Corporate Governance at Rystad Energy
Corporate governance at Rystad Energy Group is structures, rules, policies and practices, that determine and describe how the company operates and how it aligns the interest of all our stakeholders.
An emphasis on responsible corporate governance practices and company values drives ethical business practices at Rystad Energy Group, which supports financial viability and continued growth globally.
The Norwegian Transparency Act (“NTA”) came into force the 1st July 2022. The NTA requires larger companies to carry out due diligence assessments in relation to the respect of fundamental human rights and responsible working conditions. The results of the due diligence assessments shall be included in a public report that shall be made easily accessible on the Company’s website within 30th of June every year.
Rystad Energy AS and its subsidiaries (“Rystad Energy”) is covered by the NTA and is fully committed to act in accordance with the requirements of the law. Rystad Energy has since the establishment in 2004 been concerned with contributing to the respect of fundamental human rights and responsible working conditions within its own business and with its suppliers and business partners. Rystad Energy looks forward to further develop this work when complying with the requirements of the NTA.
RYSTAD ENERGY CARRIES OUT DUE DILIGENCE ASSESMENTS
Rystad Energy is committed to carry out due diligence assessments in accordance with the requirements in the NTA. The due diligence assessments must encompass both Rystad Energy’s own activities and the activities conducted by Rystad Energy’s suppliers and business partners.
Since the law came into force in July 2022, Rystad Energy has worked to map out risks in its own operations and with its business partners. When carrying out the due diligence assessments, Rystad Energy adheres to the UNs “Guiding Principles on Business and Human Rights” and OECDs “Guidelines for Multinational Enterprises on Responsible Business Conduct” . Rystad Energy continuously strives to adapt its work methodology to any changes given in these guidelines, as well as in the guidance issued by the Norwegian Consumer Authority.
RYSTAD ENERGY HAS CONDUCTED AN INITIAL ASSESSMENT
As a provider of consulting services, Rystad Energy does not have any traditional supply chains. On the other hand, the Company has a number of business partners who deliver different goods and services. Rystad Energy recognizes the potential risk that also such contracts may violate human rights and working conditions.
Rystad Energy has carried out an initial assessment of their exciting business partners to get a better insight of where the Company is exposed to the greatest risks in relation to violations on fundamental human rights.
A complete report of the work that Rystad Energy has conducted this year will soon be made available on the Company’s website.
RYSTAD ENERGY WILL RESPOND TO REQUESTS FOR INFORMATION
From 1st July 2022, anyone has the right to demand information on how Rystad Energy handles negative consequences for human rights and decent working conditions, related to Rystad Energy’s own activities and/or business partners. Such requests for information shall be directed to email@example.com in writing