Abstract
Chapter 7 shows that the prevailing governance philosophy in Norway emphasizes professionalism, fairness, independence, diversity and collaboration between all parties. Board chairs advance this collaboration by engaging with all those involved and respecting the boundaries between them. They make sure that the management creates value and that the board creates conditions enabling the management to do so effectively. In Norway chairs work hard to develop trust among their board members as a prerequisite for effective and efficient decision-making. They achieve this by being open themselves and instilling a spirit of openness at their boards, allowing every opinion to be heard and discussed and ensuring every request is addressed. Board leaders pay special attention to providing the board with adequate information in a timely and understandable manner. They are patient in managing board meetings, allow comprehensive and detailed discussions and strive for consensus.
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Notes
- 1.
The World Bank (2020). World Development Indicators. GDP per Сapita, in International Dollars. Available from: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=NO [Accessed 1 December 2020].
- 2.
The World Bank (2019). Agriculture, Forestry, and Fishing, Value Added (% of GDP). Available from: https://data.worldbank.org/indicator/NV.AGR.TOTL.ZS?locations=NO [Accessed 1 December 2020]; The World Bank (2019). Industry (Including Construction), Value Added (% of GDP). Available from: https://data.worldbank.org/indicator/NV.IND.TOTL.ZS?locations=NO [Accessed 1 December 2020]; The World Bank (2019). Services, Value Added (% of GDP). Available from: https://data.worldbank.org/indicator/NV.SRV.TOTL.ZS?locations=NO [Accessed 1 December 2020].
- 3.
Statistics Norway (2020). 590,810 Companies in Norway. Available from:
https://www.ssb.no/virksomheter-foretak-og-regnskap/artikler-og-publikasjoner/590-810-virksomheter-i-norge [Accessed 1 December 2020].
- 4.
The World Bank (2019). Listed Domestic Companies (Total). Available from: https://data.worldbank.org/indicator/CM.MKT.LDOM.NO?locations=NO [Accessed 1 December 2020].
- 5.
Oslo Stock Exchange (Oslo Børs) (2020). Monthly Statistics September 2020. Available from: https://www.oslobors.no/Oslo-Boers/Statistikk/Maanedsstatistikk [Accessed 1 December 2020].
- 6.
Knudsen, G. and Norvik, H. (2014). Corporate Governance in Norway. In: P. Lekvall, ed., The Nordic Corporate Governance Model. Stockholm: SNS Förlag, pp. 202–246.
- 7.
Norwegian Corporate Governance Board (2007). Norwegian Code of Practice for Corporate Governance. Available from: https://nues.no/eierstyring-og-selskapsledelse-engelsk/#:~:text=The%20objective%20of%20this%20Code,than%20is%20required%20by%20legislation [Accessed 1 December 2020].
- 8.
The Comapnies Act (2006). Chapter 46. Available from: https://niemands.ru/assets/files/ukcompaniesact.pdf [Accessed 1 December 2020].
- 9.
Ibid.
- 10.
Norges Bank (2020). Oil Fund Market Value. Available from: https://www.nbim.no/en/the-fund/market-value/ [Accessed 1 December 2020].
- 11.
Knudsen, G. and Norvik, H. (2014). Corporate Governance in Norway. In: P. Lekvall, ed., The Nordic Corporate Governance Model. Stockholm: SNS Förlag, pp. 202–246.
- 12.
Spencer Stuart (2019). Nordic Board Index. Available from: https://www.spencerstuart.com/-/media/2020/february/nordicbi_2019_web.pdf [Accessed 1 December 2020].
- 13.
Ibid.
- 14.
Ibid.
- 15.
Wang, M. and Kelan, E. (2013). The Gender Quota and Female Leadership: Effects of the Norwegian Gender Quota on Board Chairs and CEOs. Journal of Business Ethics, 117, pp. 449–466.
- 16.
Ibid.
- 17.
Nielsen, S. and Huse, M. (2010). The Сontribution of Women on Boards of Directors: Going beyond the Surface. Corporate Governance: An International Review, 18(2), pp.136–148.
- 18.
Torchia, M., Calabro, A. and Huse, M. (2011). Women Directors on Corporate Boards: From Tokenism to Critical Mass. Journal of Business Ethics, 102, pp. 299–317.
- 19.
Gabrielsson J., Huse, M. and Minichilli A. (2007). Understanding the Leadership Role of the Board Chairperson through a Team Production Approach. International Journal of Leadership Studies, 3(1), pp. 21–39.
- 20.
Åberg, C. and Shen, W. (2020). Can Board Leadership Contribute to Board Dynamic Managerial Capabilities? An Empirical Exploration among Norwegian Firms. Journal of Management and Governance, 24, pp. 169–197.
- 21.
Wikborg Rein (2019). Verdensrekord i oppkjøpsmelding. Available from: https://www.wr.no/aktuelt/news/verdensrekord-i-oppkjopsmelding/ [Accessed 1 December 2020].
References
Oslo Stock Exchange (Oslo Børs) (2020). Monthly Statistics September 2020. Available from: https://www.oslobors.no/Oslo-Boers/Statistikk/Maanedsstatistikk [Accessed 1 December 2020].
Spencer Stuart (2019). Nordic Board Index 2019. Available from: https://www.spencerstuart.com/-/media/2020/february/nordicbi_2019_web.pdf [Accessed 1 December 2020].
Statistics Norway (2020). 590,810 Companies in Norway. Available from: https://www.ssb.no/virksomheter-foretak-og-regnskap/artikler-og-publikasjoner/590-810-virksomheter-i-norge [Accessed 1 December 2020].
Torchia, M., Calabro, A. and Huse, M. (2011). Women Directors on Corporate Boards: From Tokenism to Critical Mass. Journal of Business Ethics, 102, pp. 299–317.
Wang, M. and Kelan, E. (2013). The Gender Quota and Female Leadership: Effects of the Norwegian Gender Quota on Board Chairs and CEOs. Journal of Business Ethics, 117, pp. 449–466.
Wikborg Rein (2019). Verdensrekord i Oppkjøpsmelding. Available from: https://www.wr.no/aktuelt/news/verdensrekord-i-oppkjopsmelding/ [Accessed 1 December 2020].
The World Bank (2019). Agriculture, Forestry, and Fishing, Value Added (% of GDP). Available from: https://data.worldbank.org/indicator/NV.AGR.TOTL.ZS?locations=NO [Accessed 1 December 2020].
The World Bank (2019). Industry (Including Construction), Value Added (% of GDP). Available from: https://data.worldbank.org/indicator/NV.IND.TOTL.ZS?locations=NO [Accessed 1 December 2020].
The World Bank (2019). Services, Value Added (% of GDP). Available from: https://data.worldbank.org/indicator/NV.SRV.TOTL.ZS?locations=NO [Accessed 1 December 2020].
The World Bank (2020). World Development Indicators. GDP per Capita, in International Dollars. Available from: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=NO [Accessed 1 December 2020].
The World Bank (2020). Listed Domestic Companies (Total). Available from: https://data.worldbank.org/indicator/CM.MKT.LDOM.NO?locations=NO [Accessed 1 December 2020].
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Jensen, S.B. (2021). Norway: Guardians of Trust. In: Shekshnia, S., Zagieva, V. (eds) Leading a Board. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-16-0727-1_7
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