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 own employees (or, when 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, see more on our website at www.statoil.com/shareholders. The state's ownership in Statoil is managed by the Ministry of Petroleum and Energy.

It is declared Norwegian state ownership policy that the principles in the Code will be endorsed for state ownership, and the Norwegian Government has stated that it expects companies in which the state has ownership interests to follow the Code. The principles are presented in the state's yearly ownership report, and the report for 2008 can be found on the website: www.eierberetningen.nhd.no/2008/index.php?lang=english. 

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, the exchange with the company is based on information that is available to all shareholders. We ensure that the objectives of any interaction between the Norwegian State and Statoil are based on distinction between the various roles that the Norwegian State encompasses.

 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, Statoil has a duty to sell the State's oil and natural gas together with the group's 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 preserved in the owner's rules of procedure, which oblige 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.