• This point is not covered by the Code of Practice.

CEO

The CEO is in charge of the routine management of the business, including responsibility for the Group being organised, run and further developed in compliance with legislation, the articles of association and decisions taken by the Board and the General Meeting.

The Board adopts instructions for the CEO.

Executive management

The CEO appoints members to Corporate executive management. Corporate executive management currently consists of seven individuals. In addition to the CEO, the executive management group consists of the CFO, the presidents of three of the four business areas: Kongsberg Maritime, Kongsberg Defence Systems, and Kongsberg Protech Systems, the executive vice president of Business Development and the executive vice president of Public Affairs.

Corporate executive management usually meets once every fortnight, supplemented by routine contact on an operational basis. The Group subscribes to the paramount principle of making binding commitments to agreed targets. Consequently, it practises a decentralised form of corporate governance that gives individual units considerable freedom of action, accompanied by the responsibility that entails.

Executive management's main responsibility is the operation of the Group, and it is the overall situation of Kongsberg Gruppen that governs the decisions that are made. Executive management follows up earnings and budgets on a monthly basis with the various performance centres.

Evaluations

Executive management evaluates its own work and working methods annually.

Inter-group Boards of Directors

The Group's subsidiaries have their own Boards of Directors composed of in-house managers and employees. The president of the owner enterprise or a person authorised by the president will chair the Boards of the subsidiaries. Appointment of the Boards and board work in subsidiaries are to take place in compliance with the Group's principles for good corporate governance.

Special share register

The company has stipulated in-house guidelines for trading in the company's shares. The rules comply with current legislation and regulations for primary insiders and insider trading. These guidelines are updated regularly pursuant to the rules that apply at any given time, and distributed to the primary insiders. The in-house guidelines impose on primary insiders an internal obligation to clear any purchase or sale of KONGSBERG shares with the CEO.