Good corporate governance is an important prerequisite for achieving Schibsted Media Group's vision and implementing our strategy. Sound corporate governance contributes to the Group's long term value creation at the same time as the Group's resources are used in an efficient and sustainable manner. Corporate governance defines the business framework that all activities in the Group should operate within, and clarifies the roles and responsibilities between governing bodies in the Group.
Sound corporate governance involves transparency and trustful interaction with the various stakeholders.
Schibsted Media Group is a listed company and our guidelines for corporate governance are in accordance with the Norwegian Corporate Governance Board Code of Practice. The Code of Practice is available on the NCBG website at www.nues.no. The Group Board's Statement on Corporate Governance follows the structure of the Code and addresses each section of the Code, dated 23 October 2012. The statement also includes an item 16, which describes other key functions within the Group. Information on corporate governance, which Schibsted is required to provide in its Annual Report according to the Accounting Act, Section 3-3b, is also provided.
Corporate governance in Schibsted is subject to annual review and discussion by the Group Board, which also reviews the content of this Statement on Corporate Governance.