Compliance with legislation and other requirements

Hydro is a public limited company organized under Norwegian law with a governance structure based on Norwegian corporate law. Our main share listing is on the Oslo Stock Exchange, which subjects us to Norwegian securities legislation and stock exchange regulations.

We are also listed on five other European stock exchanges. During 2007, we decided to delist our ordinary shares, and the American depositary receipts representing them (ADRs), from the New York Stock Exchange (NYSE). This became effective on November 23, 2007. We also applied to deregister and terminate our reporting obligations under the U.S. Securities Exchange Act of 1934. The deregistration became effective February 27, 2008. As a result, we are no longer required to comply with regulations issued by the NYSE or the SEC. However, we have not amended our core corporate governance policies and procedures following the delisting and deregistration.

We comply with the Norwegian Code of Practice for Corporate Governance of December 2007.  

Since 2006 Hydro has scored highest among the aluminium companies at the Dow Jones Sustainability Indexes (DJSI). We have been listed on DJSI every year since the start of the index in 1999. We are also listed in the corresponding UK index, FTSE4Good.

Hydro’s internal control shall contribute to sound control characterized by integrity, ethical values and attitudes in the organization. Internal control is integrated in Hydro’s management model and shall contribute to achievement of business targets by securing that

• Risk is identified and handled
• Financial reporting and internal governance information is correct
• The Group is managed according to current legislation and internal requirements
• Resources are provided and used in cost efficient ways