The Vår Energi Code of Ethics sets out the rules and standards that apply for all our activities and business relationships. It constitutes a guide in decision-making and action-taking that is consistent with our culture of responsibility, legality, transparency and long-term value creation for all our stakeholders.

During 2022, the Transparency Act came into effect, promoting respect for fundamental human rights and decent working conditions and ensuring the general public access to information regarding how enterprises address adverse impacts on fundamental human rights and decent working conditions. We have updated the related procedures and processes to ensure compliance and reduce the risk of negatively impacting human rights and working conditions.

We only operate on the Norwegian continental shelf, which reduces the risk of corruption considerably. The likelihood of a corruption risk materializing is thus considered low and with the mitigating measures in place the risk of corruption is not considered to be significant.

Risk assessment is carried out at least annually for all defined compliance areas, including anti-corruption.

Anti-corruption policy.

The Company acknowledges and adheres to the recommendations set forth by the Task Force on Climate Related Financial Disclosures (TCFD) and takes climate risks and opportunities into account when developing strategies and financial plan.

Transparency and compliance are key to high governance standards. We have received solid ratings for our ESG reporting but have a clear ambition to improve both performance and disclosure.

Thorhild Widvey (Chair)

Liv Monica Stubholt (Deputy chair)

Ove Gusevik (Board member)

Francesco Gattei (Board member)

Guido Brusco (Board member)

Clara Andreoletti (Board member)

Marica Calabrese (Board member)

Fabio Romeo (Board member)

Jan Inge Nesheim (Board member, employee rep.)

Martha Skjæveland (Board member, employee rep.)

Bjørn Nysted (Board member, employee rep.)

Hege Susanne Blåsternes (Board member, employee rep.)

Audit Committee

• Liv Monica Bargem Stubholt – Chair
• Ove Gusevik
• Francesco Gattei
• Bjørn Nysted (employee representative)

Audit Committee Instructions.

Safety & Sustainability Committee:

• Marica Calabrese – Chair
• Fabio Ignazio Romeo
• Jan Inge Nesheim (employee representative)
• Hege Susanne Blåsternes (employee representative)

Safety and Sustainability Committee Instructions.

Remuneration and Leadership Development Committee:

• Thorhild Widvey – Chair
• Guido Brusco
• Martha Skjæveland (employee representative)

Mandate for the Board’s Remuneration and Leadership Development Committee.

Election Committee:

(Elected at EGM 26.01.2022 and valid till AGM in 2024)

• Philip Duncan Hemmens – Chair
• Lars Christian Bacher

Election Committee Instructions.

Board Members Annual Remuneration

• Chair
• Members elected by the shareholders
• Members elected by the employees
• Alternate Members elected by the employees (per attended meeting)

Remuneration Committee Mandate.

Examples of such breaches are:

• corruption or other financial crime
• harassment and discrimination
• conditions that could cause danger to people’s life and health
• failure to meet requirements for privacy and information security
• abuse of authority
• a working environment that does not meet the requirements of the Working Environment Act
• situations that pose a threat to the climate and the environment

A dedicated whistleblower Communication Channel, (WhistleB*) has been set up to ensure confidentiality and to protect the rights of the involved parties.

You do not need proof of your suspicions, but all messages must be made in good faith. Vår Energi will not implement sanctions against anyone reporting in a responsible manner.