Annual reporting requirements Annual reporting requirements Annual reporting requirements

Annual reporting requirements for Norwegian entities listed on Oslo Børs or Euronext Expand are extensive and can be quite a maze to navigate. In this article we provide you with an overview of these reporting requirements, as well as helpful links with more details on each subject.

Parent – and Consolidated Financial Statements (Norwegian Accounting Act § 3-2) 

• Point to consider:
  • Are the most important events disclosed and are the underlying assessments well explained?

Annual Report (Norwegian Accounting Act § 3-3a)

• Should include both the Group and the parent entity
• Disclose information about share ownership including any restrictions on voting rights or the right to trade in the shares of the company (Securities Trading Act § 5-8a)

Statements by the persons responsible within the issuer (Securities Trading Act § 5-5)

• Including the preparation of and the information provided in the entity’s annual financial statement and the annual report
• The Board of Directors (BoD) shall assess the European Single Electronic Format (ESEF) reporting.

Statements that can be included in the annual report or included with references to other documents

Statement on corporate governance (Norwegian Accounting Act § 3-3b)

• Click here to learn more (“Reporting of non-financial information for 2022” – KPMG Norway)

Statement on corporate social responsibility and sustainability (Norwegian Accounting Act § 3-3c)

• Click here to learn more (“Reporting of non-financial information for 2022” – KPMG Norway)

Report on transparency and work on fundamental human rights and decent working conditions - Transparancy Act (Transparency Act § 5)

• To be published no later than 30 June each year and otherwise in case of significant changes to the entity’s risk assessments
• More information can be found in the following articles
  • The new Transparency Act - KPMG Norway
  • Are your company updated on regulatory requirements to human rights? - KPMG Norway

Statement on equality of opportunity and treatment (Equality and Anti-Discrimination Act § 26 a)

Guidelines for- and a declaration on the fixing of salaries and other remuneration for leading personnel (Norwegian Public Limited Liability Companies Act §§ 6-16 a og 6-16 b)

• The guidelines and declaration should be published on the entity’s website
• Read more in the article Survey of the remuneration reporting for 2021 - KPMG Norge

Requirement for electronic reporting format (ESEF)

• The Financial Supervisory Authority (Finanstilsynet) has stated that ESEF should be completed when the board approves the annual financial statements
• Read more on how to consider the Financial Supervisory Authority’s (Finanstilsynet’s) input to ESEF-reporting in the following articles:
  • Requirement for electronic reporting format for listed companies (ESEF) - Finanstilsynet.no
  • Identical letter to all companies on Oslo Børs regarding deficiencies in ESEF reporting - Finanstilsynet.no

Lastly, The Financial Supervisory Authority (Finanstilsynet) and ESMA have listed the following focus areas for the 2022 annual reporting:

- Climate-related matters

-  Direct consequences of Russia’s invasion of Ukraine

-  Macro-economic environment

• Follow the link below for the full report on the Financial Supervisory Authority’s (Finanstilsynet’s) control of listed entities financial reporting in 2022:
  • Review of listed companies’ financial reporting in 2022 - Finanstilsynet.no

The overview presented in this article is not exhaustive, however is intended to provide an overview of key reporting requirements Norwegian listed entities on Oslo Børs/Euronext Expand. There might be additional industry-specific reporting requirements for e.g., banks, financial institutions, oil and gas entities, etc.

We note that several of the articles and pages linked to in this article are written in Norwegian. Please do not hesitate to contact us should you have any questions related to either this article or any of the articles we have linked herein.