Greater Transparency around State Ownership

State ownership is important. It ensures beneficial rights over our common natural resources and secures the national status of important companies. The Government wants to promote a strong public and national ownership. The Minister for Trade and Industry, Mr. Dag Terje Andersen, today presents the ”Government’s Ownership Policy” and the ”State’s Ownership Report for 2006”. The presentation takes place at the Oslo Stock Exchange.

– The State shall be an active, long-term and predictable owner in important Norwegain Companies. Through this ownership, the Government will ensure that the State contributes to good and stable development in Norwegian economic life, says Mr. Andersen.

The new document, ”Government’s Ownership Policy”, is issued for the first time. Here, the public will be informed about the overreaching expectations and the Government’s aims for the ownership in the different companies. In addition, it describes the division of roles between shareholders and the company’s institutions, as well as the frame-work and the principles for owner steering which the State will follow in its administration.

– Our intention is to contribute to greater transparency and predictability in connection with the Government’s aims for the ownership and its ownership function. This should be able to support the economic development in the companies and contribute to good development for the society, says Mr. Andersen.

The ”State’s Ownership Report for 2006” contains an economic and financial overview of the direct State ownership. The Report includes 52 companies with more than 290 000 employees, and with total sales proceeds exceeding 1 000 billion NOK. Development of value in companies with State ownership in 2006 has been good. At the end of 2006, the value of the State´s direct ownership of shares listed on the Oslo Stock Exchange amounted to NOK 533,7. All in all, the State has received 29 billion NOK in dividends from the companies for the accounting year 2006.

– The State has been involved in several ownership changes the last year, among them in the planned merger of Statoil and Hydros petroleum activities, the merger of the two regional health authorities ”East” and ”South”, and ownership structure related to BaneTele and Nammo. This is on line with the Soria Moria-declaration towards a more active State ownership, adds Mr. Andersen.

Both documents are available on the Internet:

www.ownershippolicy.net and www.ownershipreport.net