Storebrand's value-based management system
The management system is central to
the internal audit function and is intended to ensure a correlation between
targets and actions at all levels of the group and the overall objective
of value creation.
The system is based on a balanced scorecard where the four dimensions of finance, customers, processes and skills/growth reflect both short term and long term value creation in the group.
Each business area carries out an annual strategy and planning process used to produce a rolling three-year plan for the group, including
detailed targets, strategies and budgets. The Board of Storebrand ASA is involved throughout the strategy and planning process.
The Board of Storebrand has adopted guidelines for risk management, risk control and compliance functions.
Risk evaluation and internal control reporting form an integrated part of the strategy and planning process. The management teams work actively to identify areas of risk and measures to promote the company's strategy and objectives. This work is summarised in an internal control report submitted to the Audit's Committee and the boards.
Storebrand's management reporting system, Storebrand Compass, provides management and the Board with monthly reports on financial and operational performance relative to approved targets. The system highlights parameters that fall short of targets so that appropriate measures can be implemented.
The appraisal and remuneration of Storebrand employees forms an integral part of the value-based management system, and is designed to ensure that the group's strategies are implemented. Bonus payments are dependent on both the overall level of value creation and individual performance.
Storebrand's remuneration systems follow internationally recognised principles. Remuneration does not include share options. Historic data on share options can be found in the annual reports for 2004 and earlier years.
The Storebrand group's Intranet also provides both rules and practical guidance on security of information, contingency planning, money laundering and financial crime.
The goup's sales teams in Norway underwent ethics traning in 2008. Ethics and customer care workshops were also held for key staff and business units. New customer care guidelines will be implemented and integrated into ethical guidelines as part of the revision and relaunch of these in 2009. From 2009, the corporate responsibility unit will bear overall responsibility for the guidelines for ethics, whistle blowing, anti-corruption, and non-performance.
The system is based on a balanced scorecard where the four dimensions of finance, customers, processes and skills/growth reflect both short term and long term value creation in the group.
Each business area carries out an annual strategy and planning process used to produce a rolling three-year plan for the group, including
detailed targets, strategies and budgets. The Board of Storebrand ASA is involved throughout the strategy and planning process.
The Board of Storebrand has adopted guidelines for risk management, risk control and compliance functions.
Risk evaluation and internal control reporting form an integrated part of the strategy and planning process. The management teams work actively to identify areas of risk and measures to promote the company's strategy and objectives. This work is summarised in an internal control report submitted to the Audit's Committee and the boards.
Storebrand's management reporting system, Storebrand Compass, provides management and the Board with monthly reports on financial and operational performance relative to approved targets. The system highlights parameters that fall short of targets so that appropriate measures can be implemented.
The appraisal and remuneration of Storebrand employees forms an integral part of the value-based management system, and is designed to ensure that the group's strategies are implemented. Bonus payments are dependent on both the overall level of value creation and individual performance.
Storebrand's remuneration systems follow internationally recognised principles. Remuneration does not include share options. Historic data on share options can be found in the annual reports for 2004 and earlier years.
Management through group-wide policies and guidelines
Group-wide policies have been approved for the following functions: accounting, finance and risk management, investor relations, corporate communications, branding, IT, human resources, legal services and corporate responsibility. Internal guidelines have been established for share trading by employees and insiders.The Storebrand group's Intranet also provides both rules and practical guidance on security of information, contingency planning, money laundering and financial crime.
Business ethics and "whistle blowing"
Storebrand has established ethical rules for the group and its employees. Ethics are a standard feature of seminars for all new employees and are integrated into all managerial training modules. Employees can seek advice on ethical issues directly from the chairman of Storebrand ASA's Audit Committee (so-called "whistle blowing"), and in 2009 we will launch a specific question and answer service on our intranet that will enable employees to seek advice on ethics questions anonymously. This extra service will be staffed by an internal ehtics committee or ethics board, and can be used to gain guidance on all types of ethical dilemmas and issues.The goup's sales teams in Norway underwent ethics traning in 2008. Ethics and customer care workshops were also held for key staff and business units. New customer care guidelines will be implemented and integrated into ethical guidelines as part of the revision and relaunch of these in 2009. From 2009, the corporate responsibility unit will bear overall responsibility for the guidelines for ethics, whistle blowing, anti-corruption, and non-performance.
