Corporate governance

Cambi ASA is committed to transparent, ethical, and effective corporate governance. Guided by the Norwegian Code of Practice, our policies ensure accountability, sustainable value creation, and trust with our shareholders, partners, and communities.

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General meetings

The General Meeting is Cambi ASA's highest decision-making body. Shareholders registered in the Norwegian Central Securities Depository (VPS) as of the registration date can propose matters to be considered by the General Meeting, participate, and vote in person or by proxy.

The General Meeting approves key items, including board elections, annual accounts, and dividend proposals.

The annual general meeting is held annually before 30 June. The notice and supporting documents will be available below in due time.

 

2025 2024 2023 2022 2021
02.05.2024 Annual general meeting 2024

Cambi ASA held its annual general meeting 2024 at the firm's headquarters in Asker, Norway.

25.10.2024 Extraordinary general meeting

Cambi ASA held an extraordinary general meeting at the firm's headquarters in Asker, Norway.

10.05.2023 Annual general meeting 2023

Cambi ASA held its annual general meeting 2023 at the firm's headquarters in Asker, Norway.

29.09.2023 Extraordinary general meeting

Cambi ASA held an extraordinary general meeting at the firm's headquarters in Asker, Norway.

11.05.2022 Annual general meeting 2022

Cambi ASA held its annual general meeting 2022 at the firm's headquarters in Asker, Norway.

20.12.2022 Extraordinary general meeting

Cambi ASA held an extraordinary general meeting at the firm's headquarters in Asker, Norway.

10.05.2021 Annual General Meeting 2021

Cambi ASA held its Annual General Meeting 2021 at the firm's headquarters in Asker, Norway.

Board of Directors

The Board of Directors oversees Cambi's operations, management, and strategic direction, focusing on sustainable growth. Its primary goal is to create long-term shareholder value while ensuring Cambi meets its responsibilities.

Andreas Mørk
Chair of the Board
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Birgitte Judith Sandvold
Board Director
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Vibecke Hverven
Board Director
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Ragnhild Lund-Johansen
Board Director elected by the employees
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Advisory Board

The Advisory Board provides strategic insight and expert guidance to Cambi’s leadership to support the company’s long-term development and strengthen decision-making in pursuit of sustainable growth.

Cindy Wallis-Lage
Advisory Board Member
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Glen Daigger
Advisory Board Member
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Jean-Michel Herrewyn
Advisory Board Member
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Management

The executive management team oversees Cambi's daily operations, ensuring the effective execution of the company's business activities and strategic goals.

Per Lillebø
Chief Executive Officer
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Mats Tristan Tjemsland
Chief Financial Officer
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Lars-Petter Traa
Chief Commercial Officer
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Lluis Soler
Chief Operations Officer
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Andreas Lillebø
Chief Technology Officer
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Martine Opstad Sunde
Chief People & Culture
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Peder Lillebø
Managing Director, Cambi Solutions
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Policy documents

Cambi's corporate policy documents establish the standards and guidelines to ensure our business adheres to legal requirements, quality standards, and international conventions and aligns with our strategic objectives.

The main policy documents are briefly described below, categorised by ESG topic. Most are public and available to download.

Policy
ESG
Topics
Download
Code of Conduct
Governance, Social
Integrity and anti-corruption, conflicts of interest and fair competition, confidentiality and inside information, whistleblowing and human rights
Corporate governance policy
Governance
Board composition, shareholder rights, governance framework, compliance with the (NUES) Norwegian Code of Practice for Corporate Governance
Investor relations policy
Governance
Equal treatment and disclosure, financial calendar and reporting, communication channels and spokespersons, investor engagement
Dividends policy
Governance
Distribution principles and target payout, capital allocation priorities, legal and financial constraints, timetable and method
Rules of procedure for the Board of Directors (not public)
Governance
Board composition and independence, shareholder rights and general meeting, risk management and internal control, compliance with the (NUES) Norwegian Code for Practice for Corporate Governance
Quality policy
Governance
Customer focus and reliability, continuous improvement, management system and monitoring.
Environmental policy
Environment
Low carbon and circularity, pollution prevention, compliance and improvement
Health and safety policy
Social
Safe working conditions, hazard and risk reduction, employee participation and training
Equality, diversity, and inclusion policy
Social
Non-discrimination and dignity at work, equal treatment and inclusion, recruitment and development, anti-harassment, compliance with the Equality Act 2010
Remuneration policy (not public)
Social
Remuneration structure for all employees, including board and executive management
Employee handbook (not public)
Social
Employment terms, working environment, employee rights and responsibilities
Leadership handbook (not public)
Social
Leadership responsibilities, decision-making processes, management practices

Articles of association

Cambi ASA is a public liability company based in Asker, Norway, dedicated to industrial development in environmental technology and products. The company's purpose includes executing environmental technology projects and investing in other companies to further its business objectives.

Financial strategy

Cambi maintains a prudent financial strategy to support long-term value creation and operational flexibility. Our approach emphasises financial stability, low leverage, and disciplined capital allocation. 

Financial priorities
Capital structure
Dividends
Currency fluctuations
Credit risk

Financial priorities

Cambi’s financial priorities include securing funding for growth, preserving liquidity, and maintaining a conservative risk profile.

Investment decisions are guided by the company’s strategic objectives and cash flow capacity.

Capital structure

The capital structure is primarily equity-based, with limited interest-bearing debt. Cambi funds its operations and investments through retained earnings and project-specific financing. There is no formal policy for issuing bonds. An overview of debt financing is provided separately.

Dividends

Cambi assesses the opportunity to pay dividends annually. The Board of Directors considers a range of factors when proposing dividends, including capital requirements, cash flow generation, financial condition, prevailing market conditions, and any legal or contractual constraints.

There is no fixed dividend payout ratio, and no assurance can be given that dividends will be proposed or declared in any given year.

Currency fluctuations

Significant parts of Cambi’s revenues and expenses are in foreign currency such as USD, EUR and GBP. Financial reporting is done in NOK, which imposes exposure to currency rate fluctuations. Cambi mitigates these effects through its hedging policy.

Liquidity risk is managed through disciplined cash flow planning and contract structuring, including advance payments and milestone payments.

Credit risk

Cambi’s exposure to credit risk remains low due to a customer base mainly composed of public sector clients. The company’s risk management framework also addresses project execution, operational, and HSE-related risks, with governance protocols in place across all delivery teams​.

Financial priorities

Cambi’s financial priorities include securing funding for growth, preserving liquidity, and maintaining a conservative risk profile.

Investment decisions are guided by the company’s strategic objectives and cash flow capacity.

Capital structure

The capital structure is primarily equity-based, with limited interest-bearing debt. Cambi funds its operations and investments through retained earnings and project-specific financing. There is no formal policy for issuing bonds. An overview of debt financing is provided separately.

Dividends

Cambi assesses the opportunity to pay dividends annually. The Board of Directors considers a range of factors when proposing dividends, including capital requirements, cash flow generation, financial condition, prevailing market conditions, and any legal or contractual constraints.

There is no fixed dividend payout ratio, and no assurance can be given that dividends will be proposed or declared in any given year.

Currency fluctuations

Significant parts of Cambi’s revenues and expenses are in foreign currency such as USD, EUR and GBP. Financial reporting is done in NOK, which imposes exposure to currency rate fluctuations. Cambi mitigates these effects through its hedging policy.

Liquidity risk is managed through disciplined cash flow planning and contract structuring, including advance payments and milestone payments.

Credit risk

Cambi’s exposure to credit risk remains low due to a customer base mainly composed of public sector clients. The company’s risk management framework also addresses project execution, operational, and HSE-related risks, with governance protocols in place across all delivery teams​.

Debt financing

Cambi does not currently have any listed or unlisted bond loans, and the group holds no official credit rating. Interest-bearing liabilities at year-end 2024 were limited to minor lease and equipment-related items. The company has not issued green bonds or other capital market instruments to date.

To secure performance and advance payment guarantees for long-term projects, Cambi ASA holds frame agreements with DNB Bank and Tryg Garanti. These guarantees are secured by mortgages over shares, accounts receivable, and tangible assets in Cambi Group AS, Cambi Solutions AS, and Cambi Technology AS.

Instrument

Limit (NOK million)

Drawn (NOK million)

DNB Bank – Guarantee facility

600

217

Tryg Garanti – Guarantee facility

850

240

The Norwegian legal entities are jointly and severally liable for the group’s account scheme in DNB Bank and for VAT liabilities due to group registration. There are no financial covenants of significance beyond standard commercial and project-specific requirements.

Cambi is committed to maintaining financial flexibility, and covenants under existing financing arrangements are limited to standard project-related conditions. Liquidity risk is mitigated through strong operational cash flow planning and advance client payments.

Sustainability

Cambi's goals and values align with our role in the wastewater management industry. As such, we are committed to maintaining environmentally focused growth and following the highest standards, guided by respect for people and the planet.