Framework for the preparation of Sustainability Report
White Paper no. 8 (2019-2020) The Norwegian State's direct ownership of companies – Sustainable development
White Paper no. 27 (2013–2014) Diverse and value-creating ownership
The Norwegian state owns 50.001 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 White Papers.
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 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.
We conducted a thorough materiality analysis during the final quarter of 2019. This is described in detail under ”Sustainability strategy and priority”.
Our reporting is in our opinion, on the whole, in accordance with the GRI Reporting Principles. GRI applies a classification that shows to what extent a company uses GRI’s definitions and disclosure requirements, namely Core or Comprehensive. KONGSBERG has decided to report on Core level.
Read more about the GRI standards and indicators that are reported and where the information is found in our Annual Report and Sustainability Report. More information about GRI can be found at www.globalreporting.org.
The Norwegian Accounting Act
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 2019 fulfils these requirements.
The Oslo Stock Exchange guidelines for reporting on Corporate Responsibility from 2018 and Euronext guidelines for ESG reporting as from 2020
Our reporting is in our opinion, on the whole, in accordance with Oslo Stock Exchange's guidance. This guidance was based on the GRI Sustainability Reporting Guidelines. They describe the expectations for conducting materiality assessment, corporate governance, communication and yearly update.
Deliberations by the board
The Group’s report on sustainability is processed and approved by the corporate executive management and the Board.
The Sustainability Report is verified by a third party, the audit firm Deloitte. See auditor’s statement for 2019.