THE STATE OWNERSHIP REPORT 2012 1 CONTENTS The Norwegian State Ownership Report 2012 comprises 53 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. Foreword by the Minister 3 Companies with commercial Regional health authorities The State Ownership Report 2012 5 and other specifically defined objectives Central Norway Regional Health Authority 100 The year 2012 for the State as a shareholder 7 Eksportfinans ASA 62 Northern Norway Regional Health Authority 101 Return and values 11 Electronic Chart Centre AS 63 South-Eastern Norway Regional Health Authority 102 Key figures describing financial developments 17 Investinor AS 64 Western Norway Regional Health Authority 103 Other key figures 23 Kommunalbanken AS 65 External articles 32 NSB AS 66 The State’s administration of its ownership 41 Posten Norge AS 67 Statkraft SF 68 Store Norske Spitsbergen Kulkompani AS 69 Companies with commercial objectives Companies with sectoral policy objectives Shareholder-elected and owner-appointed board members 104 Argentum Fondsinvesteringer AS 46 Avinor AS 72 Contact information 108 Baneservice AS 47 Bjørnøen AS 73 Comments and definitions 109 Cermaq ASA 48 Enova SF 74 Entra Holding AS 49 Gassco AS 75 Flytoget AS 50 Gassnova SF 76 Mesta AS 51 Innovation Norway 77 SAS AB 52 Kings Bay AS 78 Veterinærmedisinsk Oppdragssenter AS 53 Nofima AS 79 Norfund 80 Norwegian Seafood Council AS 81 Norsk Eiendomsinformasjon AS 82 Norsk Helsenett SF 83 Norsk rikskringkasting AS 84 Norsk samfunnsvitenskapelig datatjeneste AS 85 Companies with commercial objectives Norsk Tipping AS 86 and head office functions in Norway Petoro AS 87 Aker Kværner Holding AS 54 Simula Research Laboratory AS 88 DNB ASA 55 SIVA - Selskapet for industrivekst SF 89 Kongsberg Gruppen ASA 56 Statnett SF 90 Nammo AS 57 Statskog SF 91 Norsk Hydro ASA 58 UNINETT AS 92 Statoil ASA 59 University Centre in Svalbard AS 93 Telenor ASA 60 AS Vinmonopolet 94 Yara International ASA 61 Aerospace Industrial Maintenance Norway SF1 95 Eksportkreditt Norge AS1 96 Cover photo: © Sverre Chr. Jarild 1 Not categorized ForeWorD BY THE MINIster © Morten Krogvold Another year dominated by the financial 24 of the 53 companies have commercial State attaches weight to gender equality in and economic crisis in Europe and uncer- objectives. As stated in this report, many the selection of board members, as far as tainty in the global economy has come to of these performed well in 2012, while is possible. On 31 March 2013 women ac- an end. Despite the weak performance in others had a challenging year. In 2013 the counted for 46 per cent of the sharehold- other countries, GDP growth for main- State will receive NOK 28.6 billion in divi- er-elected board members on average. land Norway rose by 3.5 per cent in 2012. dends for 2012, which is higher than the The Government has a defined ambition This is the highest growth since 2007. previous year. to increase the proportion of female board Fish farming, the building and construc- chairs. Of the 53 companies, 15 compa- tion industry and power supply are among Internationalisation opens up new busi- nies have female chairs at 31 March 2013, the main growth industries. There was ness opportunities, but also entails chal- which is 28 per cent. The Government is growth in the food industry and compa- lenges in a number of areas, such as aiming to increase this share at this year’s nies that supply the petroleum industry, corporate social responsibility etc. We annual general meetings. while some traditional manufacturing expect state-owned companies to be lead- industries such as wood processing and ers in corporate social responsibility and In 2013 it is ten years since the Storting pulp and paper production have faced ma- discuss this in the dialogue that the min- adopted statutory rules for representation jor challenges. Weak growth in Europe, a istries have with the companies. In this of both sexes on boards of directors. On strong krone and high costs have posed report, the companies have been given this occasion, we have invited Mari Teigen challenges for a number of export compa- the opportunity to highlight specific ar- from the Institute for Social Research nies. eas of corporate social responsibility they (ISF) to write about the consequences of have worked on in 2012. The report also and experiences with this legislation. Active ownership is about following up includes a more in-depth article by Stat- Teigen emphasises in particular that the the companies in line with the Govern- kraft on its corporate social responsibility legislation has attracted broad interna- ment’s intentions. Commercial operation work related to electricity production in tional attention and that several other is the overarching goal of many of the Laos based on renewable energy sources, countries have since adopted similar leg- companies. Follow-up in areas such as sustainable production methods and re- islation. corporate social responsibility, executive sponsible market behaviour. pay and diversity on boards is important Diversity on boards is also a matter of us- in all companies. At the same time, in its It is a priority for the State that the re- ing skilled people from all over the coun- exercise of ownership the State attaches muneration of senior executives in the try and of ensuring boards have a broad great importance to compliance with the companies in which it has an ownership mix of people with different specialist distribution of responsibilities and roles interest be competitive, but not wage lead- expertise, experience and backgrounds. required by corporate law and the prin- ers compared with other corresponding This will improve the likelihood of the ciples of good corporate governance. companies, and that they contribute to boards succeeding with their tasks. moderation in pay. When moderation is Two companies that were covered in last expected from ordinary employees, the This report is intended to provide insight year’s report are not included this year: senior management must also assume into the State’s exercise of its ownership Secora AS was acquired by Torghatten the same responsibility. The report con- and the companies in which the State has ASA in November 2012, and Kompetanse- tains an overview of the remuneration of a stake. senter for IT i helse- og sosialsektoren AS the chief executives of all the companies was incorporated into the Directorate of presented. For the first time, this year’s I hope you find this report informative and Health in January 2012. Three new com- report also lists the remuneration paid to useful. panies have been added: Aerospace Indus- the individual board chair, deputy chair trial Maintenance Norway SF, Eksport- and board members in these companies. Sincerely, kreditt Norge AS and Investinor AS. The Increased transparency concerning ex- management of the State’s ownership in ecutive pay contributes to greater aware- Investinor was transferred from Innova- ness of the expectations of moderation. tion Norway to the Ministry of Trade and Industry in December 2012. The State’s most important task is to en- Trond Giske, sure that the companies have competent, Minister of Trade and Industry well-structured boards. To this end, the 3 © Alan O. Neill O. © Alan Statkraft and Statoil opened the British wind farm Sheringham Shoal at 317 MW, and acquired the rights to develop the neighbouring Dudgeon field. 4 THE STATE OWNERSHIP REPORT 2012 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 2012 Ownership Report consists of This division of the companies is in accor- two main sections. The first section con- dance with the categorisation of compani- tains overviews of the previous year and es in which the State owns a stake in Re- articles relating to State ownership. The port no. 13 to the Storting (2010–2011) second section contains descriptions of Active ownership – Norwegian State ow- the individual companies. nership in a global economy. The companies have been divided into In addition to the printed Norwegian and four categories depending on the objecti- English versions, the State Ownership Re- ve of the State’s ownership: port 2012 and past editions of the report 1. Companies with commercial objectives are also available on the Ministry of Trade 2. Companies with commercial objectives and Industry’s website: www.nhd.no. and head office functions in Norway 3. Companies with commercial objectives The report is up to date as of 31 March and other specifically defined objectives 2013. 4. Companies with sectoral policy objectives KEY FIGURES FOR THE companIES IN THE State OWNERSHIP Report 2012 Unlisted companies in Companies with sectoral NOK millions Listed companies Total categories 1-3 policy objectives (category 4)1 Value of the State's shareholding2 489 499 102 659 592 158 Weighted return last year3 2,8 % Profit/loss4 102 723 -1 636 7 996 109 083 Weighted return on equity5 18 % 8 % Dividend6 22 718 5 229 680 28 628 Sales proceeds 2 843 2 843 Capital contributions/share purchases -924 -1 071 -1 995 1 AIM Norway SF and Eksportkreditt Norge AS, which are not categorized, have been included in this group. 2 For listed companies, the values are based on the market prices at 31 December 2012 and the number of shares owned by the State on the same date. The value of the State’s ownership interest in Aker Kværner Holding AS was calculated using the market prices for Aker Solutions ASA and Kværner ASA at 31 December 2012 and the State’s indirect ownership interest in these companies on the same date.