Page 28 - Nemko - Annual performance - 2023
P. 28
strengthening due diligence efforts in line with human rights. This process of assessment and
the new Transparency Act that came into effect evaluation allows us to continuously refine our
on July 1, 2022. understanding of these risks and take proactive
measures to address them.
Our continuous improvement efforts in due
diligence align with the requirements of the We will update our due diligence report by
Transparency Act, the UN Guiding Principles June 30, 2024, to provide a comprehensive
on Business and Human Rights, and the OECD overview of our ongoing efforts to strengthen
Guidelines for Multinational Enterprises and our due diligence assessments and deepen
Due Diligence Guidance. These improvements our understanding of the risks associated with
encompass our entire business, including our adverse impacts on workers and human rights.
subsidiaries. You can find the updated report on our website
here: About us | Norwegian Transparency Act
In the fiscal year 2023, Nemko intensified its
focus on improving due diligence by: (nemko.com)
• Clearly distinguishing between suppliers Outlook for the Future: There have been
and business partners through vendor no significant events after the balance sheet
differentiation. date. Uncertainty persists regarding the global
• Establishing clear criteria for vendor economy entering 2024, and it is challenging to
categorization. quantify the operational and financial implications
this will have for the Nemko Group. However, like
• Conducting comprehensive risk classification much of the TIC industry, Nemko is non-cyclical,
and assessment for all vendors.
so the outlook for 2024 remains growth and
• Identifying and justifying risks, and development in line with the strategy.
implementing appropriate mitigation
measures. Our updated forecasts for the upcoming
periods indicate promising prospects for both
• Ensuring that all necessary data fields are the group and Nemko Group AS, with all units
incorporated into vendor master data to expected to meet the budget set for 2024.
facilitate effective risk management.
Throughout 2023, Nemko has achieved organic
• Updating vendor qualification and
assessment requirements to reflect evolving growth levels above those of the TIC industry,
standards and best practices. solidifying and strengthening its position in
the market. The board believes that through
• Adapting reporting procedures to streamline existing operations and measures for further
information requests and ensure timely development, the group is well-positioned to
responses.
maintain and strengthen its position. 2024
• Updating our management systems to marks the beginning of the new strategic
ensure alignment with relevant regulatory period 2024 – 2027. A tactical plan has been
documents and directives from company developed for the year, serving as a milestone
leadership. towards achieving the strategic goals by 2027.
Furthermore, Nemko remains committed The board emphasizes that there is normally
to the ongoing assessment and evaluation significant uncertainty associated with the
of potential risks related to labor rights and assessment of future events and conditions.
26
