Corporate Governance

The overall objective of Vikings corporate governance policies is to meet shareholders’ demands for returns on their invested capital as well as the long-term health and overall success of the business.

Corporate governance within the Viking Group is mainly based on the Companies Act, other applicable laws and regulations, the Company’s Articles of Association and Vikings internal governance documents. The governance of Viking is also designed to support Vikings business model, where decisions are made at in the most effective manner possible.

The financial reporting of the group complies with the laws and regulations in Norway applicable to companies that have bonds listed on the Oslo Stock Exchange (Oslo Børs), and for the group subsidiaries to the rules applicable in Sweden, Denmark, Spain and Finland. In addition, there are internal instructions, procedures, systems and roles and responsibilities aimed at good internal control. Consolidated accounts and financial development are monitored internally on a monthly basis with analysis and commentary.

Viking has no special internal audit function. The business has however embedded control elements in the different processes for the purpose of strengthening the internal control. The quality of the external financial reporting is ensured through a number of measures and procedures; all interim reports are subject to processing by the Board of Directors and the Audit committee before being released, along with the annual report. The CEO or CFO is responsible for all information provided, such as press releases, presentations for meetings with analysts, media, and owners and investors.

Internal control refers to the process that is influenced by the Board of Directors, the Company management and other staff, and is designed to provide a reasonable assurance that the goals of the Company are achieved with regards to:

  • efficient and effective operations,
  • reliable financial reporting, and
  • compliance with applicable laws and regulations

The group has a non-complex operating structure and operations are reviewed regularly by the CEO and executives who also conducts periodic analyses of the companies’ financial reporting. The company has not established a separate internal audit function.

The Annual General Meeting, the Board of Directors and the CEO are the main governing bodies of Viking:

  • The Annual General Meeting (AGM) is the company’s highest decision-making authority and serves as the forum through which Vikings shareholders exercise their influence over the business.
  • The Board of Directors, who is elected by the shareholders, is ultimately responsible for the strategy and the organization of Viking and the management of its operations.
  • The CEO, appointed by the Board of Directors, is responsible for handling the day-to-day management of Viking in accordance with instructions from the Board. The CEO is supported by the Group Executive Management team.

The external auditor of Viking is appointed at the Annual General Meeting.

Viking believes in adhering to responsible business practices and practicing good corporate citizenship. Promotion, adoption and effective implementation of guidelines for the responsible conduct of business and business relationships are consistent with the fiduciary responsibility of protecting long-term investment interests.

Vikings social responsibility

As a forward thinking automotive services organization, Viking Assistance Group recognizes that its activities, products and services can cause impacts on the environment, the local communities and our employees. We are therefore committed to compliance with all relevant environmental legislation and regulations, and to the principles of prevention of pollution. We aim to apply our management systems to all our activities and operations that have a significant impact on the environment. We are committed to protecting the health and safety of our employees and our customers. Viking strives for continuous improvement in our environmental, health and safety management systems and in the environmental quality of our products, processes, and services. Vikings’ Anti-Corruption Policy is designed to prevent and detect corruption. Viking is committed to ethical business across all its operations and investments. Viking’s policy is never to offer, pay, request or receive bribes, and to refuse any request to pay them. Viking’s tolerance towards all forms of bribery and corruption is zero.

Guiding principles

The Viking Assistance Group Environmental, social and governance (ESG) framework is designed to account for relevant guidelines and Code of Practice issued by the Norwegian Corporate Governance Board (NCGB). We aim to meet or exceed applicable environmental, social and governance requirements. Viking evaluate our ESG performance by monitoring ongoing performance results and through periodic management reviews.

Viking support and promote sound principles that enhance environmental quality, health and safety, and communicate environmental, social and governance policies to employees and stakeholders.