Statoil ASA’s corporate assembly has confidence in board 

September 24, 2003, 20:50 CEST

The corporate assembly of Statoil ASA has considered the controversial consultancy contract at its meeting today, 24 September.

It has confidence in the remaining members of the company’s board of directors, and takes note of the resignations of former chair Leif Terje Løddesøl and former chief executive Olav Fjell.

The corporate assembly supports the board’s assessment that the controversial consultancy contract should never have been concluded. It approves the work done by Statoil’s internal audit, which shows that the internal control routines function.

The corporate assembly takes a positive view of the action plan presented by the board, and will monitor the board’s work on this.

Kaci Kullmann Five has been appointed by the corporate assembly to act as chair of the board.

The corporate assembly has requested its election committee to start work on recommending a new chair.