We consider good corporate governance to be a prerequisite for value creation and trustworthiness and for access to capital.
In order to secure strong and sustainable corporate governance, it is important that we ensure good and healthy business practices, reliable financial reporting and an environment of compliance with legislation and regulations across the Telenor Group.
The Telenor Group has governance documents setting out principles for how business should be conducted. These apply to all Telenor units. The Telenor Governance regime is approved by the Board of Directors in Telenor ASA.
Trust and transparency
We believe good corporate governance involves openness and trustful cooperation between all parties involved in the Group: the owners, the Corporate Assembly, the Board and Group Executive Management, employees, customers, suppliers, creditors, public authorities and society in general. When submitting reports, Telenor provides both financial and non-financial information, emphasising transparency so that interested parties are able to make informed decisions.
Applying values to create value
Good corporate governance principles are reflected in our values: Make it easy. Keep promises. Be respectful. Be inspiring. By applying our values in what we do as an organisation, we create value and maintain a healthy corporate culture.
Rules and regulations
Telenor is subject to specific rules and regulations in all the countries where the Group conducts business. The Telenor shares are listed on the Oslo Stock Exchange. As an issuer of shares the company must comply with rules regarding Norwegian stock exchange and rules regarding public limited companies.
Compliance with rules and regulations
The Telenor Group has developed a set of governing documents, including the Code of Conduct, as well as policies (Group Policies) and accompanying manuals (Group Manuals) to ensure good and efficient governance and control. Internal rules are adapted and implemented in all subsidiaries where the Telenor Group has operational control.
Telenor Group works continuously to ensure that governing documents, training and control mechanisms are current and adequate. They should meet our own requirements, as well as the justified expectations of other interested parties. We work systematically to ensure compliance with rules and regulations.
In 2011, the HSSE committee was extended and renamed the Ethics and Sustainability committee. The committee supports the Board in fulfilling its responsibility with respect to ethics and compliance, corporate responsibility, HSSE and sustainability in the supply chain.
Employees who become aware of any kind of infringement are encouraged to report this to their leader or the Local or Group Ethics & Compliance Officer. In fact, failure to do so is itself a breach of Telenor’s Code of Conduct.
Telenor has established a hotline to compliance throughout the Group. The hotline is not staffed around the clock, but incidents may still be reported in official local language by phone, e-mail or postal service 24 hours a day, every day of the year. Incidents may be reported and handled confidentially if desired.
Telenor does not allow reprisals of any kind against those who in good faith report an infringement or suspicion of an infringement. Misconduct that may result in disciplinary actions includes failure to promptly raise a known or suspected breach.
Socially responsible business conduct
Our efforts to ensure socially responsible business conduct involve more than just good business ethics at all levels. They concern the manner in which we treat our employees, our relationship to nature and our surrounding environment, our efforts to ensure safe products, as well as a number of other factors.
Telenor and human rights
Corporate responsibility in Telenor
For more information on corporate governance, see Telenor Group’s 2020 Annual Report