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Expanded corporate governance reporting

December 2, 2005, 09:40 CET

All information relating to corporate governance in Statoil has been concentrated in a single web site in order to simplify access to relevant data.

This move is also intended to increase transparency concerning the group’s in-house routines and governance mechanisms.

The work was initiated by the Statoil board on the basis of a recommendation from nine organisations, including the Oslo Stock Exchange and the Confederation of Norwegian Enterprise (NHO).

“Good principles for corporate governance lay the basis for trust between our employees, shareholders and other stakeholders,” says Statoil chair Jannik Lindbæk.

“This new web site represents an important contribution to greater transparency about the way we’re organised.”

Corporate governance deals with the framework of guidelines which clarify the division of roles between owners, board of directors and management in a company.

Key elements are shareholder rights, the independence of the board, transparent remuneration and incentive systems for senior executives, and the organisation of auditing and internal control functions.

In a wider sense, corporate governance also deals with the company’s values base and ethical guidelines.

These issues have recently been attracting greater attention, both in Norway and internationally.

With its new web site, Statoil aims to make it easier for Norwegian and foreign observers to assess how the principles for corporate governance are applied in the group.