Norway
United Kingdom
Spain
Germany
France
China
Japan
Investor relation
IR-Contact
Analysts
Financial calendar

Read more about Investor Relations, corporate governance, and company management here.


For questions concerning Investor Relations, please contact NRS’ Chief Financial Officer directly:

Ola Loe, CFO
E-mail:                ola.loe@salmon.no
Direct line:       +47 7392 4310
Mobile:               +47 9117 9411

Contact data for analysts who regularly follow NRS.

About stockinformation:
Ticker: NRS
ISIN: NO0010331838
Org nr.: 864 234 232 NO
Number of shares: 43 572 191  à nominal NOK1,- per share

Contacts: 

ABG Sundal Collier
Vidar Kristoffer Strat
Phone: +47 22 01 61 60
Email: vidar.strat@abgsc.no

CARNEGIE
Lage Bøhren

Phone: +47 22 00 93 57
Email: lage.bohren@carnegie.no

Danske Bank Markets
Knut Ivar Bakken
Phone: +47 85 40 70 74
Email: knb@danskebank.no

DNB Markets
Alexander Aukner
Phone: +47 24 16 90 79
Email: alexander.aukner@dnb.no

FONDSFINANS
Knut Erik Løvstad
Phone: +47 23 11 30 40
Email: kel@fondsfinans.no

Handelsbanken Capital Markets
Ketil Lye
Phone: +47 22 39 72 99
Email: kjly01@handelsbanken.no

SEB
Bent Rølland
Phone: +47 22 82 71 26
Email: bent.rolland@seb.no








NORDEA MARKETS
Kolbjørn Giskeødegård
Phone: +47 22 48 79 83
Email: kolbjorn.giskeodegard@nordea.com

Norne Securities
Karl Johan Molner
Phone: +47 974 76 064
Email: karl-johan.molner@norne.no

PARETO SECURITIES AS
Carl-Emil Kjølå
s Johannessen
Phone: +47 24 13 39 41
Email: kjolas.johannessen@paretosec.com

SpareBank 1 Markets
Tore A. Tønseth
Phone: +47 24 14 74 18
Email: tore.tonseth@sb1markets.no

Swedbank
Phone: +47 23 23 80 00



Financial calendar 2018/2019 for Norway Royal Salmon ASA:

06.11.2018  Presentation Q3 2018
12.02.2019  Presentation of preliminary annual results 2018
30.04.2019  Annual Report 2018
21.05.2019  Presentation Q1 2019
06.06.2019  Annual General Meeting 2019
27.08.2019  Presentation Q2 2019
12.11.2019  Presentation Q3 2019



Please note that the financial calendar may be subject to change.

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)


Shareholders
General Assembly
Statutes
Registrar

Largest shareholders

Articles of Association

Articles of Association, as worded after amendment adopted in the general meeting of 31. May 2018

Articles of Association


Shareholder Services

Registrar of Norway Royal Salmon ASA (org.no. 864 234 232 NO)
is Sparebank1 SMN – Trondheim.

The shares are registered in:
Norwegian Central Securities Depository (VPS) with ISIN NO0010331838.
Oslo Stock Exhange (OSE)  – ticker NRS.

Total number of shares issued is 43.572.191 shares with a par value NOK 1,-.
The assessed value as of 31.12.2014 is NOK 65,38 per share.
Dividend paid in 2013 was NOK 2,20 per share.

Releases for Oslo Stock Exchange and Press releases

Norway Royal Salmon ASA’s announcements to the Oslo Stock Exchange can be found at
 www.newsweb.no

Below are links to:

All stock exchange announcements from Norway Royal Salmon ASA
Link to Oslo Stock Exchange newsweb

Mandatory Notifications from Norway Royal Salmon ASA
Link to Oslo Stock Exchange newsweb

Disclosures of large shareholdings in Salmon ASA
Link to Oslo Stock Exchange newsweb



Dernières sorties (anglais)(14)
  • Norway Royal Salmon: Notice to Annual General Meeting
    09.05.2019
  • Norway Royal Salmon: Invitation to presentation of Q1 2019
    08.05.2019
  • Mandatory notification of trade - extended TRS agreement
    12.04.2019
  • Key information regarding dividend for Norway Royal Salmon (NRS)
    11.04.2019
  • Norway Royal Salmon (NRS) – Financial statements for 2018 approved by the board of directors
    11.04.2019
  • Share-based incentive scheme - Mandatory notification of trade
    20.03.2019
  • Share-based incentive scheme - Mandatory notification of trade
    20.03.2019
  • Mandatory notification of trade – acquired treasury shares and extended TRS agreement
    14.03.2019
  • Norway Royal Salmon: Q4 18 – Highest Operational EBIT in the history of NRS
    12.02.2019
  • Invitation to presentation of Q4 2018
    05.02.2019
  • Mandatory notification of trade - extended TRS agreement
    18.01.2019
  • Q3 18 – Operational EBIT of MNOK 35
    06.11.2018
  • Invitation to presentation of Q3 2018
    31.10.2018
  • Invitation to presentation of Q4 2017
    07.02.2018

Norway Royal Salmon: Notice to Annual General Meeting

Attached please find the notice to the Annual General Meeting in Norway Royal Salmon ASA (the "Company"), to be held in Trondheim 6(th) June 2019. The notice will be sent to all shareholders by post no later than 10(th) May 2019.

The board of directors proposes a distribution of dividend for 2018 of NOK 6.00 per share, by the way of a cash distribution of NOK 4.20 per share and distribution of shares in the Company from the Company's treasury shares.

The number of shares for distribution in total and per outstanding share will be decided based on the shares' volume weighted average price on the Oslo Stock Exchange five trading days before the general meeting, and will be announced before the day of the annual general meeting. The last day of the valuation period will, due to practical reasons, be 31 (st) May 2019.

Fractional shares will not be distributed. The number of shares each shareholder registered in the VPS will receive will be rounded up to the nearest number of whole shares.

The Company generally does not seek to determine, nor comment on, the tax position of its individual shareholders. The Company will, however, take the position that the distribution of shares does not constitute a distribution of dividends for Norwegian tax law purposes. Accordingly, the Company will not withhold any withholding tax for its non-Norwegian shareholders. Norwegian shareholders' cost price for the shares being distributed is assumed to be zero; however, the Company assumes that the tax authorities will conduct a proportionate adjustment of the cost price for each individual shareholder's aggregate shareholding.

Subject to the resolution being passed by the annual general meeting, the shares will be traded exclusive the right to dividends as of 7 (th) June 2019. The dividends will be paid and the shares will be transferred on or around 17 (th) June 2019.

The annual report and accounts for 2018 were published through a stock exchange release on 30(th) April 2019 and are available on the Company's website.

For further information, please contact:

Ola Loe, CFO: + 47 911 79 411

www.norwayroyalsalmon.com

Notice of Annual General Meeting (pdf)

Norway Royal Salmon: Invitation to presentation of Q1 2019

Norway Royal Salmon will present the interim report for the 1st quarter 2019 on Tuesday 21st May 2019 at hrs 08:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo.

The company’s CEO Charles Høstlund and CFO Ola Loe will announce the results.

Please note that the quarterly report and presentation will be published at 06:30 CET.

For further information, please contact:
CFO Ola Loe
Tlf: +47 911 79 411
E-mail:
ola.loe@salmon.no

Mandatory notification of trade - extended TRS agreement

Chair of the Board of Directors in Norway Royal Salmon ASA (“NRS”), Helge Gåsø, has today through Gåsø Næringsutvikling AS extended a TRS (Total Return Swap) agreement with exposure to 250,000 shares in NRS to 19 July 2019. In addition, Gåsø Næringsutvikling AS has entered into an agreement with a contractual right to acquire 250,000 shares in NRS at NOK 193.50 per share. Following this extension, Gåsø Næringsutvikling AS holds and has contractual rights to 7,079,605 shares in NRS, constituting 16.25 percent of the issued share capital.

Key information regarding dividend for Norway Royal Salmon (NRS)

Dividend amount: 6.00 per share. Distributed by way of cash dividend of 4.20 per share and distribution of shares in NRS from the company’s treasury shares.

Declared currency: NOK

Last day including right: 6 June 2019

Ex-date: 7 June 2019

Record date: 11 June 2019

Payment date: on or around 17 June 2019

Date of approval: 6 June 2019

Other information: The number of shares for distribution in total and per outstanding share will be decided based on the shares' volume weighted average price on the Oslo Stock Exchange five trading days before the general meeting, and will be announced at the latest the day of the annual general meeting. The last day of the valuation period will due to practical reasons be 31 May 2019. Fractional shares will not be distributed. The number of shares each shareholder registered in the VPS will receive will be rounded up to the nearest number of whole shares.

For further information, please contact:

Ola Loe, CFO: + 47 911 79 411

Norway Royal Salmon (NRS) – Financial statements for 2018 approved by the board of directors

At a meeting held on 11 April 2019, the board of directors of Norway Royal Salmon ASA has reviewed and approved the financial statements for 2018. 

Final accounts and proposed dividend of NOK 6.00 per share are not altered from preliminary figures published on 12 February 2019. Dividend are distributed by way of cash dividend of NOK 4.20 per share and distribution of shares in NRS from the company’s treasury shares. Should the general meeting resolve to distribute the dividend, shares in Norway Royal Salmon ASA will be traded ex-dividend of NOK 6.00 per share from 7 June 2019.

An electronic version of the Annual Report will be published through Oslo Stock Exchange and www.norwayroyalsalmon.com 30 April 2019. 

The annual general meeting is scheduled to Thursday 6 June 2019 in Trondheim. The notice with attachments will be published through Oslo Stock Exchange and www.norwayroyalsalmon.com

For further information, please contact:

Ola Loe, CFO: + 47 911 79 411

Share-based incentive scheme - Mandatory notification of trade

Payment related to the Group's option program for senior management and key personnel.

Norway Royal Salmon ASA (NRS) has today sold 10,753 own shares at a price of NOK 203.48 per share in connection with the management and key personnel's stock option scheme.

The participants in the stock option scheme have an obligation to buy NRS shares for the calculated bonus amount, at the volume weighted average price for the share in the period from March 6 to March 19, 2019. The average price is NOK 203.48 per share.

Shares in the company have been transferred to the following primary insiders on March 20, 2019:

-          Charles Høstlund received through related parties 1,966 shares

-          Ola Loe received through related parties 1,753 shares

-          Klaus Hatlebrekke received through related parties 1,474 shares

-          Arve Olav Lervåg received 1,373 shares

-          Hanne-Guri Haug received 462 shares

-          Per Magne Bølgen received 576 shares

-          Ingrid Rønning received 189 shares

-          Jan Pål Johannesen received 217 shares

The primary insiders listed below have on March 20, 2019 sold the following number of shares back to NRS to cover the taxable amount for the reception of the above shares:

-          Arve Olav Lervåg sold 686 shares

-          Jan Pål Johannesen sold 108 shares

Norway Royal Salmon ASA (NRS) total repurchase of own shares is 1,507 at a price of NOK 203.48 per share to cover the stock option holder's taxable amounts.

After these transactions, the primary insiders have the following stock holdings:

-          Charles Høstlund holds through related parties 171,298 shares

-          Ola Loe holds through related parties 227,650 shares

-          Klaus Hatlebrekke holds through related parties 141,419 shares

-          Arve Olav Lervåg holds 687 shares

-          Hanne-Guri Haug holds 1,067 shares

-          Per Magne Bølgen holds 1,197 shares

-          Ingrid Rønning holds 4,574 shares

-          Jan Pål Johannesen holds 109 shares

After these transactions, NRS holds 528,961 treasury shares and has contractual rights to 985,756 own shares, constituting 3.48 percent of the issued share capital.

For more information, please contact:

CEO Charles Høstlund, +47 9941 8449

CFO Ola Loe, +47 9117 9411

Share-based incentive scheme - Mandatory notification of trade

Norway Royal Salmon ASA (NRS) today sold 19,747 shares at a price of NOK 203.48 per share in connection with management's synthetic stock option scheme.

The participants in the synthetic stock option scheme have an obligation to buy NRS shares for the paid bonus amount after tax, at the volume weighted average price for the share in the period from March 6 to March 19, 2019. The average price is NOK 203.48 per share.

After this transaction, NRS holds 538,207 treasury shares and has contractual rights to 985,756 own shares, constituting 3.50 percent of the issued share capital.

In connection with the stock option scheme, the following primary insider in NRS bought shares at a price of NOK 203.48 per share:

Charles Høstlund purchased through related parties 19,747 shares. Total holding after the purchase is 169,332 Norway Royal Salmon shares.

For more information, please contact:

CEO Charles Høstlund, +47 9941 8449

CFO Ola Loe, +47 9117 9411.

Mandatory notification of trade – acquired treasury shares and extended TRS agreement

Norway Royal Salmon ASA (“NRS”) has today exercised its contractual right to purchase 500,000 treasury shares at a price of NOK 216.50 per share, while the company has extended a TRS (Total Return Swap) with exposure to the remaining 985,756 shares in NRS to 13 September 2019. In connection with this TRS, NRS has entered into an agreement with the contractual right to acquire 985,756 shares in NRS at NOK 219.460457 per share. Following this transaction and extension of the TRS agreement, NRS holds 557,954 treasury shares and has contractual rights to 985,756 own shares, constituting 3.54 percent of the issued share capital.

For more information, please contact:

CFO Ola Loe, +47 9117 9411.

Norway Royal Salmon: Q4 18 – Highest Operational EBIT in the history of NRS

Today Norway Royal Salmon (NRS) reports an operational EBIT of MNOK 232 for the fourth quarter 2018 and EBIT per kg of NOK 17.73. Corresponding figures for the same quarter last year were MNOK 95 and NOK 15.51.

- Today we report the highest operational EBIT in the history of NRS for both a quarter and a financial year. We are pleased that Region North continues the positive development in production costs, however biological challenges in Region South are reducing the result says CEO Charles Høstlund.

For the financial year of 2018, NRS has operating revenues of more than NOK 5 billion and achieved an operational EBIT of MNOK 642 million. The Board proposes a dividend of NOK 6.00 per share for 2018.

Net operational cash flow amounted to MNOK 130 in the fourth quarter. Net interest-bearing debt decreased in the quarter by MNOK 80 to MNOK 420. The equity at the end of the quarter is MNOK 2 321, which equates an equity ratio of 57 per cent. Return on capital employed for the last four quarters is 37 per cent.

Region North

Region North posted an operational EBIT of MNOK 243.3 in the quarter, compared with MNOK 116.0 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 20.20 compared with NOK 15.84 in the corresponding quarter last year.

Region South

Region South posted an operational EBIT of MNOK 1.0 in the quarter, compared with MNOK 24.4 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 0.60, compared with NOK 14.12 in the corresponding quarter last year.

NRS harvested 13 783 tonnes gutted weight in the quarter, which is 52 per cent higher than in the same quarter last year. 12 042 tonnes of the total volume were harvested in Region North and 1 741 tonnes in Region South. Estimated harvest volume is 38 000 tonnes for 2019, an increase of 6 per cent from 2018. The sales business sold 27 785 tonnes salmon during the quarter, which is 24 per cent higher than the corresponding quarter last year. Both harvested and sold volume is the highest in a quarter in the history of NRS.

- NRS takes an active part in the development of a sustainable aquaculture industry through substantial investments over the next three years. We focus on innovation and technology development to ensure our sustainable growth by investing in a smolt facility and offshore fish farms that will create new local jobs, says Charles Høstlund.

For more information, please contact:

  • CEO Charles Høstlund, +47 994 18 449
  • CFO Ola Loe, +47 911 79 411.

Norway Royal Salmon in brief

Norway Royal Salmon (NRS) group owns 39 426 tonnes MAB distributed between 34 746 tonnes MAB in Region North located in West Finnmark and Troms and 4 680 tonnes MAB in Region South in the area around Haugesund. In addition, the group has minority interest in three associated Norwegian fish farming companies which together own ten fish farming licenses, as well as Arctic Fish on Iceland. NRS is an attractively positioned fish farming group, which offers salmon to the market through its own sales organisation. For further details, please visit www.norwayroyalsalmon.com.

NRS Q4 2018 Report (pdf)
NRS Q4 2018 Presentation (pdf)

Invitation to presentation of Q4 2018

Norway Royal Salmon will present the interim report for the 4thquarter 2018 on Tuesday 12thFebruary 2019 at hrs 08:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo.

The company’s CEO Charles Høstlund and CFO Ola Loe will announce the results.

Please note that the quarterly report and presentation will be published at 06:30 CET.

For further information, please contact:
CFO Ola Loe
Tlf: +47 911 79 411
E-mail: ola.loe@salmon.no

Mandatory notification of trade - extended TRS agreement

Chair of the Board of Directors in Norway Royal Salmon ASA (“NRS”), Helge Gåsø, has today through Gåsø Næringsutvikling AS extended a TRS (Total Return Swap) agreement with exposure to 250,000 shares in NRS to 12 April 2019. In addition, Gåsø Næringsutvikling AS has entered into an agreement with contractual right to acquire 250,000 shares in NRS at NOK 185.37 per share. Following this extension, Gåsø Næringsutvikling AS holds and has contractual rights to 7,079,605 shares in NRS, constituting 16.25 percent of the issued share capital.

Q3 18 – Operational EBIT of MNOK 35

Today Norway Royal Salmon (NRS) reports an operational EBIT of MNOK 35 for the third quarter 2018 and EBIT per kg of NOK 22.10. Corresponding figures for the same quarter last year were MNOK 192 and NOK 19.29.

- During the quarter we have focused on building biomass and the biomass in the sea has increased by 71 per cent from the end of the previous quarter. This has resulted in a low harvest volume for the quarter. We have had a positive development in production costs from the previous quarter in Region North, says CEO Charles Høstlund.

Net interest-bearing debt increased in the quarter by MNOK 87 to MNOK 500, after purchase of 800 tonnes MAB and the increase in biomass of 11 927 tonnes. The equity at the end of the quarter is MNOK 2 243, which equates an equity ratio of 55 per cent. Return on capital employed for the last four quarters is 30 per cent.

Region North

Region North posted an operational EBIT of MNOK 53.0 in the quarter, compared with MNOK 155.3 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 22.27 compared with NOK 18.85 in the corresponding quarter last year.

Region South

Region South posted an operational EBIT of MNOK 1.8 in the quarter, compared with MNOK 46.3 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 18.05, compared with NOK 20.91 in the corresponding quarter last year.

NRS harvested 2 478 tonnes gutted weight in the quarter, which is 76 per cent lower than in the same quarter last year. 2 379 tonnes of the total volume were harvested in Region North and 100 tonnes in Region South. Estimated harvest volume is 36 000 tonnes for 2018, an increase of 13 per cent from 2017. Estimated harvest volume is 40 000 tonnes for 2019, an increase of 11 per cent from 2018. 10.8 million smolts are planned released in 2018. The sales business sold 14 945 tonnes salmon during the quarter, which is 33 per cent lower than the corresponding quarter last year.

For more information, please contact:

  • CEO Charles Høstlund, +47 994 18 449
  • CFO Ola Loe, +47 911 79 411.

Norway Royal Salmon in brief

Norway Royal Salmon (NRS) group owns 39 426 tonnes MAB distributed between 34 746 tonnes MAB in Region North located in West Finnmark and Troms and 4 680 tonnes MAB in Region South in the area around Haugesund. In addition, the group has minority interest in three associated Norwegian fish farming companies which together own ten fish farming licenses, as well as Arctic Fish on Iceland. NRS is an attractively positioned fish farming group, which offers salmon to the market through its own sales organisation. For further details, please visit www.norwayroyalsalmon.com.

NRS Q3 2018 Report English (pdf)
NRS Q3 2018 Presentation (pdf)

Invitation to presentation of Q3 2018

Norway Royal Salmon will present the interim report for the 3rdquarter 2018 on Tuesday 6thNovember 2018 at hrs 09:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo.

The company’s CEO Charles Høstlund and CFO Ola Loe will announce the results.

Please note that the quarterly report and presentation will be published at 06:30 CET.

For further information, please contact:
CFO Ola Loe
Tlf: +47 911 79 411
E-mail: ola.loe@salmon.no

Invitation to presentation of Q4 2017

Norway Royal Salmon will present the interim report for the 4thquarter 2017 on Tuesday 13thFebruary 2018 at hrs 08:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo.

The company’s CEO Charles Høstlund and CFO Ola Loe will announce the results.

Please note that the quarterly report and presentation will be published at 06:30 CET.

For further information, please contact:
CFO Ola Loe
Tlf: +47 911 79 411
E-mail: ola.loe@salmon.no

The prerequisite for good corporate governance is a clear and transparent relationship between owners, the board of directors and management. Good corporate governance will instil confidence and trust among all interested parties and will provide a firm basis on which to create value and good results. Good corporate governance is important to Norway Royal Salmon (“NRS” or the “Company”) and the Company’s principles of corporate governance have been drawn up in accordance with the Norwegian Code of Practice for Corporate Governance.

Business
The Company’s object is to engage in the production, processing, trading and distribution of seafood, and participate in other companies associated with the seafood industry. The Company’s further object is to engage in quality assurance and chain management for partner companies.

The Company’s core value is the fundamental belief that better results can be achieved both for companies and for the local community if companies are involved in the community and if they exercise authority and leadership.

The following strategic key points have been adopted by the board of directors:

  • NRS shall be an efficient and profitable aquaculture company.
  • NRS shall rune an effective and profitable sales organisation.
  • NRS shall provide a competitive return on investment to its shareholders.
  • NRS shall offer affiliated producers economies of scale with respect to sales, procurement, quality assurance an other imoportant services.
  • NRS wishes to be a shareholder in companies associated with aquaculture industry.

Equity and dividends
The Company shall maintain a level of equity appropriate to the Company’s objectives, strategy and risk profile. The Company’s aim is for shareholder returns to reflect the value created by the Company and convert into dividends, as well as an increased share price. Dividends shall remain stable over time and shall make up 30-40% of the group’s net profit, provided that the Company’s own capital requirements have been met. Over time, monetary value shall be created by way of share price rises rather than paid-out dividends.


Equal treatment of shareholders and freely negotiable shares

It is the Company’s policy to treat all shareholders equally. Shareholders shall not be subjected to differential treatment without basis in the Company or the shareholders’ commonality of interest. The Company’s shares are freely negotiable and there are no restrictions on the purchase and sale of the Company’s shares beyond that which follows from Norwegian law. All shares belong to a single class, and each share has one vote at the Company’s general meetings.

General Meeting
An ordinary annual general meeting shall be held within six months of the end of each financial year. Extraordinary general meetings may be called by the board of directors at any time.

All shareholders shall receive a written invitation to attend the general meeting. Motions and necessary background information along with documents to be produced at the general meeting shall be made available on the Company’s website no later than 21 days before the general meeting. Shareholders who are unable to attend may vote by proxy.

The general meeting shall elect members to the board of directors, set the level of remuneration of board members, adopt the annual accounts and board of directors report and consider any other matters pertaining to the general meeting according to laws or regulations. The chairman of the board of directors, the management and the auditor shall attend the ordinary general meeting.

Nomination committee
The Company’s nomination committee comprises three members elected by the general meeting for two year at a time. The nomination committee shall put forward proposals to the general meeting on the election of members and deputy members to the board of directors. The recommendation fore the chair of the board is given separately.Their proposals shall be justified. The nomination committee shall give a recommendiaton for the remuneration for the members of the board of directors.

Composition and independence of the board of directors
The composition of the board of directors is designed to protect the common interests of the shareholders and the Company’s need for expertise, capacity and diversity. The board of directors shall be composed in such a way that it can act independently of special interests. Executive staff, and material business contacts and at least two of the members elected by the shareholders shall be independent of the Company’s main shareholders.
Members of the board of directors shall be elected for a period of two years at a time.

The work of the board of directors
The board of directors has the overall responsibility for the management of the Company. The chief executive shall be elected by the board of directors and shall have a duty to report to the board. A separate set of instructions for the board of directors defines the cases to be considered by the board of directors and its areas of responsibility, along with the responsibilities of the chief executive.

Risk management and internal controls
Efficient management focusing on risk and good internal controls is an overarching criterion for the success of NRS and forms an integrated part of its business operations. The ability to plan, structure, implement and evaluate projects is an important part of the business. The Company is governed according to set financial targets. Reporting takes place on a monthly basis and includes both financial and non-financial parameters. Focus is on profitability and risk linked to each area of business. Emphasis is placed on following up results, and focus is directed towards measures in areas that are not achieving the desired level of growth. The aim of risk management and internal controls is to handle risks linked to the business and to improve the quality of financial reporting. Effective risk management and internal controls help protect the shareholders’ investments and the Company’s assets. The board of directors believes NRS has effective internal controls and a level of risk management appropriate to the business.

Remuneration of the board of directors
Remuneration of the board of directors shall reflect the board’s responsibilities, expertise and time use, as well as the complexity of the business. Remuneration shall not be linked to financial results. Options shall not be issued to members of the board of directors. Remuneration shall be set by the general meeting based on recommendiation of the nomination committee. Further information about remuneration of the board of directors is given in the notes to the annual accounts.

Remuneration of executive staff
Remuneration of the chief executive shall be set by the board of directors. The remuneration comprises a fixed salary and a variable part (bonus), which is dependent on achieving set goals.

Information and communication
NRS shall ensure that all shareholders receive accurate, clear, relevant and timely information concerning all matters of financial importance to the shareholders. Financial information is published on NRS’ website and in press releases. The annual report and quarterly reports are published in both Norwegian and English.

Takeovers
In the event of a takeover bid, the board of directors shall not seek to prevent or obstruct such a bid being made for the Company’s business or shares, unless there are particular grounds for doing so. If a bid is made for the Company’s shares, the board of directors shall issue a statement with an assessment of the bid and a recommendation as to whether or not shareholders should accept it. The board of directors’ statement will specify whether the assessment was unanimous.

Auditor
The auditor shall participate in board meetings at which the annual accounts are being discussed. Each year the auditor shall present a main outline of the auditing of the Company to the board of directors.


Board
Management
  • Helge Gåsø

    (1961), Chair

    Helge Gåsø has extensive experience of the build-up, operation and development of fish farming businesses. He took part in building up Frøya Fiskeindustri, subsequently Hydro Seafood and Midnor Havbruk. He resides Hamarvik, Frøya in Norway.

  • Kristine Landmark

    (1954), Vice Chair

    Kristine Landmark holds a Master degree in Economics and Business Administration from the Norwegian School of Economics and Business Administration (NHH). She is the CEO of Slettvoll Møbler AS. She has extensive experience from the Stokke Group, where she was employed in the period 1989-2010, and served as CEO in the period 2004-2010. Ms. Landmark holds a number of directorships. She resides in Ålesund Norway.


  • Lars Måsøval

    (1979), Board member

    Lars Måsøval is educated within aquaculture. He has extensive experience from the fish farming industry through various positions in his family-owned business. He is the Chair of the Board and one of the main shareholders of the Måsøval Group, which has its own hatchery and operate nine fish farming licenses. He resides on Frøya, Norway.

  • Marianne E. Johnsen

    (1963), Board member

    Marianne E. Johnsen graduated as a lawyer from University of Oslo before obtaining an MBA from Solvay Business School in Brussels. She is the founder and managing partner of X-lence Group AS, a management consulting and investment company. She has extensive experience from international executive positions, from among others Elkem, and holds a number of directorships in publicly listed companies. She resides in Oslo Norway.

  • Jon Hindar

    Board member

    Jon Hindar holds a MSc in Chemical Engineering (NTNU) and has Management Education from IMD Lausanne. He has held executive positions in several major companies and has been CEO in Cermaq, Norsun and Biotech AS. He holds and has held a number of directorships in larger companies.

  • Trude Olafsen

    (1963), Board member

    Trude Olafsen is graduated Cand. Agric. within aquaculture from the Norwegian University of Life Sciences. She is employed in AKVA Group with the responsibility for business development. She has worked in various organizations in the seafood industry and within research/consulting, in addition to have held several elected positions in the industry. She resides in Trondheim, Norway.

  • Charles Høstlund

    (1975), CEO

    Charles Høstlund has a Master’s degree in fish health from the Norwegian College of Fishery Science and a MBA in Financial control and management from the Norwegian School of Economics. He has previously worked as Regional Director of Marine Harvest Norway Northern Region. He joined Norway Royal Salmon in september 2014. He resides in Drøbak, Norway.

  • Ola Loe

    (1966), CFO

    Ola Loe is a Certified Public Accountant from the Norwegian School of Economics and Business Administration (NHH). Prior to joining Norway Royal Salmon in 2009, he worked as a senior manager at KPMG and as group auditor for Cermaq, Norway Pelagic, Fjord Seafood and Midnor Group. Mr. Loe is a Norwegian citizen and resides in Trondheim, Norway.

  • Klaus Hatlebrekke

    (1974), COO Markets and Business Development

    Mr. Hatlebrekke has during the past ten years been working as an analyst of the seafood sector at DNB Markets. Mr. Hatlebrekke holds a Master degree in Business and Economics from Norwegian School of Management. He joined NRS in April 2012 and resides in Trondheim, Norway.

  • John Gunnar Grindskar

    (1970), COO Farming


Election Committee
  • Endre Glastad

    Leader, e-mail: endre@glastad.no



  • Karl Olaf Jørgensen

    Member


  • Anne Breiby

    Member


1. Introduction

1.1 Ces directives en termes d'éthique (appelées « les directives ») ont été adoptées par le conseil d'administration de Norway Royal Salmon ASA (« La société »).

1.2 L'objectif de ces directives est de créer une culture d'entreprise saine et de conserver l'intégrité de la société en aidant les employés à fixer une norme élevée de bonnes pratiques des affaires. De plus, les directives sont destinées à être un outil d'auto-évaluation et de développement de l'identité de la société.

1.3 Les directives sont valables pour toutes les unités qui sont contrôlées par la société et tous les employés et les membres du conseil d'administration de la société (mentionnées ensemble comme « employés »). Tous les employés doivent lire et comprendre les directives. Les employés sont invités à poser des questions par rapport à l'utilisation des directives. De telles questions peuvent être adressées au supérieur hiérarchique immédiat de l'intéressé, à un membre de la haute direction de la société ou à un membre du conseil d'administration de la société (« Le conseil d'administration »).

1.4 Chaque employé a la responsabilité finale de se conformer aux directives. Chaque dirigeant doit en plus avoir la responsabilité de respecter les directives telles qu'elles sont en vigueur pour les employés et l'exploitation au sein du champ de responsabilité du dirigeant en question.

1.5 Des violations éventuelles des directives représenteront une raison de prendre des mesures disciplinaires, y compris le renvoi, si nécessaire.

2. L'éthique


2.1 Les directives de la société exigent que les employés se conforment à une norme éthique élevée sur un plan professionnel et personnel lors de la réalisation de ses obligations et missions pour la société. Les employés doivent agir de manière honnête et faire preuve d'intégrité devant les autres employés, les relations d'affaires et clients, le public, le monde des affaires, les actionnaires, les fournisseurs, les concurrents et les autorités gouvernementales.

2.2 Lorsqu'ils agissent pour le compte de la société, les employés ne doivent pas chercher à obtenir des avantages non justifiés en manipulant, en tenant secret ou en utilisant de façon abusive des informations privilégiées, en présentant de manière erronée des faits importants ou d'autres méthodes frauduleuses.

2.3 Les directives de la société interdisent la discrimination illégale des employés, des actionnaires, des membres du conseil d'administration, des clients et fournisseurs sur la base de leur origine ethnique ou nationale, de leur âge, leur sexe ou leur religion. Tous les êtres humains doivent être traités avec dignité et respect et ne doivent pas être dérangés de manière injustifiée dans l'exercice de leurs obligations et missions.

2.4 Les employés ne doivent pas, sous prétexte de loyauté envers la société ou d'un souhait de réaliser un bénéfice pour la société, violer les lois en vigueur ou les règles internes et les directives de la société.

3. Les règles de bonnes pratiques des affaires


3.1 Les valeurs de la société

3.1.1 La société est fondamentalement convaincue que l'on peut obtenir de meilleurs résultats dans chacune des sociétés et pour l'environnement local lorsque les sociétés de Norway Royal Salmon font preuve d'un engagement, d'une autorité de décision et d'une appropriation sur le plan local.

3.1.2 La société travaille pour être constamment un partenaire fiable par le biais de pratiques commerciales appropriées, d'une grande discipline, de priorités accordées aux solutions de qualité, de livraisons prévisibles et fiables et d'un niveau élevé de service.

3.1.3 La société doit agir avec une certaine diligence dans tous les domaines de l'activité. Cela signifie que la société doit remplir ses obligations en un temps le plus court possible, prendre rapidement ses décisions (mais en même temps se baser sur les faits), accepter les changements, traiter les nouveaux défis et également être proactive

3.1.4 La société doit utiliser et développer des compétences dans la production, le développement de produits et le management. Des facteurs clés sont ici le professionnalisme et les meilleurs pratiques.

3.2 Les règles et la législation

3.2.1 La société doit se conformer à toutes les lois et règlements qui s'appliquent à l'activité de la société. Il relève de la responsabilité personnelle de chaque employé de suivre les injonctions et restrictions découlant de tels règlements et lois.

3.3 La santé, l'environnement et la sécurité

3.3.1 L'activité de la société doit être menée d'une manière qui préserve la sécurité et la santé des employés, des clients, du public et de l'environnement conformément aux lois en vigueur et aux règlements du domaine de la santé, de l'environnement et de la sécurité et d'une certaine manière qui protègent l'environnement, le personnel et les biens de la société. Tous les employés doivent agir conformément à ces directives. Un écart ou le soupçon d'un écart par rapport aux directives doit être immédiatement rapporté.

3.3.2 La société doit être un lieu de travail professionnel et positif où les conditions de travail favorisent l'inclusion.

3.3.3 Tous les employés doivent contribuer à créer des conditions de travail sans discrimination basée sur la religion, la couleur de peau, le sexe, l'orientation sexuelle, l'âge, la nationalité, la race et le handicap.

3.3.4 La société n'accepte pas d'attitudes pouvant être perçues comme dévalorisant ou menaçant.

3.4 Le rapport aux clients, aux fournisseurs et aux concurrents

3.4.1 Les clients doivent être reçus en faisant preuve de respect, de compréhension et de connaissance.

3.4.2 Les fournisseurs doivent être traités d'une manière honnête et professionnelle.

3.4.3 La société souhaite évoluer dans une concurrence juste et ouverte sur tous les marchés, à la fois nationaux et internationaux. La société ou l'un de ses employés ne devra en aucune manière participer à des actions violant la législation actuelle sur la concurrence. Les employés ayant des questions sur d'éventuels effets anticoncurrentiels de transactions spécifiques ou suspectant la violation de la législation sur la concurrence en vigueur, doivent consulter leur supérieur hiérarchique immédiat, la haute direction ou le conseil d'administration.

3.4.4 La société est fortement opposée à toute forme de corruption (dessous de table, pots de vin, etc.). Aucun des employés de la société, directement ou indirectement, n'offrira, ne promettra, ne donnera ou ne recevra de dessous de table, de cadeaux illégaux ou inadaptés ou autres avantages injustifiés ou rémunération pour obtenir des avantages professionnelles ou autres avantages personnels.

3.5 Blanchiment d'argent

3.5.1 La société est fortement opposée à toute forme de blanchiment d'argent. La société prendra les mesures nécessaires pour empêcher que les transactions qu'elle effectue soient utilisées par d'autres à des fins de blanchiment d'argent. Les employés suspectant une violation de la législation en vigueur sur le blanchiment d'argent doivent consulter leur supérieur hiérarchique immédiat, la haute direction ou le conseil d'administration.

3.6  Loyauté et conflit d'intérêts

3.6.1 La société exige de ses employés qu'ils soient loyaux et qu'ils s'abstiennent d'effectuer des actes ou d'avoir des intérêts rendant l'exécution du travail qui leur a été assigné difficile à réaliser d'une manière objective et efficace.

3.6.2 L'employé informera son supérieur hiérarchique immédiat, la haute direction ou le conseil d'administration de situations où il a un intérêt essentiel direct ou indirect dans une transaction ou une autre circonstance concernant la société.

3.6.3 Les conflits d'intérêts doivent être évités. Si un conflit d'intérêts intervient, chaque employé évaluera la situation et informera son supérieur hiérarchique immédiat de sa partialité ou du conflit d'intérêts. Les situations impliquant des conflits d'intérêts peuvent toucher les clients, fournisseurs, employés actuels ou futurs, concurrents ou autres relations, mais ne sont pas forcément limitées à eux

3.6.4 Les employés sont tenus de promouvoir les intérêts légitimes de la société lorsque l'occasion leur en est donnée. Les employés ne doivent pas profiter personnellement de possibilités qu'ils découvrent lors de l'utilisation des biens ou des informations de la société ou lors de leur emploi dans l'entreprise.

3.7 Confidentialité et secret professionnel

3.7.1 Il est important que l'employé préserve le secret professionnel en ce qui concerne les informations relatives à la société. Les employés ont souvent accès à des informations confidentielles et soumises au secret professionnel sur l'activité de la société, ses clients et fournisseurs. Les informations soumises au secret professionnel couvrent entre autres les informations non-publiques sur l'activité de la société, les résultats financiers et les perspectives et transactions possibles de la société. Les employés doivent respecter le secret professionnel par rapport à de telles informations à la fois durant et après la période de l'emploi, et ne doivent pas utiliser, divulguer ou communiquer l'information soumise au secret professionnel, à moins que ceci soit fait dans le cadre de l'exercice du poste de l'employé. Cela peut avoir des conséquences graves pour la société et l'employé en question si des informations confidentielles sont transmises à des tiers sans autorisation.

3.7.2 Le traitement des données personnelles par la société doit être fait avec l'attention et la conscience exigés conformément aux lois et aux règlements et adaptées à des informations pouvant être sensibles, que les renseignements concernent les clients, les employés ou d'autres. Le traitement des données personnelles doit se limiter au strict nécessaire pour l'exploitation de l'activité, un traitement efficace des clients, les activités actuelles de commercialisation et la bonne gestion du personnel.

3.8 Usage correct des biens de la société
Les biens de la société ne doivent être utilisés qu'à des fins professionnelles légales et seulement par des employés ayant l'autorité pour le faire ou des personnes désignées par ces dernières. Ceci concerne les actifs corporels (par ex. les équipements de bureau, téléphones, photocopieurs, etc.) et les actifs incorporels (par ex. les secrets commerciaux et les informations soumises au secret professionnel). Les employés ont la responsabilité de protéger les biens de la société contre le vol et la perte, ainsi que de veiller à ce que ces biens soient utilisés de manière efficace. Le vol, l'imprudence et le gaspillage ont une influence directe sur la rentabilité de la société. Si un employé prend connaissance d'un cas de vol, de gaspillage ou abus des biens de la société, la personne en question devra le rapporter à son responsable ou à un membre du conseil d'administration.

3.9  Drogues et alcool

Les directives de la société interdisent l'utilisation illégale, la vente, l'achat, la reprise, la possession ou la consommation de substances contrôlées sur les sites de la société, à l'exception d'un usage médical sur ordonnance. Les directives de la société interdisent également aux employés d'utiliser de vendre, d'acheter, de reprendre ou d'être en possession de boissons alcoolisées sur les sites de la société, à l'exception des occasions particulières où la société l'autorise. Conformément à ces directives la société doit se conformer aux lois et règlements en vigueur concernant l'utilisation d'alcool ou d'autres substances contrôlées.

3.10 Communication externe

Seuls quelques employés spécialement désignés ont l'autorisation de discuter de la société avec les médias, les analystes et les investisseurs. Toutes les demandes émanant des autorités de surveillance ou des représentants de l'État doivent être renvoyées sur le responsable adéquat. Les employés entrant en contact avec les médias dans le cadre de leur poste, ne doivent pas commenter les rumeurs ou spéculations sur les activités de la société.

3.11 Négoce de titres

3.11.1 Les employés et les membres de leurs familles ne doivent ni vendre ni acheter d'actions ou d'autres titres ou donner de conseils sur le négoce de titres sur la base d'informations privilégiées concernant de tels titres, y compris les actions de la société et des actions de sociétés de clients, fournisseurs ou partenaires de la société.

3.11.2 Les « informations privilégiées » sont des informations pouvant influencer le cours des actions de la société ou des actions d'autres sociétés cotées en bourse. Si vous avez des doutes sur l'éventualité d'être en possession d'informations privilégiées, vous devez contacter votre supérieur hiérarchique immédiat ou représentant de la société responsable des situations concernant le délit d'initié, et vous pouvez éventuellement demander conseil auprès d'un conseiller juridique.

3.11.3 Les membres du conseil d'administration et la haute direction, de même que certaines autres personnes sont soumises à des exigences supplémentaires par rapport aux règles de la société sur le délit d'initié.

3.12  Intégrité des documents de l'entreprise

3.12.1 Tous les documents commerciaux, comptes de coûts, bordereaux, factures, listes de paie, feuilles de service, rapports aux organismes publics et autres rapports doivent refléter les conditions réelles.

3.13  Les comptes de la société doivent être tenus avec vigilance et honnêteté, et doivent refléter d'une manière précise les transactions de la société. Tous les biens/actifs doivent être comptabilisés conformément aux procédés adoptés par la société. On ne doit pas constituer de fonds ou de biens non comptabilisés, quelque soit le but de la manœuvre.

3.14 Le personnel comptable de la société devra communiquer aux experts comptables externes ou au conseil d'administration de la société toute l'information que ceux-ci pourront demander. Aucun employé ne doit lui-même commettre, ordonner à quelqu'un de commettre ou permettre à d'autres de commettre des actes dans le but d'influencer, forcer, manipuler ou tromper de manière frauduleuse les experts comptables externes de la société impliqués dans la vérification ou le contrôle des comptes de la société, ou omettre de corriger des comptes ou documents comptables faux ou trompeurs afin d'obtenir des comptes sensiblement trompeurs.   

4. Rapport de violation des règles


Les employés étant témoins ou ayant connaissance de situations qu'ils soupçonnent d'être des violations des directives, sont tenus d'en informer leur supérieur hiérarchique immédiat, la haute direction ou un membre du conseil d'administration, en l'absence d'autres instructions dans les directives. Une violation d'une règle dans laquelle un dirigeant est impliqué doit être rapportée directement à un membre du conseil d'administration. Lorsqu'un dirigeant est informé d'une violation des directives, celui-ci doit avoir la responsabilité de prendre en main la situation en question en consultation avec un membre du conseil d'administration. Si un employé ayant rapporté une violation des directives souhaite rester anonyme, on devra faire tout ce que l'on peut raisonnablement attendre pour que l'identité de l'employé puisse être maintenue confidentielle. Toutes les notifications de violation doivent être prises au sérieux et, si nécessaire, un rapport de violation des directives doit être étudié de manière plus approfondie. La société ne doit pas organiser de représailles ou permettre que des représailles soient dirigées à l'encontre d'un employé ayant rapporté de bonne foi un cas de violation.