ESG Global Vision

Financial reporting

Entry into force 15.10.2018

Last modified 01.07.2021

All who are covered by section 4 of the Act, and by law are required to report to the Norwegian authorities.

Banks and other entities who provides financial services. The law  also applies to  other physical and legal entities conducting certain professions (such as lawyers, real estate agents, accountants etc.)

The law seeks to counteract money laundering and terrorist financing in financial institutions, and imposes a reporting obligation on the institutions covered by the law. The law follows up Directive (EU) 2015/849.

Financial reporting

Entry into force: 01.01.1999

Companies defined as “large enterprises” in section 1-5 of the Act. Large enterprises are defined as Norwegian public limited companies, other accountable entities listed on Norwegian or foreign regulated market places, or entities as listed in administrative regulation section 1-1 (banks, mortgage companies, other financial enterprises)

The Accounting Act requires the entities in question to report on matters concerning ESG in connection with the company’s annual report. The Act lists certain minimum requirements regarding the report, and also states certain exemptions from the reporting obligation.

Corporate governance policy

Entry into force: 01.01.1999

Norwegian public limited companies

In accordance with section 6-11a of the Act any public limited company shall have a minimum of representation of both genders in the board of the company.

Corporate governance

In force

Private limited companies where the local and regional government owns more than 2/3 of the stocks.

Any such private limited company shall have a minimum of representation of both genders in the board of the company.

Taxonomy, financial reporting and non-financial reporting

Entry into force: 

The regulation was adopted as Norwegian law by parliament in December 2021, and is awaiting implementation.

1.Financial market participants who offer financial products and market these as environmentally sustainable

2.Organisations covered by the Acounting act § 3-3c and SFDR

• The Taxonomy Regulation sets out an EU-wide framework and classification system according to which investors and businesses can assess whether certain economic activities are environmentally sustainable.
• The Taxonomy Regulation introduces amendments to disclosure requirements under SFDR and The Accounting Act § 3-3c.

Financial reporting

Not yet in force

The regulation was adopted as norwegian law by parliament in December 2021, and is awaiting implementation.

Financial advisers and financial market participants

The Disclosure Regulation sets out a number of entity and product level disclosures required to be made by financial advisers and financial market participants.

Financial reporting

ntry into force: 30.04.20

Benchmark administrators

The Benchmark Regulations require benchmark administrators to disclose ESG factors, and include disclosure in their benchmark statement on how their methodology aligns with the target of carbon emissions reduction or attains the objectives of the Paris Agreement.

Corporate governance policy and financial and non-financial disclosures

In force

Large institutions with securities traded on a regulated market of any EEA Member State

This regulation includes under article 449a the requirement to disclose prudential information on environmental, social and governance risks, including transition and physical risk, addressed to large institutions with securities traded on a regulated market of any Member State.

Corporate governance policy

Entry into force: 01.07.21

Companies that have their registered office in the EEA and their shares listed on a regulated market in the EEA.

SRD II enhances the SRD regime by introducing rules that aim to counter an excessive focus on short-term profits and risk-taking in favour of a longer term, more sustainable model of corporate governance that considers the wider interests of shareholders and stakeholders.

Corporate governance policy

Not yet in force

The act was passed by parliament in 2020 and are expected to entry into force 01.01.2023.

Anyone who provides financial agreements, such as banking services, credit services, payment services, investment services and pension services.

The law seeks to implement The EEA Agreement – Annex XIX Consumer Protection and The EEA Agreement – Annex IX Financial Services. According to section 1-9 to 1-11 of the Act, the Act is mandatory as long as deviations are not to the benefit of the consumer. The Act applies to everyone who markets or enters into an agreement on financial services in accordance with the law in Norway.

Social policy

Not yet in force

The law was adopted by parliament in June 2021, and is expected to enter into force on the 01.07.22.

Pursuant to section 2, cf. Section 3 of the Act, the Act applies to “larger companies” cf. The Accounting Act 1-5, or meets two of three of the following conditions: (1) sales revenue of NOK 70 million, (2) balance sheet total of NOK 35 million, (3) average number of employees in the financial year of 50 full time equivalent.

And, pursuant to section 2 of the Act, the act applies to companies as described in section 3, either in or outside Norway, which offer goods and services in Norway, and which are taxable under Norwegian legislation.

• The law shall promote companies' respect for fundamental human rights and decent working conditions in connection with the production of goods and the provision of services and ensure the public access to information on how companies deal with negative consequences for basic human rights and decent working conditions, according to the purpose provision of the Act.
• The law sets forth an obligation to carry out due diligence assessments about human rights and working conditions on subcontractors. These assessments shall be published once a year to the public.
• Also, anyone can demand to receive information from the company about how they handle actual and potential negative consequences that have been assessed in the due diligence assessments. The right to information includes both general information about how the company handles negative consequences, and specific information related to goods and services.

Social policy

Entry into force:

16.04.21

Norwegian persons, companies incorporated or constituted under Norwegian law, non-Norwegian companies in respect of any business done in whole or in part within Norway

The law allows the government to impose travel bans and financial sanctions on individuals, entities and bodies (including state and non-state actors) responsible for, involved in or associated with serious human rights violations and abuses worldwide, irrespective of where they occurred.

Social policy

Entry into force: 01.01.2006

Last update was 01.01.2022

The working environment act applies to all businesses using employee relations in their operation. This excludes against independent contractors.

Environmental policy

Entry into force: 01.01.2005

The greenhouse gas emission trading act applies to stationary industrial and aviation activities.

Such stationary industry covered by the law is defined in Administrative regulation on greenhouse gas emission trading section 1-1.

The act corresponds to the European greenhouse gas emission-directive (2003/87/EF), and orders entities to report emissions from their activities to the Norwegian Environment Agency and to purchase the equivalent climate quotas.

Environmental and social policy

Entry into force: 01.01.2009

Norwegian-registered ships and foreign-registered ships without a state agreement, which harvest marine resources on the Norwegian shelf

The law seeks to fulfil a sustainable and socioeconomically profitable management of Norway’s marine resources. The Norwegian Directorate of Fisheries has an overall control responsibility for ensuring that ships that utilize the marine resources act in accordance with the law. The Ministry of Trade, Industry and Fisheries sets quotas for those who want to utilize biological diversity, and in this way ensure an environmentally oriented utilisation.

Social policy

Entry into force: 01.01.18

All businesses with more than 50 employees

• The equality and discrimination act in general prohibits disproportionate de facto discrimination based on gender, pregnancy, care tasks, ethnicity, religion, philosophy, disability, sexual orientation, gender identity, gender expression, age or a combination of these in all sides of society. Chapter 4 and 5 applies especially for businesses.
• As a part of the regulation the law puts down obligations to establish a systematic plan to identity and counter risk of de facto discrimination in cooperation with the employee representatives. This plan shall be included in the company annual report, cf. § 26 to 26 c, cf. The Accounting Act § 3-3c.

Social policy

Entry into force:

01.02.2010

Last modified:

08.09.2021

Anyone who conducts a college education or vocational college education, and who is subject to Norwegian law

Pursuant to section 2-1 of the regulations, NOKUT (national body for quality in education) shall issue regulations that meet Standards and guidelines for quality assurance in the European Higher Education Area, in accordance with ESG. NOKUT can carry out control inspections of institutions to which the regulations apply to ensure that the ESG standards are satisfactorily met.