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Transparency Act
Transparency Act
The Transparency Act aims to promote businesses' respect for human rights and decent working conditions, as well as ensuring public access to information. The law came into effect on July 1, 2022.
The law applies to larger businesses based in Norway. It also applies to larger foreign businesses that offer goods and services in Norway and are subject to Norwegian tax regulations.
Bredengen qualifies under this definition. The law imposes three obligations on companies:
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Companies are required to conduct due diligence assessments in line with the OECD Guidelines for Multinational Enterprises. Source: Transparency Act § 4.
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Companies are required to publish a report on their due diligence assessments according to the Transparency Act § 5. Source: Transparency Act § 5.
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The Transparency Act grants everyone the right to request information from businesses on how they address negative impacts on human rights and working conditions. Such requests are referred to as information requests. Source: Transparency Act § 6 and § 7.
A due diligence assessment is a process or method used to identify, prevent, account for, and follow up on how a business manages the actual and potential negative consequences of its operations.
The work of due diligence assessments is an ongoing process. The purpose of this report is to provide a public account of our due diligence assessments and the measures that have been implemented.
The implementation of due diligence assessments should be based on the OECD's model for responsible business conduct due diligence, as illustrated on the right.
