ESG REPORT
2019

Contents
This ESG report provides an account of the 
processes and structures Aker has in place 
to support our commitment to ESG issues. 
Message from our CEO
3
Our company
4
Our Approach to ESG
6
Commitment to environmental  
responsibility
8
Commitment to social responsibility
1 1
Commitment to good governance
14
Portfolio overview
18
TCFD report
24
ESG
Environmental
We are committed to being  
part of the solution
	§
Using our role as an active, 
responsible owner
	§
Being a driving force to reduce 
negative environmental impact 
from operations of our portfolio 
companies
	§
Making the Norwegian Continental 
Shelf a benchmark for safe, 
sustainable and profitable oil and 
gas production
Social
We are committed to our  
employees and communities
	§
Investing in health and wellness of 
our employees
	§
We are committed to supporting 
and having a positive impact 
on our local communities, e.g. 
through Aker Scholarship and 
Stiftelsen VI
	§
Zero tolerance for discrimination, 
harassment and degrading 
treatment of employees
Governance
We are committed to good 
governance
	§
Based on best practice 
recommendations from Oslo Stock 
Exchange and NUES
	§
Code of Conduct as governing 
document with expected 
alignment throughout the portfolio
	§
Regular risk reviews by the Board, 
including environmental and 
climate-related risks
	§
Ensuring employee representation 
in Aker’s boardroom and in 
the boardrooms of all portfolio 
companies
E
S
G

AKER ASA ESG REPORT 2019   MESSAGE FROM OUR CEO
3
Aker ASA ESG report 2019  3
ESG considerations are core premises for our 
business and investment decisions. We are 
simultaneously respectful about the fact that when 
the world is back to normal it will need more energy 
going forward.
A question we ask ourselves is how oil and gas are 
being produced. The largest emissions from crude 
oil do not stem from its production, but from its 
utilization. It is, nevertheless, important to produce 
the oil at as low emissions as possible. Aker BP is 
showing the way in this area. Their CO2 emissions 
per barrel produced is already among the lowest 
– approximately 7 kg per barrel compared to the 
worldwide average of 18 kg per barrel – and we 
continue to innovate in order to reduce emissions 
even further. 
We are deeply committed to our shared 
responsibility to ensure that the environmental 
impact of our investment activities is mitigated. From 
ensuring production at the oil fields is as sustainable 
as possible, to the decisions we make as shareholders 
and citizens; a low-carbon future goes hand in hand 
with our strategy for long-term profitability.”
President and CEO Øyvind Eriksen,  
Excerpt from the CEO-letter in the Aker ASA Annual report 2019

4
AKER ASA ESG REPORT 2019   OUR COMPANY
Results- 
oriented 
We establish ambitious, 
clearly defined goals, 
and work in a long-term 
and systematic manner 
to realise our objectives 
and create value
Opportunity-
oriented
We remain focused 
on opportunities and 
solutions using our 
financial strength, 
flexibility and 
optionality
Our company
Aker ASA (“Aker”) is an industrial investment company that exercises active 
ownership to create value. In our capacity as an active owner, we combine industrial 
expertise industrial expertise and financial strength with knowledge about capital 
markets. We work to drive strategy developments, operational improvements, 
financing, restructuring and industrial transactions forward. 
Our four core values are: 
Vision and values
Aker’s vision and core values enable a corporate culture in which people deliver excellent 
results in a responsible manner. Our vision is proud ownership – two words that define 
what we strive for and what inspires employees, fellow shareholders, working partners and 
others. As an active owner, we develop well-functioning companies that offer products 
and services in an environmentally, ethically and socially responsible manner.
For nearly 180 years, Aker has been a driving force 
for the development of internationally focused, 
knowledge-based industry in Norway. Our ownership 
interests are concentrated in the oil and gas, maritime 
assets and marine biotechnology sectors. The 
investments consist of two portfolios:
Industrial portfolio companies: strategic in nature 
and managed with a long-term perspective. Comprise 
ownership interests in Aker BP, Aker Solutions, 
Akastor, Kvaerner, Ocean Yield, Aker BioMarine, 
Aker Energy and Cognite. 
Financial investments: Comprise cash and 
other assets. 
Knowledge-
oriented
With our considerable 
expertise, our decisions 
are based on insight, 
understanding and 
experience
Cooperation-
oriented
We build businesses 
and value through 
ongoing interaction 
with employees, 
partners, society and 
stakeholders

5
Active ownership
As an investment company, our ESG priorities are integrated in our role as an active 
owner. In this role, we seek to ensure that our portfolio companies implement 
processes and procedures for sustainable development in a way that ensures 
long-term value creation for our shareholders. Our ambition is that our portfolio 
companies represent the benchmark for profitable, safe and sustainable operations. 
Our Investment Policy lays out the structure for 
management control and reporting framework 
for our investments, the annual review and follow 
up cycle, as well as a clear definition of roles and 
responsibilities anchored in our ownership agenda. 
Through board positions, investment reviews and close 
collaboration with the portfolio companies on strategy 
and performance, we seek to ensure that Aker is 
developing in a responsible, value-creating manner. 
It is the responsibility of each industrial portfolio 
company to implement their own ESG procedures 
and adhere to relevant reporting standards. An annual 
ESG questionnaire is used to assess the status of the 
companies’ climate-related risks and opportunities, 
ESG reporting and priorities. Aker also facilitates 
an ESG forum for sustainability and corporate 
responsibility with key employees within Aker and the 
portfolio companies. 
The portfolio companies participate in our ESG 
Forum, formerly known as the CR Forum, which 
meets on a regular basis to:
	§
promote discussion and learning across the 
companies
	§
help identify material issues
	§
align on reporting standards
	§
discuss challenges and opportunities related to 
ESG considerations
We seek to ensure that our 
portfolio companies implement 
processes and procedures for 
sustainable development in a 
way that ensures long-term value 
creation for our shareholders.
AKER ASA ESG REPORT 2019   OUR COMPANY

6
AKER ASA ESG REPORT 2019   OUR APPROACH TO ESG
About the report 
The landscape for environmental, social and 
governance (ESG) considerations is evolving rapidly. 
At Aker we experience that employees, our portfolio 
companies, investors and regulators increasingly 
expect us to ensure that business activities deliver a 
positive return for society at large. We welcome this 
development. ESG topics are core premises for our 
investment and business decisions. 
This ESG report provides an account of the processes 
and structures Aker has in place to support our 
commitment to ESG issues. The topics covered 
are those which affect our own and our portfolio 
companies’ performance and long-term sustainability, 
and which we believe forms the best basis for investor 
assessments and decisions. 
Throughout this report you will find information on 
E, S and G considerations along two pillars: 1) our 
own performance as a company and employer, and 
2) an update on our role as an active owner and 
how we work to ensure that our portfolio companies 
progress towards enhancing positive environmental 
and social impact and mitigate negative impact of 
their business activities. As a company listed on the 
Oslo Stock Exchange, Aker is subject to rules on 
reporting of corporate responsibility. Aker adheres to 
the requirements defined by Section 3-3 a-d of the 
Norwegian Accounting Act. More information can 
be found in the section on our commitment to good 
Corporate Governance. 
How we identify our material ESG issues 
In 2019, we commissioned an independent third party 
to review our corporate responsibility reporting and 
validate our understanding of the issues most relevant 
to our business and of most interest to our stakeholders. 
As an industrial investment company, our primary 
stakeholders are the shareholders and bondholders, 
analysts, Aker employees, and the authorities. Over the 
course of 2019, we surveyed the portfolio companies 
on their reporting practices, short-, medium, and long-
term climate-related risks and opportunities, as well as 
prioritised ESG considerations. The mapping allows us 
to set our own priorities for our role as an active owner. 
Our ongoing stakeholder dialogue, media analysis and 
investor roadshows, have also helped narrow down the 
ESG topics most relevant to this report and that will 
have the most impact on our business. 
At Aker, we have a continuous improvement approach. 
As a result, there are several changes in this year’s 
ESG report. We focus on disclosing the most relevant 
performance metrics while embracing the principles 
and guidance of prevailing non-financial reporting 
standards, including the Task Force on Climate-related 
Financial Disclosures (TCFD) and CDP (formerly known 
as the Carbon Disclosure Project). The report aim to 
increase our transparency and disclosure on how we 
manage our most material ESG matters, as well as how we 
approach long- and short-term climate-related risks and 
opportunities, both in our role as an operating entity and 
as an active owner of a portfolio of industrial holdings. 
Our Approach to ESG
Material topics
Environmental
	§
Climate change mitigation 
and adaption 
	§
Demand for renewables / 
changing energy mix 
	§
Harnessing the power of 
technology
Governance
	§
Board oversight and active 
ownership
Social
	§
Employee health and 
wellness  
	§
Community engagement

7
AKER ASA ESG REPORT 2019   OUR APPROACH TO ESG
Aker’s commitment to the United Nations 
Sustainable Development Goals 
Aker recognizes and respects the United Nations’ 17 
Sustainable Development Goals (SDGs), and have 
identified four SDGs that we positively impact. A 
self-assessment is used to identify where we have the 
most opportunity to contribute to the SDGs, based on 
the World Benchmarking Alliance’s market analysis. 
Using context-specific analysis, we identify priority 
SDGs based on factors like geography, stakeholder 
engagement and business activities. 
Promote sustained, inclusive and 
sustainable economic growth, full 
and productive employment and 
decent work for all 
	§
Aker has established an international framework 
agreement for Aker and the industrial portfolio 
companies with international operations that 
sets out fundamental worker rights and refers 
to standards governing health, safety and the 
environment (HSE) work, pay, working hours and 
employment conditions. 
	§
Aker has a Global Works Council, which promotes 
ongoing dialogue between management and 
employee representatives in Aker and portfolio 
companies and continually works to ensure 
alignment on corporate responsibility efforts in 
Norway and internationally (Goal 8.8).
	§
Aker actively supports and works with Stiftelsen VI to 
ensure that people with disabilities are given the same 
opportunities to perform as non-disabled (Goal 8.5).
Strengthen the means of 
implementation and revitalize the 
global partnership for sustainable 
development 
	§
Aker is working to significantly enhance oil and gas 
capacity-building in Ghana and provide greater access 
to technology and innovation that can help build the 
nation’s oil and gas industry (Goals 17.7, 17.9, 17.19).
	§
Through C4IR Norway, Aker seeks to enhance the 
global partnership for sustainable development by 
focusing on multi-stakeholder partnerships, sharing 
of technology, knowledge and expertise, and by 
encouraging and promoting effective public-private 
and civil society partnerships for better ocean 
health (Goals 17.16, 17.17). 
Take urgent action to combat 
climate change and its impact  
 
	§
Aker is committed to improving energy efficiency 
and reducing greenhouse gas emissions of its 
portfolio companies through its investments and 
board positions and is using the active owner role 
to encourage consideration of rebalancing the 
portfolio and diversify towards sustainable and 
renewable solutions (Goal 13.1, 13.3).
	§
Aker support portfolio companies' business 
opportunities, including Carbon Capture, 
Utilizsation and Storage (CCUS) technology and 
offshore wind shift towards a greater focus on 
renewables and Carbon Capture.
	§
Aker’s ambition is to support technology 
development that can improve industry efficiency 
and reduce green house gas (GHG) emissions through 
C4IR Norway and the investment in Cognite (13.3).
Conserve and sustainably use the 
oceans, seas and marine resources  
 
	§
Through a joint initiative with the World Economic 
Forum, Aker established C4IR Norway to improve 
the environmental footprint of ocean-related 
industrial activities through public-private cross-
sector and cross-border partnerships (Goal 14.1-14.3 
and 14.b).
	§
Continue supporting portfolio companies’ efforts 
to have more sustainable operations, regulate 
harvesting and end overfishing, incl. Aker 
BioMarine (Goal 14.4).
Aker has identified the following priority SDGs:

Environmental considerations are premises for our 
business strategy and investment decisions, and we 
strive to minimise negative environmental impact of 
our investment and our own activities. In addition, 
we recognise the opportunity to be a driving force in 
finding collaborative, knowledge-driven solutions to 
promote sustainable development for industries at 
large, especially within ocean-related industries.  
Our approach
Our long-term impact on sustainability and 
environmental concerns are part of both how we 
exert active ownership within our existing portfolio 
companies and how we evaluate new investment and 
business opportunities. 
Our general guiding principles in working as an active 
owner towards a sustainable energy future: 
1.	
Be a driving force to reduce negative 
environmental impact from operations of our 
portfolio companies
2.	 Increase focus on the portfolio companies’ efforts 
and solutions to address environmental and 
climate-related challenges 
3.	 Increase awareness of environmental and social 
outcomes and consequences of the portfolio 
companies’ activities 
Climate-related risks
Climate-related risks can be defined as physical risks, 
including extreme weather and natural disasters 
resulting from changes in our climate, as well as 
transition risks, including emerging policy and 
legislation, technological innovation and market 
and reputation risk. Both types of risks are relevant 
to Aker, however the main climate-related risks in 
Aker lies with our industrial investments, not with 
our own operations. Even though natural disasters 
and extreme weather are not likely to affect Aker 
directly in the short term, portfolio companies 
are geographically dispersed making them more 
vulnerable to physical risk. 
Climate-related risks are incorporated into Aker’s 
corporate risk matrix. As such, climate-related risks 
are identified, assessed and managed on an annual 
basis as part of the annual risk review. 
Please refer to our full TCFD report to learn more 
about our climate-related risks. 
Commitment to environmental responsibility:  
As a company
COP 21 (the Paris agreement) adopted ambitious climate targets to reduce the rise in the 
global average temperature to well below two degrees Celsius compared with the preindustrial 
era. COP 21 also agreed that global, man-made greenhouse gas emissions between 2050 and 
2100 should not exceed levels that can be absorbed by nature and through carbon capture, 
storage and use. 
Aker and portfolio companies are involved in this effort, and we believe that coordinating targets 
and action plans through industry organisations and national associations is important. This is 
partly done through the collaborative arena, Konkraft, which brings together the Federation of 
Norwegian Industries (Norsk Industri) and Norwegian Oil and Gas (Norsk Olje og Gass) to form a 
shared road map for the Norwegian Continental Shelf.
ENVIRONMENTAL
E
8
AKER ASA ESG REPORT 2019   COMMITMENT TO ENVIRONMENTAL RESPONSIBILITY

Aker ASA emissions as reported to CDP for the 2019 report:
ENVIRONMENTAL
E
Aker's own emissions are limited to office and travel-related emissions for 43 employees. Compared to climate-
related issues in our investment activities, our own emissions are insignificant. Setting emission targets for our 
own operations has therefore not been a priority in our climate strategy. Scope 1 and 3 emissions are expected to 
go up due to increased overseas activities which necessitate more travel. Scope 2 emissions, which are from our 
office activities, are expected to remain stable over the next five years. The GHG emissions data is audited by an 
independent auditor (KPMG). 2019 figures will be audited in June 2020 in connection with reporting to CDP.
Scope 1 emissions
1 686
metric tons CO2e
Scope 2, location-based
12
metric tons CO2e
Scope 2, market-based
268
metric tons CO2e
Purchased and consumed electricity, heat, steam and cooling
515
MWh
Purchased and consumed low-carbon electricity, heat, steam and cooling 
accounted in market-based approach
260
MWh
9
AKER ASA ESG REPORT 2019   COMMITMENT TO ENVIRONMENTAL RESPONSIBILITY
Scenario analysis
The business areas relevant to Aker’s climate-related 
scenario analysis are mainly the ones relating to the 
oil sector, as changes in oil price and pricing of CO2 
emissions have a direct impact on the profitability 
of several of our portfolio companies, including Aker 
BP, Aker Energy and Aker Solutions. We use the IEA 
Sustainable Development Scenarios in our scenario 
analysis, as it highlights implications for several of 
the companies in which Aker is a major investor. It 
is difficult to predict the development of oil prices 
beyond a two-year horizon; however, the IEA scenario 
provides important pointers for vulnerabilities in 
companies exploring and producing oil fields. 
2019 performance metrics 
CDP is a global, independent non-profit organization 
which encourages companies to measure and report 
climate emissions and climate-related issues. For 2019, 
Aker received a score of B-, up from a score of D in 2018.
B-
For 2019, Aker received 
a CDP score of B-
up from a score of D in 2018
DISCLOSURE INSIGHT ACTION

10
As our portfolio companies both impact 
climate change and are impacted by 
climate change, they are inherently 
exposed to a range of both physical 
and transition risks. It is the responsibility of the 
industrial portfolio companies themselves to identify, 
assess and manage these risks effectively. Each 
company takes responsibility beyond complying 
with relevant legal statues and standards with the 
aim of minimising their environmental impact. As a 
minimum, the portfolio companies are required to: 
	§
Carry out relevant risk assessments and publish 
information on significant and relevant climate-related 
issues in their respective sustainability reports 
	§
Ensure that crisis management plans are updated 
ENVIRONMENTAL
E
Commitment to environmental responsibility:  
As an active owner
Already identified use-cases: 
Case: The Energy Optimizer 
Lead: Aker BP
Goal: The Energy Optimizer aims to 
optimise energy usage, and by that reduce 
CO2 emissions. A 10% reduction in energy 
usage should be within reach. A prototype 
"Energy Optimizer tool" will be tested on 
the Skarv FPSO in the coming year.
Case: The Emissions Optimizer 
Lead: Aker BP
Goal: The Emissions Optimizer will reduce 
and optimise use of chemicals by making 
the use of chemicals visible all the time, in 
real time. Full visualisation and data-sharing 
to reduce consumption, but also to be 
transparent towards authorities, NGOs etc. 
We hope to replicate methodology and tool 
to other fields and industries. Aker BP aims 
at developing a prototype «The Emissions 
Optimizer» at the Ivar Aasen platform.
Case: Data capture and sharing from 
fishing trawlers in Antarctica 
Lead: Aker BioMarine 
Goal: Better use of data to improve ocean 
management and planning tools
	§
Consider rebalancing the portfolio and diversify 
towards sustainable and renewable solutions
In October 2019, Aker, together with Aker Solutions, 
Aker BP, Aker Energy, Kvaerner, Aker BioMarine, 
Cognite, and Kjell Inge Røkke’s privately owned 
companies TRG and REV Ocean, announced a joint 
pledge of USD 11 million to three initiatives dedicated 
to developing disruptive technology solutions for 
a healthy and productive ocean. The USD 11 million 
pledge will go towards three initiatives, covering costs 
for the next three years. The initiatives include the 
Centre for the Fourth Industrial Revolution (C4IR) in 
Norway, which will receive USD 6 million, the Ocean 
Data Platform receiving USD 3 million, and the Plastic 
REVolution which is being granted USD 2 million.
AKER ASA ESG REPORT 2019   COMMITMENT TO ENVIRONMENTAL RESPONSIBILITY
Center for the Fourth Industrial Revolution 
(C4IR)
In September 2019, Aker and the World Economic 
Forum (WEF) announced the establishment of 
the Centre for the Fourth Industrial Revolution 
(C4IR Norway), dedicated to harnessing advances 
of technology to preserve our ocean and to improve the 
environmental footprint of ocean industries. Through public-private 
partnerships, the Centre will develop governance frameworks and 
solutions for a sustainable and profitable ocean economy. 
The Norwegian technology centre will join the WEF’s 
global C4IR Network. The Centre will provide a platform for 
partnerships on governance policies, research and business 
solutions that can accelerate the application of science, data 
and technology in the public interest. The initial projects of the 
affiliated centre will focus on three overarching topics: 
	§
Improving the environmental footprint of ocean-related 
industrial activities through 4th industrial revolution (4IR) 
technology
	§
Better manage ocean data to improve ocean management 
and planning tools
	§
Using digitalization and technology to protect biodiversity of 
the ocean

11
SOCIAL
S
Commitment to social responsibility: 
As a company
Aker and its industrial portfolio companies are 
founded on expertise and industries in areas that form 
a fundamental part of Norway’s history and society. 
Elected officials have through time created framework 
conditions that have helped Norway perform well in 
these industries, as well as on international rankings 
for transparency, high standard of living and high 
quality of life. This basis and position have provided 
Aker and the portfolio companies with the opportunity 
to recruit top candidates. As an owner, Aker seeks to 
ensure that the Norwegian cooperation model is also 
employed in the international segment of the industrial 
portfolio companies. 
We invest in our employees
It is Aker’s ambition to maintain a good working 
environment with high levels of well-being, low levels 
of absence due to illness, and generally ensure and 
retain a highly skilled and motivated workforce. 
Alongside competitive compensation, we offer 
comprehensive benefits packages to all employees, 
including on-site health and wellness centres, and 
an Aker insurance package which includes insurance 
against occupational injuries, personal accidents, 
sickness, disability, travel, as well as group life 
insurance. 
To better support our employees, Aker offers 
full wages for primary caregivers in the event of 
childbirth or adoption. Aker also pays full wages 
when employees’ children or other primary caregivers 
for the children, or other close family members are ill, 
provided that the national insurance scheme’s criteria 
for payment of care benefits or attendance allowance 
are met. 
Invest in health and wellness 
In addition to healthcare and insurance plans, Aker 
offers a comprehensive wellness program for all Aker 
employees. This includes unlimited access to an on-
site health and wellness centre, Moloklinikken, where 
all Aker employees have access to a physician, health 
counselling, and medical treatment. All employees 
are offered an annual health assessment to help 
identify potential or existing health risks. All Aker 
employees are also offered memberships to the on-
site Lifestyle fitness centre, as well as a membership 
in the training and lifestyle portal Aker Active. 
2019 key figures Aker ASA:
	§
Number of employees: 43
	§
Share of women: 44%
	§
Rate of healthiness: 99.32% (sick leave 0.68%)
AKER ASA ESG REPORT 2019   COMMITMENT TO SOCIAL RESPONSIBILITY

12
SOCIAL
S
Invest in our communities 
Stiftelsen VI 
Stiftelsen VI (“The WE Foundation”) was founded in 
2018 with an ambition to work to ensure that people 
with disabilities are given the same opportunities to 
perform as non-disabled. 
People with disabilities are an important resource in 
our society, however a disproportionate number of 
people with disabilities experience reduced quality 
of life, poorer general health and higher levels of 
isolation from the community. People with disabilities 
are also given fewer opportunities to engage in 
physical activity and other interests. Stiftelsen VI 
seeks to address this large gap in opportunities for 
disabled people. 
Kjell Inge Røkke’s privately held company, TRG, funds 
the foundation’s basic capital of NOK 25 million, 
as well as costs associated with the foundation’s 
administration and operation. Aker is one of several 
VI companies and has committed to contribute NOK 
10 million over a five-year period. In addition, nine 
portfolio companies contribute NOK 10 million each 
to Stiftelsen VI to support measures and activities 
for people with disabilities over a five-year period, 
bringing total donations up to NOK 100 million. 
Aker Scholarship
Aker Scholarship awards grants to Master and 
Ph.D. students who can make a difference in the 
development of industry and society at large. Over 
the course of four years, 99 students have been 
granted scholarships, of which 24 were granted in 
2019. The grant is awarded by Anne Grete Eidsvik 
and Kjell Inge Røkke’s Charitable Foundation for 
Education, funded by donations from Kjell Inge 
Røkke’s private company TRG. Aker is responsible for 
operating the foundation, with CEO Øyvind Eriksen 
as the Chairman of the foundation’s Board. 
Students that can demonstrate a strong academic 
record, documented social engagement and personal 
potential for contributing to academia and society, 
and that are accepted into one of nine world-leading 
universities are eligible for grants. An academic 
committee evaluates the candidates’ academic 
qualifications. Support is provided for the full period 
of study and is designed to be supplemental to 
other support schemes to ensure all recipients get 
full coverage of costs, including accommodation and 
living expenses, for the duration of their study.
AKER ASA ESG REPORT 2019   COMMITMENT TO SOCIAL RESPONSIBILITY
2019 Aker Scholars.

13
SOCIAL
S
By exercising active ownership, Aker takes 
responsibility for how and where value is created. 
Aker expects all its companies to engage in an 
open dialogue with all its partners and affected 
parties. Each company carries the responsibility for 
continuing to develop positive relationships with its 
stakeholders, both locally and internationally.
International framework agreement 
Aker practices a zero tolerance for discrimination, 
harassment and degrading treatment of employees 
in its portfolio companies. This is also set out in 
the international Framework Agreement between 
Aker and its industrial portfolio companies with 
international operations (Aker Solutions, Akastor, 
Kværner, Cognite, Aker Energy and Aker BioMarine) 
and with the Norwegian trade unions Fellesforbundet, 
IndustriALL Global Union, the Norwegian Society 
of Engineers and Technologists (NITO) and the 
Norwegian Society of Graduate Technical and 
Scientific Professionals (Tekna). 
The International Framework Agreement sets out 
fundamental workers’ rights and refers to standards 
governing health, safety and the environment 
(HSE) work, pay, working hours and employment 
conditions. Through the agreement, Aker and its 
industrial companies have committed to respecting 
and supporting fundamental human rights and trade 
union rights in the countries in which the portfolio 
companies operate. The applicable principles are laid 
out in the Universal Declaration of Human Rights, the 
OECD Guidelines for Multinational Enterprises and 
the ILO Declaration on Fundamental Principles and 
Rights at Work. Together with the industrial portfolio 
companies, Aker also uses its influence to ensure that 
the portfolio companies’ supply chains and customers 
comply with the principles set out in the agreement. 
The management and employee representatives for 
technical administrative personnel and skilled workers/
union representatives in the respective portfolio 
companies are responsible for the ongoing follow-up. 
The Global Works Council 
Aker has a global cooperation council 
in which the company, employee 
representatives and industrial portfolio 
companies are represented, the Global 
Works Council (GWC). Aker’s CEO and the operative 
companies’ top management participate actively in the 
GWC dialogue and two formal GWC conferences were 
held in 2019. The GWC brings together liaison bodies' 
representatives from Angola, Brazil, England, Germany, 
India, Malaysia, Norway, Scotland, and the U.S.
Aker Active
In its ownership capacity, Aker is focused on ensuring 
that the companies have able, motivated and healthy 
employees that enjoy good and professional working 
conditions. This helps promote a diverse, inclusive 
and positive working environment. 
Across the portfolio companies, employees have 
access to health and wellness programs. Aker Active 
promotes physical activity and measures to improve 
health for all Aker and the portfolio companies’ 
employees. 
Aker Active by the numbers: 
	§
90 official groups (78 in 2018),  
726 unofficial groups (670 in 2018) 
	§
16 195 members (15 000 in 2018) 
	§
Aker Active hosted 14 activities in 2019 with 
participants from across the portfolio companies
2019 key figures Aker-owned companies
	§
Number of employees: 21,865
	§
Share of women: 17%
	§
Rate of healthiness: 97.37
Commitment to social responsibility: 
As an active owner
AKER ASA ESG REPORT 2019   COMMITMENT TO SOCIAL RESPONSIBILITY

GOVERNANCE
G
14
Effective corporate governance provides the 
foundation for our value creation. Aker’s corporate 
culture is based on good business practices, 
openness, honesty and respect for other people. 
These principles form the basis for sound equity 
investments. 
Good corporate governance is therefore a key 
concern for Aker’s Board of Directors, management 
and employees, as well as in the exercise of 
ownership of Aker’s portfolio companies. As Aker’s 
main shareholder, TRG Holding AS, is actively 
involved in Aker through its main owner, Kjell Inge 
Røkke. Aker is closely involved in the monitoring and 
follow-up of companies in which Aker is the main 
shareholder. 
Commitment to good governance: 
As a company
Board Composition and Governing 
Principles
Aker’s board of directors determines the overall 
principles for our management and control functions. 
Aker ASA is a Norwegian public limited liability 
company (ASA), listed on the Oslo Stock Exchange 
and established under Norwegian laws. In accordance 
with the Norwegian Accounting Act, section 3-3b, 
Aker includes a description of principles for corporate 
governance as part of the Board of Director’s 
report in the annual report of alternatively makes a 
reference to where this information can be found. 
The Norwegian Corporate Governance Board (NUES) 
has issued the recommendation on corporate 
governance for companies listed in Norway. The Oslo 
Stock Exchange requires listed companies to publish 
and annual statement on their policy on corporate 
governance in accordance with code in force at the 
time. Aker complies with all applicable laws and 
regulations, as well as with the current edition of the 
code, issued 17 October 2018, in all material respects
See more information in the Board of Director’s 
report for 2019 and the Corporate Governance Report 
for 2019.
Risk Assessment 
Risk management is an integral part of a well-
functioning system for internal controls and 
contributes to both securing and developing 
shareholders’ investment in Aker and securing our 
assets. Aker’s objective for risk management and 
internal control is to be aware of manage risks, rather 
than eliminate exposure to risk. Our risk management 
supports compliance with laws and regulations, 
including recommendations from NUES, in all 
material respects.
AKER ASA ESG REPORT 2019   COMMITMENT TO GOOD GOVERNANCE

15
GOVERNANCE
G
AKER ASA ESG REPORT 2019   COMMITMENT TO GOOD GOVERNANCE
Code of Conduct
Aker’s Code of Conduct and other governing 
documents set out principles on important issues 
such as bribery, gifts, and other possible forms of 
corruption. All Aker employees are expected to be 
familiar with the Code of Conduct and anti-corruption 
policy and complete an eLearning program to 
familiarise themselves and stay updated on the 
policies set forth in the Code of Conduct.  
Aker’s Code of Conduct also expresses Aker’s 
expectations of the portfolio companies’ respective 
governing documents. The board of directors of each 
portfolio company is responsible for implementing 
policies adapted to the specific business area, 
stakeholders, important themes and specific 
challenges relevant to that company.  Aker follows 
up that its portfolio companies implement and meet 
Akers expectations and key figures are reported 
annually to the Aker audit committee, including 
on how many of the portfolio companies have 
undergone eLearning, how much time the employees 
spend on training, how many have confirmed reading 
the Code of Conduct, and whether the Code of 
Conduct is compliant with Aker’s Code of Conduct.
Whistleblower channel  
Aker has an open third-party whistleblower channel 
where suspected, censurable activities such as 
breaches of HSE rules, harassment, insider trading, 
money laundering, fraud, bribes and kickbacks, 
or other violations of ethical guidelines can be 
anonymously reported. In 2019, Aker received three 
reports through the whistleblower channel, all of 
which were investigated without finding any need for 
further follow-up in the relevant portfolio companies.  
Whistle-blower reports on matters in the portfolio 
companies are addressed via the appropriate 
channel within the company in question. All of 
Aker’s industrial portfolio companies have their own 
whistleblowing channels. Aker’s audit committee 
is briefed on how relevant matters are handled and 
may become involved in cases involving breaches 
of significant compliance matters or the anti-
corruption policy. 
Commitment to social responsibility: 
As an active owner

16
GOVERNANCE
G
Aker’s commitment to good governance extends 
to our role as an active owner. In addition to having 
expectations on the portfolio companies’ adherence 
to Aker’s governing documents, including the Code 
of Conduct, we actively encourage cooperation and 
dialogue based on the statutes and agreements 
governing working life. However, day-to-day informal 
exchanges and interaction built on mutual trust, 
openness and respect play an even greater role, and 
form the foundation for cooperation on development, 
productivity and improvement. 
The Aker Model  
Aker has a long tradition of cooperation between 
the main shareholder, management and union 
representatives, and of having an open dialogue 
with authorities and other partners. This is referred 
to as the “Aker model.” In addition to the statute-
based cooperation, engagement through the GWC 
and dialogue governing working life, we encourage 
informal interaction between leadership and 
employees, based on mutual trust, openness and 
respect. We are represented by our CEO at annual 
union representative conferences organised by the 
Norwegian trade unions. These are arenas for open 
dialogue and discussion on strategy, development, 
HSE, ethics, cooperation that gives Aker a clear 
direction and strong implementation ability. 
Aker employees are in a position to exert formal 
influence on decisions. Union representatives 
serve on the boards of all Aker companies. Aker’s 
own Board of Directors has four shareholder-
elected representatives, the majority of whom are 
independent from Aker and the main shareholder. In 
addition, the directors include three members elected 
among the portfolio companies’ employees, none 
of whom represent the management. One of the 
employee representatives is a member of the Audit 
Committee, which also handles compliance.
Commitment to good governance: 
As an active owner
AKER ASA ESG REPORT 2019   COMMITMENT TO GOOD GOVERNANCE
Aker’s group employee representative and head of the GWC, Atle Tranøy, together with Aker CEO Øyvind Eriksen 
and employee representatives.

17

18
AKER ASA ESG REPORT 2019   PORTFOLIO OVERVIEW
Portfolio overview 
Chairman: Øyvind Eriksen 
CEO: Karl Johnny Hersvik 
Aker's ownership interest: 40% 
Aker BP is an exploration and production company. 
Measured in terms of production, Aker BP is one of 
Europe’s leading independent listed oil companies. 
The company’s total production in 2019 was 155 
600 barrels of oil equivalent per day on average. 
CO2 emissions were on average 7 kg per barrel of 
oil marketed, under half of the global average of 
approximately 18 kg per barrel. 
ESG considerations: 
Aker BP is prepared to lead the way in reducing 
CO2 emissions and aims to be a benchmark for safe, 
sustainable and profitable oil and gas activity. The 
company systematically applies LEAN methodologies 
to reduce waste and boost efficiencies. 
	§
Aker BP is effectively measuring its risks and 
opportunities to position itself to meet the 
low-carbon economy recognised in the Paris 
Agreement and ensuring it reaches its obligation of 
reducing CO2 emissions annually. 
	§
Aker BP evaluates climate risks with regards to 
the following areas: market, regulatory, technical, 
reputational, physical and operational. 
	§
The company has mid-term strategies for addressing 
energy efficiency, flaring reduction, fuel switching, 
fugitive emissions, and detailed emission reporting. 
	§
Aker BP is exploring the opportunity to continue 
with power from shore through an area-wide 
hub approach in collaboration with other NCS 
operators. Other examples include exploring the 
opportunity to make use of wind farms directly in 
connection with the installation.
Reporting standards: 
Aker BP follows the guiding principles of ISO 14 001 
in its management of external environment and ISO 
50 001 for energy management. It evaluates external 
environment aspects and performs a risk-based analysis 
based on internal or external triggers. Environmental 
barrier development and barrier control follow 
regulatory and company requirements in addition to 
specific Norwegian petroleum standards (NORSOK).
	§
Norwegian Accounting Act 
	§
GRI sustainability reporting guidelines, including 
the oil and gas sector supplement 
	§
UN SDGs 
	§
UN Global Compact ten principles 
	§
TCFD 
	§
CDP
Aker’s view: 
	§
As an owner with a 40% stake in Aker BP, Aker’s 
concern is that the E&P company acts responsibly, 
to the highest HSE standards, and contributes to 
more sustainable oil and gas production. Through 
our role on the Aker BP board, we have ownership 
of climate-related objectives and expectations 
in Aker BP’s climate strategy. The improvement 
agenda includes energy management and 
the implementation of energy efficiency and 
emissions reducing measures. 
	§
Aker supports Aker BP’s ambitious targets for 
growth and its transition into a sustainable future, 
which requires Aker BP to implement energy 
efficiency improvements and remove waste 
through optimised solutions. 
	§
Aker BP will continue to lead the digital 
transformation of the oil and gas industry and 
aims to be a benchmark for using digitalisation to 
improve safety, security and reliability, as well as 
ensuring more efficient operations 
	§
Aker welcomes Aker BP’s contribution to C4IR 
through the Energy Optimizer and Emissions 
Optimizer projects aimed at using digital 
technology to calculate and identify energy 
loss and reduce emissions and to reduce and 
optimise the use of chemicals.
Reduced CO2 
emissions 
annually
Aker BP

19
AKER ASA ESG REPORT 2019   PORTFOLIO OVERVIEW
Chairman: Øyvind Eriksen
CEO: Luis Araujo
Aker’s ownership interest: 34.8% 
Aker Solutions is a global oil service company 
that delivers technologies, products and solutions 
in the Subsea and Field Design segments, as 
well as offshore maintenance, modification and 
operational (MMO) services. Combined with its long 
history of engineering for the most challenging 
environments, Aker Solutions’ approach delivers 
superior performance for customers and stakeholders 
worldwide. Aker Solutions has 16 000 employees in 
about 20 countries around the world that embrace 
innovation and collaboration. 
Aker Solutions takes a proactive and precautionary 
approach to environmental management and has 
identified significant opportunities to address 
environmental impact through its products and 
services by being at the forefront of technological 
developments and predicting customer needs. 
ESG considerations:
	§
20/25/30: Aims to generate 20% of revenues 
from renewable energy and 25% from low carbon 
solutions by year-end 2030
	§
Focus areas: offshore floating wind, carbon 
capture and low carbon solutions incl. subsea gas 
compression and electrification of fields
	§
Self-assessment and alignment on the UN Global 
Act for Human Rights and certification against ISO 
37000 for anti-corruption 
	§
Increasing studies with low carbon offering and 
Key Environmental Performance Indicators
	§
Continuing its HSSE Mindset Campaign 
	§
All Balance Scorecard owners to have at least one 
ESG KPI 
	§
Continue its sponsorship of Ridderrennet, 
Stiftelsen VI and C4IR Norway
Reporting standards: 
Aker Solutions reports in accordance with the 
following standards/initiatives:  
	§
Norwegian Accounting Act 
	§
GRI
	§
UN SDGs 
	§
TCFD 
	§
CDP 
Aker’s view: 
	§
Aker has been a driving force for the 
Aker Solutions’ efforts within carbon capture, 
utilisation and storage (CCUS) with investments 
and targeted efforts through the board. 
	§
Aker’s top priorities for Aker Solutions are 
increased competitiveness through operational 
improvements, success in winning new contracts 
and openness to partnerships, alliances and 
transactions, where Aker Solutions can play a key 
role in continuing to develop and offer solutions to 
decarbonize the conventional oil and gas industry 
	§
Aker Solutions already has qualified and field-
proven products and technologies that can 
lower emissions, e.g. subsea gas compression, 
CCUS, products for offshore floating wind, 
and unmanned platforms. Going forward, Aker 
supports the company’s targets to increase 
revenue from renewables (20%) and low carbon 
solutions (25%) 
Aker Solutions
20/25/30:
20% of revenues from 
renewables and 25% from 
low carbon solutions by 2030

20
Chairman: Ola Snøve
CEO: Matts Johansen 
Aker’s ownership interest: 98% 
Aker BioMarine is an integrated biotechnology 
company that develops, markets and sells krill-based 
ingredients for the consumer, salmon-feed and 
animal-feed markets. Aker BioMarine has the highest 
standard certification, including environmental 
certification by the Marine Stewardship Council 
(MSC), the highest standard for sustainable fisheries, 
and an “A” rating for well-managed fishery from the 
Sustainable Fisheries Partnership (SFP). 
ESG considerations: 
	§
Sustainability has been an integral element 
of Aker BioMarine’s business model since the 
company’s establishment in 2006. 
	§
The company has selected four of UN’s 
sustainable development goals:
	-
SDG 2– effective food systems for increasing 
fish farmers’ production through supply of krill
	-
SDG 3–krill oil is a natural source of omega-3 
and helps promote a healthy lifestyle and 
strengthens the heart, brain and joints 
	-
SDG 12– high level of quality assurance and 
identifying room for improvement within 
employee rights, human rights and other 
sustainability risks and opportunities
	-
SDG 14– contribution through responsible 
fishing and research in the Antarctic 
	§
Main risks include emissions due to incident or 
plant failure, krill availability and climate change 
impact, including ice conditions and extreme 
weather events. 
	§
Planning various strategic initiatives with effects 
on reducing industrial footprint or enhancing 
corporate social structures, including: 
	-
Defining framework and implement 
methodology and target for Green 
Procurement 
	-
Waste-water management improvement at 
Houston plant 
	-
Mapping plastics use across the entire supply 
chain and analysing possibilities for reusing, 
reducing and recycling plastics 
Reporting standards: 
Aker BioMarine reports in accordance with the Global 
Reporting Initiative (GRI) core level guidelines, as well 
as the requirements of the Norwegian Accounting 
Act. As part of its strategic reporting project starting 
in November 2019, Aker BioMarine developed targets 
and baseline tracking for selected KPIs relevant to 
its corporate structure. As part of this strategy, the 
company is evaluating relevant standards currently 
applied among well-performing listed companies, but 
will develop and apply a reporting regime tailored to 
Aker BioMarine’s context and scope. 
Aker’s view: 
	§
Ensuring the well-being of the krill biomass 
and contributing towards a thriving Antarctic 
ecosystem remains a core priority for Aker’s active 
ownership in Aker BioMarine. 
	§
Following any larger investment, e.g. the new krill 
harvesting vessel Antarctic Endurance, sailing 
its first season in 2019, Aker will support Aker 
BioMarine in efforts to lower carbon emissions 
through concept choices. 
	§
Focus remains on optimising resource efficiency 
and lower the industrial footprint for any 
new technology investment, in line with Aker 
BioMarine’s focus on tangible impact towards UN 
SDG 12: Responsible Consumption and Production. 
AKER ASA ESG REPORT 2019   PORTFOLIO OVERVIEW
Aker BioMarine
Responsible fishing 
and research to 
protect the krill 
biomass in the Antartic

21
Chairman: Frank O. Reite 
CEO: Lars Solbakken  
Aker’s ownership interest: 61.7%
Ocean Yield charters ships on long-term contracts, 
a strategy which offers predictability with respect to 
future earnings and dividend capacity. 
Main ESG considerations: 
	§
The company has one of the most fuel-efficient 
fleets in the market with average age of only 3.8 
years. By continuing to invest in modern vessels 
with eco-design, the company will continue to 
have an efficient fleet.
	§
Based on vessel specification, it is estimated that 
Ocean Yield’s product/chemical, crude, dry bulk 
and container vessels have about 9% lower fuel 
consumption on average than the corresponding 
global fleet.
	§
The company has since the launch of Poseidon 
Principles implemented requirements in new 
bareboat charters, imposing the counterparty 
to report to Ocean Yield in accordance with the 
Poseidon Principles.
	§
Ocean Yield’s main risks relate to new technology 
development and potential new regulations to 
reduce fuel consumption and emissions. 
Reporting standard:
	§
The Norwegian Accounting Act. 
	§
The company has an ongoing process to review 
relevant reporting standards for future ESG 
reports.  
Aker’s view: 
	§
Through its position on the Board and in active 
dialogue with the company, Aker supports Ocean 
Yield’s strategy to invest in modern vessels with 
new technology and minimize the residual value 
exposure. The company currently has three 
vessels that uses gas as fuel for propulsion. Aker 
supports the willingness to continue to invest 
in vessels with new technology to reduce GHG 
emissions, such as LNG propulsion.
	§
The company has concrete and measurable 
targets for its environmental impact for the two 
vessel it operates. Aker supports the company 
to implement clauses to documentation in new 
bareboat contracts to get access to operational 
data for its clients to better be able to disclose 
figures on climate-related issues .
AKER ASA ESG REPORT 2019   PORTFOLIO OVERVIEW
Ocean Yield
Fuel efficient  
fleet

22
Chairman: Kristian Røkke
CEO: Karl Erik Kjelstad 
Aker’s ownership interest: 36.7% 
Akastor is an oil-services investment company with 
a portfolio of industrial and financial holdings. The 
company has a flexible mandate for active ownership 
and long-term value creation. Akastor’s focus and 
goal is to create added value in its holdings by being 
an active owner and to make value-generating 
transactions. Akastor is able to make a contribution as 
a financially robust, well established and committed 
owner with clear goals for growth and profitability.
Akastor works to ensure that its portfolio companies 
implement strategies to reduce adverse impact on the 
environment caused by their products or operations. All 
Akastor portfolio companies also strive to protect the 
health, safety, human rights, labour rights, and well-
being of their workforce. Akastor has an international 
portfolio and a widespread local presence. Its goal is to 
safeguard that the value derived from operations also 
benefits the societies in which the company is present.
Main risks and opportunities
	§
Each Akastor portfolio company includes ESG 
risk in the annual risk assessment. Climate related 
risks and opportunities are included in the annual 
risk review process for 2019. Akastor will have a 
summary of all portfolio companies’ assessment 
of climate related risk in 2020.
	§
The main environmental risks are related to extreme 
weather, which may halt operations, as well as 
government regulations as a result of climate 
change that could affect the scale of investment in 
oil and gas related products and services.
	§
Akastor’s largest portfolio company, MHWirth, has 
included climate risk assessment as part of their 
corporate risk assessment procedure from 2019. 
Reporting standards:
Akastor’s annual corporate responsibility report builds 
on and is inspired by GRI, UN Global Compact and 
the Oslo Stock Exchange’s guidance on corporate 
responsibility reporting, however it is not fully compliant.
Akastor has taken initial steps to prepare for implemen-
ting TCFD recommendations in its reporting for 2020.
Aker's view:
Aker supports Akastor’s efforts to work to ensure 
that its portfolio companies work to reduce adverse 
impact on the environment. The company is looking 
at how it can increase its revenue from non-fossil 
products, and Aker will support Akastor in further 
developing MHWirth’s “greener drilling”. 
Akastor
AKER ASA ESG REPORT 2019   PORTFOLIO OVERVIEW
Chairman: Karl Johnny Hersvik 
CEO: Svein Jakob Liknes 
Aker ownership share: 49%
Aker Energy has a 50 per cent operating interest in 
the Deepwater Tano Cape Three Points (DWT/CTP) 
block in a prolific petroleum region approximately 70 
miles offshore Ghana. 
Given the historic oil price collapse in the first quarter of 
2020, as a result of the corona situation and the price 
war between Saudi Arabia and Russia, the company, 
with support from Aker, has decided to postpone 
the Pecan project indefinitely. The company has had 
an ambition to be in production 37 months after the 
project is sanctioned. Under today's restrictions on 
travel and transport, and given today's uncertain 
market situation, the company does not consider 
this schedule as possible. The focus in the future 
will be on the potential for improvement, including 
the technical solution. It is also natural to consider 
transaction opportunities in the further development 
of Aker Energy. Aker Energy continues its constructive 
dialogue with the authorities in Ghana, with a common 
understanding of the challenges now being faced. 
As a result of the strategic choice to postpone the 
development of Pecan indefinitely, Aker Energy's 
organization will be reduced to a smaller core team.
Reporting standards:
Aker Energy reports in accordance with the 
Accounting Act and IFC Performance Standards.
Aker Energy

23
Chairman: Øyvind Eriksen 
CEO: John Markus Lervik 
Aker’s ownership interest: 64%
Cognite is a global software company supporting 
the full-scale digital transformation of heavy-asset 
industries around the world. With Cognite Data 
Fusion (CDF), Cognite supplies contextualised data to 
drive industrial applications that increase safety and 
efficiency and drive revenue.
Main ESG considerations:
	§
Cognite is a software company and does not produce 
any emissions outside regular office operations. 
	§
The company is focused on and sees a great 
opportunity in developing and deploying 
technology that helps industrial companies to 
operate safer and to reduce the environmental 
footprint of their operations, including reducing 
CO2 intensity. Cognite’s technology also helps 
industrial companies to use data-driven decision-
making to reduce emissions to air and water and 
to improve HSE by providing high-quality reliable 
data for decision-making. 
	§
As a software company, the operations are mainly 
exposed to risks in the area of cybersecurity. To 
address the cybersecurity risk, Cognite has a top 
talent team and has cybersecurity as a feature in 
all operations and product development steps. 
Aker’s view: 
	§
Cognite Data Fusion (CDF), Cognite’s core 
product, has great potential to advance 
sustainability of asset-heavy industries worldwide, 
and Aker supports the company’s efforts to 
commercialise the product. 
AKER ASA ESG REPORT 2019   PORTFOLIO OVERVIEW
Chairman: Leif-Arne Langøy
CEO: Karl-Petter Løken 
Aker’s ownership interest: 28.7%
Kvaerner is an international contractor and preferred 
partner for operators and contractors within oil and 
gas, renewable energy and in the field of engineering 
and fabrication. Kvaerner delivers complete oil and 
gas offshore platforms and onshore process plants to 
operators and other customers. 
Main ESG considerations:
	§
The increased societal demand to invest in 
reduced climate emissions is an opportunity for 
Kvaerner, as it may further increase the market 
for low-carbon solutions or zero-emission 
solutions, such as CCS facilities or offshore wind 
power. These may represent important business 
opportunities for the company moving forward. 
	§
Kvaerner’s main climate-related risks are tied to 
new political frame conditions which may limit or 
remove some expected new projects, especially 
some new oil and gas field developments 
offshore. Weather-related issues, such as more 
frequent heavy rain and wind, may also have some 
limited effect on productivity.
Reporting standards:
	§
The Norwegian Accounting Act 
	§
Kvaerner is taking steps to follow the TCFD 
recommendations in its reporting. The company 
expects to gradually implement full TCFD 
reporting over the coming year.
Aker’s view: 
	§
Aker supports Kvaerner’s efforts to position itself 
for a low-carbon future. The company is well-
positioned to take a leading role in offshore wind 
solutions, building on decades of experience from 
demanding offshore oil and gas projects.
	§
Aker is positive to the company’s strategic shift to 
expand this part of its business and believes the 
company has the opportunity to make significant 
contributions in industrialising solutions and reducing 
costs for future offshore wind power projects.
Cognite
Kvaerner

24
AKER ASA ESG REPORT 2019   TCFD REPORT 2019
TCFD Report 2019
Governance
1
Describe the 
board’s oversight 
of climate- 
related risks and 
opportunities.
The Board reviews risks regularly, including climate-related risk. Climate-related risk factors (physical and transition 
risks) are included in the corporate risk matrix, which is reviewed annually.
Aker is currently developing a more active strategy for board oversight regarding climate-related issues in the 
investment portfolio, including relevant risk assessments in respective portfolio companies. This comprises 
integrating climate factors more systematically into investment policies and more active monitoring of progress from 
the boards in the portfolio companies, as well as the Board of Aker. 
The risk process is described in the annual Corporate Governance Report, and comments to the company’s risk 
exposure is included in a separate section within the quarterly reports.
2
Describe 
management’s role 
in assessing and 
managing climate- 
related risks and 
opportunities.
The management of Aker ensures that the corporate risk matrix captures relevant risks. To achieve timely reporting 
on key issues, management calibrates the matrix on a regular basis and evaluates how portfolio companies are likely 
to perform in the short, medium and long term. 
The management team of Aker also takes a role in supporting portfolio companies towards more climate resilient 
products strategies. This includes:
	§
Aker’s chief economist produces forecasts of energy markets and regulatory changes and shares this with Aker’s 
portfolio companies to better inform their individual risk and opportunity assessments
	§
Taking an active role in cross-sector, industry-wide collaboration through the Centre for the Fourth Industrial 
Revolution (C4IR) in Norway, a technology centre for the ocean and environment launched together with the 
World Economic Forum and eight of Aker’s portfolio companies. The centre is dedicated to harnessing advances 
of technology to preserve the world ocean and improve the environmental footprint of ocean industries through 
cross-sector partnering and public-private partnerships. 
	§
Aker supports strategy shifts and efforts that reduce emissions in portfolio companies, e.g. Aker BioMarine using 
UN SDGs to guide its strategy; Aker Solutions announcing its new 20/25/30 strategy in 2019 whereby 20 percent 
of its revenues will be from Renewables and 25 percent from Carbon Capture and Storage by 2035; and Kvaerner 
establishing new focus areas to expand operations in renewable industries and floating production units.
Governance
Strategy
Risk  
Management
Metrics and 
Targets
Core elements
Governance
The organization's governance around 
climate-related risks and opportunities
Strategy
The actual and potential impacts of 
climate-related risks and opportunities 
on the organization's businesses, 
strategy and financial planning
Risk Management
The process used by the organization 
to identify, assess, and manage climate-
related risks
Metrics and Targets
The metrics and targets used to assess 
and manage relevant climate-related 
risks and opportunities
Strategy
3
Describe the 
climate-related 
risks and 
opportunities the 
organization has 
identified over the 
short, medium, 
and long term.
RISKS:
Climate-related regulations: Aker’s oil and gas exposure, representing a significant amount of Aker’s NAV, is considered a top 
risk. Primary risks relate to carbon tax, energy efficiency requirements or emission caps that will impact the value of investments 
in companies producing oil or providing oil services, i.e. Aker BP, Aker Energy, Akastor, Aker Solutions and Kvaerner.
Reallocation of capital away from oil and gas: increased focus on green investments may impact investors’ and banks’ 
appetite for funding projects and companies within the fossil fuel industries to which Aker is significantly exposed. 
Transition to low-emission technolgies: The maritime industries are experiencing increased energy efficiency requirements 
and emission regulations, which could impact the profitability of the current fleet and incur costs of renewing to lower 
emission vessels. This may impact Aker's investments in the portfolio companies Aker Biomarine and Ocean Yield.
Climate changes in the oceans: Aker Biomarine harvests krill in the Antarctica - increasing sea temperatures and 
acidification of the oceans may negatively impact yields and profitability of the company.
OPPORTUNITIES: 
Demand for climate technologies: Aker invests in companies that develop and employ climate solution technologies, 
including carbon capture and storage and offshore renewable energy production (Aker Solutions, Kvaerner).  
Demand for low-emission solutions: Aker invests in companies that develop  solutions that help to reduce customers' 
emissions. This includes technologies that increase the extractability of deep water reservoirs (Aker Solutions) and 
data solutions for energy efficiency (Cognite). With increasing costs of CO2 emissions, Aker expects greater ROI from 
these types of investments.

25
AKER ASA ESG REPORT 2019   TCFD REPORT 2019
Strategy (cont.)
4
Describe the impact of climate-
related risks and opportunities 
on the organization’s 
businesses, strategy, and 
financial planning
Given that Aker’s investments both impact climate change, and are impacted by climate change, Aker 
developed a more active approach to managing climate-related issues in its investment portfolio in 2018. The 
company is considering implementing a sustainable investment policy.  The macro and financial analyses 
conducted by Aker’s Chief Economist informs the investment and ownership strategies of Aker, and are also 
communicated regularly to the portfolio companies.  
5
Describe the resilience of the 
organization’s strategy, taking 
into consideration different 
climate-related scenarios, 
including a 2°C or lower scenario.
Aker has not published calculations on how different climate scenarios will impact the strategy. However, 
Aker is regularly reviewing the resilience of the investment strategy in terms of diversification potential. 
Investments in R&D as well as M&A are part of this process. Some of the more exposed portfolio 
companies, including Aker BP, Kværner and Aker Solutions, have also undertaken a scenario-analysis 
based on IEA’s World Energy Outlook.
Risk management
6
Describe the organization’s 
processes for identifying and 
assessing climate-related risks.
Aker reviews its risk matrix annually through a process involving the major function within the 
organisation, such as the investment team, treasury, security, legal/compliance, communications/CR/
sustainability and Investor Relations. This process safeguards a risk matrix tailored for the Board’s 
monitoring. The risk matrix includes climate related risks.
7
Describe the organization’s 
processes for managing 
climate-related risks
mechanism for oversight and active management of the industrial investments are through the 
board of the companies in which Aker invests. Aker is represented in all the boards of its industrial 
investments, while it is the individual company's duty to oversee and report all material risks and 
opportunities to Aker.  Aker expects its portfolio companies to identify and manage climate-related 
risks as part of their core business procedures. It is important to underline that Aker may not impose 
any decisions on its portfolio companies, however, Aker is deeply involved in nominating board 
members, and expects that portfolio companies as a minimum:
	§
Include relevant risk assessments in respective portfolio companies.
	§
Ensure that crisis management plans are updated.
	§
Take a clear stance on sustainability and environmental issues
	§
Consider rebalancing the portfolio in relation to oil exposure.
8
Describe how processes for 
identifying, assessing, and 
managing climate-related risks are 
integrated into the organization’s 
overall risk management
Climate related risks are part of the corporate risk matrix (physical and transition risks). Identified risks 
are registered in a risk matrix that currently contains 43 active risks. The magnitude of each risk is 
measured by the product of its probability and consequence – where the consequence is measured as 
the potential effect on Aker’s Net Asset Value (NAV).
Metrics and targets
9
Disclose the metrics used by 
the organization to assess 
climate-related risks and 
opportunities in line with its 
strategy and risk management 
process.
In 2019, Aker assessed which climate-related metrics may be relevant for management purposes, i.e. 
related to diversification and M&A. The company will consider making these public in 2020.
10
Disclose Scope 1, Scope 2, 
and, if appropriate, Scope 
3 greenhouse gas (GHG) 
emissions, and the related risks.
The emissions from the legal entity Aker ASA are as follows, as reported to CDP for the 2019 report:
	§
Scope 1: 1,686 metric tons CO2
	§
Scope 2 (location based): 12 metric tons CO2
	§
Scope 2 (market based): 268 metric tons CO2
	§
Scope 3: 538 metric tons CO2
11
Describe the targets used by 
the organization to manage 
climate-related risks and 
opportunities and performance 
against targets.
As described in point 9, Aker has assessed relevant targets to manage climate-related risks. This will 
be further developed in 2020, and performance associated with the chosen target may be published 
going forward.

AKER ASA ESG REPORT 2019     CHAPTER TITLE
26
AKER ASA
Oksenøyveien 10, NO-1366 Lysaker, Norway
Post: P.O Box 243, NO-1326 Lysaker, Norway
Telephone: +47 24 13 00 00
E-mail: contact@akerasa.com
www.akerasa.com
Images: CIK Media , Ilja Hendel and Akers portfolio companies. Design: Tania Goffredo Design.