The Norwegian Transparency Act aims to promote businesses’ respect for fundamental human rights and decent working conditions, while also ensuring public access to information. Fredensborg fulfils its responsibilities under the Act by:
- Setting clear expectations for the boards and management teams of portfolio companies to carry out systematic due diligence.
- Following up to ensure that portfolio companies have documented processes for identifying and managing risks in their value chains, in accordance with the OECD Guidelines.
Due diligence and risk assessment
Fredensborg’s follow-up of portfolio companies is based on the OECD framework for due diligence. This involves a risk-based approach, prioritising companies and areas where there is the greatest likelihood of adverse impacts on human rights or decent working conditions.
Portfolio companies are expected to identify risks in their own operations, as well as among suppliers and business partners, and to implement measures to prevent, mitigate or cease adverse impacts.
Follow-up and expectations for portfolio companies
Portfolio companies are expected to:
- Establish codes of conduct that include requirements relating to human rights and working conditions.
- Include corresponding requirements in guidelines for suppliers and business partners.
- Conduct and document due diligence as an integral part of corporate governance and business management.
- Report annually on status, findings and any measures implemented.
These expectations are embedded in Fredensborg’s ownership governance and are followed up systematically.
Information from portfolio companies
For more information on how individual portfolio companies conduct due diligence and comply with the Norwegian Transparency Act, please see:
Contact
Enquiries regarding compliance with the Norwegian Transparency Act may be directed to:
