposed amendments sidered in the Storting and are expected to munications and the Ministry of Agricul- to the special legislation for Innovasjon be discussed during the course of spring ture and Food respectively. The objective Norge with a view to providing better 2016. of the state’s ownership in these compa- guidelines for the management of the nies is purely commercial. The transfers company. The amendments mean that In- Buy-back of shares were made on the basis that there are no novasjon Norge can adapt the expertise In combination with the distribution of special considerations in favour of other and work at the various district offices dividends, the company’s purchase of own solutions than the general rule that owner- around Norway to the different regions’ shares for cancellation (buy-back) can be ship of commercial companies ought to be individual needs. The Ministry proposes an effective mean of achieving a suitable managed by the central ownership unit, the repeal of the provision that the com- capital structure. It may also contribute to which is under the Ministry of Trade, In- pany shall have regional boards. This will a competitive direct return. In companies dustry and Fisheries. enable the company to introduce decision- with state ownership, buy-back of own making structures that best ensure effi- shares for cancellation should not result in January–March 2016 cient workflow and good customer ser- a change in the state’s shareholding. In re- In February 2016 the Ministry of Trade, vice. Furthermore, the Ministry proposes cent years, therefore, the state has en- Industry and Fisheries presented a propo- that the company be made more account- tered into agreements for proportional re- sition to the Storting on the future frame- able for its own commitments in line with demption of shares for cancellation in con- work for Store Norske Spitsbergen Kulkom- the general rule for sectoral policy compa- nection with the establishment of such pani AS (SNSK), (cf. Proposition no. 52 S nies. This will enable the company to be buy-back programmes. This approach al- (2015–2016) Amendments to the 2015 na- run more in line with general principles of lows the state’s shareholding to remain tional budget under the Ministry of Trade, corporate law, with clear lines of responsi- unchanged. These buy-back agreements Industry and Fisheries (Store Norske bility between the various bodies in the fall within the framework that the Storting Spitsbergen Kulkompani AS – framework company. The bill comes in response to has granted the government for the man- for coal mining operations)). The Storting the Storting’s resolutions nos. 463, 464, agement of the state’s ownership. The adopted the Ministry’s proposal on 5 April 465, 466, 467 and 468 of 19 January 2016. agreements guarantee the state a redemp- 2015 (cf. the consideration of Recommen- On 18 March 2016 the Ministry of De- tion price corresponding to the price for dation no. 214 S (2015–2016)). This means fence presented to the Storting the draft which other shareholders have been will- that in its capacity as an owner the state resolution and bill Proposition no. 79 LS ing to sell. will inject capital to facilitate a break in op- (2015–2016) Act relating to privatisation of The state, through the Ministry of erations in Svea and Lunckefjell for up to Aerospace Industrial Maintenance Norway Trade, Industry and Fisheries and the three years and that operations in Mine 7 SF and resolution on changes in the state’s Ministry of Petroleum and Energy, has in Longyearbyen are continued and ex- ownership share. The bill contains a pro- signed buy-back agreements with DNB, panded to two shifts, in line with the posal that the state-owned enterprise Aer- Statoil, Telenor and Yara International. In board’s recommendation. The state is in- ospace Industrial Maintenance Norway connection with these agreements, in jecting NOK 112 million in new equity into SF be converted to a limited liability com- 2015 the state received NOK 127 million SNSK. In addition, a subordinated loan pany. In addition, the Ministry requested as payment for the redemption of shares from the state to SNSK of NOK 205 mil- authorisation from the Storting for the in Yara International. Some 414,406 shares lion, plus interest, will be converted into state to wholly or partly reduce its share- were redeemed from the state, and the equity in SNSK. To better reflect the dif- holding in the limited liability company date of the buyback was 9 July 2015. ferent objectives of the state’s ownership when deemed appropriate. The Ministry’s of SNSK, the categorisation of the state’s intention with this proposal was to further
11 © Kongsberg Gruppen ASA
Kongsberg Gruppen had the second highest return among the listed companies in 2015, at 25.4%.
12 Return and financial values
At the end of 2015 the value of the state’s direct ownership of shares listed on the Oslo Stock Exchange (Oslo Børs) was NOK 523 billion. On the same date, the state’s share of the book value of unlisted companies in which the state’s ownership has commercial objectives amounted to NOK 121 billion. The total estimated value of the state’s assets in the 25 companies in categories 1–3 was thus NOK 644 billion.
13 175
175 150
150 125 Norsk Hydro ASA 125 OSEBX 100 Norsk Hydro ASA OSEBX 100 75
75 50 2011 2012 2013 2014 2015 2016 50 175 2011 2012 2013 2014 2015 2016
175 150
150 125 Kongsberg Gruppen ASA 125 OSEBXKongsberg Gruppen 100 ASA 100 OSEBX 75
75 Share50 price performance4 for listed companies The Norwegian and the international economy and the2011 Oslo Stock2012 Exchange2013 main2014 index 2015 2016 GDP growth for mainland Norway was 1.0% in 2015, down 50 from 2.3% in 2014. The development in 2015 is the weakest 200 2011 2012 2013 2014 2015 2016 since the financial crisis in 2009. A key factor is the signifi- 200 cant drop in demand from the petroleum industry. The de- 175 cline is due to lower oil prices and the oil companies’ need to 175 reduce their costs. 150 Norges Bank has adopted an expansionary monetary 150 DNB ASA policy to counteract the decline in activity in the Norwegian 125 OSEBX economy. Combined with the fall in oil prices, the expan- 125 DNB ASA sionary monetary policy has resulted in a weakening of the 100 OSEBX Norwegian krone, improving the cost competitiveness of 100 Norwegian exporters and activities that compete with im- 75 ports. This has led to higher exports, lower imports and in- 75 creased activity. High public spending has also helped cush- 50 ion the downturn in the Norwegian economy. 2011 2012 2013 2014 2015 2016 50 The decline in petroleum-related industries was reflected 2011 2012 2013 2014 2015 2016 in the overall employment figures towards the end of last 150 year, but the annual average was nevertheless an increase 150 of 0.6%. The unemployment rate, as measured by Statistics Norway’s Labour Force Survey, has risen gradually since 175125 spring 2014. In 2015 the overall unemployment rate was 125 4.4%. Annual wage growth in 2015 was estimated at 2.8%.1 Inflation measured by the consumer price index (CPI) was 100150 Entra ASA 2.1% in 2015, corresponding to real wage growth of 0.7%. OSEBX 100 Entra ASA This is the lowest real wage growth since the late 1980s. 125 OSEBX Growth in global GDP in 2015 has been provisionally es- 75 Norsk Hydro ASA timated at 3.1%, down from 3.4% in 2014.2 Growth in emerg- OSEBX ing economies, which accounts for about 70% of global 10075 growth, slowed down for the fifth consecutive year. Growth 50 in industrial countries rose, but remains modest.2 Three key 752014 2015 2016 trends will probably affect global economic growth going 50 forwards: the gradual decline in the Chinese economy and 2014 2015 2016 the transition from investments and manufacturing to con- 50 2011 2012 2013 2014 2015 2016 sumption and services; lower prices for energy and other commodities; and a gradual tightening of the monetary pol- 175 icy in the USA.2 Economic growth among Norway’s main trading part- ners³ rose to 2.2% in 2015, compared with growth of 2.0% in 150 2014.2 Several eurozone countries are struggling with weak growth in both production and employment, and GDP in the 125 Kongsberg Gruppen eurozone is still below the pre-crisis level. Economic devel- ASA opments in the USA were impacted by lower petroleum in- OSEBX vestments and a stronger dollar, but there was nevertheless 100 an upswing in 2015 as a whole. Sweden had strong growth in 2015, and the upturn is broad-based. 75
The stock market in Norway and internationally 50 The main index of the Oslo Stock Exchange rose by 5.9% in 2011 2012 2013 2014 2015 2016 2015, marking the fourth consecutive year of growth. Much of the increase was in sectors like consumables, including 200 seafood, and consumer goods. Low oil prices and a further 36% drop in the oil price (North Sea Brent Crude) in 2015 175 slowed developments and dragged energy companies down. The Oslo Stock Exchange performed relatively well by 150 international standards. In the USA the S&P 500 and the Dow Jones indices fell by 0.7% and 2.2% respectively. The 125 DNB ASA 125 OSEBX OMX Stockholm index, which represents the Nordic mar- Norsk Hydro ASA kets (Denmark, Sweden, Finland and Iceland), fell by 1.5% 100 OSEBX in 2015, while the FTSE 100 index in London fell by 4.4%. 100 The German DAX index and the Japanese Nikkei 225 index 75 both rose by more than 9%. 75 50 2011 2012 2013 2014 2015 2016 1 The Norwegian Technical Calculation Committee for Wage Settlements. 2 The International Monetary Fund (IMF), World Economic Outlook January 2016. 50 3 The eurozone, Sweden, USA, UK, Denmark, China, South Korea, Poland, Russia and Japan. 150 2011 2012 2013 2014 2015 2016
175 14 125 150
Entra ASA 125100 OSEBXKongsberg Gruppen ASA OSEBX 10075
75 50 2014 2015 2016 50 2011 2012 2013 2014 2015 2016 200
175
150
125 DNB ASA OSEBX 100
75
50 2011 2012 2013 2014 2015 2016
150
125
100 Entra ASA OSEBX
75
50 2014 2015 2016 Share price performance4 for listed companies and the Oslo Stock Exchange main index Return for listed companies Return is the total sum of the change in the market value of a company’s equity and direct returns in the form of dividends 175175 175 175 and payment in the event of buy-back of shares. 150150 The state has direct ownership of eight companies listed on 150 150 Oslo Stock Exchange. The value-adjusted return for these com- 125125 panies, including reinvested dividends, was 1.3% in 2015, com- 125 125 pared with 5.6% the previous year. The return is weighted with 100100 100 100 SASSAS AB AB the value of the state’s shareholding at the end of 2015, and since SAS AB SAS AB Statoil accounts for about half of the total value of the state’s as- 7575 OSEBXOSEBX 75 75 OSEBX OSEBX sets on the stock exchange, Statoil has a considerable influence 5050 on the weighted total return. 50 50 The graphs on pages 14 and 15 show the share price perfor- 2525 mance, including reinvested dividends for each company, com- 25 25 pared with the developments for Oslo Stock Exchange’s main 0 0 0 0 20112011 20122012 20132013 20142014 20152015 20162016 share index (the OSEBX index). The timeseries runs from 2011 20122011 20132012 20142013 20152014 20162015 2016 1 January 2011 to 31 March 2016, with the exception of Entra, where the timeseries runs from its listing date in 2014. Both the 175175 175 175 share prices and the OSEBX index are indexed from the start date of the series. 150150 SAS had the highest return in 2015, at 60.5%, followed by 150 150 Kongsberg Gruppen at 25.4%, Yara International at 18.6%, Tele- 125125 nor at 2.2% and DNB at 1.9%. Statoil, Entra and Norsk Hydro had 125 125 StatoilStatoil ASA ASA negative returns of -0.8%, -3.8% and -19.7% respectively. Statoil ASA Statoil ASA OSEBXOSEBX Taking the past five years as a whole, i.e. the period between 100100 OSEBX 1 January 2011 and 31 December 2015, Telenor has had the high- 100 100 OSEBX est average annual return at 14.5%. Next comes DNB at 9.3%, Yara 7575 International at 6%, Kongsberg Gruppen at 5.7%, Statoil at 2.8% 75 75 and SAS at 1.6%. Norsk Hydro has had a negative average annual return of -2.5% for the past five years. In the same period the OS- 5050 50 50 20112011 20122012 20132013 20142014 20152015 20162016 EBX index has had an average annual return of 6.1%. 2011 20122011 20132012 20142013 20152014 20162015 2016 225225 Value of the state’s shareholding 225 225 There are several ways of measuring the value of a company. For 200200 listed companies, the market value of the company’s shares is 200 200 used, while book equity less minority interests is used for the 175175 unlisted companies in categories 1–3.5 The tables on pages 16 175 175 and 17 show the estimated value of each company for 2015 and 150150 150 150 TelenorTelenor ASA ASA 2014. No estimate is made of the value of the companies where Telenor ASA Telenor ASA the main objective of the state’s ownership is not commercial 125125 OSEBXOSEBX 125 125 OSEBX OSEBX (category 4). 100100 The value of the state’s shares on Oslo Stock Exchange was 100 100 NOK 523 billion at year-end 2015, down NOK 19.7 billion from 7575 the previous year. Statoil was a major contributor to the reduction 75 75 in the value of the combined holdings of NOK 16 billion. The 5050 50 50 20112011 20122012 20132013 20142014 20152015 20162016 holdings in Norsk Hydro, Telenor, Entra and DNB decreased in 2011 20122011 20132012 20142013 20152014 20162015 2016 value by NOK 6.6 billion, NOK 2.6 billion, NOK 0.5 billion and 175175 NOK 0.5 billion respectively. Yara International, Kongsberg 175 175 Gruppen and SAS contributed positively with increases of NOK 4.8 billion, NOK 1.3 billion and NOK 0.5 billion respectively. 150150 150 150 The state’s share of the book value of the unlisted companies in categories 1–3 was NOK 121 billion at the end of 2015, up NOK 125125 YaraYara 2.9 billion from the previous year. 125 125 Yara YaraInternationalInternational ASA ASA International ASAInternational ASA The total estimated value of the state’s assets in the 25 compa- OSEBXOSEBX nies in categories 1–3 was NOK 644 billion, down NOK 16.7 bil- 100100 OSEBX 100 100 OSEBX lion from the previous year.
7575 75 75 Dividends The state will receive NOK 29.9 billion in dividends for the 2015 5050 financial year, which is NOK 5.7 billion less than the previous 50 50 20112011 20122012 20132013 20142014 20152015 20162016 year. Statkraft, which paid out NOK 6 billion in dividends for 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 2014, is not paying a dividend for 2015. Statoil is paying dividends of NOK 15.4 billion, unchanged from last year.
4 Share price performance including reinvested dividends (source: FactSet). 5 The value of the state’s ownership interest in Aker Kværner Holding was calculated using the market prices for Akastor, Aker Solutions and Kværner, and the state’s indirect ownership interest in these companies.
15 Return and financial values 20151
Value of State’s sales proceeds, Average Market value State’s Dividend to the state for NOK million the state’s capital contribution Return Direct return annual return of equity2 shareholding the 2015 financial year3 shareholding2 and share purches4 past five years
Listed companies DNB ASA 178 842 34 % 60 806 2 492 0 1.9 % 3.5 % 9.3 % Entra ASA 13 091 49.73 % 6 510 274 0 -3.8 % 3.5 % – Kongsberg Gruppen ASA 17 400 50.001 % 8 700 255 0 25.4 % 6.4 % 5.7 % Norsk Hydro ASA 68 546 34.26 % 23 485 699 0 -19.7 % 3.0 % -2.5 % SAS AB 8 028 14.29 % 1 147 0 0 60.5 % 0.0 % 1.6 % Statoil ASA 394 436 67 % 264 272 15 382 0 -0.8 % 5.8 % 2.8 % Telenor ASA 222 666 53.97 % 120 162 6 078 0 2.2 % 4.9 % 14.5 % Yara International ASA 105 329 36.21 % 38 141 1 489 127 18.6 % 3.4 % 6.0 % Total listed companies5 1 008 338 523 224 26 669 127 1.3 %
Book equity State’s sales proceeds, Book value of Dividend to the state for NOK million less minority State’s shareholding capital contributions state’s shareholding6 the 2015 financial year interests and share purchase4
Unlisted companies in categories 1–3 Ambita AS 91 100 % 91 3 0 Baneservice AS 164 100 % 164 8 0 Flytoget AS 802 100 % 802 181 0 Mesta AS 1 003 100 % 1 003 300 0 Veterinærmedisinsk Oppdragssenter AS 40 34 % 14 22 0
Aker Kværner Holding AS 5 579 30 % 1 674 0 0 Nammo AS 2 329 50 % 1 165 55 0
Aerospace Industrial Maintenance Norway SF 408 100 % 408 0 0 Argentum Fondsinvesteringer AS 7 955 100 % 7 955 500 0 Eksportfinans ASA 7 409 15 % 1 111 0 0 Electronic Chart Centre AS 10 100 % 10 3 0 GIEK Kredittforsikring AS 63 100 % 63 0 0 Investinor AS 2 011 100 % 2 041 0 0 Kommunalbanken AS 12 202 100 % 12 202 417 -1 000 NSB AS 9 835 100 % 9 835 595 0 Posten Norge AS 5 928 100 % 5 928 0 0 Statkraft SF 76 524 100 % 76 524 0 0 Total unlisted companies in categories 1–3 132 353 120 959 2 084 -1 000
Total all companies in categories 1–3 1 140 691 644 183 28 754 -873
1 The key figures are defined on page 125. State’s sales proceeds, Dividend to the state for 2 At 31 December 2015. NOK million capital contributions the 2015 financial year 3 For Statoil, which pays dividends on a quarterly basis, the figure is paid dividends. and share purchase4 4 Sales proceeds are shown as positive figures; capital contributions and share purchases are shown as negative. Companies in category 47 5 The return is weighted with the value of the state’s shareholding at 31 December 2015. 6 The state’s share of book equity less minority interests. The value of the state’s ownership interest in Avinor AS 500 0 Aker Kværner Holding was calculated using the market prices for Akastor, Aker Solutions and Kværner Innovasjon Norge 217 0 at 31 December 2015 and the state’s indirect ownership interest in these companies on the same date. Norfund 0 -1 480 7 Companies in category 4 without dividends, sales proceeds, contributions and share purchases are Statnett SF 357 0 not included in the table. Statskog SF 11 0 AS Vinmonopolet 59 0 Total companies in category 4 1 144 -1 480
Total all companies 29 898 -2 353
16 Return and financial values 20141
Value of State’s sales proceeds, Average Market value State’s Dividend to the state for NOK million the state’s capital contributions Return Direct return annual return of equity2 shareholding the 2014 financial year shareholding2 and share purchase3 past five years
Listed companies DNB ASA 180 308 34 % 61 305 2 104 0 4.7 % 2.4 % 15.4 % Entra ASA4 14 056 49.89 % 7 013 879 3 284 14.2 % – – Kongsberg Gruppen ASA 14 760 50.001 % 7 380 555 0 0.0 % 4.3 % 10.1 % Norsk Hydro ASA 87 808 34.26 % 30 084 699 0 60.5 % 1.8 % 1.1 % SAS AB 4 790 14.29 % 684 0 0 -7.9 % 0.0 % -21.4 % Statoil ASA5 418 351 67 % 280 295 15 382 0 -5.2 % 8.1 % 3.0 % Telenor ASA 227 471 53.97 % 122 755 5 916 1 048 9.9 % 4.6 % 18.3 % Yara International ASA 92 205 36.21 % 33 389 1 297 211 32.6 % 3.0 % 8.1 % Total listed companies6 1 039 748 542 905 26 832 4 543 5.6 %
Book equity State’s sales proceeds, Book value of Dividend for the state for NOK million less minority State’s shareholding capital contributions state’s shareholding7 the 2014 financial year interests and share purchase3
Unlisted companies in categories 1–3 Ambita AS 76 100 % 76 26 0 Baneservice AS 125 100 % 125 0 0 Flytoget AS 754 100 % 754 129 0 Mesta AS 918 100 % 918 150 0 Veterinærmedisinsk Oppdragssenter AS 83 34 % 28 8 0
Aker Kværner Holding AS 7 720 30 % 2 385 69 0 Nammo AS 2 069 50 % 1 035 47 0
Aerospace Industrial Maintenance Norway SF 394 100 % 394 0 0 Argentum Fondsinvesteringer AS 7 804 100 % 7 804 250 0 Eksportfinans ASA 7 760 15 % 1 164 0 0 Electronic Chart Centre AS 11 100 % 11 0 0 GIEK Kredittforsikring AS 54 100 % 54 0 0 Investinor AS 1 949 100 % 1 949 0 0 Kommunalbanken AS 8 336 100 % 8 336 0 0 NSB AS 8 406 100 % 8 406 753 0 Posten Norge AS 6 206 100 % 6 206 300 0 Statkraft SF 77 963 100 % 77 963 6 007 -5 000 Store Norske Spitsbergen Kulkompani AS 415 99.94 % 415 0 0 Total unlisted companies in categories 1–3 131 043 118 022 7 739 -5 000
Total all companies in categories 1–3 1 170 791 660 927 34 571 -457
1 The key figures are defined on page 125. State’s sales proceeds, Dividend to the state for 2 At 31 December 2014. NOK million capital contributions the 2014 financial year 3 Sales proceeds are shown as positive figures; capital contributions and share purchases are shown and share purchase3 as negative. 4 Dividends to the state for 2014 include NOK 650 million in additional dividends, which were decided Companies in category 48 and disbursed in 2014 in connection with the listing. 5 Statoil introduced quarterly disbursement of dividends in 2014. The figures for dividends in 2014 have Avinor AS 500 0 been calculated by multiplying outstanding shares with NOK 1.8 for four quarters. However the dividends Innovasjon Norge 25 0 disbursed in 2014 were NOK 10.6 (NOK 7 for all of 2013, and NOK 1.8 for the first and second quarters of 2014). Norfund 0 -1 230 6 The return is weighted with the value of the state’s shareholding at 31 December 2014. Statnett SF 321 0 7 The state’s share of book equity less minority interests. The value of the state’s ownership interest in Aker Kværner Holding was calculated using the market prices for Akastor, Aker Solutions and Kværner at Statskog SF 52 0 31 December 2014 and the state’s indirect ownership interest in these companies on the same date. AS Vinmonopolet 106 0 8 Companies in category 4 without dividends, sales proceeds, contributions and share purchases are not included in the table. Total companies in category 4 1 004 -1 230
Total all companies 35 574 -1 687
17 DNB’s profit in 2015 after taxes and minority interests was NOK 24.8 billion.
18 Key figures describing financial performance
The state as an owner emphasizes the companies’ financial performance. In this chapter several key financial variables are commented, with emphasis on the state’s commercial ownership (the companies in categories 1–3). For the companies in category 4, procurements by and subsidies from the state as a sectoral policy instrument are commented. © Stig B. Fiksdal
19 Group accounting figures 2015 – companies in categories 1–31
Profit for the year after tax NOK million State’s shareholding Operating revenues Operating profit/loss2 Capital employed Balance sheet total and minority interests Listed companies DNB ASA 34 % 53 993 31 858 24 762 – 2 598 530 Entra ASA 49.73 % 1 999 3 239 2 648 28 559 33 619 Kongsberg Gruppen ASA 50.001 % 17 032 944 747 6 993 19 121 Norsk Hydro ASA 34.26 % 88 155 7 746 2 020 86 860 122 544 SAS AB 14.29 % 37 477 1 334 904 15 938 30 287 Statoil ASA 67 % 482 800 14 900 -37 500 765 700 966 700 Telenor ASA 53.97 % 128 175 22 761 3 414 139 555 204 909 Yara International ASA 36.21 % 111 897 14 104 8 083 90 818 118 863 Total listed companies 921 528 96 886 5 078 1 134 423 4 094 573 Unlisted companies in categories 1–3 Ambita AS 100 % 322 52 38 91 160 Baneservice AS 100 % 663 56 46 365 371 Flytoget AS 100 % 960 232 181 802 1 393 Mesta AS 100 % 4 078 440 335 1 012 2 262 Veterinærmedisinsk Oppdragssenter AS 34 % 562 23 96 48 188
Aker Kværner Holding AS 30 % 0 -2 -2 127 5 577 5 579 Nammo AS 50 % 3 783 284 217 3 122 4 641
Aerospace Industrial Maintenance Norway SF 100 % 579 23 14 408 675 Argentum Fondsinvesteringer AS 100 % 488 420 401 7 957 8 001 Eksportfinans ASA 15 % -406 -548 -376 – 65 142 Electronic Chart Centre AS 100 % 25 -1 1 10 19 GIEK Kredittforsikring AS 100 % 62 6 9 – 493 Investinor AS 100 % 120 55 60 2 011 2 041 Kommunalbanken AS 100 % 1 612 2 583 1 870 – 449 361 NSB AS 100 % 15 372 2 098 2 149 21 759 28 836 Posten Norge AS 100 % 25 074 -6 -62 8 933 16 097 Statkraft SF 100 % 20 089 3 848 -1 727 129 562 173 839 Total unlisted companies in categories 1–3 73 383 9 564 1 124 181 657 759 099
Total all companies in categories 1–3 994 911 106 405 6 202 1 316 080 4 853 672
1 The key figures are defined on page 125. 2 For GIEK Kredittforsikring, profit / loss from technical accounts before provisions for security is used.
Profit performance lion from the previous year. The improved sets at Kongsberg Oil & Gas Technologies The table above shows some key financial profit performance mainly reflected an by NOK 300 million at the end of 2015. figures for companies where the state’s increase in net interest income and net This had a negative impact on the compa- ownership has commercial objectives (cate- other operating income and a reduction in ny’s 2015 profit. gories 1–3). The combined total profit for costs. DNB increased its common equity Norsk Hydro had a profit of NOK 2 bil- the year after tax and minority interests Tier 1 capital by NOK 20.8 billion from the lion in 2015, compared with NOK 0.8 bil- for these companies was NOK 6.2 billion end of 2014 to the end of 2015. DNB is well lion the previous year. The negative ef- in 2015, a decline of NOK 52.2 billion from capitalised, but will continue to build capi- fects of lower realised aluminium prices the previous year. The NOK 59.4 billion tal organically in order to meet the statu- and product premiums were more than decline in Statoil’s profit from NOK 21.9 tory requirements. offset by the positive currency effects of a billion in 2014 to NOK -37.5 billion in 2015 Entra returned a profit of NOK 2.6 bil- stronger US dollar and ongoing improve- accounted for much of the overall decline. lion for 2015, compared with NOK 1 bil- ment work, resulting in a higher profit for Excluding Statoil, the combined profit for lion the previous year. The company had the company in 2015. Operating revenues the year rose from NOK 36.5 billion to operating revenues of NOK 2 billion, increased by 12% compared with 2014 to NOK 43.7 billion, representing growth in roughly unchanged from 2014. The profit NOK 88 billion in 2015. profits of 19.7%. from property management was NOK 1.4 SAS had an annual profit of NOK 0.9 bil- The greatest contributors to total prof- billion, up slightly from 2014. lion for the period November 2014 to Oc- its for 2015 among the listed companies Kongsberg Gruppen had a profit of NOK tober 2015 (the company’s financial year), are DNB, Telenor and Yara International. 0.7 billion in 2015, compared with NOK compared with a loss of NOK -0.7 billion Below is a presentation of the financial re- 0.9 billion the previous year. Revenue in- for the same period the previous year. The sults of the listed companies. creased by 2.5% compared with 2014 to improvement was mainly driven by growth DNB recorded profits of NOK 24.8 bil- NOK 17 billion in 2015. The board decided in passenger revenues, cost savings and lion for 2015, an increase of NOK 4.1 bil- to write down goodwill and intangible as- lower fuel costs.
20 Group accounting figures 2015 – companies in categories 1–31
Average dividend percentage Average return on equity NOK million Cash flow operations Dividend percentage Equity ratio2 Return on equity last five years last five years Listed companies DNB ASA -43 092 30 % 27 % 15 % 15 % 13 % Entra ASA 849 21 % 35 % 40 % 22 % 11 % Kongsberg Gruppen ASA -1 087 68 % 56 % 32 % 12 % 19 % Norsk Hydro ASA 14 373 101 % 119 % 65 % 3 % 2 % SAS AB 2 870 0 % 0 % 21 % 17 % -1 % Statoil ASA 109 000 – 69 % 37 % -10 % 12 % Telenor ASA 37 107 330 % 134 % 31 % 6 % 10 % Yara International ASA 14 631 51 % 37 % 64 % 12 % 18 % Weighted average listed companies -1.6 % Unlisted companies in categories 1–3 Ambita AS 23 9 % 47 % 60 % 45 % 22 % Baneservice AS 117 18 % – 44 % 32 % -2 % Flytoget AS 291 100 % 119 % 58 % 23 % 17 % Mesta AS 88 90 % 96 % 44 % 35 % 22 % Veterinærmedisinsk Oppdragssenter AS 49 66 % 101 % 21 % 156 % 69 %
Aker Kværner Holding AS 245 0 % – 100 % – – Nammo AS 26 50 % 50 % 51 % 10 % 16 %
Aerospace Industrial Maintenance Norway SF 11 0 % 0 % 60 % 4 % 4 % Argentum Fondsinvesteringer AS 750 125 % 57 % 99 % 5 % 10 % Eksportfinans ASA 16 205 0 % 0 % 36 % -5 % 0 % Electronic Chart Centre AS – 273 % 489 % 53 % 11 % 3 % GIEK Kredittforsikring AS -40 0 % 0 % 26 % 15 % – Investinor AS -172 0 % 0 % 99 % 3 % -3 % Kommunalbanken AS -7 302 22 % 17 % 12 % 18 % 17 % NSB AS 2 233 28 % 38 % 34 % 24 % 14 % Posten Norge AS 1 213 0 % 65 % 37 % -1 % 6 % Statkraft SF 8 669 0 % 207 % 49 % -2 % 2 %
Weighted average for unlisted companies in categories 1–3 3.4 %
Weighted average for all companies in categories 1–3 -0.5 %
1 The key figures are defined on page 125. 2 Tier 1 capital ratio is used for DNB, Eksportfinans, Investinor and Kommunalbanken. Capital ratio is used for GIEK Kredittforsikring.
Statoil had a result of NOK -37.5 billion Yara International achieved an annual vious year. The growth was largely driven in 2015, compared with NOK 21.9 billion profit of NOK 8.1 billion in 2015, up 6% by the strong housing market. In 2015 the previous year. The operating profit from the previous year. The most impor- Ambita became a group, and some of the was NOK 14.9 billion, down by 86.4% from tant reasons for the improvement in the growth is from Edok AS. 2014. The decline in the profit was due to results are lower gas prices in Europe and Baneservice had a profit of NOK 45.7 lower prices for oil and gas and substantial the stronger US dollar. million in 2015, compared with NOK 24.6 write-downs, mainly related to onshore ac- The combined result for the unlisted million the previous year. The improve- tivities in North America. companies in categories 1–3 was a profit of ment is due to good profitability in the en- Telenor had a profit of NOK 3.4 billion NOK 1.1 billion for 2015, compared with a tire project portfolio and better use of the in 2015, compared with NOK 9.1 billion loss of NOK -2.5 billion the previous year. company’s machine capacity as a result of the previous year. The profit was nega- The combined operating profit was NOK higher production volumes and a longer tively affected by write-downs totalling 9.6 billion, while combined operating rev- working season. NOK 2.1 billion related to operations in enues amounted to NOK 73.4 billion. Be- Flytoget had a profit of NOK 181 million Denmark and NOK 5.4 billion related to low is a brief presentation of the financial in 2015, which is slightly lower than the the shareholding in VimpelCom. Operat- results of these companies. previous year. Competition in the market ing revenues increased by 15% to NOK Ambita had a profit of NOK 37.6 million has increased significantly, and the com- 128 billion in 2015. The increase was in 2015, compared with NOK 14.6 million pany’s market share has declined by 1.1 largely due to currency gains and good the previous year. The reason for the ex- percentage points. revenue growth in several markets, par- traordinarily high profit for 2015 was the Mesta returned a profit of NOK 335 mil- ticularly from operations in Myanmar. transition from a defined benefit to a de- lion in 2015, up from NOK 225 million the This was partially offset by tougher mar- fined contribution pension scheme. The previous year. The profit is affected by ket conditions in Thailand, Denmark and company had revenue of NOK 322 million gains from property sales. Malaysia. in 2015, an increase of 12.2% from the pre-
21 Veterinærmedisinsk Oppdragssenter stronger positive net change in the market calculated as the sum of all the dividends achieved an annual profit of NOK 95.9 million value of the investment portfolio. divided by the sum of the year’s profit af- in 2015, up from NOK 29.6 million the preced- Kommunalbanken had a profit of NOK ter tax and minority interests. During this ing year. The increase in profits is related to 1,870 million in 2015, compared with NOK period, the listed companies, excluding proceeds from the sale of two subsidiaries in 491 million the previous year. Net interest SAS, had a dividend percentage with an 2015. Revenue increased from NOK 548 mil- income was stable and on par with 2014. average that varies between 30% and 134% lion in 2014 to NOK 562 million in 2015. The profit was affected by the reversal of of the profit for the year. In the past five Aker Kværner Holding’s revenues con- unrealised losses of NOK -734 million in year period, Aker Kværner Holding and sist of dividends from Akastor, Aker Solu- 2014 to gains of NOK 1,116 million in Baneservice have paid dividends of NOK tions and Kværner, as well as limited inter- 2015. 1,868 million and NOK 8.3 million respec- est income. Aker Kværner Holding’s re- NSB posted a profit of NOK 2,149 mil- tively, but both had an aggregate loss after sult was a loss of NOK -2.1 billion in 2015, lion in 2015, compared with NOK 1,505 tax and minority interests. The average compared with NOK -4.7 billion the previ- million the previous year. This is the dividend percentage during the period ous year. This is due to the company hav- group’s highest profit ever. The improve- therefore gives little meaning for these ing written down shares in Akastor, Aker ment is primarily attributable to strong companies. Solutions and Kværner worth NOK 2.4 bil- operating profit in the passenger train op- lion. The write-down largely reflects the erations, mainly due to growth in the num- Return on equity decline in value in oil-related shares on ber of passenger journeys, improved prof- Return on equity is a measurement of Oslo Stock Exchange in 2015. its in bus and freight operations due to how efficient the resources are use in a Nammo had a profit of NOK 217 million cost efficiencies, and considerable profits company compared to book value. Re- in 2015, compared with NOK 189 million related to the development and sale of turn on equity indicates the owner’s re- the previous year. Revenue in 2015 in- property. turn on this part of the capital and is creased by 1.8% from the previous year to Posten Norge posted a result of NOK -62 measured as the profit for the year after NOK 3,783 million, and the weaker Nor- million in 2015, down from NOK 447 mil- tax and minority interests, divided by the wegian krone resulted in growth in the lion the previous year. The result is strong- value of the average book equity. As consolidated figures. ly affected by the decline in activity in the shown in the table on page 21, some com- Aerospace Industrial Maintenance Nor- oil sector, weaker market conditions in panies have had a negative rate of return way posted a profit of NOK 14.1 million in Norway, and a drift towards services with in recent years. 2015, compared with NOK 51.6 million the lower margins. For several years the For the state, which is a long-term own- previous year. The result for 2014 was group has realised significant cost effi- er, it is also relevant to look at the compa- impacted by recognition of changes in the ciencies as a result of rationalisation pro- nies’ return over time. The average annu- pension obligations in the Norwegian grammes in both the postal and the logis- al return on equity for the past five years Public Service Pension Fund. tics segments. It has nevertheless proven was over 15% at Ambita, Flytoget, Kom- Argentum Fondsinvesteringer achieved difficult to fully compensate for declining munalbanken, Kongsberg Gruppen, Mes- a group profit of NOK 401 million in 2015, volumes of mail. ta, Nammo, Veterinærmedisinsk Opp- compared with NOK 773 million the previ- Statkraft reported a loss of NOK -1,727 dragssenter and Yara International. Ba- ous year. The net profit from the invest- million in 2015, compared with a profit of neservice, Investinor and SAS have had a ments in private equity funds totalled NOK 3,758 million the previous year. negative average return on equity in the NOK 470 million. Write-downs and negative currency ef- period. Eksportfinans posted a result of NOK fects related to financial items of NOK -2.3 -376 million in 2015, compared with NOK billion affected the group’s results. The Procurements by and subsidies from -4,273 million the previous year. The nega- company’s operating profit in 2015 was the state as a sectoral policy instrument tive figures are primarily due to the rever- weakened by the low Nordic power prices, Several of the companies in categories 3 sal of previous unrealised gains on the which were at their lowest level in 15 and 4 perform tasks that are not commer- company’s own debt. years. cially profitable. In order to achieve the Electronic Chart Centre had an annual sectoral policy objectives of the state’s profit of NOK 1.2 million in 2015, com- Dividend percentage ownership of these companies, the state pared with NOK -3.6 million the previous Dividend percentage is the proportion of may partly regulate access to the market year. The company has had a period of in- the company’s profit that is paid to the and pricing (e.g. Statnett and Vinmono- vestment for future growth, with emphasis shareholders as a dividend. The remain- polet), partly procure specific services or on new business opportunities and estab- ing part of the profit is retained by the service levels (e.g. NSB) and partly fi- lishment in different user environments. company and added to book equity. The nance all or part of the business through GIEK Kredittforsikring achieved an an- owners’ direct return may take the form of direct allocations in the national budget nual profit of NOK 9 million in 2015, com- a dividend or buy-back of shares. Of the (e.g. the regional health authorities, Kings pared with NOK 4.3 million the previous listed companies, only SAS is not paying a Bay and Petoro). Public procurements are year. It was a challenging year for the com- dividend for the 2015 financial year. Of the often used for companies that compete in pany as many of its customers no longer unlisted companies in categories 1–3, a market, but are also used to purchase had access to key markets like Russia and Argentum Fondsinvesteringer, Electronic health services from the regional health Ukraine. Chart Centre, Flytoget, Mesta, Nammo authorities. This accounts for most of the Investinor had a profit of NOK 60 mil- and Veterinærmedisinsk Oppdragssenter regional health authorities’ revenues. Fi- lion in 2015, compared with NOK -103 mil- paid dividends of 40% or more of the profit nancing through state allocations mostly lion the previous year. The operating rev- for the year after tax and minority inter- takes place among companies that do not enues amounted to NOK 120 million, com- ests. compete in a market, while competition pared with NOK -68.6 million the previous To illustrate the companies’ ability to and prices are mostly regulated by official year. The improvement was due to higher yield a direct return over time, the table on monopoly enterprises. gains on the sale of shareholdings and a page 21 indicates the average dividend The scope of financing through public percentage for the past five years. This is budgets varies significantly among the
22 Group accounting figures 2015 – Companies in category 41
Profit for the Book equity less Procurements by/ NOK million State’s shareholding Operating revenues Operating profit/loss year after tax and Balance sheet total minority interests subsidies from the state minority interests Companies in category 4 Andøya Space Center AS 90 % 119 21 17 86 148 32 Avinor AS 100 % 11 989 3 232 2 499 14 832 38 785 0 Bjørnøen AS 100 % 0 0 0 4 4 0 Carte Blanche AS 70 % 40 2 2 7 18 26 AS Den Nationale Scene 66.67 % 141 7 7 36 70 115 Den Norske Opera & Ballett AS 100 % 743 -67 -67 -66 173 590 Eksportkreditt Norge AS 100 % 102 0 1 45 84 100 Enova SF 100 % 118 4 5 14 37 0 Gassco AS 100 % 0 0 -1 14 1 267 3 Gassnova SF 100 % 104 2 3 39 103 77 Graminor AS 28.2 % 64 1 2 72 96 22 Innovasjon Norge 51 % 1 231 263 263 1 513 23 565 1 058 Kimen Såvarelaboratoriet AS 51 % 11 -1 -1 11 13 3 Kings Bay AS 100 % 55 -3 -2 13 25 19 Nationaltheatret AS 100 % 258 6 6 38 123 189 Nofima AS 56.84 % 545 21 22 102 262 97 Nordisk Institutt for Odontologiske Materialer AS 49 % 32 3 3 11 18 19 Norfund 100 % 274 168 458 15 521 15 521 21 Norges sjømatråd AS 100 % 544 84 84 439 552 0 Norsk Helsenett SF 100 % 366 4 7 122 237 120 Norsk rikskringkasting AS 100 % 5 593 -250 -183 1 086 3 142 0 Norsk Tipping AS 100 % 29 770 4 427 4 485 214 5 234 0 NSD – Norsk senter for forskningsdata AS 100 % 66 2 3 33 79 37 Nye Veier AS 100 % 0 -47 -47 611 691 0 Petoro AS 100 % 286 3 5 23 217 285 Rogaland Teater AS 66.67 % 108 8 7 51 117 59 Simula Research Laboratory AS 100 % 191 17 16 47 87 58 Siva – Selskapet for Industrivekst SF 100 % 387 81 89 981 3 021 156 Space Norway AS 100 % 46 -17 61 406 665 0 Statnett SF 100 % 5 906 1 714 1 103 13 564 45 547 0 Statskog SF 100 % 353 62 25 1 708 1 974 17 Staur gård AS 100 % 10 0 -1 1 5 0 Store Norske Spitsbergen Kulkompani AS 100 % 885 -434 -766 -315 1 037 0 Talent Norge AS 33.33 % 30 0 0 0 23 30 Trøndelag Teater AS 66.67 % 121 2 2 26 47 68 UNINETT AS 100 % 297 78 81 233 340 82 Universitetssenteret på Svalbard AS 100 % 144 -5 -5 16 80 122 AS Vinmonopolet 100 % 12 806 140 117 553 3 723 0 Total 73 734 8 301 3 406 Regional health authorites Helse Midt-Norge RHA 100 % 21 080 445 393 8 448 19 659 19 473 Helse Nord RHA 100 % 17 209 575 617 9 627 16 358 16 200 Helse Sør-Øst RHA 100 % 78 925 1 077 1 046 32 506 62 120 72 424 Helse Vest RHA 100 % 27 724 611 680 13 315 21 957 26 150 Total 144 938 2 736 134 247
1 The key figures are defined on page 125.
companies. In 2015 the companies re- this, at a total of NOK 134 billion, up from As shown in the table on page 23, state ceived a combined total of NOK 141 billion NOK 119 billion the previous year. This allocations also represent a significant por- from procurement of services by and di- figure can be broken down into NOK 19.5 tion of the operating revenues of, among rect allocations from the state.1 The financ- billion for Helse Midt-Norge RHF, NOK others, Den Nationale Scene, Den Norske ing of health services accounts for most of 16.2 billion for Helse Nord RHF, NOK 72.4 Opera & Ballett, Eksportkreditt Norge,
1 The amount consists of NOK 3.1 billion for NSB, NOK 0.4 billion for Posten billion for Helse Sør-Øst RHF and NOK Gassnova, Innovasjon Norge, Petoro and Norge and NOK 138 billion for the companies in category 4. 26.2 billion for Helse Vest RHF. the University Centre in Svalbard.
23 © Norsk Hydro ASA
Based in Norway, Norsk Hydro has 13,000 employees involved in activities in more than 50 countries on all continents.
24 Corporate governance
State ownership shall be exercised professionally and predictably within the framework of corporate law and other legislation, based on generally accepted principles of corporate governance and with awareness of the distinction between the role as an owner and other roles that the state has. The main purpose of the state’s commercial ownership (the companies in categories 1–3) is to achieve the highest possible return on invested capital over time. State ownership in the companies in category 4 has mainly sectoral policy objectives, and as the owner, the state emphasizes that the sectoral policy objectives are achieved as efficiently as possible.
25 Exercise of ownership that contributes to value creation Aspect of ownership Principles Expectations
Appropriate The composition of the board shall be The board should act as a sparring partner for the management and contribute beyond its super- board composition characterised by competence, capacity visory role. The board should contribute to the company’s strategic planning, risk management, Exercise of ownership that contributesand diversity and to shallvalue reflect creation the talent development and follow up the company’s work with corporate social responsibility. Aspect of ownershipdistinctive Principles characteristics of each company TheExpectations board should work systematically and appropriately and put an adequate amount of work (principle 6). into the office. The board should develop its own work and evaluate its activities and Appropriate The boardcomposition should of adopt the board a plan shall for its be own competenciesThe board should on actan annualas a sparring basis. partnerThe state for as the an management owner assesses and the contribute board’s performancebeyond its super- and board composition work,characterised work actively by competence, to develop capacity its own makesvisory role. changes The board to the should board contributeon the basis to ofthe this company’s assessment. strategic Remuneration planning, risk of themanagement, members of competenciesand diversity and and shall evaluate reflect its ownthe thetalent board development shall contribute and follow to the up board the company’s having the work right with quality corporate of expertise social responsibility. and reflect the activitiesdistinctive (principle characteristics 8). of each company Theboard’s board responsibilities should work andsystematically workload, and appropriatelybe moderate. and put an adequate amount of work (principle 6). into the office. The board should develop its own work and evaluate its activities and Good corporate OwnershipThe board should decisions adopt and a resolutionsplan for its own competenciesMatters that require on an annualthe owners’ basis. approval The state must as an be owner treated assesses at the generalthe board’s meeting. performance and governance shallwork, be work made actively at the to general develop meeting its own Themakes board changes shall organise to the board the business, on the basis hire ofthe this CEO assessment. and oversee Remuneration the company’s of operations. the members of Exercise of ownership (principlecompetencies 3). and evaluate its own Thethe board shall alsocontribute ensure tothe the strategic board havingleadership the and right manage quality the of expertisecompany andon the reflect basis theof The state’s exercise of its ownership shall Theactivities board (principle assumes executive8). responsibil- theboard’s owners’ responsibilities interests within and theworkload, limits set and at bethe moderate. general meeting. The board should be a resource, help create value by following up the Vision Values ity for administration of the company, a discussion partner and a support for the company’s management. At the same time the board state’s objectives for its ownership. As Good corporateGoals includingOwnership performing decisions and an independentresolutions mustMatters monitor that require the management’s the owners’ workapproval and must betherefore treated have at the an generalindependent meeting. role. other owners, the state emphasizes that Business model governanceStrategy supervisoryshall be made function at the generalvis-à-vis meeting the companies are run by a compentent man- The board isshall expected organise to drawthe business, up clear hireobjectives the CEO and and strategies oversee the for thecompany’s company operations. within the Capital and resources company’s(principle 3). management on behalf of the agement aligned with its owners objec- frameworkThe board shall of the also articles ensure of the association, strategic manageleadership company and manage resources the companyoptimally on and the determine basis of owners (principle 7). tives, that the govenance structure is ap- Vision The board assumes executive responsibil- the company’sowners’ interests risk profile. within The the boardlimits setought at theto report general on meeting.this so that The the board owners should can bemonitor a resource, goal propriate, that strategies and incentives Values Theity for board administration is responsible of thefor elaboratingcompany, achievementa discussion partner and hold and the a supportboard accountable for the company’s for this. management. For companies At where the same the state’s time the ownership board Goals reinforce the objectives, that the manage- Business model explicitincluding objectives performing and an strategies independent for the hasmust commercial monitor the objectives, management’s the state work as andan owner must thereforesets expectations have an withindependent respect to role. returns and ment deploys the capital effectively, that Strategy companysupervisory within function the constraintsvis-à-vis the of its dividends. In companies where the state’s ownership has sectoral policy objectives, the state as Capital and resources The board is expected to draw up clear objectives and strategies for the company within the operations are sustainable, and that there articlescompany’s of association; management the on state behalf sets of the frameworkowner will striveof the to articles develop of association,clear performance manage expectations company resources and performance optimally indicators. and determine owners (principle 7). is transparency about the company’s op- performance targets for each company Personnelthe company’s policy risk should profile. be The characterised board ought by to inclusivity report on andthis diversity.so that the The owners board can should monitor make goal erations. To operationalize these objec- The(principle board 4).is responsible for elaborating sureachievement the company and hold has thestrategies board accountable and measures for to this. promote For companies equality where and diversity the state’s in theownership tives, the state’s exercise of its ownership Compensationexplicit objectives and and incentive strategies schemes for the company,has commercial including objectives, how the the best state expertise as an owner can besets used expectations in the company with respect and measures to returns to and is arranged such that it will contribute to: shallcompany promote within value the creationconstraints within of its the ensuredividends. more In companiesfemale senior where executives. the state’s ownership has sectoral policy objectives, the state as companiesarticles of association; and be generally the state regarded sets as owner will strive to develop clear performance expectations and performance indicators. 1. Appropriate board composition Remuneration of senior executives should be competitive, but not wage leading. In addition, reasonableperformance (principle targets for 9). each company Personnel policy should be characterised by inclusivity and diversity. The board should make 2. Good corporate governance remuneration should be linked to the company’s goals. (principle 4). sure the company has strategies and measures to promote equality and diversity in the 3. Effective capital structure and suitable company, including how the best expertise can be used in the company and measures to dividends Effective capital structure TheCompensation capital structure and incentive of the company schemes shall The company should have an appropriate capital structure that paves the way for long-term shall promote value creation within the ensure more female senior executives. 4. Sustainability and corporate social and suitable dividends be appropriate given the objective and value creation, efficient goal achievement and lowest cost of capital. The board has overall responsibility integrated into the situationcompanies of and the becompany generally (principle regarded 5). as Remunerationresponsibility for of this.senior executives should be competitive, but not wage leading. In addition, reasonable (principle 9). business remunerationThe main purpose should of the be linkedstate’s tocommercial the company’s ownership goals. is to achieve the highest possible 5. Transparency and good reporting return on invested capital over time. The state as an owner sets clear expectations for the Effective capital structure The capital structure of the company shall companiesThe company regarding should havereturns an andappropriate dividends capital and expects structure the that companies paves the in way categories for long-term 1–3 to The board of directors and the execu- and suitable dividends be appropriate given the objective and delivervalue creation, market return.efficient goal achievement and lowest cost of capital. The board has overall tives are responsible for ensuring that the situation of the company (principle 5). responsibility for this. company is managed on the basis of the The main purpose of the state’s commercial ownership is to achieve the highest possible owners’ interests. The state as an owner ex- return on invested capital over time. The state as an owner sets clear expectations for the ercises its authority as an owner through companies regarding returns and dividends and expects the companies in categories 1–3 to the general meeting / company meeting deliver market return. and works constantly to improve the exer- cise of ownership in all the five areas. The state’s voting at general meetings and com- Sustainability and corpo- The company shall work systematically to The state as an owner has general expectations related to corporate social responsibility and pany engagement is based on the Norwe- rate social responsibility safeguard its corporate social responsibil- specific expectations within climate and the environment, human rights, employee rights, and gian state’s ten principles for good corpo- integrated into the ity (principle 10). transparency and corruption. The board is responsible for assessing how the expectations can rate governance in addition to other explic- business best be followed up and that they are operationalised and reported on appropriately. Work on itly defined expectations. The illustration sustainability and corporate social responsibility shall support the shareholder value. on page 27 provides a simplified represen- Sustainability and corpo- The company shall work systematically to The state as an owner has general expectations related to corporate social responsibility and tation of the framework that form how own- rate social responsibility safeguard its corporate social responsibil- specific expectations within climate and the environment, human rights, employee rights, and ership is excersised. The table illustrate the integrated into the ity (principle 10). transparency and corruption. The board is responsible for assessing how the expectations can link between general ownership issues and businessTransparency and There shall be transparency in the Thebest state be followed expects up that and companies that they with are operationalised state ownership and are reported open about on appropriately.important matters Work on the state’s principles and expectations. good reporting state’s exercise of its ownership and the relatedsustainability to the andbusiness. corporate Access social to relevant responsibility and timely shall information support the enablesshareholder stakeholders value. to The following pages provide an account company’s operations (principle 2). evaluate the companies’ operations on an ongoing basis and is a key prerequisite for good of what the state as an owner does to con- exercise of ownership. tribute to the companies’ value creation. All shareholders shall be treated equally. This is not an exhaustive description, but (principle 1). Companies that are wholly owned by the state and that are not “small enterprises” should provides a closer insight into the state’s Transparency and There shall be transparency in the striveThe state to be expects as open that as companieslisted companies. with state All companies ownership thatare openare wholly about ownedimportant by the matters state exercise of ownership. See the white pa- good reporting state’s exercise of its ownership and the shouldrelated followto the business.the Norwegian Access Code to relevant of Practice and fortimely Corporate information Governance enables where stakeholders appropriate. to company’s operations (principle 2). evaluate the companies’ operations on an ongoing basis and is a key prerequisite for good per Report no. 27 to the Storting (2013– The companies should treat all shareholders equally, for example when it comes to disclosure exercise of ownership. 2014) Diverse and value-creating owner- All shareholders shall be treated equally. of information. The board should ensure that the company has a high degree of transparency ship for a complete description of the (principle 1). towardsCompanies all thatshareholders. are wholly owned by the state and that are not “small enterprises” should state’s ownership policy. strive to be as open as listed companies. All companies that are wholly owned by the state © Harald Pettersen/Statoil ASA should follow the Norwegian Code of Practice for Corporate Governance where appropriate. The companies should treat all shareholders equally, for example when it comes to disclosure 26 of information. The board should ensure that the company has a high degree of transparency towards all shareholders. Exercise of ownership that contributes to value creation Aspect of ownership Principles Expectations
Appropriate The composition of the board shall be The board should act as a sparring partner for the management and contribute beyond its super- board composition characterised by competence, capacity visory role. The board should contribute to the company’s strategic planning, risk management, Exercise of ownership that contributesand diversity and to shallvalue reflect creation the talent development and follow up the company’s work with corporate social responsibility. Aspect of ownershipdistinctive Principles characteristics of each company TheExpectations board should work systematically and appropriately and put an adequate amount of work (principle 6). into the office. The board should develop its own work and evaluate its activities and Appropriate The boardcomposition should of adopt the board a plan shall for its be own competenciesThe board should on actan annualas a sparring basis. partnerThe state for as the an management owner assesses and the contribute board’s performancebeyond its super- and board composition work,characterised work actively by competence, to develop capacity its own makesvisory role. changes The board to the should board contributeon the basis to ofthe this company’s assessment. strategic Remuneration planning, risk of themanagement, members of competenciesand diversity and and shall evaluate reflect its ownthe thetalent board development shall contribute and follow to the up board the company’s having the work right with quality corporate of expertise social responsibility. and reflect the activitiesdistinctive (principle characteristics 8). of each company Theboard’s board responsibilities should work andsystematically workload, and appropriatelybe moderate. and put an adequate amount of work (principle 6). into the office. The board should develop its own work and evaluate its activities and Good corporate OwnershipThe board should decisions adopt and a resolutionsplan for its own Matterscompetencies that require on an annualthe owners’ basis. approval The state must as an be owner treated assesses at the generalthe board’s meeting. performance and governance shallwork, be work made actively at the to general develop meeting its own Themakes board changes shall organise to the board the business, on the basis hire ofthe this CEO assessment. and oversee Remuneration the company’s of operations. the members of (principlecompetencies 3). and evaluate its own Thethe board shall alsocontribute ensure tothe the strategic board havingleadership the and right manage quality the of expertisecompany andon the reflect basis theof activities (principle 8). board’s responsibilities and workload, and be moderate. Vision The board assumes executive responsibil- the owners’ interests within the limits set at the general meeting. The board should be a resource, Values ity for administration of the company, a discussion partner and a support for the company’s management. At the same time the board Good corporateGoals Ownership decisions and resolutions Matters that require the owners’ approval must be treated at the general meeting. Business model including performing an independent must monitor the management’s work and must therefore have an independent role. governance shall be made at the general meeting Strategy supervisory function vis-à-vis the The board shallis expected organise to drawthe business, up clear hireobjectives the CEO and and strategies oversee the for thecompany’s company operations. within the Capital and resources (principle 3). company’s management on behalf of the frameworkThe board shall of the also articles ensure of the association, strategic manageleadership company and manage resources the companyoptimally on and the determine basis of owners (principle 7). Vision The board assumes executive responsibil- the company’sowners’ interests risk profile. within The the boardlimits setought at theto report general on meeting.this so that The the board owners should can bemonitor a resource, goal Values Theity for board administration is responsible of thefor elaboratingcompany, achievementa discussion partner and hold and the a supportboard accountable for the company’s for this. management. For companies At where the same the state’s time the ownership board Goals Business model explicitincluding objectives performing and an strategies independent for the hasmust commercial monitor the objectives, management’s the state work as andan owner must thereforesets expectations have an withindependent respect to role. returns and Strategy companysupervisory within function the constraintsvis-à-vis the of its dividends. In companies where the state’s ownership has sectoral policy objectives, the state as Capital and resources The board is expected to draw up clear objectives and strategies for the company within the articlescompany’s of association; management the on state behalf sets of the frameworkowner will striveof the to articles develop of association,clear performance manage expectations company resources and performance optimally indicators. and determine owners (principle 7). performance targets for each company Personnelthe company’s policy risk should profile. be The characterised board ought by to inclusivity report on andthis diversity.so that the The owners board can should monitor make goal The(principle board 4).is responsible for elaborating sureachievement the company and hold has thestrategies board accountable and measures for to this. promote For companies equality where and diversity the state’s in theownership Compensationexplicit objectives and and incentive strategies schemes for the company,has commercial including objectives, how the the best state expertise as an owner can besets used expectations in the company with respect and measures to returns to and shallcompany promote within value the creationconstraints within of its the ensuredividends. more In companiesfemale senior where executives. the state’s ownership has sectoral policy objectives, the state as articles of association; the state sets owner will strive to develop clear performance expectations and performance indicators. companies and be generally regarded as Remuneration of senior executives should be competitive, but not wage leading. In addition, performance targets for each company reasonable (principle 9). remunerationPersonnel policy should should be belinked characterised to the company’s by inclusivity goals. and diversity. The board should make (principle 4). sure the company has strategies and measures to promote equality and diversity in the Effective capital structure TheCompensation capital structure and incentive of the company schemes shall Thecompany, company including should how have the an best appropriate expertise capital can be structure used in thethat company paves the and way measures for long-term to shall promote value creation within the ensure more female senior executives. and suitable dividends be appropriate given the objective and value creation, efficient goal achievement and lowest cost of capital. The board has overall situationcompanies of and the becompany generally (principle regarded 5). as responsibilityRemuneration for of this.senior executives should be competitive, but not wage leading. In addition, reasonable (principle 9). Theremuneration main purpose should of the be linkedstate’s tocommercial the company’s ownership goals. is to achieve the highest possible return on invested capital over time. The state as an owner sets clear expectations for the Effective capital structure The capital structure of the company shall Thecompanies company regarding should havereturns an andappropriate dividends capital and expects structure the that companies paves the in way categories for long-term 1–3 to and suitable dividends be appropriate given the objective and valuedeliver creation, market return.efficient goal achievement and lowest cost of capital. The board has overall situation of the company (principle 5). responsibility for this. The main purpose of the state’s commercial ownership is to achieve the highest possible return on invested capital over time. The state as an owner sets clear expectations for the companies regarding returns and dividends and expects the companies in categories 1–3 to deliver market return.
Sustainability and corpo- The company shall work systematically to The state as an owner has general expectations related to corporate social responsibility and rate social responsibility safeguard its corporate social responsibil- specific expectations within climate and the environment, human rights, employee rights, and integrated into the ity (principle 10). transparency and corruption. The board is responsible for assessing how the expectations can business best be followed up and that they are operationalised and reported on appropriately. Work on sustainability and corporate social responsibility shall support the shareholder value. Sustainability and corpo- The company shall work systematically to The state as an owner has general expectations related to corporate social responsibility and rate social responsibility safeguard its corporate social responsibil- specific expectations within climate and the environment, human rights, employee rights, and integrated into the ity (principle 10). transparency and corruption. The board is responsible for assessing how the expectations can Transparencybusiness and There shall be transparency in the Thebest state be followed expects up that and companies that they withare operationalised state ownership and are reported open about on appropriately.important matters Work on good reporting state’s exercise of its ownership and the relatedsustainability to the andbusiness. corporate Access social to relevant responsibility and timely shall information support the enablesshareholder stakeholders value. to company’s operations (principle 2). evaluate the companies’ operations on an ongoing basis and is a key prerequisite for good All shareholders shall be treated equally. exercise of ownership. (principle 1). Companies that are wholly owned by the state and that are not “small enterprises” should Transparency and There shall be transparency in the striveThe state to be expects as open that as companieslisted companies. with state All companies ownership thatare openare wholly about ownedimportant by the matters state good reporting state’s exercise of its ownership and the shouldrelated followto the business.the Norwegian Access Code to relevant of Practice and fortimely Corporate information Governance enables where stakeholders appropriate. to company’s operations (principle 2). evaluate the companies’ operations on an ongoing basis and is a key prerequisite for good The companies should treat all shareholders equally, for example when it comes to disclosure exercise of ownership. All shareholders shall be treated equally. of information. The board should ensure that the company has a high degree of transparency (principle 1). towardsCompanies all thatshareholders. are wholly owned by the state and that are not “small enterprises” should strive to be as open as listed companies. All companies that are wholly owned by the state should follow the Norwegian Code of Practice for Corporate Governance where appropriate. The companies should treat all shareholders equally, for example when it comes to disclosure of information. The board should ensure that the company has a high degree of transparency 27 towards all shareholders. Appropriate board composition The table on pages 30 and 31 shows the fect the company’s ability to achieve its One of the most important tasks of the gender distribution on boards in compa- goals. The state emphasizes companies’ state as an owner is to contribute to well- nies with state ownership. The average pay and incentive systems, and this may structured, competent boards. The goal is proportion of women on boards was 46% at be a topic in the ownership dialogue. The that as a whole the board (of each compa- 31 March 2016, up from 44% last year. The board’s report on executive remuneration ny) possesses the relevant expertise and proportion of women among the owner-ap- is discussed as a separate issue at the gen- experience appropriate to the company’s pointed / shareholder-elected board mem- eral meeting / company meeting of most operations, opportunities and challenges bers was 47%, the same as last year. The companies with state ownership. The ta- and to the objectives of the state’s owner- proportion of women among the board ble on page 32 presents the total remuner- ship. To this end the state emphasizes that chairs was 43%, (292 of 67), up from 38% ation4 paid to the CEOs of companies with the board has a broad spectrum of compe- last year (25 of 65). state ownership broken down into fixed tencies and experience and that the board The remuneration of board members pay, variable pay in the form of long-term members have sufficient capacity to per- is determined by the general meeting or incentive schemes and bonuses, other re- form their duties (cf. the state’s principles corporate assembly. The remuneration muneration and pension costs in 2015. for good corporate governance).1 should reflect the board’s responsibilities, The following topics are typically ad- Competence is the decisive criterion its competence, the time spent and the dressed in the ownership dialogue: when the state seeks candidates for board complexity of the business. The state em- positions, and this implies that the candi- phasizes market practice in the relevant – What are the company’s main objec- dates have relevant experience and back- industry, wage growth in Norway and tives, financial and other, and how are ground as well as personal aptitude. Using comparisons with similar companies. At they measured and managed? the required basic competencies as its the same time the remuneration shall be – How does the company gain insight starting point, the state will help ensure moderate. into the indicators, parameters and that each board represents a relevant diver- The table on page 29 shows the remu- stakeholders that have the greatest im- sity. The state strives for an equal gender neration of the chair of the board, the dep- pact on value creation in the company? board representation and has an ambition uty chair and the members, as well as the – What measures does the company take to increase female board chairs in compa- total board remuneration in the compa- to achieve its goals? nies with state ownership. It is also an ob- nies with state ownership. – How does the board follow up the com- jective to avoid that the same candidates pany’s defined strategy? are represented on too many boards of the Good corporate governance – How does the company work on man- companies with state ownership. Corporate governance comprises the frame- aging its resources – financial, physical In 2015 the state as an owner recruited works which the company operates within, and human capital (including diversity 61 new board members in 32 companies. how decisions are made in the company, the and talent development)? The board recruitment is a structured basis for the governance of the company, – Does the company have a strategy or es- process taking place throughout the year, and how its resources are managed. tablished measures or goals to get more where the state as owner assess aspects as Follow-up of the companies’ corporate female managers and senior executives? the board’s composition, work method, governance is a key element in the state’s – If the management has variable remu- competencies, effort, target performance exercise of its ownership. As an owner, the neration: how will the board ensure align- and contribution to value creation, and if state exercises its authority as a sharehold- ment between the criteria for bonuses there are need for changes. In this process er at the general meeting and has no au- and the company’s goals and targets? the ministries managing the state’s owner- thority in the company outside the general ship conduct annual meetings with all the meeting. Within the framework of corpo- In addition to the dialogue that the state owner-appointed board members in com- rate and securities legislation and princi- has with each individual company, the panies wholly owned by the state. The min- ples for good corporate governance, the Ministry of Trade, Industry and Fisheries istries also strive to meet with representa- ministries have regular meetings with the occasionally arranges meetings with all tives elected by the employees. In the listed company’s management and the board as a the companies in the Ministry’s portfolio. companies that have a nomination commit- central part of the follow-up.3 At these meet- In August 2015 the Minister of Trade and tee, it is the committee that conduct the ings, the state may, like other sharehold- Industry held a meeting with the company meetings with the board members. ers, raise any matter that the companies chairs in its portfolio to discuss the com- The assessment of the company’s busi- ought to consider in connection with their panies’ efforts for diversity and gender ness, the opportunities and challenges and operations. The opinions expressed by the equality. The purpose was to meet the other factors that may influence the board state are input to the company’s manage- boards, communicate the state’s expecta- composition in the coming term form the ba- ment and board. This may be in quarterly tions in this field, discuss the board’s role sis for a competence description for each meetings, annual meetings to discuss cor- and work, and to facilitate experience board. The competence description is the porate social responsibility, or meetings re- sharing among the companies. mandate for the the board recruitment and garding specific issues. The topics raised at The table on pages 30 and 31 shows the what the state use in its search for new board meetings may include a review of financial gender distribution among senior execu- members. Several hundred candidates are performance, communication of the state’s tives in companies with state ownership. identified and assessed each year. The minis- expectations with respect to returns and At the end of 2015, the average proportion tries, or the nomination committees, conduct dividends, information and discussion of women in group management positions interviews and draft recommendations before about strategic matters, and issues related at the companies was 32%. The average the board elections at the general meeting. to corporate social responsibility. proportion of women at the level below In 2015 the Ministry of Trade, Industry Pay and incentive systems are central group management and the total for both and Fisheries organised a seminar for to corporate governance because they af- levels was 35% and 33% respectively. The board chairs and an own seminar for new 2 At 31 March 2016, the following companies had female board chairs: Ambita, proportion of women among chief execu- board members in companies with state Entra, Flytoget, DNB, Telenor, Electronic Chart Centre, GIEK Kredittforsikring, tives was 21%, (145 of 67), up from 20% the Kommunalbanken, Bjørnøen, Den Nationale Scene, Den Norske Opera & Bal- ownership. The seminars purpose is to cre- lett, Eksportkreditt Norge, Kings Bay, Nationaltheatret, Norfund, Norwegian previous year (13 of 65). ate an arena for exchange of experience on Seafood Council, Norsk Helsenett, Norsk Tipping, Petoro, Rogaland Teater, Simula Research Laboratory, Siva – Selskapet for Industrivekst, Staur 4 The figures are based on the companies’ annual accounts. good board practice and to increase know- gård, Store Norske Spitsbergen Kulkompani, UNINETT, University Centre in 5 At the end of 2015, the following companies had a female CEO: Baneservice, ledge about the state as an owner. Svalbard, Vinmonopolet, Helse Nord RHF and Helse Sør-Øst RHF. Flytoget, GIEK Kredittforsikring, Kommunalbanken, Den Nationale Scene, 3 It is up to the board to decide the company’s attendance, including whether Graminor, Innovasjon Norge, Kimen Såvarelaboratoriet, Nationaltheatret, the board shall be represented (cf. section 13 of the Norwegian Code of Nye Veier, Petoro, Store Norske Spitsbergen Kulkompani, Talent Norge and 1 See section 8.2 of the white paper Report no. 27 to the Storting (2013–2014). Practice for Corporate Governance). Helse Sør-Øst RHF. 28 Remuneration to the board and auditor for 2015 Deputy Total remuneration Statutory audit as a percentage NOK thousands Chair1 Board member1 Total board fees2 chair1 to the audition of total remuneration to the auditor Listed companies DNB ASA 500 320 316 3 211 45 724 62 % Entra ASA 422 212 212 1 890 4 359 60 % Kongsberg Gruppen ASA 432 233 218 2 253 16 681 56 % Norsk Hydro ASA 600 376 329 4 595 27 000 93 % SAS AB3 410 242 207 2 610 8 507 78 % Statoil ASA 743 474 379 5 950 63 000 78 % Telenor ASA 588 340 294 5 000 69 900 52 % Yara International ASA 515 340 297 3 161 45 288 88 % Unlisted companies in categories 1–3 Ambita AS 246 123 123 939 489 45 % Baneservice AS 385 232 193 1 791 618 78 % Flytoget AS 254 139 126 1 185 424 65 % Mesta AS 380 – 195 2 066 1 856 56 % Veterinærmedisinsk Oppdragssenter AS 75 55 55 300 192 80 % Aker Kværner Holding AS 200 133 133 855 31 100 % Nammo AS 290 250 163 1 533 7 157 64 % Aerospace Industrial Maintenance Norway SF 300 200 150 1 055 1 062 97 % Argentum Fondsinvesteringer AS 310 170 158 974 310 92 % Eksportfinans ASA 361 289 248 2 004 3 800 55 % Electronic Chart Centre AS 165 97 86 321 123 51 % GIEK Kredittforsikring AS 250 150 150 1 288 350 62 % Investinor AS 230 144 144 873 487 93 % Kommunalbanken AS 290 150 140 1 913 2 004 55 % NSB AS 416 252 207 2 029 5 736 78 % Posten Norge AS 416 252 207 2 471 11 749 75 % Statkraft SF 484 341 281 3 154 27 672 71 % Companies in category 4 Andøya Space Center AS 103 34 34 290 349 62 % Avinor AS 416 252 207 2 490 2 136 48 % Bjørnøen AS 27 10 10 78 21 62 % Carte Blanche AS 64 33 –4 221 126 82 % AS Den Nationale Scene 105 60 –4 231 185 79 % Den Norske Opera & Ballett AS 165 120 –4 527 315 86 % Eksportkreditt Norge AS 309 – 186 1 297 299 84 % Enova SF 380 228 193 1 106 203 30 % Gassco AS 379 241 193 1 781 1 013 100 % Gassnova SF 380 228 193 1 155 293 21 % Graminor AS 70 35 35 280 85 92 % Innovasjon Norge 289 173 144 1 637 1 098 59 % Kimen Såvarelaboratoriet AS 42 21 21 126 36 100 % Kings Bay AS 155 93 93 456 144 65 % Nationaltheatret AS 123 65 –4 377 235 87 % Nofima AS 124 47 47 802 683 35 % Nordisk Institutt for Odontologiske Materialer AS 70 – 5 152 95 74 % Norfund 185 – 100 727 1 044 49 % Norges sjømatråd AS 150 110 75 840 82 100 % Norsk Helsenett SF 255 165 133 959 167 66 % Norsk rikskringkasting AS 247 146 108 1 037 1 064 56 % Norsk Tipping AS 232 149 127 1 224 583 97 % NSD – Norsk senter for forskningsdata AS 85 – 43 340 127 65 % Nye Veier AS 1 289 40 38 % Petoro AS 390 252 204 1 737 3 200 13 % Rogaland Teater AS 68 33 –4 175 152 82 % Simula Research Laboratory AS 85 – 43 461 265 66 % Siva – Selskapet for Industrivekst SF 214 150 135 1 174 444 85 % Space Norway AS 134 – 80 416 281 60 % Statnett SF 404 266 215 2 445 2 018 67 % Statskog SF 173 116 93 754 636 55 % Staur gård AS 60 30 30 200 30 100 % Store Norske Spitsbergen Kulkompani AS 303 165 152 1 364 755 83 % Talent Norge AS 150 – 75 525 30 100 % Trøndelag Teater AS 86 45 –4 166 163 85 % UNINETT AS 85 – 43 349 262 52 % Universitetssenteret på Svalbard AS 85 47 43 525 169 64 % AS Vinmonopolet 240 160 130 1 358 822 86 % Regional health authorites Helse Midt-Norge RHA 235 157 114 1 211 1 670 91 % Helse Nord RHA 235 157 114 1 256 3 203 46 % Helse Sør-Øst RHA 335 228 126 1 717 20 892 28 % Helse Vest RHA 235 157 114 1 263 7 355 40 %
1 Remuneration of the chair, deputy chair and board members as approved at the annual general meeting / 3 The amounts for SAS are in Norwegian kroner. The exchange rate used is the average corporate assembly or by the board of representatives in 2015. NOK / SEK exchange rate for 2015 of 94.52. 2 Total remuneration of board members is the ordinary remuneration that has been paid and remuneration 4 The board members are remunerated per board meeting or per hour and do not have a fixed fee. for work on committees under the board, as stated in the companies’ annual reports for 2015. 29 Proportion of women on boards and in management Proportion of women among Proportion of women in group Proportion of female executives at the Proportion of female Proportion of women owner-appointed / shareholder- management / the company’s level below group management / the executives for the on the board1 elected board members management group2 company’s management group two top levels Listed companies DNB ASA 43 % 40 % 33 % 27 % 28 % Entra ASA 43 % 40 % 57 % 33 % 35 % Kongsberg Gruppen ASA 25 % 40 % 11 % 13 % 13 % Norsk Hydro ASA 30 % 43 % 44 % 28 % 30 % SAS AB 27 % 38 % 14 % 29 % 26 % Statoil ASA 45 % 38 % 18 % 34 % 32 % Telenor ASA 45 % 50 % 19 % 22 % 22 % Yara International ASA 38 % 40 % 22 % 18 % 19 % Average for listed companies 37 % 41 % 27 % 25 % 26 % Unlisted companies in categories 1–3 Ambita AS 57 % 60 % 50 % 20 % 36 % Baneservice AS 33 % 50 % 50 % 19 % 25 % Flytoget AS 38 % 40 % 50 % 57 % 56 % Mesta AS 38 % 60 % 13 % 20 % 19 % Veterinærmedisinsk Oppdragssenter AS 40 % 25 % 0 % – – Aker Kværner Holding AS 50 % 60 % – – – Nammo AS 50 % 33 % 8 % 11 % 10 % Aerospace Industrial Maintenance Norway SF 29 % 40 % 8 % 5 % 6 % Argentum Fondsinvesteringer AS 60 % 60 % 50 % – – Eksportfinans ASA 33 % 40 % 33 % 50 % 40 % Electronic Chart Centre AS 33 % 33 % 20 % – – GIEK Kredittforsikring AS 57 % 50 % 25 % – – Investinor AS 40 % 40 % 0 % 17 % 10 % Kommunalbanken AS 44 % 43 % 43 % 33 % 38 % NSB AS 38 % 60 % 0 % 24 % 22 % Posten Norge AS 50 % 50 % 50 % 22 % 25 % Statkraft SF 50 % 60 % 14 % 28 % 26 % Average for unlisted companies in categories 1–3 44 % 47 % 26 % 26 % 26 % Companies in category 4 Andøya Space Center AS 33 % 40 % 0 % 25 % 13 % Avinor AS 50 % 50 % 18 % 19 % 19 % Bjørnøen AS 50 % 40 % – – – Carte Blanche AS 43 % 50 % 50 % 75 % 66 % AS Den Nationale Scene 29 % 40 % 40 % 45 % 44 % Den Norske Opera & Ballett AS 57 % 60 % 14 % 38 % 33 % Eksportkreditt Norge AS 50 % 60 % 29 % – – Enova SF 40 % 43 % 40 % 33 % 35 % Gassco AS 50 % 40 % 20 % 13 % 15 % Gassnova SF 50 % 40 % 33 % – – Graminor AS 38 % 43 % 67 % 50 % 50 % Innovasjon Norge 55 % 56 % 64 % 38 % 44 % Kimen Såvarelaboratoriet AS 33 % 20 % 67 % – – Kings Bay AS 50 % 40 % 0 % – – Nationaltheatret AS 38 % 40 % 83 % 42 % 52 % Nofima AS 38 % 40 % 25 % 75 % 58 % Nordisk Institutt for Odontologiske Materialer AS 50 % 50 % 66 % – – Norfund 50 % 50 % 33 % – – Norges sjømatråd AS 60 % 57 % 29 % 54 % 51 % Norsk Helsenett SF 57 % 60 % 25 % 10 % 17 % Norsk rikskringkasting AS 50 % 60 % 56 % 43 % 50 % Norsk Tipping AS 50 % 50 % 38 % 26 % 29 % NSD – Norsk senter for forskningsdata AS 43 % 40 % 40 % 43 % 42 % Nye Veier AS 40 % 40 % 67 % – – Petoro AS 57 % 60 % 29 % – – Rogaland Teater AS 71 % 60 % 44 % 67 % 53 % Simula Research Laboratory AS 60 % 63 % 33 % 14 % 23 % Siva – Selskapet for Industrivekst SF 63 % 57 % 60 % 53 % 60 % Space Norway AS 50 % 50 % 14 % – – Statnett SF 44 % 50 % 29 % 38 % 37 % Statskog SF 43 % 40 % 23 % 17 % 21 % Staur gård AS 40 % 40 % 0 % 100 % 50 % Store Norske Spitsbergen Kulkompani AS 38 % 60 % 29 % 8 % 16 % Talent Norge AS 50 % 50 % – – – Trøndelag Teater AS 43 % 40 % 29 % 45 % 39 % UNINETT AS 43 % 50 % 25 % 44 % 38 % Universitetssenteret på Svalbard AS 70 % 50 % 43 % – – AS Vinmonopolet 44 % 50 % 29 % 37 % 37 % Regional health authorites Helse Midt-Norge RHA 44 % 50 % 38 % – – Helse Nord RHA 60 % 57 % 38 % 45 % 44 % Helse Sør-Øst RHA 50 % 57 % 44 % 43 % 43 % Helse Vest RHA 56 % 50 % 33 % 44 % 43 % Average for companies in category 4 48 % 49 % 36 % 41 % 39 % Average for all companies 46 % 47 % 32 % 35 % 33 %
1 Includes both owner-appointed / shareholder-elected and employee-elected board members. 30 2 The companies without stated proportion of women have no or few employees and do not have a management team. en er istribution on the boar s en er istribution a on owner appointe at arch sharehol er electe boar e bers at arch