“As expected in the Ownership Notice, this year's Owners Report shows significant progress in companies' climate reporting, with a record number of companies now reporting their direct and indirect emissions. At least 87 percent of companies applied. This is an increase from 59 percent. last year, says Business Minister Jan Christian Vestre.

Climatic expectations were clearly stated in Meld's property notice. st. 6 (2022-2023) Greener and more active state ownership - Direct state ownership in companies, which was presented in autumn 2022. In the report, the state sets out increasingly clear expectations, including towards nature, risk management, transparency and reporting, remuneration and working conditions. The Government Owner's Report 2022 also describes the extent to which the companies themselves believe they are meeting these expectations.

– Many companies have set or are in the process of setting climate targets. This is an important step in the right direction, but emissions must also be reduced. In that case, it is good that the total emissions will decrease by almost 4%. from 2021, while in 2022, 18 more companies will be reporting. Adaptability is absolutely key to long-term value creation in companies, says Vestre.

Greater benefit to the community

The dividend for the state from companies for the financial year 2022 is almost twice as large as for 2021. The Ministry of Trade and Fisheries estimates the dividend at NOK 112,2 billion, compared to NOK 59 billion in 2021. This is shown by the data from the 2022 government ownership report.

- Dividends from companies have almost doubled. This provides a large income for the community and contributes to further building a welfare society. As a result, it contributes to further building a prosperous society, investing in the future and reducing differences, says the business minister.

At the end of 2022, the value of state-owned shares in companies was NOK 1450 billion. The value of the portfolio has increased by NOK 2021 billion since 271. For several companies, macro and industry conditions, such as commodity prices and price expectations, largely drive value growth.

Development of managerial wages at the same level as in society

The increase in fixed remuneration paid to CEOs in 2022 is at the level of the rest of society.

– It is no secret that this government believes that companies, both state-owned and private, should show moderation in executive salaries and bonuses. Executive compensation must be competitive but not competitive with wages and moderation must be ensured. We have taken new steps in the ownership report and will be monitoring them, says Vestre.

Facts: 2022 government report figures (2021 figures in parentheses)

  • The value of state stakes in companies directly owned by the state was NOK 1450 billion as of 31 December 2022 (NOK 1179 billion).
  • The companies employ a total of 332 employees (332 employees).
  • Direct government ownership in listed companies yielded a 2022 return of 41,8%. (53,6%). On the Oslo Stock Exchange, the rate of return was -1,0
  • The return on equity of companies not listed in category 1 amounted to 17,9%. (14,6%).
  • Dividends to the state are currently estimated at NOK 112,2 billion (NOK 58,6 billion).
  • For companies from category 2, sectoral policy companies, which primarily do not compete with others, the state's objective is to achieve the goals of sectoral policy of individual companies in a sustainable and most effective way. For 2022, 43 out of 45 companies declare the implementation of the sector policy objectives, 14 companies more than a year ago, and 32 companies with operational efficiency, 11 more than a year ago.
  • The average percentage of female board members elected by owners is 47 percent (48 percent) and the average percentage of female board members overall (including employee-elected board members) is 45 percent (46 percent) .
  • The percentage of women in CEO positions is 42 percent (41 percent) and among managing directors is 33 percent (34 percent).

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Source: Ministry of Industry and Fisheries