Statoil was partially privatised and listed on the Oslo and New York stock exchanges in June 2001, and the company was converted from a private limited company to a public limited company.
With a holding of 67%, the Norwegian state is the main shareholder in Statoil. The owner interest is managed by the Ministry of Petroleum and Energy. The Norwegian State is eager to communicate its expectations to companies in which it has interests, and to communicate to society how the state is to act as owner.
The Norwegian State emphasises that state-owned companies must comply with principles for good corporate governance.
The Ministry of Trade and Industry’s Ownership Department has cooperated with key players to develop “The Norwegian Code of Practice for Corporate Governance”.
White paper No. 22 (2001—2002) provided 10 principles for good corporate governance of companies in which the state is shareholder:
More information about the state’s views on corporate governance can be found in an extract of the Norwegian state’s ownership report, available below.