EMGS is committed to healthy corporate governance practices which strengthens and maintains confidence in the Company, thereby contributing to optimal long-term value creation for shareholders and other stakeholders. The objective of corporate governance is to regulate the division of roles between shareholders, the Board and executive management more comprehensively than is required by legislation.
EMGS’ principles for corporate governance are based on the following elements:
- All shareholders are treated equally.
- EMGS will provide open, reliable and relevant communication to shareholders, governmental bodies and the public about the Company’s activities and its corporate governance commitment.
- EMGS’ Board is fully independent from the Company’s executive management.
- The EMGS’ Board has a majority of members who are independent of shareholders.
- EMGS pays particular attention to ensuring that there are no conflicts of interest between the interests of its shareholders, the members of its Board and its executive management.
- EMGS will ensure a clear division of responsibility between the Board and the executive management.
The board of directors (the “Board”) of Electromagnetic Geoservices ASA (the “Company” or “EMGS”) is committed to maintaining a high standard of corporate governance, in line with both Norwegian and international best practice standards. In addition to having a continuous focus on corporate governance, the Board and the executive management of the Company carries out, on an annual basis, a comprehensive review and evaluation of its principles for corporate governance and the implementation of these. This report (the “Report”) summarises the Company’s corporate governance work and compliance with applicable requirements and fulfils the Company’s reporting obligations under applicable law and other legal frameworks.