NLP’s principles for corporate governance shall ensure a responsible and appropriate division of roles between the shareholders, the board and the management, together with adequate control of the Company’s activities.
Northern Logistic Property ASA (”NLP” or “the Company”) aspires to ensure confidence for the Company and greatest possible value creation over time through efficient decision making, clear division of roles between shareholders, management and the board of directors as well as adequate communication. Based on the Norwegian Code of Practice for Corporate Governance (the Code of Practice), the Company has developed a framework for corporate governance. The board has resolved that NLP shall comply with the Code of Practice in force at all times. The Company may deviate from the principles of the Code of Practice if required for special purposes. The Company’s principles for corporate governance were last reviewed by the board of NLP on 15 March 2010.
The last version of the Code of Practice is dated 21 October 2009 and is available on the web page of the Norwegian Corporate Governance Board (NUES) (http://www.ncgb.no/) and also on the internet website of Oslo Børs (www.oslobors.no/ob/cg). The Company is listed on the Oslo Stock Exchange (OSE) and is consequently subject to inter alia the Norwegian Public Limited Liability Companies Act of 1997, the Norwegian Securities Trading Act of 2007, the Norwegian Stock Exchange Act of 2007 as well as Continuing Obligations for companies listed on Oslo Børs.
The Code of Practice
The Code of Practice is based on the principle that companies must either comply with the Code of Practice or explain why it has chosen an alternative approach to specific recommendations (“comply or explain”).
In accordance with the Continuing Obligations for stock exchange listed companies, NLP prepares annual reports on how NLP has accommodated each section of the Code of Practice, including addressing any deviations, throughout each financial year. The reports are prepared by the Board of Directors and included in its annual reports which are dealt with by the Annual General Meeting. The reports are made publicly available in its entirety through the annual report on NLP’s internet website, (www.nlpasa.com/FinancialReports.asp?mid2=29)