Ethics Code of Conduct

We are committed to complying with applicable laws and regulations and acting in an ethical, sustainable and socially responsible manner. Respect for human rights is an integral part of our value base and our corporate social responsibility. We wish to be known for our high ethical standards and see this as a competitive advantage.

Statoil has established policies and procedures aimed at ensuring that ethics and anti-corruption work are an integral part of our business operations. We believe that strong ownership in relation to compliance and ethics at all levels is vital to our ability to manage and mitigate integrity risks.

Managing integrity risks

A business relationship with a potential counterparty must only be established or amended if the particular relationship satisfies our requirements for integrity due diligence (IDD). We practise strict requirements for IDD in order to improve our processes for managing integrity risks in our business relationships, and we screen new investments, partners, contractors and suppliers for integrity violation and human rights violation risks. Moreover, as part of an overall assessment of risk exposure, all seven of our business areas carried out an integrity risk assessment in 2011.

Ethics and anti-corruption training

We provide both online and face-to-face ethics and anti-corruption training for Statoil employees. In the autumn of 2011, we introduced an improved version of our anti-corruption e-learning programme. All employees are required to complete the new programme by 31 March 2012. By the end of 2011, close to 50% of all Statoil employees had completed the new compulsory anti-corruption, e-learning programme. In 2011, we conducted day-long anti-corruption workshops for Statoil employees exposed to corruption, and provided live ethics and anti-corruption training for selected groups of suppliers and contractors in key markets. We encourage and sometimes require suppliers to complete our e-learning programme.

Whistleblowing

Since 2005, we have had a global ethics helpline, which is a channel through which individuals can express concerns about the legal and ethical conduct of our business. The ethics helpline is accessible to all Statoil employees, board members and hired consultants, who can report confidentially and anonymously. The ethics helpline is managed by an external party and available in local languages 24 hours a day, every day of the year. Statoil employees are also encouraged to raise ethical issues through the line management, our human resources department, their trade union representatives or the internal entity responsible for following up such matters.

In order to ensure that ethics and anti-corruption issues are given full consideration at the appropriate management level, we have established an ethics committee system. The corporate executive committee is Statoil's primary ethics committee. Three ethics committee meetings were held at this level in 2011. We have also established ethics committees in the individual business areas, each of which held three to four meetings in 2011. The committees are intended to ensure strong focus on, a common understanding of, and compliance with Statoil's ethical requirements. The decisions and clarifications can be passed on to staff or incorporated into an ethics policy as it is developed. Statoil's board of directors has also established a new sub-committee for HSE, ethics and CSR to support Statoil's commitment in this context.