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Responsible business conduct

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.

Anti-competitive behavior

We believe in business freedom and free competition in a fair and ethical manner. Violation of antitrust legislation could expose the company to significant economic losses. Vår Energi Code of Ethics addresses the obligation to comply with competition laws and protect competition in the market. We are committed to comply with applicable competition laws and do not tolerate collusive practices with competitors and do not abuse our market power.


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.

Climate risks

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.

Board of Directors

The board is elected by Annual General Meeting (AGM) and is independent of management. The board of directors consists of  the following members:

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.)

Board Sub-committees

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.


Our long-term success is built on making business in a fair and ethical manner. This is described in Vår Energi’s Code of Ethics. Vår Energi’s employees and any external parties interacting with us have an important role to play by raising concerns of any suspected or potential breaches of law or company policies.

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.

“WhistleB ensures the anonymity of the whistleblower. The service is separate from the organisation´s IT environment. WhistleB does not track IP addresses or other data that could identify a person sending a message. Messages are encrypted and can only be decrypted by designated individuals. WhistleB cannot decrypt and read messages.”