We have identified four material risks related to governance. Overall, these risks reflect GN’s dependence on a wide range of business relations across many geographies, which inherently create risks around business ethics in relation to third parties. We have identified one material risk related to culture, representing a potential failure of internal compliance culture leading to employees to not uphold our business ethics standards, as stipulated in our Ethics Guide or local laws. We have identified one material risk related to whistleblowers, representing a potential failure to adequately protect or support whistleblowers. We have identified one material risk related to third party relations, representing the potential consequences of a failure of third-party due diligence leading to GN doing business with disreputable entities. We have identified two material risks related to corruption and bribery, one representing the potential financial consequences of a failure to prevent or detect corruption and bribery, and it leading to incidents of corruption or bribery. We respond to these risks by ensuring robust business ethics, third-party due diligence and whistleblower processes within the context of our existing business model and strategy (see pages 103-104).