Statoil share capital of NOK 7,971,617,757.50 comprised 3,188,647,103 shares at a nominal value of NOK 2.50.
Statoil ASA has only one class of shares and all shares have voting rights. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the company.
Dividends declared and paid per share were NOK 6.25 in 2011 for Statoil ASA and NOK 6.00 and NOK 7.25 in 2010 and 2009, respectively. A dividend for 2011 of NOK 6.5 per share, amounting to a total dividend of NOK 20.7 billion, will be proposed at the annual general meeting in May 2012. The proposed dividend is not recognised as a liability in the Consolidated financial statements.
Retained earnings available for distribution of dividends at 31 December 2011 are limited to the retained earnings of the parent company based on Norwegian accounting principles and legal regulations and amounted to NOK 153,198 million (before provisions for proposed dividend for the year ended 31 December 2011 of NOK 20,705 million). This differs from Retained earnings in the Consolidated balance sheet of NOK 218,518 million. In accordance with Norwegian legal requirements dividends are not allowed to reduce the shareholders' equity of the parent company below 10% of total assets.
The annual general meeting in 2011 authorised the board of directors of Statoil ASA to acquire Statoil shares in the market on behalf of the company. The authorisation may be used to acquire Statoil shares with an overall nominal value of up to NOK 20 million. Shares acquired pursuant to this authorisation may only be used for sale and transfer to employees of the Statoil group as part of the group's share saving plan, as approved by the board of directors. The minimum and maximum amount that may be paid per share will be NOK 50 and 500, respectively. The authorisation is valid until the next ordinary general meeting. This authorisation replaces the previous authorisation to enquire own shares for implementation of the share saving plan for employee granted by the annual general meeting in 2010.
The annual general meeting in 2011 also authorised the board of directors of Statoil ASA to acquire Statoil shares in the market for subsequent annulment on behalf of the company with a nominal value of up to NOK 187.5 million. The minimum and maximum amount that can be paid per share is NOK 50 and 500, respectively. Within these limits, the board of directors shall decide at what price and at what time such acquisition shall take place, if any. Own shares acquired pursuant to this authorisation may only be used for annulment through a reduction of the company's share capital, pursuant to the Public Limited Companies Act section 12-1. The authorisation is valid until the next ordinary general meeting.
During 2011 a total of 2,931,346 treasury shares were purchased for NOK 408 million. At 31 December 2011 Statoil had 7,931,347 treasury shares all of which are related to the group's share saving plan.