Dagens Næringsliv revealed last year that Equinor has lost approximately NOK 230 billion on investments in the USA over the past 20 years. Whatever the reason for the losses, the owners - the community in Norway - have never received information about how bad it was.
The costs in Statoil / Equinor have generally been hidden and thus impossible to follow. Hidden costs prevent access and public discussion of important issues concerning the operation of public companies.
Sør-Varanger is the first municipality in Norway that has adopted “extended country-by-country reporting” as a public procurement criterion for large purchases and competitive tendering of services. This shows that Sør-Varanger has understood how creative tax evasions take place and knows which
NBIM wants companies to be transparent in the tax area. The expectation is now that the Petroleum Fund must become even better at transparency.
Norges Bank's appointment of Nicolai Tangen must not change the Petroleum Fund's work for transparency in international companies.