Corporate Governance

KONGSBERG's paramount objective is to protect and enhance stakeholder value by engaging in profitable, growth-oriented industrial development in a long-term, international perspective. Good corporate governance should maximise added value and reduce business risk, at the same time as the company's resources are used in an efficient, sustainable manner. The Group will achieve its goals by further developing first-class centres of expertise and supplying leading systems, products and services to its international market segments, as well as by operating in an ethically, environmentally and socially responsible manner.

KONGSBERG is listed on the Oslo Stock Exchange and is subject to Norwegian securities legislation and stock exchange regulations.

How we understand the concept

The Group's value platform and Code of Ethics are fundamental for KONGSBERG's corporate governance. Corporate governance deals with issues and principles associated with the distribution of roles between the governing bodies in a company, and the responsibility and authority assigned to each body. Good corporate governance is distinguished by responsible interaction between owners, the Board and management, seen in a long-term, productive and sustainable perspective. It calls for effective cooperation, a defined division of responsibilities and roles between shareholders, the Board and management, respect for the Group's other stakeholders, and open and honest communication with the communities in which the Group operates.

Treatment of the topic in 2010

The topic of corporate governance is subject to annual reviews and discussions by the corporate Board of Directors. Among other things, the Group's governance documents are reviewed and revised annually and the text for this chapter of the annual report is reviewed in detail.