For the third year running The Governance Group has assessed the sustainability reporting of the 100 largest companies listed on the Oslo Stock Exchange. On 8th September, The Governance Group published its annual analysis of ESG reporting – ESG 100 – rating the 100 largest companies on the Oslo Stock Exchange. Sustainability and ESG factors have long been perceived as a minor concern for investors. Many CEOs live by the assumption that a sustainability agenda conflicts with shareholder interests and that ESG consideration are immaterial to finance. It has become increasingly clear that this notion is outdated.

In this analysis, Scatec Solar was rated A, placing the company in the top category among companies excelling at ESG reporting. The analysis rates how well companies disclose relevant data. The analysis is a useful tool for corporations and investors alike to better understand the risks and opportunities related to ESG. The financial markets’ quest for ESG information has radically changed communication with investors on sustainability. For analysts to correctly evaluate a company there is a need for more information on ESG performance and the company’s governance approach for managing sustainability risks and opportunities. Therefore, TGT performed the mind depth ESG analysis and rated ESG 100 sustainability companies.

Assessment criteria

The companies were analysed over four relevant areas. The Global Reporting Initiative – GRI, by assessing the degree to which the company reports to material topics in a systematic manner. Those do not include only impacts that have intermediate consequences from a business perspective, such as financial costs or a damaged reputation. The assessment also includes CDP rating, A to D, or F if they failed to report. Moreover, companies were also assessed as to whether their reporting complies with the recommendations of the TCFD with regard to governance, strategy, risk management and goal setting. Integration of UN Sustainable Development Goals has gained widespread international support, including from business.

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. While contributing to reducing emission is at the core of Scatec Solar’s business model, sustainability is also integrated into all operations and is closely monitored and reported.

Key takeaway

This year’s analysis of the 100 largest companies on the Oslo Stock Exchange reveals that many companies lack a systematic approach to sustainability reporting. However, the trend is positive compared to last year. This is good news for investors and society at large – sustainability has become less noise and more substance.

The responsibility of identifying material sustainability risks and associated goals does not only belong to senior management. The company’s board should have access to information regarding key sustainability risks to the same extent as it does in other areas. By being transparent with regard to risk tolerance and goals related to material sustainability factors, the board will also aid investors in understanding the company.

Read the full Stock Exchange report on The Governance Group. The analysis is a useful tool for corporations and investors alike to better understand the risks and opportunities related to ESG. This year’s analysis of the 100 largest companies on the Oslo Stock Exchange reveals that many companies lack a systematic approach to sustainability reporting. However, the trend is positive compared to last year. This is good news for investors and society at large – sustainability has become less noise and more substance.

100 LARGEST COMPANIES ON OSLO STOCK EXCHANGE

Company Score
Borregaard 4,0
Equinor 4,0
DNB 3,0-3,9
Entra 3,0-3,9
Gjensidige 3,0-3,9
Grieg Seafood 3,0-3,9
Mowi 3,0-3,9
Norsk Hydro 3,0-3,9
Orkla 3,0-3,9
SpareBank 1 3,0-3,9
Østlandet 3,0-3,9
Storebrand 3,0-3,9
Telenor 3,0-3,9
Veidekke 3,0-3,9
Yara International 3,0-3,9
Aker BP 2,0-2,9
Atea 2,0-2,9
Bakkafrost 2,0-2,9
Fjordkraft 2,0-2,9
SalMar 2,0-2,9
Lerøy Seafood Group 2,0-2,9
Nordic Semiconductor 2,0-2,9
Petroleum Geo-Services 2,0-2,9
Scatec Solar 2,0-2,9
Schibsted 2,0-2,9
Wallenius Wilhelmsen 2,0-2,9
AF Gruppen 1,0-1,9
Akastor 1,0-1,9
Aker 1,0-1,9
Aker Solutions 1,0-1,9
AKVA Group 1,0-1,9
B2Holding 1,0-1,9
BW LPG 1,0-1,9
BW Offshore Limited 1,0-1,9
Elkem 1,0-1,9
Europris 1,0-1,9
EVRY 1,0-1,9
Golden Ocean Group 1,0-1,9
Höegh LNG Holdings 1,0-1,9
Kongsberg Automotive 1,0-1,9
Kongsberg Gruppen 1,0-1,9
Norway Royal Salmon 1,0-1,9
Norwegian Property 1,0-1,9
NRC Group 1,0-1,9
Odfjell 1,0-1,9
RAK Petroleum 1,0-1,9
Salmones Camanchaca 1,0-1,9
SpareBank 1 Nord-Norge 1,0-1,9
SpareBank 1 SMN 1,0-1,9
SpareBank 1 SR-Bank 1,0-1,9
Subsea 7 1,0-1,9
TGS-NOPEC 1,0-1,9
Tomra Systems 1,0-1,9
Wilh. Wilhelmsen Holding 1,0-1,9
XXL 1,0-1,9
ABG Sundal Collier 0,0-0,9
American Shipping CO 0,0-0,9
Arcus 0,0-0,9
Arendals Fossekompani 0,0-0,9
Austevoll Seafood 0,0-0,9
Axactor 0,0-0,9
Bonheur 0,0-0,9
Borr Drilling 0,0-0,9
Bouvet 0,0-0,9
DNO 0,0-0,9
Fjord1 0,0-0,9
FLEX LNG 0,0-0,9
Frontline 0,0-0,9
Gaming Innovation Group 0,0-0,9
Hexagon Composites 0,0-0,9
IDEX 0,0-0,9
Komplett Bank 0,0-0,9
Kværnerk 0,0-0,9
Magseis Fairfield 0,0-0,9
MPC Container Ships 0,0-0,9
NEL 0,0-0,9
Nordic Nanovector 0,0-0,9
Northern Drilling 0,0-0,9
Norwegian Air Shuttle 0,0-0,9
Norwegian Energy Company 0,0-0,9
Norwegian Finans Holding 0,0-0,9
NTS 0,0-0,9
Ocean Yield 0,0-0,9
Odfjell drilling 0,0-0,9
Olav Thon Eiendomsselskap 0,0-0,9
Otello Corporation 0,0-0,9
Protector Forsikring 0,0-0,9
Pareto Bank 0,0-0,9
Sbanken 0,0-0,9
Selvaag Bolig 0,0-0,9
Shelf Drilling 0,0-0,9
Solon Eiendom 0,0-0,9
SpareBank 1 BV 0,0-0,9
SpareBank 1 Ringerike Hadeland 0,0-0,9
SpareBank 1 Østfold Akershus 0,0-0,9
Sparebanken Møre 0,0-0,9
Sparebanken Vest 0,0-0,9
Spectrum 0,0-0,9
Stolt-Nielsen 0,0-0,9
The Scottish Salmon Company 0,0-0,9
Treasure 0,0-0,9