Our report covers StatoilHydro activities during the period 1 January 2008 to 31 December 2008. We aim to report on all relevant parts of our business, including our share of joint ventures where the venturers have direct ownership interests in the assets of the venture and the partners have joint control. Insofar as we have interests in entities in which we have significant influence and/or which may have significant impacts on StatoilHydro, we seek to report if appropriate.

Our starting point is the issues identified through the organisation's own corporate risk management and business management systems, which represent the prioritisations made by management and employees in the group. These issues are then assessed in relation to the perspectives and interests of external stakeholders. Drawing on this input, our report addresses the issues identified as most material to our business.

Internal prioritisations

In our report, we prioritise issues of importance to the continued growth and long-term sustainability of our business. We primarily focus on the risks and opportunities identified through our corporate risk management framework and the company's business management systems. Networks within the company are also asked to contribute to the report in a thorough process involving more than one hundred people from all levels of the organisation.

Addressing external concerns and interests

Throughout our business we meet and engage with stakeholders on a regular basis. In preparation of this report, we also received input in 2008 from various stakeholders on the concerns and considerations they have in connection with our business. Through dedicated seminars and meetings, we engaged particularly with stakeholders representing investors, environmental and social NGOs, governments and trade unions.

Throughout the year we also work with the leading market research company TNS Gallup to survey the general public and select stakeholder groups in key markets, recording their impressions and views of the company, including our corporate strategy and ability to address key risks and opportunities. 

Accounting standard

Pursuant to the requirements of Norwegian and European Union (EU) regulations, StatoilHydro has prepared its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The accounting policies applied by the group also comply with IFRS as issued by the International Accounting Standards Board (IASB). 

These IFRS standards have been applied consistently to all periods presented in the consolidated financial statements and when preparing an opening IFRS balance sheet at 1 January 2006 (subject to certain exemptions allowed by IFRS 1) for the purpose of the transition to IFRS. 

Global Reporting Initiative

The sustainability dimensions of our report are also in line with the Global Reporting Initiative's (GRI) G3 sustainability reporting guidelines, to an A+ level. We also include a complete index of GRI indicators which provides a detailed overview of the core and additional indicators covered or not covered by the report. Our report is also influenced by the IPIECA/API Oil and Gas Industry Guidance on Voluntary Sustainability Reporting.