It is integrated in our values, our Code of Conduct, our corporate commitments and our belief that the way we deliver is as important as what we deliver.
Our management system includes policies and requirements and guidance for sustainability management.
We believe that sustainable business solutions are at the heart of sustainable development.
Our approach enables us to better manage our business risks and environmental and social impacts and shape and grow our business in support of the ambitions of the Paris agreement and the Sustainable Development Goals (SDGs).
Our corporate vision and purpose articulate our role in sustainable development
We accept that business cannot act alone - good governance in public institutions, economic incentives, and appropriate and robust legal and institutional framework conditions, are required.
Innovation and effective, collaborative partnerships are essential to amplify efforts in order to achieve the pace and scale of action required to achieve the global goals and targets set out in the SDGs.
The way a company is managed and controlled plays a key role in its success. We set clear roles, responsibilities, accountabilities and rights for our leaders, employees and partners.
Statoil adheres to Norwegian and applicable international corporate governance standards and requirements. We also ensure good corporate governance through our values-based culture, stringent ethical requirements, and a code of conduct that promotes integrity.
The corporate governance for Statoil is outlined in the Statoil Book, on the About us pages on our corporate website and in our Annual Report and Form 20-F. This includes information on the duties and composition of the Statoil ASA Board of Directors (BoD).
For sustainability, the corporate executive committee (CEC) and BoD review and monitor sustainability issues, including climate-related business risks and opportunities.
Enterprise risk management updates are held with the BoD each year. Sustainability related risk factors and risk issues, including climate-related business risks and opportunities, are addressed in these discussions. Other responsibilities of the BoD include the approval of the Annual Report and Form 20-F and the annual UK Modern Slavery Act statement. The CEO approves the annual Sustainability Report.
The BoD safety, sustainability and ethics committee (BoD SSEC) assists the BoD in its supervision of the company’s sustainability policies, systems and principles. This includes two reviews per year of sustainability risk factors and risk issues; regular reviews of sustainability performance; the review of the sustainability reporting strategy and materiality assessment; and the review of the draft sustainability reporting products.
Executing the company’s sustainability ambitions is a business line responsibility, and sustainability issues are regularly discussed by the corporate executive committee (CEC).
The function heads have responsibility for setting the corporate strategic direction and reporting on performance at group level to the CEC and the BoD. The functions responsible for sustainability issues include corporate safety and security, corporate people and leadership, legal and corporate sustainability. The corporate sustainability function is responsible for human rights, climate (including climate related business risks), environment and social issues.