We believe that the best way to achieve this goal is through value-based performance culture, stringent ethical requirements and a code of conduct that promotes personal integrity and respect for the environment. Statoil’s corporate governance is therefore based on the company’s corporate values and ethical guidelines.

We believe that good corporate governance is more than just a technical exercise – it is instead a fundamental element in the practical work of the company’s governing bodies, and it defines the criteria on which the trust of the company’s shareholders is based.

In addition, 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 management in Statoil.

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. In accordance with our ethical guidelines, the board focuses on there not being any  conflicts of interest between owners, the board of directors and the company’s  management.
  • The board of  directors will base its practical work on the principles for good corporate governance applicable at all times.

Our compliance with the Norwegian code of practice

Statoil's board of directors endorses the “Norwegian Code of Practice for Corporate Governance” of 7 December 2004 (last updated in October 2012).

The company’s compliance with and, if applicable, deviation from the Code of Practice will be commented on and these comments made available to stakeholders in Statoil. The headings used in the below statement are in line with the main items in the Code of Practice.