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Scoring for social responsibility

March 18, 2003, 14:45 CET

Inclusion on the FTSE4Good Europe sustainability index has been secured by Statoil following a purposeful drive to obtain this listing.

Measuring company performance in financial, environmental and social responsibility terms, this ranking by the London-based FTSE group sets objective standards for ethical investments.

“We’re pleased to have been included on this index,” says Geir Westgaard, Statoil’s vice president for country analysis and social responsibility.

“That’s because it demonstrates that we bear comparison with other companies for our commitment to social responsibility and sustainability.”

Statoil has been assessed by the index on three criteria, including its commitment to sustainable and responsible development in environmental terms.

The others are its efforts to look after and support human rights globally, and its commitment to developing positive relations with its investors.

Last September, Statoil secured inclusion on the Dow Jones sustainability index, which also provides ratings based on socially responsible investment (SRI) criteria.

The group is now planning its second sustainability report. Published last year, the first of these showed that making a positive financial, environmental and social contribution requires a continuous commitment.

Making such a commitment will represent an important set of priorities for Statoil in the time ahead.

“To ensure continued commercial success and growth, it’s important that we take account of our impact on the environment and the community,” says Mr Westgaard.

Statoil’s involvement in these areas also attracted attention in February, when it received a “best in class” award from Norway’s Storebrand financial services group.

This qualifies the Statoil share for inclusion in the Storebrand Principle family of investment funds, which includes ethical funds.