Working Group Report based on White Paper CSR in a Global Economy, 2009

Norway Current 2009

The White Paper describes Government’s expectations of Norwegian companies regarding Corporate Social Responsibility (CSR – including human rights, labour rights, environment and corruption). Norwegian companies are expected to be leading internationally in this field. The Norwegian Ministry of Finance appointed an interministerial working group to consider whether the current provisions of the 1999 Accounting Act, which require companies to report on social responsibility factors, should be extended. In its work the group built on recommendations from the 2009 White Paper. Based on proposals from the working group, the Norwegian Parliament in 2013 adopted a statute requiring large companies to report on how they address material sustainability issues. The changes to the Norwegian Accounting Act require such a report to be provided by the Board of Directors and to be published in the annual report or in another public document referred to in the report. The amendment requires a large enterprise to account for what the company is doing to integrate respect for human rights, labour rights and social issues, the environment and anticorruption into their business strategies, daily operations and relationship with stakeholders. The report shall at least contain information on policies, principles, procedures and standards the company uses to integrate the above considerations.

 

Scope

General sustainability/ESG/non-financial

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Large companies

Issuer type

Norwegian Ministry of Forreign Affaris

Type of instrument

Expectation document

Mandatory or voluntary

Voluntary

The geographical scope

National/federal

Project Partners