{"id":4963,"date":"2022-04-12T14:48:00","date_gmt":"2022-04-12T12:48:00","guid":{"rendered":"https:\/\/\/responsible-investor\/governance-and-business-integrity\/"},"modified":"2025-06-11T11:00:59","modified_gmt":"2025-06-11T09:00:59","slug":"governance-and-business-integrity","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/","title":{"rendered":"Governance and business integrity"},"content":{"rendered":"\n

High business integrity standards are prerequisites for succeeding in delivering on Norfund\u2019s mandate.<\/p>\n\n\n\n

Corruption, money-laundering and other economic crime have wide-ranging negative effects on societies and are detrimental to reach the United Nation\u2019s Sustainable Development Goals (SDGs). Norfund has a zero-tolerance approach to corruption and other forms of economic crime, and we are committed to promoting integrity, transparency and accountability in all our investments. <\/p>\n\n\n\n

The framework that governs our work<\/strong> <\/h2>\n\n\n\n
\n

Overall framework<\/strong><\/h3>\n\n\n\n

Norfund has adopted a governance framework consisting of overarching policies adopted by our Board of Directors, relevant underlying guidelines and requirements approved by the management and detailed procedures and templates to help ensure compliance and consistency throughout the organization. The governance framework underwent a major overhaul in 2020, and implementation efforts continued throughout 2024. The governance framework is regularly reviewed to make sure it is up to date and relevant. In 2024, A completely revised policy for E&S sustainability was adopted and our HR Policy was updated. Norfund further updated our Conflict of Interest procedure, providing the business with routines for same segment and multiple instrument investments.  <\/p>\n<\/div>\n\n\n\n

\n

Business Integrity framework <\/strong><\/h3>\n\n\n\n

The management of Business Integrity risks is an integral part of Norfund\u2019s investment process. We require the companies we invest in, our business partners and our employees to promote and adhere to high standards, including:  <\/p>\n\n\n\n

\n

Norfund Code of Conduct<\/a><\/div>\n\n\n\n
Norfund Supplier Code of Conduct<\/a><\/div>\n\n\n\n
Norfund Compliance System<\/a><\/div>\n\n\n\n
Norfund Business Integrity Policy<\/a><\/div>\n\n\n\n
Norfund Responsible Tax Policy<\/a><\/div>\n\n\n\n
Norfund Gifts and Hospitality Guidelines<\/a><\/div>\n\n\n\n
Whistleblowing and Incident Standard<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n

Risk-based approach<\/strong><\/h2>\n\n\n\n

The Business Integrity framework describes how we work to identify, assess and manage the Business Integrity risks associated with the operations of our investments, and provides an overview of the cross-cutting principles that guide our work. In 2024, there was a focus on updating and professionalizing Norfund\u2019s Business Integrity program for investments, in response to the risk assessment of our investment portfolio that was conducted in 2022, which outlined the Business Integrity risks that Norfund is exposed to, as well as a review of existing mitigating measures and suggested additional measures. The revision project will continue throughout 2025.  <\/p>\n\n\n\n

Dedicated resources <\/h2>\n\n\n\n

In 2024, Norfund\u2019s, the Compliance team was further strengthened with the hiring of a Compliance & Business Integrity Advisor, who will contribute to enhancing Norfund\u2019s Business Integrity capabilities and routines on an ongoing basis. The Compliance team now consists of 3 full-time employees. <\/p>\n\n\n\n

Business Integrity Week <\/h2>\n\n\n\n

Norfund held its annual Business Integrity awareness initiative in December 2024 in connection with the International Anti-Corruption Day. The purpose of the event is to spread awareness and provide training in important Business Integrity practices to the whole organization and continue to build a strong Compliance culture in Norfund. Anti-corruption is one of Norfund\u2019s four cross-cutting principles and it is a topic that is assessed in all of Norfund\u2019s investments. A Business Integrity Week is planned for 2025.  <\/p>\n\n\n\n

Whistleblowing and reports<\/h2>\n\n\n\n

Norfund encourages the reporting of any suspected breach of its governance framework or applicable laws or regulations in connection with or related to its investments or activities. Norfund staff can report suspected violations to internal functions, and such reporting is also encouraged via Norfund\u2019s external whistleblowing channel. The whistleblowing channel caters for anonymous reporting of illegal, unethical or other unacceptable circumstances within Norfund and our investments. The whistleblowing channel is also open to Norfund representatives, business partners and other stakeholders, and reviewing and following up on Business Integrity incidents has a high priority in Norfund.  <\/p>\n","protected":false},"excerpt":{"rendered":"

High business integrity standards are prerequisites for succeeding in delivering on Norfund\u2019s mandate. Corruption, money-laundering and other economic crime have wide-ranging negative effects on societies and are detrimental to reach the United Nation\u2019s Sustainable Development Goals (SDGs). Norfund has a zero-tolerance approach to corruption and other forms of economic crime, and we are committed to […]<\/p>\n","protected":false},"author":23,"featured_media":8197,"parent":8985,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"hero","norfund_header_layout_image_id":9215,"norfund_header_layout_image_focal_point_x":0.5,"norfund_header_layout_image_focal_point_y":0.5,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"Governance and business integrity","teft_cards_image_id":8197,"teft_cards_image_focal_point_x":0.3,"teft_cards_image_focal_point_y":0.41,"teft_cards_title":"","teft_cards_excerpt":""},"acf":[],"yoast_head":"\nGovernance and business integrity | Annual Report 2024<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Governance and business integrity | Annual Report 2024\" \/>\n<meta property=\"og:description\" content=\"High business integrity standards are prerequisites for succeeding in delivering on Norfund\u2019s mandate. Corruption, money-laundering and other economic crime have wide-ranging negative effects on societies and are detrimental to reach the United Nation\u2019s Sustainable Development Goals (SDGs). Norfund has a zero-tolerance approach to corruption and other forms of economic crime, and we are committed to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/\" \/>\n<meta property=\"og:site_name\" content=\"Annual Report 2024\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-11T09:00:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1704\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/\",\"url\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/\",\"name\":\"Governance and business integrity | Annual Report 2024\",\"isPartOf\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg\",\"datePublished\":\"2022-04-12T12:48:00+00:00\",\"dateModified\":\"2025-06-11T09:00:59+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#primaryimage\",\"url\":\"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg\",\"contentUrl\":\"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg\",\"width\":2560,\"height\":1704},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/reports.norfund.no\/annualreport-2024\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"This is Norfund\",\"item\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"A responsible investor\",\"item\":\"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Governance and business integrity\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#website\",\"url\":\"https:\/\/reports.norfund.no\/annualreport-2024\/\",\"name\":\"Annual Report 2024\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/reports.norfund.no\/annualreport-2024\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#organization\",\"name\":\"Norfund\",\"url\":\"https:\/\/reports.norfund.no\/annualreport-2024\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/\",\"url\":\"\",\"contentUrl\":\"\",\"caption\":\"Norfund\"},\"image\":{\"@id\":\"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Governance and business integrity | Annual Report 2024","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/","og_locale":"en_US","og_type":"article","og_title":"Governance and business integrity | Annual Report 2024","og_description":"High business integrity standards are prerequisites for succeeding in delivering on Norfund\u2019s mandate. Corruption, money-laundering and other economic crime have wide-ranging negative effects on societies and are detrimental to reach the United Nation\u2019s Sustainable Development Goals (SDGs). Norfund has a zero-tolerance approach to corruption and other forms of economic crime, and we are committed to […]","og_url":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/","og_site_name":"Annual Report 2024","article_modified_time":"2025-06-11T09:00:59+00:00","og_image":[{"width":2560,"height":1704,"url":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/","url":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/","name":"Governance and business integrity | Annual Report 2024","isPartOf":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#website"},"primaryImageOfPage":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#primaryimage"},"image":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#primaryimage"},"thumbnailUrl":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg","datePublished":"2022-04-12T12:48:00+00:00","dateModified":"2025-06-11T09:00:59+00:00","breadcrumb":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#primaryimage","url":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg","contentUrl":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-content\/uploads\/sites\/7\/2024\/04\/53465398788_c9a2f23a1a_o-scaled.jpg","width":2560,"height":1704},{"@type":"BreadcrumbList","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/governance-and-business-integrity\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/reports.norfund.no\/annualreport-2024\/"},{"@type":"ListItem","position":2,"name":"This is Norfund","item":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/"},{"@type":"ListItem","position":3,"name":"A responsible investor","item":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/a-responsible-investor\/"},{"@type":"ListItem","position":4,"name":"Governance and business integrity"}]},{"@type":"WebSite","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#website","url":"https:\/\/reports.norfund.no\/annualreport-2024\/","name":"Annual Report 2024","description":"","publisher":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/reports.norfund.no\/annualreport-2024\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#organization","name":"Norfund","url":"https:\/\/reports.norfund.no\/annualreport-2024\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/","url":"","contentUrl":"","caption":"Norfund"},"image":{"@id":"https:\/\/reports.norfund.no\/annualreport-2024\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages\/4963"}],"collection":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/comments?post=4963"}],"version-history":[{"count":0,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages\/4963\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/pages\/8985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/media\/8197"}],"wp:attachment":[{"href":"https:\/\/reports.norfund.no\/annualreport-2024\/wp-json\/wp\/v2\/media?parent=4963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}