Act amending the Norwegian Accounting Act, 2013

Norway Current 2013

The Norwegian Parliament (Storting) passed the proposed ‘Act amending the Accounting Act and certain other Acts (Social Responsibility Reporting)’ on 9 April 2013. The Act introduces provisions requiring large companies to provide information about what they do to integrate considerations for human rights, labour rights and social issues, the environment and anti-corruption in their business strategies, in their daily operations, and in their relations with their stakeholders. As a minimum, reporting on this must contain information about policies, principles, procedures and standards that are followed to integrate these considerations. Subsidiaries are exempt from having to report on social responsibility if the parent company does so for the entire group. The Ministry of Finance has been delegated authority to exempt companies that prepare a public report based on the Global Compact principles (Communication on Progress) or the GRI Sustainability Reporting Framework.

Scope

General sustainability/ESG/non-financial

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Large companies (listed & unlisted)

Issuer type

Finance/Treasury

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners