The foundation for the Equinor group’s governance structure is Norwegian law, and the General Meeting is the company’s supreme body. The Board of Directors has overriding responsibility for managing Equinor and supervising the company’s operations and business in general.
Organisation
Equinor’s Articles of Association and the Norwegian Public Limited Liability Companies Act stipulate the General Meeting’s role and mandate. Pursuant to the company’s Articles of Association, an Annual General Meeting (AGM) must be held by the end of June each year.
All shareholders who are registered in the Norwegian Central Securities Depository (VPS) will receive an invitation to the general meeting. They are entitled to submit proposals and vote, directly or by proxy. Shareholders may also cast their vote electronically in a period before the general meeting.
The Equinor organisation is structured to be able to respond to our current and future business needs.
More on our organisation President and CEO
The President and Chief Executive Officer (CEO) is responsible for day-to-day operations, and presents proposals for strategy, goals, actions and financial statements, as well as important investments.
Anders Opedal is our President and CEO.
Members of Equinor's corporate executive committee Board of Directors
The Board has overriding responsibility for managing the Group and supervising its day-to-day management and operations.
The work of the Board is based on rules of procedure and applicable legislation which describe the Board’s responsibility, duties and administrative procedures.
The rules of procedure also describe the duties of the Chief Executive Officer and his/her duties vis-à-vis the Board of Directors.
Equinor’s Board of Directors has three sub-committees which act as preparatory bodies.
The board and sub-committees External auditor
The company’s external auditor is independent in relation to Equinor and is elected by the Annual General Meeting.
The fee for the company’s auditor must be approved by the company’s Annual General Meeting.
Pursuant to the instructions, the Board’s Audit Committee is responsible for ensuring that the company is subject to an independent and effective external and internal audit.
When evaluating the external auditor, emphasis is placed on the firm’s competence, capacity, local and international availability and the size of the fee.
The Board’s Audit Committee assesses and makes a recommendation concerning the choice of external auditor, and it is responsible for ensuring that the external auditor meets the requirements set by the authorities in Norway and in other countries in which Equinor is listed on the stock exchange. The external auditor is subject to the provisions of US legislation requiring that a responsible partner must not hold the office for more than five consecutive years.
The Board’s Audit Committee considers all reports from the external auditor before they are considered by the board of directors. The Audit Committee holds regular meetings with the external auditor without the company’s management being present.
Corporate Executive Committee
The Chief Executive Officer is responsible for day-to-day operations, and presents a proposal for strategy, goals, actions and financial statements, as well as important investments.
The Corporate Executive Committee Annual general meeting
The annual general meeting is the company’s supreme body.
All shareholders who are registered in the Norwegian Central Securities Depository (VPS) will receive an invitation to the general meeting. They are entitled to submit proposals and vote, directly or by proxy. Shareholders may also cast their vote electronically in a period before the general meeting.
Corporate Audit & Investigation (CAI)
Corporate Audit & Investigation is the independent control body of the company with responsibility for monitoring that the business is continuously subject to adequate management and control as well as operated in an efficient and appropriate manner.
Corporate Audit & Investigation is responsible for all internal auditing within the Equinor group and also audits of partnerships, contracts counterparts and other entities dependent on contractual audit rights.
Corporate Audit & Investigation’s main responsibilities are:
- Establish risk-based annual audit plans
- Planning, accomplishment and communication of audits
- Provide consulting services related to management and control
- Conduct accident and misconduct investigations
- Prepare quarterly reports for executive committee and the board’s audit committee
- Examine compliance with Equinor’s code of ethics and anti-corruption laws and regulations
- Perform audit activities in order to generally accommodate prevention and detection of fraud and other irregularities
The senior vice president of Corporate Audit & Investigation:
- is directly subordinated to the board of directors and the chief executive officer
- acts as secretary for the audit committees of the board of directors
- participates in executive committee’s ethics committee meetings