Directors of a Norwegian CompanyUpdated on Wednesday 01st March 2017
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The main structure which regulates and deals with the corporate governance issues in Norway is the Norwegian Corporate Governance Board (NCGB). The most important document on which the board-level policies rely is the Norwegian Code of Practice for Corporate Governance. The actions and decisions of the directors of a Norwegian company must take into consideration the regulations and provisions of this code. Our law firm in Norway can help you understand the implication of the Norwegian policy regarding board-level representation and implement it in the policy of your company.
Provisions regarding the election of directors in a Norwegian company
The Norwegian company law stipulates that the board of directors of a Norwegian company has management and controlling functions in their company. Regardless of the type of business structure they lead, the directors do not usually involve in the daily tasks and activities of the company but decide on matters of great importance and establish the main lines and directions of the business.
The directors are not usually elected from the executive members in the company, but in companies with more than 30 employees the employees have the right by law to elect a representative in the board of directors.
Another aspect which must be taken in consideration when electing the directors of a Norwegian company is to respect the principle of equity in gender issues stipulated in the Norwegian Public Limited Liability Companies Act.
For more detailed information regarding the code of practice for corporate governance in Norway it is recommendable to rely on the professional advice of our Norwegian lawyers.
Main tasks of directors of a Norwegian company
One of the main attributions of directors in a Norwegian establishment is to make sure that the company respects and implements efficient and correct the corporate governance regulations. The supervision of the company’s activity is made by periodic reports which must make reference to each of the sections of the Code of Practice.
Another important mission of the directors of a Norwegian company is to establish a set of values for the enterprise before opening and running a business in Norway. The activity of the company must respect its corporate concept and must follow the ethical framework defined by the board. The company must be able as well to assume responsibility for its measures and decisions.
Feel free to contact our law firm in Norway for complete legal assistance and valuable information regarding the corporate governance in Norway.