Statoil has one class of shares, and each share confers one vote at the general meeting. The articles of association contain no restrictions on voting rights. The repurchase of own shares for use in the share savings programme for employees (or, if applicable, for subsequent cancellation) is carried out through the Oslo Stock Exchange.
The Norwegian State as majority owner
The Norwegian State is the largest shareholder in Statoil with a 67% ownership interest. For more information, see our website at www.statoil.com/shareholders. The State's ownership interest in Statoil is managed by the Norwegian Ministry of Petroleum and Energy.
The Norwegian State's ownership policy is that the principles in the Norwegian Code of Practice for Corporate Governance will apply to state ownership. The Norwegian Government has stated that it expects companies in which the State has ownership interests to adhere to the Code. The principles are presented in the state's annual ownership report, and the latest report can be found on the website: www.regjeringen.nowww.regjeringen.no
Contact between the State as owner and ourselves takes place in the same manner as for other institutional investors. In all matters in which the State acts in its capacity as shareholder, exchanges with the company are based on information that is available to all shareholders. We ensure that, in any interaction between the Norwegian State and Statoil, a distinction is drawn between the State's different roles.
The State has no appointed board members or members of the corporate assembly in Statoil. As majority shareholder, the State has appointed a member of Statoil's nomination committee.
Sale of the State's oil and gas
In accordance with Statoil's articles of association, we have a duty to sell the State's oil and natural gas together with our own production.
The Norwegian State has a common ownership strategy aimed at maximising the total value of its ownership interests in Statoil and its own oil and gas interests. This is incorporated in the marketing instruction, which obliges Statoil, in its activities on the Norwegian continental shelf, to emphasise these overall interests in decisions that may be of significance to the implementation of the sales arrangements.
The state-owned oil company Petoro AS handles commercial matters relating to the Norwegian State's direct involvement in petroleum activities on the Norwegian continental shelf and pertaining activities.
Transactions with close associates
In our Ethics Code of Conduct, and in the board's rules of procedure, we have established guidelines to ensure proper handling of situations in which a board member or a member of management has a material interest in a certain matter.