Value to society

Economic contribution

Why it matters

Economic performance is part of how DNV views sustainability. We work hard to deliver a profit at the same time as generating value for our local communities and society in general – from creating direct and indirect employment to paying taxes where we operate, which in turn contributes to local communities.

We have always focused on maintaining a strong financial base in order to remain resilient during downturns.

This was particularly relevant for the disruption caused by the coronavirus pandemic in 2020 and will enable us to recover strongly in 2021. Ultimately, being a profitable company enables us to deliver on our strategic ambitions, develop our people by building their skills and competence, and invest in research and innovation to ensure that we remain relevant to our customers and deliver on our purpose.

Activity in 2020

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Looking ahead

We launched our new five-year Group strategy at the start of 2021. Running until 2025, it sets out our goal for customercentric growth within our overarching ambition to shape the future of assurance within our core industries, inspired by our vision to be a trusted voice to tackle global transformations. For more information on the new strategy, see ‘How we make an impact’, page 15.

Approach

We are solely owned by Stiftelsen Det Norske Veritas, an independent Norwegian foundation with the long-standing purpose to safeguard life, property and the environment. This purpose is realized mainly through the 100% ownership of DNV Group AS.

Our owner requires DNV to run profitable operations so that society at large benefits from the employment, taxes and other economic activity we create. In addition, our stakeholders, including employees, suppliers and subcontractors, and customers, rely on DNV to maintain a solid financial base.

Robust financial performance is a central tenet of our success. All business areas are expected to meet or exceed their annual revenue targets, but growth must not take place at the expense of sustainability, profitability, quality or the integrity of our operations.

Tax policy

DNV’s approach to managing our tax affairs is as follows:

  • DNV is dependent upon society’s trust 
  • DNV shall not participate in tax planning or financial transactions which can damage this trust 
  • DNV is to comply with the letter and spirit of tax law in all countries in which we operate 
  • All group company transactions are to be made on an arm’s length basis as set out under the OECD Guidelines 
  • Tax cost and risk assessments are to be integrated in all core business considerations, both strategic and in day-to-day operations • DNV is committed to being fully compliant and will provide sufficient information and economic context when reporting to and negotiating with tax authorities.

More information on our tax liabilities in 2020 is available in the financial statements on page 100.

Performance

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