No pay rise for Statoil's CEO

March 25, 2003, 04:45 CET

Statoil's board of directors and chief executive Olav Fjell have jointly decided that Mr Fjell's salary will not be increased in 2003. The chief executive is not to receive a bonus either, despite the fact that Statoil achieved very good results last year.

Mr Fjell does an impressive job but adjustments to the chief executive's salary are not automatic in Statoil, according to Leif Terje Løddesøl, chair of the board of directors. This year we have decided to consider other factors than just the group's results.

Statoil wishes to show its support for the collaboration on incomes policy agreed upon in January by the government, unions and employers' organisations.

Contact person:

Leif Terje Løddesøl, +47 900 33 809 (mobile).