The Norwegian Transparency Act is still relatively new, and many of us are preparing the account for the first or second time. Here's a checklist to ensure everything is in order before the deadline.
Requirements of the Norwegian Transparency Act:
- Conduct due diligence assessments of your operations
- Follow up on findings
- Publish an account in the annual report by June 30th
The phrase "account of the due diligence assessments" (Redegjørelse in Norwegian) is crucial. Use it in the title when publishing your due diligence report to ensure that your customers and The Norwegian Consumer Authority (Forbrukertilsynet) can find it easily, helping you avoid inquiries and reminders.
Have you processed the report with the board?
Large companies likely ensure that the Norwegian Transparency Act report is reviewed by the board and verified by the auditor. However, all individuals required to report must review, sign, and date the report with the board. Only those with power of attorney are authorized to sign. The responsibility should not fall solely on the sustainability manager or controller. Though the process may seem extensive, being well-prepared is advantageous as these regulations will soon be implemented across Europe.
If the report applies to multiple companies, remember that it must be processed by each company's board and signed separately by each business.
Publication details
Publish this year's report in the same location as last year's so that customers and public authorities can track your company's progress over the years.
Remember, the report must be written in Norwegian. Only businesses formally exempt from submitting annual accounts in Norwegian can submit the statement in another language.
Soon, we will be as proficient at this as we are at financial reporting!
Read more about the statement from The Norwegian Consumer Authority here: https://www.forbrukertilsynet.no/vi-jobber-med/apenhetsloven/redegjorelsesplikt#inholt
