The Transparency Act
There is a general desire for more transparency regarding the production of goods and the provision of services, especially relating to how businesses respect fundamental human rights and decent working conditions as part of these processes. It is hoped that the Act will lead to improvements in these areas and that the information available will allow consumers to make more informed choices.
« The Act shall promote enterprises’ respect for fundamental human rights and decent working conditions in connection with the production of goods and the provision of services and ensure the general public access to information regarding how enterprises address adverse impacts on fundamental human rights and decent working conditions ».
Various international guidelines already impose requirements for due diligence and transparency, but these are voluntary. Certain of these requirements are now a legal obligation under the new Norwegian Transparency Act.
The Transparency Act entered into force in Norway on 1st July 2022.
This act applies to NFM Group AS and its subsidiary Equipnor AS.
NFM Group AS and Equipnor AS strives to ensure that all our subsidiaries, partners, representatives, suppliers, and subcontractors are following the OECD due diligence guidelines for responsible business conduct by conducting due diligence assessments. This to ensure that our business environment is respecting the fundamental human rights and offering decent working conditions.
Figure 1. Due Diligence Process & Supporting Measures from page 23 in the OECD due diligence guidelines for responsible business conduct.
https://www.oecd.org/investment/due-diligence-guidance-for-responsible-business-conduct.htm
NFM Group AS and Equipnor AS are prepared to provide relevant information on our work related to the Transparency Act to i.e., public bodies and civil society bodies, if requested.
We have addressed the risk of violation of the Transparency Act with our most important suppliers and partners and will continue this work to disclose potential violation of this Act within our complete business environment.
The board of Directors in both NFM Group AS and Equipnor AS has decided a policy for complying with the Transparency Act and instructed the CEO of both companies to fulfill this commitment.
Contact person: Viggo Engen, CFO at NFM Group AS
