On 23 October 2012 the Norwegian Corporate Governance Board ("NCGB") adopted changes to the Norwegian Code of Practice for Corporate Governance (the "Code"). The changes are to a large extent in accordance with the changes proposed in the consultation paper dated 25 June 2012. Material changes have been made to inter alia Section 14 of the Code (take-overs). Further, the guidance for the justification from the nomination committee’s recommendations on election of board members is more detailed. In this newsletter we will provide an overview of the changes.