About the Sustainability Report
The purpose of the report is to provide our stakeholders with information on how KONGSBERG works on sustainability, ESG and corporate social responsibility.
Our content-defining process
We carry out materiality assessments periodically, most recently in the autumn of 2019. Please refer to the “priorities for sustainability and ESG” section for more details.
When carrying out the materiality assessment, we take into account the concerns of our key stakeholders. This includes our owners, investors and lenders, our employees, customers, suppliers, and regulatory and local authorities in the areas in which we are active.
The content of the report is largely defined based on the materiality assessment. All material topics are discussed through the report. The materiality assessment is approved by the corporate executive management and the Board. In 2020, we completed a comprehensive process to further develop our targets and indicators relating to sustainability and ESG, and are reporting on these for 2021.
In 2021, we had one-to-one dialogues with many of our stakeholders, with an emphasis on different sustainability and ESG themes. We had our annual meeting with the Ministry of Trade and Industry, focusing on sustainability and corporate social responsibility.
We collaborate with other companies and NGOs, such as the NHO Forum for Sustainability, the Coalition for Responsible Business (KAN) – a wide-ranging association of business, trade union movements, civil society with an emphasis on human rights – and the UN Global Compact both internationally and locally in Norway. Taken as a whole, this gives us useful information and insight into the development of and expectations for sustainability from the outside world. On the next page, there is an overview of the most important themes and arenas where we have dialogue with our stakeholders. Measures to meet the expectations of our stakeholders are detailed in the other chapters where material topics are covered. See the Stakeholder dialogue table in the chapter on key figures.
There were no major changes to the reporting platform between 2020 and 2021. We have worked to improve the quality of the data in our climate accounts, including the use of recognised and updated conversion factors; this has also resulted in some changes in historical figures.
The report deals with companies in which KONGSBERG owns 50 per cent or more. The environmental data includes all of our Norwegian units, as well as all our manufacturing units all over the world and the largest offices outside of Norway.
The information in the report is based on data obtained from different parts of the Group. Although importance is attached to ensuring that the data is complete and correct, some of the information will be based on estimates.
The report covers 2021, and addresses topics of importance to us and our stakeholders. Any significant events after balance date will also be included.
Framework for the preparation of the Sustainability Report
White Paper no. 8 (2019-2020)
The Norwegian State’s direct ownership of companies – Sustainable development
The Norwegian state owns 50.004 per cent of the shares in KONGSBERG. The State’s ownership share is managed by the Ministry of Trade, Industry and Fisheries. We have defined the contents of the report to ensure compliance with the
The Norwegian Accounting Act med flere
The Norwegian Accounting Act requires that large enterprises report on corporate social responsibility in the Directors’ report or in a separate report. The report must include information about human rights, employee rights and social conditions, the environment and anti-corruption work.
In our opinion, the Sustainability Report for 2021 fulfils these requirements. We strive to follow all applicable laws in our reporting, such as the Equality and Anti-Discrimination Act’s provision on the statement on equality and non-discrimination. From 2022, we will report in accordance with the Norwegian Act on Business Transparency and Work on Basic Human Rights and Decent Working Conditions (the Transparency Act).
Euronext guidelines for ESG reporting as from 2020
Our reporting is in accordance with Euronext’s (Oslo Stock Exchange) guidance. This guidance was based on the GRI Sustainability Reporting Guidelines. The Guidelines describe the expectations for conducting materiality assessment, corporate governance, communication and yearly update.
KONGSBERG acceded to the UN Global Compact initiative in 2006. It requires that we annually report our activities and results related to the human rights, employee rights,
environment and anti-corruption principles stated in the initiative. The Group’s report on sustainability serves as such report – a COP (Communication on Progress). More information about Global Compact can be found at www.unglobalcompact.org
Global Reporting Initiative (GRI)
We use GRI Standards (2016) for voluntary reporting of sustainable development. The guidelines include financial, environmental and social dimensions related to the organisation and is the leading global initiative in this area.
For 2021, we have strived to report according to the material analysis. This is described in detail under ”Sustainability and ESG priorities”.
KONGSBERG reports on Core level.
The connection between the main themes identified in our materiality assessment and the GRI Standards is described in more detail in an index that can be found here: https://www.kongsberg.com/investor-relations/reports-and-presentations/
Task Force for Climate-related Financial Disclosures (TCFD)
The recommendations from the G20 countries on climate risk reporting have established themselves as the central framework for how climate risk is to be analysed and reported. We have integrated this framework into our risk assessment process and reporting, and will continue to develop this.