Report on Due Diligence Assessment according to Transparency Act
The Norwegian Transparency Act shall promote companies' respect for basic human rights and decent working conditions and ensure the public's access to information.
The Act sets out strict requirements for the working relationship and human rights in companies.
The Transparency Act applies to larger enterprises, either with a business address in Norway, or foreign companies that offer goods and services in Norway and are liable to tax in Norway.
Companies that are either covered by § 1-5 of the Accounting Act, i.e., public limited companies and other companies subject to accounting obligations whose shares, shares, capital certificates or bonds are listed on a stock exchange, authorized marketplace, or equivalent regulated market abroad, as well as other companies if stipulated in regulations.
Companies that exceed the limits for two of the following three conditions are also considered larger enterprises:
Smaller enterprises may also be affected by the law - this applies in particular to those companies that are suppliers to larger enterprises, and who in that connection may face demands to live up to the same standards.
From 1 July 2022, everyone has the right to demand information about how Otello complies with the Transparency Act, as well as how Otello handles negative impacts on fundamental human rights and decent working conditions.
Companies covered by the Transparency Act must inform anyone who requests it in writing about the analysis of risk and the measures implemented in the event of any findings of violations in regard to human rights and working conditions. Information must, as a general rule, be given in writing, be comprehensive and be understandable. The Act imposes companies a duty to provide information within a reasonable time, and no later than three weeks after the inquiry was received.
Companies that are covered by the Transparency Act must initially respond to all requests for information on how the Company handles negative consequences for human rights and decent working conditions.
Otello can refuse information requests in the following cases:
If someone discovers a breach of security or incidents that could have an impact on security, report it immediately to the Transparency Officer at Otello.
Otello has carried out an assessment which concludes that Otello is covered by the Transparency Act.
Otello is covered by this Act since Otello is a public limited company (ASA).
Otello will carry out due diligence assessments which are reported and made public. The first report will be available from this website by 30 June 2023.
The Act imposes that companies submit a report every year by 30 June that explains the due diligence assessments that Otello has carried out.
Otello aims, as far as it is practically possible, to add contract clauses or confirmations from its supplier chain and business partners that ensure compliance with the Act.
Scott Kerrison
CFO
E-mail: scott.kerrison@otellocorp.com
D&B Business Report Rating: AAA