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(2019–2020) Report to the Storting (White Paper) the State’S Direct Ownership of Companies Sustainable Value Creation

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(2019–2020) Report to the Storting (White Paper) the State’S Direct Ownership of Companies Sustainable Value Creation Norwegian Ministry of Trade, Industry and Fisheries Meld. St. 8 (2019–2020) Report to the Storting (white paper) The state’s direct ownership of companies Sustainable value creation Meld. St. 8 (2019–2020) Report to the Storting (white paper) The state’s direct ownership of companies Sustainable value creation Translation from Norwegian. For information only. Contents 1 Introduction and executive 6.2.4 Ownership interest of two-thirds summary......................................... 5 or more, but less than 100 per cent 37 1.1 Introduction .................................... 5 6.2.5 Ownership interest of 100 per cent 37 1.2 Executive summary ....................... 8 6.3 Companies in Category 3 .............. 40 6.3.1 Ownership interest of one-third Part I Why the state is an owner ........ 13 or less .............................................. 40 6.3.2 Ownership interest of more 2 Historical background ............... 15 than one-third, but not more than 50 per cent ............................. 41 3 Rationale for state ownership ... 17 6.3.3 Ownership of more than 50 per 3.1 Companies that primarily operate cent, but less than two-thirds ....... 41 in competition with others ............. 17 6.3.4 Ownership interest of two-thirds 3.2 Organising state tasks in or more, but less than 100 per cent 42 companies ....................................... 20 6.3.5 Ownership interest of 100 per cent 44 3.3 Company organisation has 6.4 Companies that are not categorised 57 a bearing on management and control ...................................... 20 Part III How state ownership 3.4 Possible challenges of is exercised .................................. 59 the state owning companies .......... 21 7 The exercise of ownership shall Part II What the state owns ................... 25 contribute to the attainment of the state’s goal as an owner .... 61 4 Overview of the state’s 7.1 The state has clear goals as ownership ...................................... 27 an owner ......................................... 61 7.1.1 Highest possible return over time 61 5 Assessment of ownership 7.1.2 Most efficient possible attainment and categorisation of of public policy goals ..................... 61 the companies .............................. 30 7.1.3 The goals shall be achieved in a 5.1 The rationale and goal for sustainable and responsible way ... 63 the state’s ownership of 7.2 Societal developments that affect the individual company is the companies and the state’s assessed on a regular basis ........... 30 exercise of ownership ................... 63 5.2 Categorisation of companies in which the state has an 8 Framework for the state’s ownership interest .......................... 31 exercise of ownership ............... 66 5.3 The Government wishes 8.1 Constitutional framework – the to reduce state ownership Government administers over time ......................................... 32 the state’s ownership ..................... 66 8.2 Company forms used for 6 Review of the companies state ownership .............................. 67 in which the state has 8.3 Company law framework .............. 68 an ownership interest ................ 33 8.3.1 The minister’s authority in 6.1 Companies in Category 1 .............. 33 the company ................................... 68 6.2 Companies in Category 2 .............. 34 8.3.2 The company’s management 6.2.1 Ownership interest of one-third manages the company ................... 69 or less ............................................. 34 8.3.3 Special rules for companies 6.2.2 Ownership interest of more wholly owned by the state ............ 70 than one-third, but not more 8.3.4 The size of the ownership than 50 per cent .............................. 35 interest affects the minister’s 6.2.3 Ownership of more than authority as an owner .................... 71 50 per cent, but less than 8.4 The EEA Agreement – two-thirds ........................................ 36 prohibition on state aid ................. 72 8.5 Other important frameworks for 12 The state’s follow-up of the the state’s exercise of ownership ... 72 companies shall contribute 8.5.1 Restrictions on the right to hold to the attainment of the directorships ................................... 72 state’s goal as an owner ........... 100 8.5.2 Regulations on Financial 12.1 The state shall be a responsible Management in Central owner .............................................. 100 Government .................................... 73 12.2 Follow-up of the company and 8.5.3 The OECD’s guidelines for the state’s expectations are corporate governance of companies based on materiality ...................... 100 with a state ownership interest ....... 73 12.3 The state engages in dialogue 8.5.4 The Norwegian Code of Practice with the company – the authority for Corporate Governance ............. 74 as owner is exercised through 8.6 Special frameworks for the general meeting ...................... 100 companies that perform 12.4 The state shall exercise its assignments for the state ............... 74 ownership in accordance with the principle of equal treatment 9 The state’s ten principles for of shareholders .............................. 101 good corporate governance ...... 77 12.5 Follow-up of the company is structured around different 10 The state’s expectations of topics to contribute to attain the companies shall contribute the state’s goal as an owner in a to the attainment of the state’s sustainable and responsible way ... 101 goal as an owner ......................... 78 12.5.1 Assessment of the company’s 10.1 Operationalisation of the state’s goal attainment ............................. 102 goal: The highest possible return 12.5.2 Corporate governance .................. 103 over time and the most efficient 12.5.3 Capital structure and dividend .... 103 possible attainment of public 12.5.4 Transparency and reporting ........ 105 policy goals ..................................... 78 12.6 Follow-up in the event of poor 10.2 Sustainable value creation, goal attainment over time or clear goals and strategies .............. 80 significant deviations from 10.3 Resources and organisation .......... 83 the state’s expectations ................. 105 10.4 Incentives ........................................ 87 12.7 The state takes a positive view 10.5 Responsible business conduct ...... 88 of transactions aimed at 10.6 Performance and risk contributing to the attainment management ................................... 90 of the state’s goals as an owner .... 106 10.7 The Norwegian Code of Practice 12.8 Fair competition and for Corporate Governance ............. 92 distinguishing between 10.8 Organisation of the board’s work ... 92 the state’s different roles ............... 106 10.9 Transparency and reporting .......... 93 12.9 Organisation of the state’s ownership management ................ 107 11 The composition and remuneration of the board 13 The state shall demonstrate shall contribute to the transparency about its attainment of the state’s ownership and exercise goal as an owner ......................... 96 of ownership.................................. 109 11.1 Considerations relating to the composition of the board ........ 96 14 Financial and administrative 11.2 The state’s processes relating consequences .............................. 110 to board election/work of the nomination committee ................... 97 Appendix 11.3 Considerations governing the 1 Alphabetical overview remuneration of the board and of the companies, with other governing bodies .................. 98 page references .............................. 111 The state’s direct ownership of companies Sustainable value creation Meld. St. 8 (2019 – 2020) Report to the Storting (white paper) Recommendation of the Ministry of Trade, Industry and Fisheries of 22 November 2019, approved in the Council of State the same day. (The Solberg Government) 1 Introduction and executive summary 1.1 Introduction sible manner. If not, the value of society’s assets will depreciate. The substantial size of the state’s The state’s direct ownership comprises the com- ownership interests means that professional and panies where the state’s ownership is managed predictable management of the ownership also directly by a ministry. There are currently 73 such affects the credibility of the Norwegian capital companies. Since 2002, a report to the Storting market. (white paper) on the state’s overall direct owner- ship, referred to as a white paper on ownership policy, has been presented to the Storting (the The framework for the state’s exercise of ownership parliament) in each parliamentary session. In the remains unchanged white paper on ownership policy, the Government The framework for the state’s exercise of owner- describes why the state has direct ownership ship has remained unchanged since the early interests in companies, what the state owns, 2000s. It has worked well and has a broad political including the state’s rationale for its ownership consensus. Certain key elements have been of and the state’s goal as an owner of each company. importance, and they still form the basis for this The white paper also describes how the state exer- white paper: cises its ownership, including the state’s prin- – The division of roles between the owner, the ciples for good corporate governance and the board and the general manager set out in com- state’s expectations of the companies. pany law. The companies in which the state has an – Generally recognised principles and standards ownership interest constitute
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