The State Ownership Report 2011
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Rygg = 8 mm THE STATE OWNERSHIP REPORT 2011 OWNERSHIP REPORT THE STATE THE STATE OWNERSHIP REPORT 2011 Ministry of Trade and Industry P.O. Box 8014 Dep NO-0030 Oslo Temporary office address Akersgata 13, 0158 Oslo (at Innovation Norway) Phone: (+47) 22 24 90 90 Fax: (+47) 22 24 01 30 E-mail: [email protected] Website: www.regjeringen.no/nhd www.eierberetningen.no K-0721 E Contents The Norwegian State Ownership Report 2011 comprises 52 companies in which the ministries administer the State’s direct ownership interests. The report covers the companies where the State as owner mainly has commercial objectives and the most important companies with sectoral policy objectives. PAGE PAGE PAGE Foreword by the Minister 3 Companies with commercial Petoro AS 86 If you have a smart phone with QR software The State Ownership Report 2011 4 and other specific, defined objectives Simula Research Laboratory AS 87 The Year 2011 for the State as a shareholder 6 Eksporfinans ASA 61 SIVA SF 88 simply scan this QR code, Return and values 12 Electronic Chart Centre AS 62 Statnett SF 89 and you will be taken directly to www.regjeringen.no/nhd Key figures describing financial developments 18 Kommunalbanken AS 63 Statskog SF 90 where there is more information. Other key figures 24 NSB AS 64 UNINETT AS 91 External articles 32 Posten Norge AS 65 University Centre in Svalbard AS 92 The State’s administration of its ownership 38 Statkraft SF 66 AS Vinmonopolet 93 There are also QR codes that will take you to the companies’ websites Store Norske Spitsbergen Kulkompani AS 67 in the presentation of the companies. Companies with commercial objectives Companies with sectoral policy objectives The regional health authorities Argentum Fondsinvesteringer AS 44 Avinor AS 70 Central Norway Regional Health Authority 96 Baneservice AS 45 Bjørnøen AS 71 Northern Norway Regional Health Authority 97 Cermaq ASA 46 Enova SF 72 South-Eastern Norway Regional Health Authority 98 Entra Eiendom AS 47 Gassco AS 73 Western Norway Regional Health Authority 99 Flytoget AS 48 Gassnova SF 74 Mesta Konsern AS 49 Innovation Norway (special-legislation company) 75 SAS AB 50 Kings Bay AS 76 Secora AS 51 Kompetansesenter for IT i Veterinærmedisinsk Oppdragssenter AS 52 helse- og sosialsektoren AS 77 Shareholder-elected board members 100 Nofima AS 78 Contact information 103 Norfund (special-legislation company) 79 Comments and definitions 104 Norwegian Seafood Council AS 80 Companies with commercial objectives and Norsk Eiendomsinformasjon AS 81 head office functions in Norway Norsk Helsenett SF 82 Aker Kværner Holding AS 53 Norsk rikskringkasting AS 83 DNB ASA 54 Norsk samfunnsvitenskapelig datatjeneste AS 84 Kongsberg Gruppen ASA 55 Norsk Tipping AS 85 Nammo AS 56 Norsk Hydro ASA 57 Statoil ASA 58 Telenor ASA 59 Yara International ASA 60 Cover photo: © Aker Solutions ASA Foreword by the Minister As we entered 2011, the widespread market pes- Follow-up of the company's simism following the ripple effects of the global determination of executive financial crisis had turned into cautious optimism. salaries is another important Looking back over the year, it turned out to be focus area, and on 1 April another turbulent year in the international econo- 2011 the Government issued my. The year has been dominated by the sover- new guidelines on the deter- eign debt crisis and rising unemployment in mination of pay and other Introduction southern Europe, sharp falls on the world's stock remuneration to senior ex- markets, and ebbing demand for goods and ser- ecutives. It is a principle for vices. Norwegian companies also felt the crisis, the Government that compa- but have fared better than their counterparts in nies with State ownership many of our European neighbouring countries. should show moderation in Now, several months into 2012, optimism is on the remuneration of senior the rise again, and Norway's economic future executives. From 2011, all looks bright. wholly state-owned compa- nies and state-dominated New discoveries in the North Sea, high oil prices companies that are not de- and record investments in the oil sector have fined as small businesses meant 2011 was a good year for many Norwegian are expected to prepare a companies. Nevertheless, while the oil and offshore statement concerning the supplier industry has been very busy heading into pay and other remuneration the new year, some parts of traditional industry are to senior executives. Against clearly struggling. In the big picture, however, this this backdrop, this report © Photographer Morten Krogvold has very little impact. The Norwegian economy is contains a detailed presenta- performing significantly better than that of many tion of the remuneration of the chief executive of Government's ownership policy is long term and other European countries, and unemployment in every company. aims to maintain State ownership at roughly the Norway has remained stable at a low level through- same level as when we entered the Government. out the year. Gender equality is also a high priority for the Gov- Nevertheless, we make arrangements to bring in ernment. In addition to presenting the gender ratio other owners in cases where we believe this best Norway is in a fortunate position, and, thanks to the on the boards, this report also presents the gender serves the individual company's further develop- low interest rates and low inflation, Norwegian ratio of the senior management team at both group ment. Against this background, in connection with households have more buying power than ever. The level and in any Norwegian subsidiaries. The boards the white paper on State ownership, the Ministry of challenges we must address are mainly related to are responsible for recruiting and employing senior Trade and Industry was authorised to change the ensuring Norway has strong, competitive industry executives in the companies, and the Government State's ownership in SAS, Entra and Secora. The in the long term. In February I presented the publi- expects the companies to report on actions taken Ministry also has a purchasing authority to buy cation "Norway 2020 – What are we going to live to ensure a balanced gender ratio and the results more shares in Norsk Hydro after the State's stake on in the future?" How we go about developing the achieved. was diluted by the acquisition of Vale's aluminium business of tomorrow is an important question. operations last year. Active ownership is about following up the compa- In light of the scope of the State's direct ownership nies in key areas so that the State's ownership is The current report provides an overview of the in companies in Norway, the State has a particu- managed in line with the Government's intentions. State's ownership interests managed directly by larly important role to play as a patient and stable Commercial operation is the overarching goal of the ministries. It also includes all of the commercial owner. Good, long-term ownership of businesses is many of the companies, and the State participates companies, as well as the largest and most impor- particularly important in times of crisis. State own- actively with the aim of ensuring the State's shares tant sectoral policy companies. In addition, the re- ership also helps ensure that key companies and achieve the maximum possible value and contrib- port discusses important events for the companies operations are based in Norway. This is an impor- uting to the sound industrial development of these and for the Norwegian State as a shareholder in the tant aspect of the State's ownership policy. companies. The follow-up of corporate social re- 2011 financial year. It is intended to provide insight sponsibility, gender equality and executive pay is into the State's ownership policy and the compa- As an owner, the State has clear expectations that not undertaken in spite of this goal, but rather with nies in which the State has a stake. the companies in which the State has an owner- a view to strengthening the long-term position and ship interest practise corporate social responsibil- competitiveness of the companies. I am convinced I hope you find this report informative and useful. ity, and this was stipulated in more detail in the that the companies that are good in these areas will white paper on State ownership: Report no. 13 to also deliver the best returns over time. Sincerely, the Storting (2010–11) Active ownership – Norwe- gian State ownership in a global economy. We This year, the Government is presenting "The Gov- monitor the companies' corporate social responsi- ernment’s ownership policy". This document is a bility work, and this report lists some specific summary of the 2011 white paper on State owner- measures that the companies have implemented ship published last spring, and includes guidelines in this area. for the State’s administration of its ownership. The Trond Giske, Minister of Trade and Industry 3 At the end of 2011, the value of the State’s shareholding in companies where « commercial operation is one of the objectives was estimated at NOK 600 billion. » 4 The State Ownership Report 2011 The State Ownership Report provides an overview of the State's ownership, the administration of this ownership and how the companies are developing. It is intended to increase knowledge about both the ministries' administration of the State's ownership and the individual companies. The 2011 Ownership Report consists of two main 4 Companies with sectoral policy objectives sections. The first section contains overviews of the This division of the companies is in accordance previous year and articles relating to State owner- with the categorisation of companies in which the ship. The second section contains descriptions of State owns a stake in Report no.