Corporate Governance Policy

Webstep ASA considers good corporate governance to be a prerequisite for value creation and trustworthiness, and for access to capital.

In order to secure strong and sustainable corporate governance, it is important that Webstep ASA ensures good and healthy business practices, reliable financial reporting and an environment of compliance with legislation and regulations across the Group.

Webstep ASA has governance documents setting out principles for how business should be conducted. These apply to all Group entities. Webstep ASA’s governance regime is approved by the board of directors of Webstep ASA.

The Company endorses and has adopted and implemented a corporate governance regime which complies with the Norwegian Code of Practice for Corporate Governance (Nw.: "Norsk anbefaling for eierstyring og selskapsledelse"), issued by the Norwegian Corporate Governance Board. Webstep ASA will follow the Code, and any deviation from the Code will be included in a statement of policy on corporate governance included in the Company's annual report.

Articles of Association

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Board Committees

Audit committee

The primary purpose of the audit committee is to act as a preparatory and advisory committee for the Board of Directors in monitoring the Group's internal control of the risk management and financial reporting. This includes but is not limited to:

  • all critical accounting policies and practices;
  • quality, integrity and control of the Group's financial statements and reports;
  • compliance with legal and regulatory requirements;
  • qualifications and independence of the external auditors; and
  • performance of the internal audit function and external auditors.

The audit committee reports and makes recommendations to the Board of Directors, but the Board of Directors retains responsibility for implementing such recommendations.

The audit committee consists of Bjørn Ivar Danielsen (chair) and Siw Ødegaard. Both Bjørn Ivar Danielsen and Siw Ødegaard have relevant qualifications within accounting/auditing and are independent of the Company.

Remuneration committee

The primary purpose of the remuneration committee is to assist the Board of Directors in discharging its duty relating to determining the Management's compensation. The remuneration committee shall report and make recommendations to the Board of Directors, but the Board of Directors retains responsibility for implementing such recommendations.

The remuneration committee consists of Klaus-Anders Nysteen (chair), Toril Nag and Terje Bakken.

Nomination Committee

The Company's articles of association provide for a nomination committee composed of two to three members. The current members of the nomination committee are John Bjerkan (chair) and Petter Tusvik. The nomination committee is responsible for nominating candidates for the election of shareholder-elected members and chairperson to the Board of Directors and for nominating members to the nomination committee, as well as making recommendations for remuneration of these.

Instructions for the Nomination Committee

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