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Annual Report 2019 KLP KLP ANNUAL REPORT 2019 REPORT ANNUAL KLP KLP – the pension company for the Norwegian local government and healthcare sector Kommunal Landspensjonskasse (KLP) is an unusual finance company, because we are owned by our customers. This means that all wealth creation in KLP benefits the customers. KLP started out as a partnership of small municipalities across the country to provide good pensions in a strong community. Today, KLP is the preferred pension provider for the Norwegian local government and healthcare sectors, one of Norway's largest finance companies and a mainstay of the Norwegian welfare system, with 459,000 members, 310,000 pensioners and 240,000 former members with pension rights. As a customer-owned company, our main task is to deliver our pension services to the best possible quality and at the lowest possible cost and to obtain the best possible return on the pension money that we manage. KLP is a profitable community When KLP makes a profit, we either use it to boost our financial strength, or we give it to our owners. In both cases, the result is that they have to pay less for their pensions. We have the lowest possible costs, so they get as much as possible for schools and nursing homes or other priority tasks that our owners are responsible for. The way in which KLP runs its business therefore has a direct impact on how our owners discharge their social obligations. In 2019 KLP delivered a historically good result, allowing it to return NOK 2,8 billion to the municipalities, county authorities, health enterprises and companies that are our owners. The result also enabled us to further strengthen supplementary reserves with NOK 8 billion, as a buffer if future results should be weak. In addition, owners’ equity was strengthened by NOK 2.3 billion. Providing sustainable pensions Our most important social responsibility is to provide employees in the Norwegian local government and healthcare sectors with the pensions they are entitled to. We use the influence that comes from the NOK 700 billion that we manage to call for faster progress towards a sustainable society. We do this by integrating corporate responsibility into all our activities, increasing investments that promote sustainable development, pushing companies towards more sustainable operations and developing products and services that contribute to positive social development. Our work is based on international standards, and at KLP we use the UN Sustainable Development Goals as a framework for our work on corporate responsibility. We are open about how we work and invest, because responsible business practice is the key to sustainable development. The aim is to make a difference. This means that as well as safe- guarding the pension money for the future, we do so in a way that creates a secure future — for people living now and the coming generations. KLP ANNUAL REPORT 2 KLP ANNUAL REPORT 2019 REPORT ANNUAL KLP KLP Annual Report 2019 The way in which KLP runs its business has a direct impact on how our owners discharge their social obligations KLP ANNUAL REPORT 3 Photo: Vidar Stenseth Employed in KLP KLP ANNUAL REPORT 2019 REPORT ANNUAL KLP KLP4 ANNUALKLP ANNUAL REPORT REPORT 4 KLP ANNUAL REPORT 2019 REPORT ANNUAL KLP Contents KLP ANNUAL REPORT 2019 GROUP CEO'S INTRODUCTION ____________________________________________________________________________________________________________________ 6 KLP PHOTOGRAPHY COMPETITION _________________________________________________________________________________________________ 8 THIS IS KLP _____________________________________________________________________________________________________________________________________________________________________________________ 12 WE ARE THERE FOR OUR OWNERS' EMPLOYEES ______________________________________________________ 18 RETIREMENT PENSIONS – THOSE BORN IN 1962 OR EARLIER ___________ 22 RETIREMENT PENSIONS – THOSE BORN IN 1963 AND LATER ____________ 23 COMPETITION FOR PUBLIC-SECTOR OCCUPATIONAL PENSIONS 26 THE KLP STORY _____________________________________________________________________________________________________________________________________________________________________ 28 DEVELOPMENT OVER THE LAST FIVE YEARS ________________________________________________________________ 32 GROWTH AND PROFITABILITY ____________________________________________________________________________________________________________________ 35 KLP IN NUMBERS _________________________________________________________________________________________________________________________________________________________________ 36 MILESTONES IN KLP 2019 _____________________________________________________________________________________________________________________________________ 40 KLP’S SUBSIDIARIES ________________________________________________________________________________________________________________________________________________________ 44 GROUP SENIOR MANAGEMENT _________________________________________________________________________________________________________________ 50 MANAGEMENT, BOARD OF DIRECTORS AND COMITEES ______________________________ 52 BALANCED SCORECARD ________________________________________________________________________________________________________________________________________ 55 KLP AIMS TO BE A LEADER IN CORPORATE RESPONSIBILITY ____________ 56 THE EMPLOYEE ACCOUNT ________________________________________________________________________________________________________________________________ 66 MATERIALITY ANALYSIS _________________________________________________________________________________________________________________________________________ 68 VULNERABILITY ANALYSIS ________________________________________________________________________________________________________________________________ 70 RISK MANAGEMENT AND INTERNAL CONTROL _________________________________________________________ 72 KLP’S WORK ON CLIMATE RISK ____________________________________________________________________________________________________________________ 76 NUES __________________________________________________________________________________________________________________________________________________________________________________________________________ 84 ANNUAL REPORT 2019 ______________________________________________________________________________________________________________________________________________ 91 THE BOARD OF DIRECTORS _____________________________________________________________________________________________________________________________ 110 ACCOUNTS KLP GROUP Income Statement __________________________________________________________________________________________________________________________________________________________________ 117 Balance Sheet ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 118 Changes in Owners' Equity ______________________________________________________________________________________________________________________________________________________________________________________________ 120 Statement of Cash Flows _______________________________________________________________________________________________________________________________________________________________________________________________________ 121 Notes to the Accounts _________________________________________________________________________________________________________________________________________________________________________________________________________________ 123 SUSTAINABILITY REPORT ____________________________________________________________________________________________________________________________________ 205 ACCOUNTS KOMMUNAL LANDSPENSJONSKASSE Income Statement _________________________________________________________________________________________________________________________________________________________________ 237 Balance Sheet ______________________________________________________________________________________________________________________________________________________________________________ 239 Changes in Owners' Equity _____________________________________________________________________________________________________________________________________ 243 Statement of Cash Flows ___________________________________________________________________________________________________________________________________________ 244 Notes to the Accounts ___________________________________________________________________________________________________________________________________________________ 245 AUDITOR'S REPORT _________________________________________________________________________________________________________________________________________________________ 358 DECLARATION __________________________________________________________________________________________________________________________________________________________________________ 365 BOARD OF DIRECTORS IN KLP _____________________________________________________________________________________________________________________ 366 ELECTED REPRESENTATIVES _______________________________________________________________________________________________________________________ 367 KLP ANNUAL
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