Corporate Governance and Company Leadership

The company’s highest governing bodies are the Board of Directors and the General Meeting. Board member appointments are prepared by a nomination committee and decided at the General Meeting. Shareholders appoint board members based on ownership proportions, in accordance with the Financial Institutions Act and the Limited Liability Companies Act.

The Board has adopted its own rules of procedure, which outline responsibilities, working methods, and case handling. These rules also define the roles of the Board’s subcommittees: the Audit Committee, the Risk Committee, and the Remuneration Committee. The rules further specify the duties and obligations of the Chief Executive Officer (CEO) in relation to the Board.

Fremtind’s governance system, as illustrated in the diagram, defines authority, responsibilities, and reporting lines. The role of each governance body is described in detail in the 2024 Annual Report.

The Board ensures that appropriate governance and control mechanisms are in place, approves policies and strategies regulating operations and risk levels, and receives regular status reports.

Sustainability risk is included in Fremtind’s Own Risk and Solvency Assessment (ORSA), which is approved by the Board.

The Board is responsible for ensuring that Fremtind is properly organised, safeguards its employees, and maintains sound business ethics. It sets the company’s strategy, objectives, and plans, including the sustainability strategy and targets. The Board also approves financial and non-financial reporting in accordance with applicable regulations.

The CEO manages Fremtind’s day-to-day operations, oversees strategy execution, risk management, and internal control, and monitors performance through measurements and controls, reporting in line with legal requirements and internal instructions.

The Capital and Risk Management Committee (KRK) serves as the CEO’s advisory body. It reviews capital allocation and risk tolerance adjustments to ensure financial, operational, and strategic objectives are met. KRK also addresses matters related to sustainability.

External Framework

Corporate governance and the responsibilities of Fremtind’s governing bodies are defined by internal governance documents and external regulatory frameworks. The external framework includes relevant Norwegian and European legislation, such as the Financial Institutions Act, Act on insurance activity, Accounting Act and Public Limited Liability Companies Act.

Fremtind is committed to complying with Norwegian standards for good corporate governance, including the NUES recommendations, where relevant to its operations.

Internal Framework

At Fremtind, we place strong emphasis on clear accountability and sound governance. Our internal governance system comprises articles of association, board instructions, committee mandates, and various policies, guidelines, and procedures that collectively define how the company is governed and operated.

A dedicated guideline governs the structure and approval of governing documents. Instructions and mandates define responsibilities, authority, and tasks for each function.

Policies establish overarching rules for governance and control and are approved by the Board. Guidelines are subordinate to policies and provide more detailed regulation of processes and responsibilities. These are approved by the CEO. Procedures and manuals describe processes and provide practical implementation details, and are developed within the business units.

Policies, instructions, and procedures are designed to ensure that both subsidiaries and the group as a whole manage risk appropriately and achieve their objectives. Compliance with risk frameworks and operational guidelines is monitored through quarterly risk reporting, board reporting, and follow-up within the business units.

For more information, see Annual Report 2024.​

Board of Directors

The Nomination Committee assesses the Board’s competence and recommends candidates who meet the requirements for board composition. Sustainability is one of seven competence areas considered. Candidates are evaluated against each area and ranked on a scale from 1 to 5.

All board members have experience in sustainability, such as sustainability reporting or additional education. Some have experience in developing and implementing sustainable products, such as green loans.

The Board conducts annual evaluations of collaboration and competence. Based on the results, measures are implemented to strengthen the Board’s overall expertise.

Executive Management

Fremtind is organised into eight business areas, each led by an Executive Vice President: Finance, Technology and Insight (TI), Claims Handling (O), Product and Pricing (PP), Risk Management and Control (Risk), Corporate Centre (KS), Retail Market (PM), and Commercial Market (BM).

The Executive Vice Presidents form the CEO’s advisory leadership team and report directly to the CEO.

See Executive Management and The Board

External References

• Gender balance requirements in Norwegian boards (Limited Liability Companies Act § 6-11a)
• EU Corporate Sustainability Reporting Directive (CSRD) – S1-1 Policies & BP-2 Phase-In Provisions
• Financial Supervisory Authority of Norway’s guidelines on board suitability
• NUES recommendations
• 2024 Annual Report
• Board Instructions