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Overall Guidelines for Corporate Social Responsibility

Last changed by the Board of Directors on 13 December 2018

1. Purpose

The purpose of these guidelines is to operationalise the expectations that KBN’s owner and other key stakeholders have of KBN’s corporate social responsibility, as well as to comply with KBN’s values, namely that it shall be an open and responsible organisation. This involves setting up effective and appropriate routines to ensure that KBN fulfils its corporate social responsibility in the best possible way.

2. Definitions

Corporate Social Responsibility: KBN’s responsibility for the people, society and environment that are affected by its activities. (Report to the Storting No. 27 (2013-2014))

3. Roles and responsibilities

The Board of Directors: It is KBN’s Board of Directors that is responsible for the organisation’s corporate social responsibility. The Board determines the overall guidelines for corporate social responsibility and KBN’s yearly targets and measures.

President and CEO: The President and CEO is responsible for implementing KBN’s work on corporate social responsibility. The President and CEO sets supplementary guidelines for management’s work and nominates a Head of Sustainability.

Management team: KBN’s managers are responsible for ensuring that its targets and measures are operationalised in each department.

Head of Sustainability: The Head of Sustainability is a co-ordinating and specialist resource who has particular responsibility for actively following developments in the area, proposing targets and indicators for their achievement, ensuring relevant processes are in place to assist the organisation in the area, and producing all external reports regarding CSR at KBN. The Head of Sustainability reports to the President and CEO.

4. Principles and standards

KBN shall work systematically on corporate social responsibility, and its defined ambition is to be a leader for corporate social responsibility in its area of activity.

KBN shall follow the OECD Guidelines for Multinational Enterprises insofar as they are relevant, and it shall also follow the guidelines of the Global Reporting Initiative (GRI) when reporting KBN’s corporate social responsibility work.

KBN shall communicate in a clear way how its work on the climate and environment, human rights, employee rights, anti-corruption and transparency are incorporated into its commercial strategies, daily operations and relationships with stakeholders.

KBN shall be involved with organisations that can contribute to the development and independent assessment of KBN’s corporate social responsibility work, as well as to building its expertise in this area.

KBN shall contribute to improving the standards of social welfare provision in the local government sector and to the sector becoming greener.

KBN shall be a responsible participant in the financial markets.

5. Overall requirements

KBN’s targets and measures in the area of corporate social responsibility shall be integrated into its ordinary activities, and as part of these activities KBN shall maintain regular dialogue with its stakeholders. Its targets and measures shall be designed such that the expectations of its owner and other key stakeholders are met.

6. Overall requirements regarding implementation and reporting

Each year KBN’s management shall produce proposed targets, activities and target achievement indicators in the form of a separate section to its operating plan, and this shall inter alia demonstrate how KBN’s departments have integrated corporate social responsibility work into their activity plans. The status of corporate social responsibility work at KBN is reported by KBN's management to the Board in its normal quarterly activity and risk reports.

KBN’s management shall produce a proposed corporate social responsibility report each year. The report shall be made available in connection with the publication of KBN's annual report.

7. Mandate

The Board of Directors gives the President and CEO a mandate to produce supplementary guidelines.

8. Entry into force and publication

These overall guidelines for corporate social responsibility enter into force immediately and are published on