Transparency in Norway

Who does this Law apply to?

Those large companies residing in Norway and offering goods and services within or outside Norway.
A large company is defined as one in the accounting legislation or meeting two of the following three conditions:
➜ Sales exceeding 70 million Norwegian kroner (NOK), a little more than 6 million euros,
➜ A balance sheet totaling 35,000 NOK, a little more than 3 million euros, or
➜ An average of 50 employees in the year.
In the case of corporate groups, parent companies of subsidiaries residing in Norway will be considered large companies if the mentioned conditions are met for the entire group, even if the parent company is not resident in Norway.

Main obligations imposed on the obligated companies

➜ Integration of Responsible Business Principles into the company's policies.
➜ Identification and assessment of adverse impacts on fundamental human rights and decent working conditions, including their supply chain.
➜ Establishment of measures to address adverse impacts on fundamental human rights and decent working conditions.
➜ Monitoring of measures and their implementation.
➜ Communication with stakeholders and rights holders.
➜ Willingness and cooperation regarding reparation.
➜ Public disclosure of obligation on the corporate website: Publication of an annual statement every June 30th; This annual statement must contain minimum information about the company's structure and general characteristics, risks and adverse impacts, as well as plans and measures to address them.