Corporate Governance and Policy

Good corporate governance and corporate management will reduce business related risk, while the Group’s resources will be utilised in an effective and sustainable manner. The Group will achieve its goals through further developing of first-class competency centres, deliveries of market-leading systems, products and services in its international market segments, and by operating the business in an ethical, sustainable and socially responsible manner. KONGSBERG is listed on the Oslo Stock Exchange and is subject to Norwegian securities legislation and stock exchange regulations.

How KONGSBERG understands the concept 

Corporate governance deals with issues and principles related to the allocation of roles between the governing bodies of a company, and the responsibilities and authority assigned to each of the bodies. Good corporate governance is characterized by responsible interaction between owners, the Board and Management seen in a long-term value-creating and sustainable perspective. It calls for effective cooperation, defined responsibilities and roles between shareholders, the Board and Management, respect for the Group's other stakeholders, and open, reliable communication with the world around us.

The Group's core value platform and ethical guidelines are a fundamental premise for KONGSBERG's corporate governance.

The topic of corporate governance is subject to annual evaluation and discussions by the Group's Board of Directors. Among other things, the Group's governance documents are reviewed and revised periodically.

Policy

KONGSBERG is subject to reporting requirements regarding corporate governance according to the Norwegian Accounting Act, Section 2-9, and the “Norwegian Code of Practice for Corporate Governance”, cf. ongoing obligations for listed companies, Section 4. The Accounting Act is available at www.lovdata.no. The “Norwegian Code of Practice for Corporate Governance”, most recently revised on 28 August 2025, is available at www.nues.no.

The Annual report will, in accordance with Section 5–6 of the Norwegian Public Limited Companies Act, be subject to consideration at KONGSBERG’s Annual General Meeting. The Group's compliance with and any deviations from the Code of Practice will be commented on and made available to the Group's stakeholders.

The Norwegian state, which is our largest owner with a 50.004 per cent ownership stake, expresses its stance on various topics as an owner through parliamentary reports, including White Paper No. 6 (2022-2023) “Greener and more active ownership - The State's direct ownership of companies”, and No. 8 (2019-2020) “The Norwegian State's direct ownership of companies - Sustainable value creation”, and the Norwegian State’s “Ten principles for good corporate governance”.

Furthermore, our largest owner assumes that companies with state ownership stakes follow the "Norwegian Code of Practice for Corporate Governance". The Group adheres to these guidelines, as well as the OECD guidelines on Corporate 
Governance of State-Owned Enterprises. The Policy has been decided by the Group's Board of Directors.

The following elements are fundamental to KONGSBERG's corporate governance policy:

• KONGSBERG shall maintain open, reliable and relevant communication with the outside world about the company's business activities and matters related to 
  corporate governance.
• KONGSBERG’s Board shall be autonomous and independent from the Group's management.
• Emphasis will be placed on avoiding conflicts of interest between the owners, the Board and the administration.
• KONGSBERG shall have a clear definition of responsibilities between the Board and the Administration.
• All shareholders will be treated equally.
• The Group's work on sustainability and social responsibility is considered as an integral part of the principles of good corporate governance. This is in line with our largest owner’s view as stated in the "White paper on ownership policy".