Policy

KONGSBERG shall observe the 'Norwegian Code of Practice for Corporate Governance' dated 7 December 2004, and most recently revised on 21 October 2010. KONGSBERG's compliance with and deviations, if any, from the Code of Practice will be explained and made available to stakeholders.

The above decision was adopted by the corporate Board of Directors. The Norwegian state, which owns 50.001% of the Group, also assumes that all companies in which the State has stake will comply with the Code of Practice.

Since the Norwegian State owns a stake of 50.001 per cent, the Group also complies with White Paper No. 13 (2006/2007) (the 'Ownership Report'), the State's 10 Principles for Good Corporate Governance and the OECD's Guidelines regarding State Ownership and Corporate Governance (see 'External links').

The following elements underpin KONGSBERG's Corporate Governance Policy:

• KONGSBERG shall maintain open, reliable and relevant communication with the public about its business activities and factors related to corporate governance.
• KONGSBERG's Board of Directors will be autonomous and independent of the Group's management.
• KONGSBERG will attach importance to avoiding conflicts of interest between the owners, the Board and management.
• KONGSBERG will have a clear division of responsibilities between the Board and management.
• All shareholders will be treated equally.
• The Group's Corporate Social Responsibility is considered an integral part of the principles for good corporate governance. This is in line with the State's vision, as expressed in the 'Ownership Report'.