Ethical business conduct

Guiding principles for all we do

02 Sustainability Ethical Business Conduct

Our commitments

Sustainability is embedded in our culture. Our values - collaborative, dynamic, responsible and long-term perspecive - are at the core of how we operate and navigate in our daily operation.

The overall target is to integrate ESG in our daily operating model, both for Arendals Fossekompani and our portfolio companies. The work we do on compliance and improvement of policies and guidelines, is according to the OECD Guidelines for Multinational Enterprises. The OECD Guidelines are also supported by the investment strategy in M&A processes and Arendals Fossekompani’s Green Bond Framework.

Key results 2023


reported incidents/breach of CoC/SCoC


of employees signed code of conduct


of employees recieved training in CoC and Whistleblower policy

Material Topic: Information security

Cyber security is a critical, board-level issue in Arendals Fossekompani, with potential positive or negative impacts. Our positive influence relates to Arendals Fossekompani’s ability to establish safety guidelines, provide training to employees and implement secure cyber systems. A lack of cyber security could have an actual or potential negative impact, for example relating to the critical infrastructure offered by some of our portfolio companies such as Volue, NSSLGlobal and Alytic. A potential breach could, in the most severe instances, lead to critical downtime, impacting people, the environment and/or the economy.

Material Topic: Anti-corruption and bribery

At Arendals Fossekompani, we have a long and proud history. We will always act responsibly and with integrity everywhere we operate. In this way we honour our legacy and secure our current and future license to operate. Some of our operations take place in countries associated with high political, corruption and human rights risks. The potential negative impact from these risks makes anti-corruption and anti-bribery material topics for us.

Material Topic: Responsible supply chain

Arendals Fossekompani is committed to respecting human rights in all our operations. This includes the rules and principles laid out in the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation (ILO) on Fundamental Principles and Rights at Work and the International Bill of Human Rights, and the OECD Guidelines for Multinational Enterprises. We do not accept any form of forced labour, including child labour. We comply with all fundamental labour rights and have a continuous focus on providing safe working conditions for all.

Our policies on ethical business conduct are addressed in our Code of Conduct, which all our employees have signed, and which is also extended to our suppliers through our Business Partner Code of Conduct.

Governance Framework

The OECD Guidelines for Multinational Enterprises are recommendations from governments to multinational enterprises on responsible business conduct. The OECD Guidelines set standards for responsible business conduct across a range of issues, such as human rights, labor rights and the environment.

The Norwegian Corporate Governance Board ("NCGB" or "NUES") issues the recommendation on corporate governance for companies listed in Norway.

Ambitions and goals for 2024

In 2024, we will continue to improve our way of working with governance, risk, and compliance.


100 % of employees recieve training in Whistleblower policy

100 % of employees recieve training in Whistleblower policy


100 % of employees recieve training in and sign Code of Conduct

100 % of employees recieve training in and sign Code of Conduct


100% of employees receive training in ICT security.

100% of employees receive training in ICT security.


We encourage you to share concerns you may have if you have witnessed unethical behaviour that contradicts our values or jeopardizes our reputation. Contact our Sustainability Director if you have concerns or want to report any suspected or potential breaches of law or Arendals Fossekompani`s policies.

Ingunn etterstol

Ingunn Ettestøl

Chief Sustainability Officer (CSO)

Send email +47 924 47 306