Norwegian Accounting Act
The Norwegian Parliament adopted in 2013 a statutory duty for large companies to report on how they follow up material sustainability issues. Norwegian Accounting Act § 3-3c requires this report to be provided by the Board of Directors and to be published in the annual report or in another public document referred to in the report. To comply with the statute, our Sustainability Report covers material sustainability issues as well as what Telenor does to promote, uphold and recognise human rights, labour rights, social issues, climate and environmental aspects, and anti-corruption measures into the business strategy, daily operations and the relationship with stakeholders.
EU NFR Directive
The EU “Directive on disclosure of non-financial and diversity information by certain large undertakings and groups” amends the existing accounting legislation to require certain large companies to disclose information on: Business model, policies, risks and outcomes including relevant indicators regarding environmental, social and employee matters, respect for human rights, anticorruption and bribery issues, and diversity in their board of directors.
Norwegian Government Requirements
The Norwegian Government’s whitepaper to Stortinget on state ownership (Eierskapsmeldingen, 2013/14) says that: Reporting is principal in the development of corporate sustainability. The volume of reporting by companies has become too extensive and the central theme is overshadowed by less relevant information – with more focus on the materiality principle, which is now introduced by the new GRI G4 standard. The whitepaper expects state owned companies to be frontrunners in the commitment to sustainability in their sectors, to prepare guidelines for their work on sustainability and to make the guidelines publicly available, to incorporate their commitment to climate and environment, human rights, employee and worker rights, and anti-corruption in their guidelines and also that state owned companies report on their sustainability performance, placing emphasis on key challenges, and target and performance indicators.
Oslo Stock Exchange Guidelines
Oslo Stock Exchange – as one of the first stock exchanges in the world – launched their guidance on the reporting of corporate responsibility in September 2016. Use of this guidance on the reporting of corporate responsibility is voluntary for companies but the guidance is intended to be a useful and practical tool to encourage efficient, comprehensive and relevant corporate responsibility reporting. The reporting process set out in the guidance is based on the Global Reporting Initiative’s G4 Sustainability Reporting Guidelines.
Telenor Group has for many years carried out a materiality assessment on sustainability issues to ensure that our sustainability reporting covers topics that reflect that the company’s economic, environmental, and social impacts are aligned with major stakeholders to the company or to the global mobile and internet industry sectors. To read more about our materiality assessment process, please visit Telenor’s Materiality Assessment.