Corporate governance report
Corporate governance in SpareBank 1 Østlandet includes those values, aims and overall principles that provide the basis for how the company is managed and governed, and creates the foundation for long-term value creation in the best interests of equity certificate holders, customers and other stakeholders.
On an annual basis, SpareBank 1 Østlandet evalutes the principles for corporate governance and how these are implemented in the company. SpareBank 1 Østlandet provides a comprehensive report on the principles and practice for corporate governance in accordance with the Accounting Act § 3-3b and the Norwegian Code of Practice for Corporate Governance. The Bank adheres to the Norwegian Code of Practice for Corporate Governance to the extent appropriate to savings banks with equity capital certificates. The Code of Practice is
available at www.nues.no/en/.
The Norwegian Code of Practice for Corporate Governance
The document below complies with the 15 topics in the Norwegian Code of Practice for Corporate Governance of 14 October 2021.
The bank deviates from the code on practice in three areas:
- Topic 6 in the recommendation, General meetings: SpareBank 1 Østlandet abides by laws and provisions that regulate financial institutions when it comes to the composition of the governing bodies. The bank believes that this does not constitute actual deviations from the code of practice.
- Topic 7, Election committee: All members of the election committee for the supervisory board are appointed from among the groups represented on the supervisory board, in accordance with the provisions of the articles of association. The bank has not yet considered an expansion of the committee to include a member outside of the supervisory board.
- Topic 14, Company takeover: Statutory limits on equity holdings.
The bank was listed on Oslo Børs at 13 June 2017. Thus, topic 5 in the code of practice, on freely negotiable shares, is only relevant from the time of the listing.