In pursuing our corporate objective, we are committed to the highest level of governance and to cultivating a value-based performance culture that rewards exemplary ethical standards, respect for the environment and personal and corporate integrity. We believe that there is a link between high-quality governance and the creation of shareholder value.
The work of the board of directors is based on the existence of a clearly-defined division of roles and responsibilities between the shareholders, the board of directors and the company's management.
Our governing structures and controls help to ensure that we run our business in a profitable manner for the benefit of our shareholders, employees and other stakeholders in societies in which we operate.
The following principles underline our approach to corporate governance: - All shareholders will be treated equally
- Statoil will ensure that all shareholders have access to up-to-date, reliable and relevant information about the company's activities
- Statoil will have a board of directors that is independent of the group's management. The board focuses on there not being any conflicts of interest between shareholders, the board of directors and the company's management
- The board of directors will base its work on the principles for good corporate governance applicable at all times
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Corporate governance in Statoil is subject to annual reviews and discussions by the board of directors.
Statoil's board of directors endorses the 'Norwegian Code of Practice for Corporate Governance', last revised on 21 October 2009. The company's compliance with and, if applicable, deviation from the Code of Practice is commented on, and these comments are available at www.statoil.com/codeofpractice.
In the board's view, Statoil has complied with the code of practice throughout the year ended 31 December 2009. In the statutory report, the board presents its statement on corporate governance, sequenced as the Norwegian code of practice stipulates.
