Cloudberry Annual report 2022 Board of Directors report 22 Governance Responsible and good governance is the basis for a healthy business, and it is our ambition at Cloudberry to always ensure solid governance internally and in our value chain. The company adheres to recognized governance standards and shall comply with the Norwegian Code of Practice for Corporate Governance of October 2021, issued by the Norwegian Corporate Governance Board (NUES). This includes having principles for disclosure and transparency in Cloudberry`s business to provide shareholders and stakeholders with precise and accurate information concerning all aspects regarding Cloudberry. Incorporating sustainability focus on our day-to-day business is a continuous process in the business units and in Cloudberry’s entire value chain. The ESG committee ensures the alignment with the company`s sustainability strategy and assesses the administration’s work and implementation of the ESG strategy in the company`s overall strategy. In 2022, the committee held eight meetings, a doubling from 2021, and the Chief Compliance and Organization Officer became a member of the committee, alongside the Chief Sustainability Officer and the two board members. Furthermore, to secure the integration of ESG ambitions and topics in all business units in the company, Cloudberry established an ESG project group early in 2022. The group consists of employees from different segments and areas of responsibility that actively work to improve methods and internal routines for ESG compliance. In the Supplier Code of Conduct we address Cloudberry`s ethical standards towards our suppliers. We expect our suppliers and partners to uphold these standards, and that their policies, statements, and commitments are enforced in their own operations, and with their sub-suppliers. The Supplier Code of Conduct is implemented in procurement phases and is reviewed annually by the organization. Cloudberry has integrated due diligence evaluations of environmental, social, and governance topics in all operational and investment decisions. In tender processes Cloudberry implemented a supplier declaration form which is used as a basis for pre-screening of suppliers of products and services to Cloudberry. The declaration form reflects regulatory requirements, quality, sustainability topics and HSE, and is included in an overall assessment when choosing a supplier. The procedure was implemented during 2022, and we will work to expand this further. In accordance with the Norwegian Transparency Act, we have incorporated human rights due diligence aligned with the OECD guidelines for Multinational Enterprises and the United Nations Guiding Principles for Business and Human Rights. A report on the due diligence assessment will be published by 30 June 2023, in accordance with deadlines outlined in The Norwegian Transparency Act. Cloudberry conducts its business in a highly ethical manner with integrity, dignity, and respect towards all its surroundings. The company’s Code of Conduct is the basis for how the company acts and performs its business. All new employees are introduced to the Code of Conduct as an integral part of the onboarding, and all personnel are followed up with training and awareness. The Code of Conduct is revised and audited by the Board of Directors annually. An important part of good governance is being transparent and proactive regarding any incidents or irregularities that may occur. Cloudberry wants to be made aware of any such irregularities or other concerns regarding the organization and its business and encourages a speak-up culture among its employees. To notify misconduct observed with the Group, an independent and anonymous reporting channel is abailable on our website. There were no whistleblowing reports and no instances or suspicion of corruption or fraud raised during 2022. Cloudberry provides details of its sustainability work in its Annual Report and specifically in the sustainability and corporate governance sections. Cloudberry’s reporting requirements under section 3-3 a and c of the Norwegian Accounting Act are as such addressed in this section. Financial Performance Financial summary In 2022 Cloudberry has grown significantly. The proportionate production more than doubled compared to 2021, while the consolidated revenues increased ~400%, on the back of a 50% increase in the balance sheet. The group has a strong financial position and is fully financed for ~1TWh in run-rate production.
RkJQdWJsaXNoZXIy NTYyMDE=