Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. Telenor ASA
  6. News
  7. Summary
    TEL   NO0010063308


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Telenor : Our commitment to human rights (Op-ed by JÝrgen C. Arentz Rostrup on the sale of Telenor Myanmar)

09/01/2021 | 07:47am EDT

Telenor entered Myanmar because we wanted to make a difference, with high business standards based on our values. For a country that had been closed to the outside world for more than 40 years, such an approach was an improvement in itself. This, and our contribution to providing internet and smartphone access, was welcomed by people all over the country. Since then, doing business according to our values and standards has been a prerequisite for our presence in Myanmar.

The post Our commitment to human rights (Op-ed by Jørgen C. Arentz Rostrup on the sale of Telenor Myanmar) appeared first on Telenor Group.

Op-ed by Jørgen C. Arentz Rostrup, EVP and Head of Telenor Asia

Published 31 August 2021 in the Norwegian daily Aftenposten

To set clear requirements to the way we do business have binding consequences. According to the UN, after the military takeover in February, there have been serious human rights violations, and the situation in the country is critical. Telenor has therefore repeatedly protested decisions by the military government in Myanmar, while at the same time doing our utmost to take care of the safety of our employees and continue to provide services to the people of Myanmar.

In the past months, it has become clear to us that it will not be possible to operate according to our values or international laws and standards in the way we were set to do in Myanmar - and there are no prospects of improvement. After considering all possible alternatives and events, we had no choice but to decide to sell. We understand the disappointment expressed by many concerning Telenor's departure from Myanmar. It is however, important to remember that the human rights violations in Myanmar are due to the change of regime, not the sale of Telenor.

Prior to our entry to Myanmar, we made thorough assessments, including evaluations of the political situation and of human rights. In 2014, Myanmar's process of democratisation had progressed quite far. This was an assessment not only made by us, but also by the international community. During this time, we have been open about the challenges we have faced. We have had close dialogues with a wide range of local and international civil society organisations both before and after we entered, including after the military takeover.

This summer, numerous civil society organisations sent a complaint to Norway'sOECD contact point for responsible business, with allegations that Telenor has not followed the OECD's guidelines in the sale of Telenor Myanmar. Although we disagree with the criticism directed at Telenor, we share the concerns regarding the serious situation in Myanmar, and we are supporting the OECD contact point with facts and clarifications.

We are committed to complying with the OECD's guidelines for multinational companies, as well as the UN's guiding principles for business and human rights. This also corresponds well with our own values and standards. These are the same values that are now the basis of the decision to leave Myanmar. It is also important to emphasise that we have made assessments related to human rights and privacy in a sale and conducted surveys of potential buyers.

Christina Pletten recently commented on Telenor and Myanmar in the Norwegian daily newspaper Aftenposten. Pletten's comment seems to imply that it would have been better for Telenor to enter Myanmar with no aim of making a difference, because "the loss would have been just as great in terms of money, but the moral descent would have been considerably less". This argument turns the matter upside down. For Telenor, it has never been any alternative to operating responsibly and contributing in a positive way for the population. In our opinion, acting as a value-driven and responsible company is both ethically and financially correct. This has been especially important since the military takeover.

Furthermore, Pletten has her facts wrong when she casts doubts on whether our plan this winter was continued presence in Myanmar. In fact, we have constantly worked to find a solution to remain. At the same time, we have openly communicated dilemmas we increasingly were facing as the situation became more critical. Finally, we had no choice. The sale, which must be approved by local authorities, was the least detrimental solution for our employees, customers and suppliers, who are not only suffering a humanitarian and human rights crisis, but also a national economic disaster with few opportunities for improvement.

For Telenor, it is crucial to maintain our international obligations and act in accordance with human rights, no matter where we operate. We have faced tough choices, but we still believe that companies with good and responsible business operations driven by values, will be the ones succeeding in the years to come.

The post Our commitment to human rights (Op-ed by Jørgen C. Arentz Rostrup on the sale of Telenor Myanmar) appeared first on Telenor Group.


(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

All news about TELENOR ASA
10/19Exclusive-Myanmar junta minister blames economic woes partly on foreign-backed 'sabotag..
10/19TELENOR : executives "requested" not to leave Myanmar - junta minister
10/18GRAMEENPHONE : results for the 3rd quarter 2021
10/18O2 CZECH REPUBLIC : PPF sells 30% stake in Cetin to Singapore's GIC
10/15ATEA : Telenor Extend IT Outsourcing Contract in Sweden
10/12TELENOR : Privacy governance
10/07TELENOR : Ex dividend NOK 4.00 today
10/07TELENOR ASA : Ex-dividend day for final dividend
09/27TELENOR : Update on the ongoing OECD complaint against Telenor on the sale of Telenor Myan..
09/23TELENOR : Serbian official defends timing of 5G auction
More news
Analyst Recommendations on TELENOR ASA
More recommendations
Sales 2021 112 B 13 560 M 13 560 M
Net income 2021 5 273 M 636 M 636 M
Net Debt 2021 105 B 12 698 M 12 698 M
P/E ratio 2021 34,9x
Yield 2021 6,78%
Capitalization 192 B 23 005 M 23 188 M
EV / Sales 2021 2,65x
EV / Sales 2022 2,57x
Nbr of Employees 18 000
Free-Float 46,0%
Duration : Period :
Telenor ASA Technical Analysis Chart | TEL | NO0010063308 | MarketScreener
Technical analysis trends TELENOR ASA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 137,40 NOK
Average target price 160,90 NOK
Spread / Average Target 17,1%
EPS Revisions
Managers and Directors
Sigve Brekke President & Chief Executive Officer
Tone Hegland Bachke Chief Financial Officer
Gunn Wśrsted Chairman
Ruza Sabanovic Executive VP, Head-Technologies & Services
Jon Erik Reinhardsen Director
Sector and Competitors
1st jan.Capi. (M$)
TELENOR ASA-5.83%23 005
AT&T INC.-9.91%182 709
T-MOBILE US-9.57%147 959
AMÉRICA MÓVIL, S.A.B. DE C.V.23.19%58 809