Scatec Solar ASA ("Scatec Solar" or the "Company") has made a strong commitment to ensure trust in the Company and to enhance shareholder value through effective decision-making and improved communication between the management, the board of directors and the shareholders. The Company’s framework for corporate governance is intended to decrease business risk, maximise value and utilise the Company’s recourses in an efficient, sustainable manner, to the benefit of shareholders, employees and society at large.
The Company will seek to comply with the Norwegian Code of Practice for Corporate Governance (the "Corporate Governance Code"), last revised on 30 October 2014, which is available at the Norwegian Corporate Governance Committee's web site www.nues.no. The principal purpose of the Corporate Governance Code is to ensure (i) that listed companies implement corporate governance that clarifies the respective roles of shareholders, the board of directors and executive management more comprehensively than what is required by legislation and (ii) effective management and control over activities with the aim of securing the greatest possible value creation over time in the best interest of companies, shareholders, employees and other parties concerned.
The Company is subject to reporting requirements for corporate governance under the Accounting Act section 3-3b as well as Oslo Børs' "Continuing obligations of stock exchange listed companies" section 7. The board of directors will include a report on the Company's corporate governance in each annual report, including an explanation of any deviations from the Corporate Governance Code. The corporate governance framework of the Company is subject to annual reviews and discussions by the board of Directors
The following attachment provides a discussion of the Company's corporate governance in relation to each section of the Corporate Governance Code for the financial year 2014, from the time listing of the Company's shares on Oslo Børs, including description of any deviations from the separate recommendations of the Corporate Governance Code, as applicable. Section numbers refer to the Corporate Governance Code.