Komplett Bank Annual Report 2020

by the Board at least once a year. The Board receives regular reports on developments in the Bank’s market risk. The Bank’s objective is to have low market risk. Market risk is regularly monitored, and the Bank’s investments made in such a manner that low market risk is maintained. The Bank’s investments primarily consist of deposits in other financial institutions and interest-bearing securities with short-term fixed interest rates and good liquidity. In 2020, the Bank made purchases in foreign currencies and has loans in the Finnish and Swedish markets, in addition to Norway. Deposits are from customers in the Norwegian, Swedish and German markets. The Bank’s net currency exposure is kept low and is controlled by a multi-currency facility at another bank. Net loans to Finnish and Swedish customers were respectively EUR 238.1 million and SEK 1,592.1 million, equivalent to NOK 2,493.3 million and NOK 1,661.4 million as at 31 December 2020. The Bank’s open net currency exposure was EUR 2.7 million and SEK -59.2 million as at 31 December 2020. The Bank does not offer fixed-term interest rates on any of its products other than fixed-term deposits in Germany. Organisation, environment and social responsibility At the start of the year, the Bank employed 140 persons, compared to 152 at year end. The Bank has implemented various activities and welfare initiatives to promote an active social environment, well-being at the workplace and to prevent and reduce sick leave. The Bank established a working environment committee to ensure that the working environment maintain a satisfactory level in the Bank. Total sick leave in 2020 was 3.0%, down from 3.8% in 2019 The Bank has established guidelines to ensure that no discrimi- nation or harassment occurs based on ethnicity, national origin, descent, skin colour, language, religion or beliefs in matters such as recruitment and pay. The same applies to gender, age, sexual orientation, political views or disabilities. For more information, please find the separate statement on ESG in this annual report for 2020. Corporate governance Good corporate governance is a key priority for the Board of Komplett Bank. The bank seeks to maintain high standards for corporate governance which it considers to be an important prerequisite for long-term value creation. The bank follows the Norwegian Code of Practice for Corporate Governance (the “Code”), adopted by the Norwegian Committee for Corporate Governance (NUES) on 17 October 2018. The Bank has a separate report in this annual report related to corporate governance. There are no significant discrepancies between the Code of Practice and Komplett Bank’s practice. Other information The Bank had extensive development activities in 2020. Among other things, these were linked to the development of tools that will contribute to the Bank’s present operations and forward-look- ing projects were initiated to reinforce the Bank’s commercial position. The Board confirms that the Bank satisfies the going concern assumption. The Board is not aware of events after the balance sheet date that are of material importance to the annual financial statements. 36 Board of Directors’ Report