The compensation committee is a sub-committee of the board of directors and its main responsibilities are:

1. as a preparatory body for the board, make recommendations to the board in all matters relating to executive reward principles, remuneration strategies and concepts, the CEO's contract and terms of employments and leadership development, assessments and succession planning
2. to be informed about and advise the company's management in its work on StatoilHydro's remuneration strategy and in drawing up appropriate remuneration policies, and
3. to review StatoilHydro's remuneration policies in order to safeguard the owners' long-term interests.

The committee consists of four board members. At year end 2008, the committee members were Grace Reksten Skaugen (chair), Svein Rennemo, Elisabeth Grieg and Kjell Bjørndalen.

All of the committee members are independent, non-executive directors.

The committee held six meetings in 2008. There was 95% attendance at the committee's meetings.