Transparency Report: A Guide to Compliance for Norwegian Businesses
As the deadline approaches for publishing Transparency Act reports, companies in Norway are being urged to ensure compliance with the regulations. The Transparency Act requires businesses to conduct due diligence assessments of suppliers, subcontractors, and business partners, as well as report on any negative consequences that may have arisen.
What is Required in the Report?
According to Section 5 of the Transparency Act, reports must include a description of the company’s organization, operating area, guidelines (Code of Conduct), and routines for handling actual and potential negative consequences. The report must also provide information about:
- Actual negative consequences that have been found
- Significant risks of negative consequences
- Measures that have been implemented or planned to mitigate these risks
Streamlining the Process with ShareControl
To simplify the reporting process, ShareControl has developed a software solution specifically designed for compliance with the Transparency Act. The system includes built-in templates that retrieve data from suppliers and puts it into the report, reducing the workload for businesses.
Restoring Negative Consequences
The Transparency Act also requires businesses to take corrective action when negative consequences have occurred. This can include measures such as replacement or compensation, public apologies, sanctions, and measures to prevent future damage.
Frequently Asked Questions
What is the Transparency Act?
- The Transparency Act is a Norwegian law aimed at promoting respect for fundamental human rights and decent working conditions in businesses.
Who is affected by the Transparency Act?
- Businesses that meet certain criteria, including sales revenues of over NOK 70 million, balance sheet totals of over NOK 35 million, or an average number of employees exceeding 50.
When and where must the report be published?
- Reports must be published on the company’s website by June 30th each year, with updates required if there are significant changes to the risk assessments.
Expert Insights
Ragnar Bryne, partner and founder of ShareControl, emphasized the importance of compliance with the Transparency Act. “As a certified auditor with over 35 years of experience, I’ve seen firsthand the impact that non-compliance can have on businesses. By using our software solution, companies can ensure they meet their reporting requirements and maintain transparency in their operations.”
Learn More
For more information about the Transparency Act and how ShareControl can help your business comply, visit [website URL].