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Unformatted text preview: iscrimination in the Group. All employees of Telenor Group have signed the Codes of Conduct. By doing so, they are committed to opposing discrimination and shall do their utmost to promote equality in all employment practices. No direct or indirect negative discrimination shall take place, and Telenor Group does not tolerate degrading treatment of any employee. Telenor Group operates the “Telenor Open Mind” programme. This pro­ gramme offers physically disabled people two years of job training in the Group. So far, approximately 75% of the participants secured permanent employment after completing the programme. Telenor Group sets requirements for diversity in recruitment and develop­ ment programmes. 35.7% of the total workforce in Telenor Group consists of women. The corresponding figure for managers is 21.5%. In 2011, 25% of the participants in Telenor Group’s man­ agement development programmes were women. The Board of Telenor ASA consisted of four women and seven men. Group Executive Management consisted of three women and six men. CorPorate resPonsibility Telenor Group aims to create shared value for the company and for the societies in which it operates. Through business­integrated corporate responsibility, Telenor aims to extend the wider benefits of communications technology to reach underserved groups, provide safe user experiences and minimise impact on the environ­ ment. Telenor Group is a member of the UN Global Compact (UNGC) and adheres to the ten UNGC principles for corporate responsibility within human and labour rights, environmental protection and anti­corruption. Telenor Group aims to disclose transparent and high­quality data on non­financial performance, focusing on material issues and communica­ tion of progress, so as to ensure clear links between business strategy, non­financial performance indicators and activities. /page 12/ telenor annual report 2011 report from the board of directors 2011 In 2011, Telenor Group was, named one of the top five performers in the mobile telecommunications sector of the Dow Jones Sustainability Indexes (DJSI) for the 10th year running. DJSI is the world’s most comprehensive annual analysis of companies’ social, economic and environmental performance. Telenor Group was also ranked as one of the top 10 telecommunications companies by the Carbon Disclosure Project (CDP). Telenor Group supports and respects internationally recognised human rights, including the UN Universal Declaration of Human Rights, and strives to avoid human rights abuses and complicity therein through responsible business practices across the organisation. Telenor Group aims to minimise its environmental impact and all business units strive to minimise their use of energy, water and raw materials. In order to reduce the growth in Telenor Group’s energy consumption and CO 2 emissions, the key climate ambition is to improve energy efficiency of the business units’ networks, which represents approximately 90% of Telenor Group’s total CO 2 emissions. All business units focused on energy efficiency initiatives such as network modernisation, infrastructure improvements and integration of energy requirements in the procurement processes. Total 2011 CO 2 emissions in Telenor Group are estimated to be 1.1 million tonnes of CO 2, which is an increase of 4% compared with 2010. The increase is mainly due to the increased activity and network expansion in India. Excluding India, the Group’s CO 2 emission growth rate was reduced by 4% compared to 2010. Telenor Group will publish a Sustainability Report highlighting its efforts and performance on issues of vital importance to the business and the many stakeholders in society. The report will be presented for the first time on in Q2 2012. rISk FACTOrS Operating across multiple markets exposes Telenor Group to a range of financial, regulatory, operational, industry and reputational risks that may adversely affect our business. Financial risk The turbulence in financial markets intensified during the fall of 2011, particularly in the euro zone. This has resulted in an increased focus on the management of financial risk and counter-party risk. Telenor Group is exposed to credit risk mainly related to accounts receivables, investments in financial institutions, financial derivatives and investment in Government debt securities. In 2011, Telenor Group had no credit losses due to defaults on financial institutions or Government securities. Telenor Group emphasises the need to retain financial flexibility. The refinancing risk is considered to be low and Telenor has ensured satisfactory financial flexibility through a diversified set of funding sources. 69% of the Group’s revenues are derived from operations with a functional currency other than the Norwegian Krone. Currency fluctuations affect the value of investment in foreign operations when translating statements into the presentation currency Norwegian Krone. Telenor only partly hedges the Group’s net investment in foreign operations. This is...
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This document was uploaded on 03/21/2014.

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