Here at Nel, we believe that good corporate governance builds confidence among shareholders, employees, partners, customers, and other stakeholders, and thereby supports maximum value creation over time.

As a company which conducts business on all continents, our compliance system is vital in order to achieve sustainable value creation and a robust culture.

Nel group management

Board members

Code of Conduct

In Nel we believe that conducting business in an ethical, transparent, and responsible manner is not just the right way to work, but the only way to work. It is not sufficient to provide the best possible technical solutions, we also need to conduct ourselves in the best possible way.

Compliance with applicable national and international laws and regulations is mandatory, but we have to go beyond that. We must ensure that we do our business with the highest integrity, respecting the cultures, dignity, and rights of individuals and entities in the regions where we operate. We want to avoid the risks associated with inappropriate conduct and instead turn ethical and responsible business into a competitive advantage for Nel. I expect all of us to show the world that Nel will lead the way in this area also.

Therefore, we have developed a Code of Conduct, which describes business ethics principles and practices that are fundamental to Nel. The document reflects our values, the key pillars of the Nel Business System (NBS), and generally accepted principles for how to behave and act. Adhering to the Code of Conduct is mandatory for everyone who works in Nel or acts on behalf of Nel.

Combined with your sound judgement, the Code of Conduct should help you to make the right decisions. If anything is unclear or you have any questions about the Code of Conduct, you should seek guidance from your manager or other internal resources. I strongly encourage all employees and stakeholders to ask questions if you observe any suspicious behavior and/or possible violations of the Code of Conduct.

Any report of concern can be done through one of our reporting channels.


- Håkon Volldal, CEO


Our remuneration principles are designed to ensure responsible and sustainable remuneration practises that support our business strategy, long-term interests, and sustainable business practises.

We have a leading role within the global hydrogen industry, and as such we compete for senior management talent within the industry in all its locations worldwide.