Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Corporate Governance 54 1. Implementation and reporting on corporate governance Cloudberry Clean Energy AS is incorporated and registered in Norway and is subject to Norwegian law. The company is listed on Euronext Growth Oslo. Cloudberry considers good corporate governance to be the foundation for value creation and trust- worthiness. Trading at the Euronext Growth does not require implementation of a specific corporate governance code, such as the Norwegian Code of Practice (NUES). Nonetheless, Cloudberry intends to maintain a high level of corporate governance standard and complies with NUES as the company has initiated the process to prepare for listing on the Euronext Stock Exchange (Oslo Børs) during 2021. To secure strong and sustainable corporate gov- ernance, it is essential that Cloudberry practices a transparent and healthy business with reliable financial reporting compliant with legislation and regulations. Governing structures and guidelines help us to ensure that we run the company in a manner that is justifiable and profitable for our employees, shareholders, partners and overall society. References to specific policies are included in this corporate governance report where relevant. Our corporate governance is based on openness, trustful communication and cooperation between the company and all our stakeholders, and equal treatment of shareholders. The governance regime of Cloudberry is approved by the Board of Directors in the company. Cloudberry has defined purpose, and commitments define the company’s way of working. In combi- nation with the company’s culture, this forms the fundamental structure on which the Board and the Management believe Cloudberry should be managed. Cloudberry aims to maintain high ethical standards, and the employees must comply to its guidelines for ethics and corporate social responsi- bility describing the principles for business practices and personal behaviour within Cloudberry. The employees comply with Cloudberry’s principles on issues such as human and labour rights, health and safety, business ethics, legal compliance, insider trading, whistleblowing and other relevant issues related to the company’s operations. Cloudberry is in the process of implementing its first Board approved Code of Conduct in the organisation. The Annual Report of 2020 is its first after establish- ing Cloudberry Clean Energy AS and integrates our financial and sustainability reporting. 2. Business Cloudberry is a Nordic renewable energy company owning, developing and operating renewable power assets such as hydropower plants and wind farms in Norway and Sweden. Cloudberry’s operations comply with the objective defined in the articles of association: The company’s objective is to conduct investment activities in the energy sector, including developing and production of renewable energy. Cloudberry’s purpose is “To provide clean renewable energy for future generations, developing a sustain- able society for the long term and creating value for stakeholders. Our purpose shapes every aspect of how Cloudberry operates”. The company’s corporate strategy is to deliver on this purpose, with targets to align strategy execution across the company for the long term. The company was established in November 2017. The Group currently consists of the company and its two wholly owned subsidiaries Cloudberry Production AS (formerly known as CB Nordic Renewable & Infrastructure Fund I AS) (“CB Production”) and Cloudberry Develop AS (formerly known as Scanergy AS) (“CB Develop”) with their respective subsidiaries. In February 2020 Cloudberry purchased 100% of the shares in Scanergy AS and CB Nordic Renewable & Infrastructure Fund I AS. The transaction was fully settled with shares in Cloudberry. Post the transactions in February 2020, Corporate Governance

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