Annual general meeting approved dividend for fourth quarter 2017 and new company name
On 15 May 2018, the annual general meeting (AGM) of shareholders in Statoil ASA (OSE: STL, NYSE: STO) approved the annual report and accounts for Statoil ASA for 2017, as proposed by the board of directors.
The annual accounts and the annual report for Statoil ASA and the Statoil group for 2017 were approved, and a dividend of USD 0.23 per share will be distributed for the fourth quarter of 2017. The dividend accrues to the holders of the American Depository Receipts (ADRs) listed on the New York Stock Exchange and to the company's shareholders on Oslo Stock Exchange (Oslo Børs) as of 15 May 2018, and as registered in Statoil’s shareholder register with the Norwegian Central Securities Depository (VPS) as of expiry of 18 May 2018 (Record date). Record date for ADR holders is 17 May 2018.
As of 16 May 2018, ADRs listed on the New York Stock Exchange and shares listed on Oslo Børs will be traded ex-dividend.
The expected dividend payment date for Statoil's shares on Oslo Børs is on or around 30 May 2018. The expected payment date for dividends under the ADR program on NewYork Stock Exchange is on or around 31 May 2018. The AGM authorised the board of directors to resolve quarterly dividend payments until the next ordinary annual general meeting, but not beyond 30 June 2019.
The AGM approved the board of directors’ proposal to change the company name to Equinor ASA. The Articles of Association is amended to “Equinor ASA” as the company name.
A proposal from a shareholder had been submitted in advance, suggesting that the board should present a strategy for business transformation from producing energy from fossil sources to renewable energy to ensure the company’s long-term sustainability, and shareholder value. This proposal was not adopted.
Furthermore, a shareholder had proposed that Statoil ASA refrains from drilling exploration wells in PL859 (Korpfjell) and PL857 (Gjøkåsen), whilst the question of whether the licenses granted in the 23rd licensing round are illegal, is still pending in the court. The shareholder’s proposal was not adopted.
The following persons were elected as shareholder-elected members of the corporate assembly in Statoil ASA effective as from 16 May 2018 and until the annual general meeting in 2020:
Tone Lunde Bakker (nominated as chair for the corporate assembly’s election) (existing chair), Nils Bastiansen (nominated as deputy chair for the corporate assembly’s election) (existing deputy chair), Greger Mannsverk (existing member), Ingvald Strømmen (existing member), Rune Bjerke (existing member), Siri Kalvig (existing member), Terje Venold (existing member), Kjersti Kleven (existing member), Birgitte Ringstad Vartdal (existing member), Jarle Roth (existing member), Finn Kinserdal (new member) and Kari Skeidsvoll Moe (new member, former 4. deputy member).
The following persons were elected as shareholder-elected deputy members of the corporate assembly in Statoil ASA as from 16 May 2018 and until the annual general meeting in 2020:
Kjerstin Fyllingen,( 1. deputy member, existing member), Nina Kivijervi Jonassen (2. deputy member existing member), Marit Hansen (3. deputy member, new member) and Martin Wien Fjell (4. deputy member, new member).
The following persons were elected as members of Statoil ASA’s nomination committee effective as from 16 May 2018 and until the annual general meeting in 2020:
Tone Lunde Bakker, chair (existing chair), Elisabeth Berge (existing member), Jarle Roth (existing member), Berit L. Henriksen (new member) and Bjørn Ståle Haavik (personal deputy member for Elisabeth Berge) (existing deputy member).
The AGM endorsed the board’s report for 2017 on Corporate Governance. Furthermore, the AGM endorsed the board's declaration on stipulation of salary and other remuneration for executive management, and approved the part of the proposal related to remuneration linked to the development of the company’s share price. Remuneration to the company's external auditor was also approved.
The AGM authorised the board to acquire shares in Statoil ASA in the market in order to continue the share saving plan for employees. The general meeting also authorised the board to acquire shares in Statoil ASA in the market for subsequent annulment.
The AGM approved that adjustments in the Marketing Instruction for Statoil ASA, adopted by the annual general meeting on 25 May 2001, be made to the provisions concerning applicable pricing and allocation principles for crude oil, so that Statoil has the necessary incentives to maximize the total value of the State’s and Statoil’s petroleum and ensure fair distribution at any time. The adjustments are made by the Norwegian state represented by the Ministry of Petroleum and Energy.
Please find enclosed the complete minutes of the AGM.
Peter Hutton, senior vice president for investor relations,
tel: +44 7881 918 792
Helge Hove Haldorsen, vice president for investor relations USA,
tel: + 1 281 224 0140
Bård Glad Pedersen, vice president for media relations,
tel: +47 91 80 17 91
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.