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Transparency Act in AXTech

On 1 July 2022, the Norwegian Transparency Act entered into force.

The law provides that companies should:

·       Carry out human rights due diligence in its own business and value chain

·       Publicly account for its due diligence, including its procedures and identified risks

·       Provide information upon request

The Act shall promote businesses' respect for basic human rights and decent working conditions, and ensure the public has access to information about this.

The Act imposes, among other things, a duty to provide information and a duty to carry out due diligence assessments, which must be explained in a report. AXTech surveys our suppliers and business partners to reveal where the risk of violations of basic human rights and decent working conditions is considered greatest.

For those suppliers and business partners who fall under this category, a closer due diligence assessment will be carried out. In this assessment, we will map risks according to the following groups; high, medium, low. Based on the degree of risk that is uncovered, the company will assess in more detail which measures are to betaken against the relevant supplier or business partners.

Through dialogue with, and by making demands on, our suppliers, AXTech will influence that any violations of basic human rights or decent working conditions, or a high risk of such violations, are stopped.

The business practice in AXtech builds on our Code of Ethics Conduct, which applies to our employees, business partners and our suppliers. This Code includes, among other subjects, human rights and decent working conditions.

AXTech follows The UN Guiding Principles on Business and Human Rights and will provide a more complete and transparent reporting within June 2023. In the report we will describe how we work to identify, address, prevent and limit violations of human rights or decent working conditions – whether potential or actual impacts. We will work according to the process described in the OECD Due Diligence guidance for responsible business conduct.

Do you want to knowmore or have questions related to the Transparecy Act, you are welcome tocontact us at:

The Transparency Act – Report of due diligence assessments

Financial Statement