Annual Report 2022

Selvaag Bolig

Pre-tax profit in 2020, adjusted for UP transaction, is NOK 608 million.

Note: Number of units sold and value of units sold are adjusted for Selvaag Bolig’s share of joint ventures.

Kristoffer Gregersen
EVP communications, sustainability and corporate strategy

EVP communications, sustainability and corporate strategy


Selvaag is a member of the Confederation of Norwegian Enterprise (NHO) and associated with the Federation of Norwegian Construction Industries (BNL) and the industry association Home Builders (Boligprodusentene). The company is also member of the Norwegian Green Building Council, and a member, contributor and an active force in a number of local and industry-specific institutions and forums. 

Selvaag Bolig also supports culture, mass-participation sports, educational institutions, especially in local communities where the company has projects.

Buying a home is the most important investment most of us make in our lifetime. We will contribute to more people having the opportunity to do just that.

We make it easier for more people to live better

We contribute to inclusive local communities and facilitate a sustainable lifestyle

12: Responsible consumption and production

Selvaag Bolig ASA is a residential property developer which controls the entire value chain from acquisition of land to sale of turnkey homes. The company has several thousand homes under development at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm. Selvaag Bolig represents a continuation of Selvaag’s more than 75-year history and experience, and offers a broad variety of residential types. Selvaag Bolig is a public limited company and has been listed on the Oslo Stock Exchange since June 2012. The company’s head office is at Ullern in Oslo.

Ensure good and fair working conditions on construction sites, in supply chains and in the business

Efficient use of land in urban areas and at hubs

Safeguard and increase biological diversity

Reduce the risk of physical damage to buildings and people

Reduce emissions in Selvaag Bolig’s value chain

No new plot purchases of cultivated land (except at hubs) from 2023

Assess physical climate risk in all projects 

Scope 1 and 2 must be climate neutral by 2030

> 40% of each gender in the entire company

> 40% of each gender in the company’s management

Assess biological diversity in all new projects

Scope 3: 20% lower emissions for completed homes than the current BREEAM reference in the period 2023-2025, and 30% lower by 2030

Indirect emissions from energy consumption, market-based (Scope 2) (tCO

Indirect emissions from energy consumption, location-based (Scope 2) (tCO

Indirect emissions from input factors. (Scope 3) (tCO

 The calculations from 2021 do not include basement areas and foundations. There is also more detailed reporting in 2022 than in 2021. The accounts for 2021 and 2022 are therefore not directly comparable.

Subsidiaries owned via other subsidiaries

Selvaag Bolig is a safe and secure partner for our customers’ most important investment. Our customers say that choosing us is choosing expertise, seriousness and high ambitions.

Selvaag Bolig Asa has reported the information cited in this GRI index for the period 01.01.2022 to 31.12.2022 with reference to the GRI Standards

Entities included in the organisation’s sustainability reporting

Reporting period, frequency and contact point for questions about the report or content

Products and services, value chain and other business relationships 

Workers who are not employees and the type of work they do 

8. Composition and independence of the board

Nomination and selection of the highest governance body

Role of the highest governance body in overseeing the management of impacts

Delegation of responsibility for sustainability

Role of the highest governance body in sustainability reporting

Communication of critical concerns and notifications

Collective sustainability knowledge of the highest governance body

Evaluation of the knowledge and performance on sustainability of the highest governance body

11. Remuneration of the board of directors

Note 22 remuneration of and fees to management, directors and auditors

Statement on sustainable development strategy

Embedding policy commitments to maintain responsible business behaviour 

Resource use in Selvaag Bolig’s projects

Mechanisms for seeking advice and raising concerns

Share of employees covered by collective bargaining agreements 

All employees have individual agreements.

Communication and training about anti-corruption policies and procedures 

Confirmed incidents of corruption and actions taken

Interactions with water as a shared resource

Operating areas owned, rented or managed in protected areas or areas of high biodiversity outside of protected areas

Significant influence on biodiversity from company’s production 

Handling significant waste-related influence 

Building regulation TEK17 Paragraph 9-8 Waste sorting 

GRI 308: Environmental evaluation of suppliers 2016

Negative environmental impact in supplier chain and handling it 

Percentage of employees who have a regular career development evaluation 

GRI 405: Diversity and equal opportunity 2016

Diversity of governance bodies and employees

Ratio of basic salary and remuneration of women to men 

Incidents of discrimination and corrective actions taken 

GRI 407: Freedom of Association and Collective Bargaining 2016

Operations and suppliers in which the right to freedom

of association and collective bargaining may be at risk

Operations and suppliers at significant risk for incidents of forced

The operation’s actual and potential negative impact on local communities

New suppliers that were screened using social criteria

Negative social impacts in the supply chain and actions taken 

Own-defined – Building regulation, paragraph 14-2

Gender balance, shareholder-elected board members

PRE-TAX PROFIT
(NOK MILLION)

Column2

We like to call ourselves housing specialists – building over 60 000 homes does something to you.

Profit per share

Dividend per share

Sales value of units in production

Share of units sold under construction

Value of units sold (NOK million)

Number of units sold

Since the very beginning, Selvaag and all of us who work in Selvaag Bolig have loved smart solutions. We have challenged the authorities and the industry itself about what is possible to build, and we will continue to do that. Every day we are working to develop homes, neighbourhoods and solutions that simplify people's lives. We make sure that long-lasting and sensible projects are built in areas where they are in demand, in growing cities. That is sustainability in action.

No project is too big or for complex for us. At Løren in Oslo, we transformed a shuttered military camp to become an entire new neighbourhood. At Kaldnes in Tønsberg, a dead industrial zone got a new life as a new and vibrant residential area. At Fornebu, a new city will emerge where there once was an airport. When we create the cities of the future, it is our task to ensure that people’s homes and neighbourhoods create a secure setting for a good life. Our long history as the homebuilder for the people gives us a responsibility. We build housing that is required, at a price that most can afford.

Selvaag has been chair of Selvaag Bolig ASA since 2008. He began his career at KLP Eiendom and has subsequently worked in construction, commercial property and housing development. Selvaag works today as the owner of Selvaag AS and as one of its directors. He is chair of architecture firm Snøhetta AS, Selvaag Bolig ASA, Selvaag By and Fornebu Brygge. His other directorships include Norway’s National Theatre and Selvaag Eiendom. Selvaag has an MSc from Stanford University in the USA. He chairs the company’s compensation committee. Selvaag is a Norwegian citizen.

Marchand has been a director of Selvaag Bolig ASA since 2012 and served as chair in 2018-19 while Olav H Selvaag was acting CEO. She has broad management and boardroom experience. Earlier positions include executive vice president for the retail market in Norway at DNB and CEO of Batesgruppen, the Norwegian Public Service Pension Fund, Eksportfinans and the Haavind law firm. Marchand has boardroom experience from such companies as Oslo Børs, Norske Skog and Fornebu Utvikling. She currently works full-time in boardroom positions, serving as chair of Gjensidige Forsikring ASA, Nationaltheatret AS, Norgesgruppen ASA and Boligbygg KF, as a director of Norgesgruppen ASA, Scatec Solar ASA, Eiendomsspar AS and Victoria Eiendom AS, and as a member of the nomination committee for Entra ASA. Marchand has a BSc in business economics from CBS Copenhagen Business School She chairs the company’s audit committee and sits on its compensation committee. Marchand is a Norwegian citizen.

Myrvold has been a director of Selvaag Bolig ASA since May 2018. He began his career as an auditor with Deloitte before becoming group controller for Hjemmet Mortensen. Myrvold joined Selvaag AS in 2005, and served in such posts as CFO and executive vice president before becoming CEO in the summer of 2016. He is a director of all the Selvaag AS subsidiaries. Myrvold has an MSc in business economics from the BI Norwegian Business School and graduated as a state-authorised auditor from the Norwegian School of Economics (NHH). He is a member of the board’s audit committee. Myrvold is a Norwegian citizen.

Wahl is a lawyer with long experience from her own law practice as well as with law firms Selmer, Wikborg Rein and Legalteam Advokatfirma DA. She has also served as general manager for Wahl Eiendom AS, and is working chair of the same company today. Wahl has, among others, boardroom experience from Rom Eiendom AS, DnB Eiendomsinvest I ASA and Pareto Bank ASA. She is a Norwegian citizen.

Thorup is a lawyer with top-level executive experience from the property sector as CEO at Orkla Eiendom AS and, since 2012, at Avantor AS Eiendom. He has experience from a number of directorships, and is familiar with the whole value chain in project development. He is a member of the company’s compensation committee. Thorup is a Norwegian citizen.

Kristensen has been a director of Selvaag Bolig ASA since April 2017. She qualified as an auditor at the Oslo College of Business and Economics, and has worked in auditing and accounting since 1995. Kristensen has been chief accountant at Selvaag Bolig ASA since July 2011. She is a Norwegian citizen.

Eriksson has been a director of Selvaag Bolig ASA since May 2021. With an MSc in civil engineering from Chalmers University of Technology in Gothenburg, he has worked on project management at the company since 2014 and became a project director in 2021. Eriksson is a Swedish citizen.

Everything we do is carefully contemplated, down to the smallest details.

Annual Report 2022

ABOUT SELVAAG BOLIGA LEADING HOUSING AND URBAN DEVELOPER