investments primarily consist of deposits in other financial institutions and interest-bearing securities with short-term fixed interest rates and good liquidity. In 2022, the Bank made purchases in foreign currencies and has loans in the Finnish and Swedish markets, in addition to Norway. Deposits originate 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 with a correspondent bank. Net loans to Finnish and Swedish customers were respectively EUR 257 million and SEK 2,191 million, equivalent to NOK 2,701 million and NOK 2,071 million as at 31 December 2022. The Bank’s open net currency exposure was EUR 0.7 million and SEK -11.2 million as at 31 December 2022. 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 beginning of the year, the Bank had 145 employees, and at the end of the year, it had 87. The Bank has carried out various activities and welfare measures to promote an active social environment and well-being in the workplace and to prevent and reduce sick leave. The Bank has established a working environment committee to ensure a satisfactory working environment in the Bank. The sickness absence rate in 2022 was 6.5% compared to 4.1% in 2021. The Bank has developed a range of principles and guidelines for responsible business practices related to human rights, labor rights, gender equality and non-discrimination, social conditions, the environment, and anti-corruption. For more information, see the separate sustainability report in this annual report.. Corporate governance Komplett Bank aims to maintain high standards for corporate governance, considering it a crucial precondition for long-term value creation. The Bank’s corporate governance follows Norwegian law and the Norwegian Code of Practice for Corporate Governance established by the Norwegian Committee for Corporate Governance (NUES) on October 14, 2021. A report detailing the Bank’s principles and practices is provided in a separate report in this annual report. There are no significant deviations between the recommendation and Komplett Bank’s practices. Komplett Bank has a director and officer liability insurance (D&O) with Risk Point AS and Zurich Insurance PLC. The D&O coverage includes financial protection for the board, CEO, and management for claims that may arise from decisions and actions taken within the scope of their ordinary duties. The coverage provided by both insurance companies per insurance event is 50 million. 36 Board of Directors’ Report
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