styreverv

Styreverv refers to membership on a board of directors or supervisory board in Norway. Individuals who hold styreverv participate in the governance of organizations such as aksjeselskaper (AS) and many non-profit associations, as well as public sector bodies. The role centers on ensuring sound governance, strategic direction, and accountability for the organization’s use of resources.

The core responsibilities include setting and monitoring strategy, overseeing management, financial oversight and risk management, ensuring compliance with laws and regulations, and safeguarding internal controls. The board approves major decisions such as budgets, significant investments, mergers or acquisitions, and senior management appointments, including the CEO. In many organizations, board work is organized into committees, such as audit, nomination, and remuneration, which handle specific governance tasks and reporting to the full board.

Appointments to styreverv are typically made by the general meeting or, in some associations, by elected members. Terms commonly last two to four years, with opportunities for renewal. Independence and objectivity are valued, and directors must disclose conflicts of interest and recuse themselves when appropriate. Board members are expected to contribute relevant expertise, financial literacy, and the time required for meetings and committee work.

Remuneration for styreverv varies: in private companies it is common to receive fees or possible equity, while in many non-profit or volunteer-driven bodies compensation is limited or absent. Board liability can arise from breaches of duties, and many boards carry directors’ and officers’ (D&O) insurance. The regulatory framework includes the Norwegian Companies Act (Aksjeloven), corporate governance codes for listed companies, and disclosure requirements, with additional rules differing by organization type.