Norway: Guardians of Trust

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.