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Changes to the Norwegian Code of Practice for Corporate Governance

On 23 October 2012 the Norwegian Corporate Governance Board (“NCGB”) adopted changes to the Norwegian Code of Practice for Corporate Governance (the “Code”). The changes are to a large extent in accordance with the changes proposed in the consultation paper...

On 23 October 2012 the Norwegian Corporate Governance Board (“NCGB”) adopted changes to the Norwegian Code of Practice for Corporate Governance (the “Code”). The changes are to a large extent in accordance with the changes proposed in the consultation paper dated 25 June 2012. Material changes have been made to inter alia Section 14 of the Code (take-overs). Further, the guidance for the justification from the nomination committee’s recommendations on election of board members is more detailed. In this newsletter we will provide an overview of the changes.