Annual general meeting held in Statoil ASA
The annual general meeting in Statoil ASA (OSE: STL, NYSE: STO) resolved on 10 May 2006 to adopt the annual report and accounts for Statoil ASA and the Statoil group for 2005 as proposed by the board of directors.
The proposal for the allocation of net income, including distribution of a total dividend of NOK 8.20 per share, NOK 4.60 per share of which is special dividend, to persons who were shareholders on 10 May 2006 was also resolved, with payments starting on 30 May 2006.
Statoil’s ordinary shares listed on the Oslo Stock Exchange will be quoted ex dividend as of 11 May 2006. American Depository Shares (ADS) listed on the New York Stock Exchange were quoted ex dividend on 8 May 2006.
Election of members and deputy members for the corporate assembly
The annual general meeting elected the following members for the corporate assembly:
Anne Kathrine Slungård (re-election)
Erlend Grimstad (re-election)
Kjell Bjørndalen (re-election)
Kirsti Høegh Bjørneset (re-election)
Anne Britt Norø (re-election)
Greger Mannsverk (new)
Ingvald Strømmen (new)
Inger Østensjø (new)
The following alternates were elected:
1st alternate: Oddbjørg Ausdal Starrfelt (new)
2nd alternate: Halvor Stenstadvold (re-election)
3rd alternate: Odd Anders With (re-election)
Amendment to the articles of association § 11
The annual general meeting adopted the proposal of the board for amendment to § 11 of the articles of association concerning election of the members of the election committee by the annual general meeting. The amendment is in keeping with the Norwegian Code of Practice for Corporate Governance.
Election of members of the election committee
Anne Kathrine Slungård and Erlend Grimstad were elected for the election committee by and among the corporate assembly’s shareholder-elected members. In addition Sven Arild Andersen and Bjørn Ståle Haavik were elected as members of the election committee.
Reduction of capital
The annual general meeting resolved to reduce the company’s share capital by a total of NOK 58,604,712.50 through the annulment of 23,441,885 own shares. After the annulment Statoil’s share capital is NOK 5,415,359,287.50 divided between 2,166,143,715 shares.
Authorisation to acquire Statoil shares
The annual general meeting authorised the board of directors to acquire own shares for subsequent annulment. The authorisation is valid until the next ordinary general meeting, and applies to the acquisition of up to 50,000,000 shares in the market, at a price of between NOK 50 and NOK 500 per share. Under the agreement with the Norwegian state, which currently has an owner interest in Statoil of 70.9%, a proportion of the state’s shares will later be redeemed and annulled, so that the state’s owner interest remains unchanged. The total annulment could thus involve up to 171,798,603 shares, or approximately 7.9% of the company’s share capital. The resolution to annul shares will be made by a later general meeting, and requires a two-thirds majority vote.
The general meeting also authorised the board to acquire Statoil shares in order to continue the implementation of the share saving plan for employees in accordance with the proposal of the board.
Contact persons :
Lars Troen Sørensen, senior vice president IR, + 47 90 64 91 44 (mobile) +47 51 99 77 90 (office)
Ola Morten Aanestad, vice president for media relations, + 47 48 08 02 12 (mobile) +47 51 99 13 77 (office)