Statoil's corporate assembly
Pursuant to Statoil's articles of association, our corporate assembly consists of 18 members 12 of whom, and four deputy members, are elected by the annual general meeting. Six members, with deputy members, and three observers are elected by and from among our employees. The corporate assembly elects its own chair and deputy chair from among its members.
Members of the corporate assembly are normally elected for a term of two years. Members of the board of directors and management cannot be members of the corporate assembly, but they are entitled to attend and to speak at meetings of the corporate assembly unless the corporate assembly decides otherwise in individual cases.
The duties of the corporate assembly are defined in section 6-37 of the Norwegian Public Limited Liability Companies Act.
Our corporate assembly held five meetings in 2009. The list of members of the corporate assembly is accessible on our website at www.statoil.com/corporateassembly.
Composition of the board of directors
In accordance with Norwegian law, the corporate assembly elects Statoil's board of directors. Pursuant to Statoil's articles of association, our board of directors consists of 10 members. Pursuant to Norwegian company law, the company's employees are entitled to elect three board members, with deputy members, while seven members of the board are elected by the shareholders. There are no deputy members for shareholder representatives on the board. The management is not represented on the board. Members of the board are normally elected for a term of two years.
A majority of the members of the board are deemed to be "independent" board members. One board member qualifies as "audit committee financial expert", as defined in the US Securities and Exchange Commission requirements. There are no board member service contracts that provide for benefits upon termination of office.
Each board member is presented on our website, including information about other directorships and offices held (current and recent), age, skills and experience, possible family connections within the company's governing bodies, information about loans from the company as well as share ownership in Statoil, see www.statoil.com/board.