The company’s Nomination Committee is composed and elected in accordance with Statoil’s Articles of Association.
The committee is independent of both the Board and the company’s management. The duties of the Nomination Committee are:
- to present a recommendation to the Annual General Meeting regarding the election of shareholder-elected members to the Corporate Assembly
- to present a recommendation to the Corporate Assembly regarding the election of shareholder-elected members to the Board of Directors
- to present a proposal for the remuneration of members of the Board of Directors and the Corporate Assembly.
Members of Statoil’s Nomination Committee are elected for a term of two years.
Instructions for the Nomination Committee
As of 19 May 2011
One of the main duties of the Corporate Assembly is to elect the company's Board of Directors.
Pursuant to the Norwegian Public Limited Liability Companies Act, companies with more than 200 employees must elect a corporate assembly unless otherwise agreed between the company and a majority of its employees. Two-thirds of the members shall be elected by the AGM and one-third by the employees.
The most important duties of the Corporate Assembly are to elect the Board of Directors, to oversee the Board and the CEO’s management of the company, to make decisions on investments of considerable magnitude in relation to the company’s resources and to make decisions involving the rationalisation or reorganisation of operations that will entail major changes in or reallocation of the workforce.
The duties of the corporate assembly are defined in section 6-37 of the Public Limited Liability Companies Act.
Procedure for the Corporate Assembly of Statoil ASA
As of 21 March 2013
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 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 is responsible for all internal auditing within the Statoil group and also audits of partnerships, contracts counterparts and other entities dependent on contractual audit rights.