The Financial Supervisory Authority of Norway has published findings from its review of BlueNord ASA’s financial reporting, focusing on the company’s 2023 annual financial statements. It observed that the financial statements contained no disclosures on climate-related matters and concluded that, under IAS 1, BlueNord should have explained that climate-related matters had not had a material effect on its financial position and performance and why. BlueNord has committed to include a dedicated note on climate-related risks and their potential implications in future financial reporting, which the authority has accepted, and the matter is treated as closed. The review also identified disclosure shortcomings on BlueNord’s decommissioning and shutdown obligations, which totalled USD 1,049 million at year-end 2023, including missing information on expected settlement timing and sensitivity to that timing under IAS 37 and IAS 1. BlueNord will expand disclosures on settlement timing assumptions and sensitivities, including how climate-related risks could affect the timing of shutdown. Finanstilsynet also flagged inconsistencies between the company’s TCFD reporting and Sustainability Report on emissions reduction and electrification targets, and noted that the 2023 financial statements did not appear to assess the effect of climate-related targets and transition plans on the financial statements; BlueNord plans to correct and better align these disclosures in future reporting. In addition, Finanstilsynet found BlueNord’s IFRS 7 maturity analysis incomplete because it excluded “trade payables and other current liabilities” of USD 125.3 million, but determined it was not proportionate to require correction of the 2023 annual financial statements. Finanstilsynet expects the climate-related note to be included in the 2024 annual financial statements and has required BlueNord to provide a written explanation of where and how the issues have been remedied in the 2024 annual report within two weeks of its publication.
Norwegian Finanstilsynet 2025-03-10
Financial Supervisory Authority of Norway finds BlueNord ASA’s 2023 accounts lacked climate disclosures and expects expanded USD 1.049 billion decommissioning reporting
The Financial Supervisory Authority of Norway reviewed BlueNord ASA’s 2023 financial statements, noting a lack of climate-related disclosures and shortcomings in decommissioning obligations reporting. BlueNord committed to addressing these issues in future reports, including a dedicated climate-related risks note and improved alignment of TCFD and Sustainability Report disclosures. The authority accepted these commitments and closed the matter, while highlighting incomplete IFRS 7 maturity analysis, which it deemed not proportionate to correct for 2023.