Corporate Governance
Telenor Group’s Governing Principles describe the key governing bodies in Telenor ASA, the interaction between Telenor ASA and the Business Units, and core global processes such as strategy, financial reporting, forecasting and reviews.
A robust governance model requires both appropriate design and effective implementation. Telenor has adopted a governance framework, including the Telenor Code of Conduct and a set of policies and manuals, processes and systems on monitoring and reporting.
The governing documents set one single standard to govern all business activities, regardless of where such activities take place. Telenor’s governing documents are implemented in Telenor ASA and in all subsidiaries directly or indirectly controlled by Telenor and as defined in Telenor’s Governing Principles. In Telenor, we believe these to be crucial in delivering long term value to our shareholders and stakeholders.
Management
Governing bodies
The Annual General Meeting (the “AGM”) is the company’s supreme governing body of Telenor ASA and can formally make any decision unless otherwise specifically stipulated by law or in the Company’s Articles of Association. Once every year, the shareholders are invited to attend the Annual General Meeting to approve the last year’s accounts and to vote on other resolutions, such as dividends. General Meetings may also be held ad hoc where permitted by law. The AGM elects the members to the Nomination Committee and the shareholder elected members to the Corporate Assembly.
The Corporate Assembly is a governing body which supervises the Board's and Management’s management of the company and which elects the Chair and members of the Board of Directors of Telenor ASA.
The Nomination Committee shall make recommendations to the Annual General Meeting regarding the election of shareholder-elected members of the Nomination Committee and shareholder – elected members and deputies to the Corporate Assembly. The Nomination Committee shall also make recommendations to the Corporate Assembly regarding the election of shareholder-elected members and alternates to the Board of Directors.
The Board of Directors of Telenor ASA is a governing body which is responsible for the management of Telenor and for the safeguarding of its operations, including overseeing the management of day-to-day operations. The Telenor ASA Board of Directors makes decisions and in certain cases grants authority to President & CEO to make decisions on issues which, due to the nature of the business, are unusual or of major significance to Telenor. The Board shall, to the degree necessary, approve strategies and business plans for the activities of the company and its subsidiaries.
