Nord-Norge
There are no significant deviations between the Code of Practice and SpareBank 1 Nord- Norge’s compliance with it.
The Code of Practice applies insofar as it applies to savings banks with equity certifi- cates. Any deviations are explained below. Corporate governance in SpareBank 1 Nord- Norge is defined as the aims, targets and overall principles in accordance with which the Bank is managed and controlled for the purpose of safeguarding the interests of the owners, depositors and other groups of inte- rested parties in the Bank. Accordingly, the Bank’s corporate governance principles shall ensure the sound and appropriate manage- ment of the Bank’s assets and liabilities, pro- viding additional assurance that all agreed targets, aims and strategies are met and adhered to.
The Bank complies with the Norwegian Code of Practice for Corporate Governance.
http://www.nues.no
Based on the three main pillars – openness, predictability and transparency – the Bank has defined the following main principles: • A structure that ensures systematic
and independent management and control
• Systems that ensure measurability and accountability
• Effective risk management
• Full disclosure and effective commu- nication to underpin the trust between owners, the Board and the Bank’s executive management team • Equal treatment of all owners
and balanced relations with other interested parties
• Compliance with laws, rules, regulations and ethical standards The executive management team and Board annually review the corporate governance principles and how they are functioning in the Group. SpareBank 1 Nord-Norge issues a statement on the principles and practice of corporate governance in accordance with section 3-3b of the Accounting Act and the Norwegian Code of Practice for Good Corporate Governance of 30.10.14.
The Bank’s corporate governance rules were last approved by the Board at its meeting on 24.02.2015. SpareBank 1 Nord- Norge’s staff shall be known for their high ethical standards. This means that their conduct should engender trust and be honest and upright, and comply with the standards, regulations and laws that apply in society. The Bank has therefore produ- ced an ethics handbook, the SNN Code of Conduct. This covers topics such as qua- lification, customer relationships, suppliers and competitors, securities trading, inside rules and relevant private financial matters. These regulations apply to all employees and elected officers in governing bodies. A special committee was established in 2014 that will draw up a new internal code of conduct.
All employees and elected officers have, under the law and internal guidelines, a duty of non-disclosure in relation to infor- mation about the Group’s or customers’ affairs that they learn through their work. The duty of non-disclosure does not just apply in relation to outsiders, but also to employees who have no work-related need for the relevant information.
No employees are allowed, via IT systems or in some other manner, to actively search for information about other employees, customers or outsiders when this is not required for their work.
SpareBank 1 Nord-Norge has its own whis- tleblowing routine for employees who learn about matters that contravene current laws and regulations or material breaches of in- ternal rules. Employees who report unac- ceptable situations in relation to internal routines, must not be subject to reprisals due to their reports.
SpareBank 1 Nord-Norge’s corporate so- cial responsibility represents an essential part of the Bank’s vision and values. This is embedded in our customer-oriented stra- tegy where availability and customer ex- perience are our great advantages.
SpareBank 1 Nord-Norge has therefore dra- wn up a special strategy for our corporate social responsibility for 2012-2015 (CSR). Please see the chapter on corporate social responsibility in the annual report. Deviations from the Code of Practice’s point 1: None
2. Business
SpareBank 1 Nord-Norge is an independent financial services group within the Spare- Bank 1 Alliance.
The Bank’s stipulated purpose is:
”Its purpose is to promote saving by accep- ting deposits from an unrestricted cons- tituency of depositors, providing financial services to the general public, business and the public sector, and satisfactorily mana- ging the funds at their disposal in compli- ance with the statutory rules that apply to savings banks at any given time.”
The Bank’s corporate vision is:
For Northern Norway!
This means that SpareBank 1 Nord-Norge wants to be known as:
• The region’s local bank
• A Group that creates value in, and invests it back into, Northern Norway • Close and competent, where decisions
are taken on a local level
• Financially sound, generous as well as people-oriented, rich in tradition and modern
• A driving force behind the development of Northern Norway – we care about you!
The Bank’s business concept is to provide comprehensive, modern financial solutions for the benefit of customers based in the northern Norwegian market. The Bank en- sures its competitive edge by being close and competent in all customer relation- ships.
Close refers to proximity, insight and invol- vement. This means that we are friendly, accommodating and professional, under- stand individual needs, are available and accessible, utilise our local knowledge, and have a strong presence throughout the market.
Closeness refers to personal commitment, coupled with an enthusiasm for the many opportunities provided by both our work- place and our customers.
Competent means being focused on our customers and possessing solid professi- onal expertise, good skills and a clear, pos- itive attitude. Our advisory services and sales must be based on good, ethical standards and authorisations. We must provide highly professional advice.
Competence means an ability and willing- ness to take the initiative and suggest re- levant solutions to the Bank’s customers. Competence also entails an ability to work together with colleagues throughout the organisation in order to meet and realise the Bank’s overall targets and aims.
SpareBank 1 Nord-Norge shall be an attrac- tive workplace with a corporate culture characterised by dynamic training, a will to win, and a willingness to work together towards a common goal. The Bank’s ope- rations are based on strict requirements concerning integrity and business ethics. Complying with laws, rules, regulations and ethical standards is a prerequisite for heal- thy banking operations. The Bank’s core values and ethical guidelines are incorpo- rated into the SNN Code of Conduct. This describes how the Bank does business and is clearly communicated to all members of staff and is available to our customers and interested parties via the Bank’s website. In 2014, a working group worked on pro- posals for a new Code of Conduct for the Group. This will be implemented in 2015.
Our general targets
SpareBank 1 Nord-Norge’s general financial targets are as follows:
• Profitability: Top international class banking operations: minimum 12% return on equity
• Financial strength: - Indisputably strong
- Internal capital buffer of at least one percentage point above the statutory requirements
- The long-term goal for common equity tier 1 capital ratio is currently 14.5% Deviations from the Code of Practice’s point 2: None