Petoro’s board of directors complies with the requirements for enterprise management specified in the government’s financial regulations and the standards for good corporate governance. It observes those sections of the Norwegian code of practice for corporate governance (the code) regarded as relevant for Petoro’s business and the parameters determined by the company’s form of organisation and ownership. A report is provided below on the main topics in the code with relevance for Petoro AS. The governance system is tailored to the special character of Petoro. That simplifies the availability of management information and helps to keep attention concentrated on the company’s performance and risk picture at all times. Petoro reports on the follow-up of its corporate social responsibility (CSR) in a separate chapter of this annual report.
 

Petoro’s principal objective is to create the highest possible financial value from the state’s portfolio on the basis of sound business principles. The board gives weight to good corporate governance in order to ensure that the portfolio is managed in a way which maximises financial value creation, and creates the basis for confidence in the company by the owner, the employees, the oil industry and other stakeholders as well as the rest of the community.

Petoro has a values base which is integrated in its business activities. The purpose of these values is to provide the company and its employees with a shared basis for attitudes and actions in Petoro.