The consequences extend beyond just legal consequences:
- Potential fines
- Increased financial claims from financial institutions and possible lawsuits from consumers or other stakeholders.
- Irreparable damage to the brand and trust in the market.
Not publishing a report may lead to increased resource use on external consultants and possible legal assistance.
For reporting companies, the absence of a good routine in line with the Transparency Act can result in a hefty fine: up to 4 percent of annual turnover or NOK 25 million, with a maximum of NOK 25 million.
Moreover, even if measures are in place, not implementing them can lead to critical questions from partners, board members, customers, media and stakeholders.