Recommendation for board of directors and corporate assembly of StatoilHydro
The election committees of Statoil and Hydro have presented today, 2 May, their recommendation regarding the board of directors, corporate assembly and election committee of StatoilHydro, which will be established through the planned merger between Statoil and Hydro’s oil and gas activities.
Eivind Reiten, Hydro’s president and chief executive officer, has been recommended as chair of the board of the merged company, in accordance with the merger agreement between the boards of Statoil and Hydro.
Statoil’s election committee has recommended Marit Arnstad as deputy chair, and Grace Reksten Skaugen, Kjell Bjørndalen and Roy Franklin as board members of StatoilHydro. Marit Arnstad and Grace Reksten Skaugen are members of Statoil’s board.
Hydro’s election committee has recommended Elisabeth Grieg and Kurt Anker Nielsen as board members. Both are members of Hydro’s board.
In addition, three members of the StatoilHydro board will be elected by and among the employees.
Election of the board will be made by Statoil’s present corporate assembly after the companies’ extraordinary general meetings have discussed the merger, and on the condition that the merger proposal receives approval. The extraordinary general meetings are expected to be held in late June/early July.
“The election committees of the two companies have coordinated their work and the recommendation for the board of directors, corporate assembly and election committee is based on an overall assessment of StatoilHydro’s needs for competence, continuity and renewal,” say Anne Kathrine Slungård and Svein Steen Thomassen, leaders of the election committees of Statoil and Hydro, respectively.
“We have emphasised experience from international business and from the oil and gas industry, as well as understanding of the significance of long-term, industrial development and social responsibility. The recommended composition of the governing bodies meets these considerations in a good and balanced way.”
For the corporate assembly of StatoilHydro, Statoil’s election committee has recommended the following members:
Olaug Svarva (49), managing director of Norwegian National Insurance Fund (leader).
Erlend Grimstad (39), executive vice president of Umoe AS.
Greger Mannsverk (46), managing director of Kimek AS.
Steinar Olsen (57), chair of MI Norge AS.
Benedicte Berg Schilbred (60), working chair of Odd Berg Gruppen, Tromsø.
Ingvald Strømmen (56), professor at the Norwegian University of Science and Technology (NTNU).
Inger Østensjø (52), chief officer, Stavanger local authority.
1. Oddbjørg Ausdal Starrfelt (58), senior adviser for Mercuri Urval.
3. Hege Sjo (38), manager, European engagements, Hermes Investment Management Ltd.
Hydro’s election committee has recommended the following members for the corporate assembly of StatoilHydro:
Idar Kreutzer (44), chief executive of Storebrand, (deputy leader).
Rune Bjerke (46), chief executive of DnB NOR.
Gro Brækken (54), chief executive, Save the Children Norway.
Benedicte Schilbred Fasmer (40), director for capital markets, Sparebanken Vest.
Kåre Rommetveit (61), director, University of Bergen.
2. Anne-Margrethe Firing (52), senior vice president, Nordea Bank Norge.
4. Shahzad Rana (39), chair of board, Questpoint.
In addition, six members of the corporate assembly will be elected by and among the employees.
The following are recommended as members of StatoilHydro’s election committee:
Olaug Svarva, managing director, Norwegian National Insurance Fund (leader).
Benedicte Schilbred Fasmer, director for capital markets, Sparebanken Vest .
Tom Rathke (50), managing director, Vital Forsikring and executive vice president, DnB NOR.
Bjørn Ståle Haavik (44), director general, Ministry of Petroleum and Energy.
The corporate assembly and election committee will be elected by the extraordinary general meeting of Statoil, which is expected to be held in lateJune/early July.
The election committee’s proposal for the board of StatoilHydro
Eivind Reiten, chair (born 1953), is president and chief executive officer of Hydro. Prior to joining Hydro in September 1986, he was state secretary in the Ministry of Finance and later minister of fisheries. In 1989-90 he was minister for petroleum and energy. He has been a manager in Hydro’s agricultural division (now Yara International), president in Hydro’s energy division, refining & marketing division and Hydro Aluminium, metal products. In 1999 he was appointed executive vice president with an overall responsibility for Hydro’s aluminium business and became a member of the corporate management. He has been chief executive since 2001. Mr Reiten holds an economics degree from the University of Oslo. He has been a member of the board of the Central Bank of Norway, and chair of the boards of the Norwegian Postal Service, Telenor and the International Primary Aluminium Institute.
Marit Arnstad, deputy chair (born 1962), is a lawyer and works as an adviser in the Schjødt law firm in Trondheim. Ms Arnstad was minister of petroleum and energy in the period 1997-2000 and a member of parliament representing the Centre Party in the periods 1993-97 and 2001-05. She has been senior executive officer in the Ministry of the Environment, and assistant lawyer in the Wiersholm, Mellbye and Bech law firm. Ms Arnstad is chair of the board of the Norwegian University of Science and Technology in Trondheim (NTNU), and a director of NTE Nett AS, Aker Seafood ASA, Acta ASA, COWI AS and Access Mid-Norway. She has been a member of Statoil’s board since 2006.
Kjell Bjørndalen (born 1946) is general secretary of the Norwegian United Federation of Trade Unions and a member of the secretariat for the Norwegian Confederation of Trade Unions. He is a member of Statoil’s corporate assembly and a board member of Bank1 Oslo. Mr Bjørndalen is also leader of the amalgamation of industrial employees in the Nordic countries. He has been a member of the Labour party’s central board since 1992.
Roy Franklin (born 1953) was chief executive of the UK independent oil and gas company, Paladin Resources plc from 1997-2005, and group managing director of Clyde Petroleum plc from 1991-97. He has a long career behind him with BP, where he gained exploration, commercial and management experience in several countries. Mr Franklin has a BSc in geology from Southampton University, UK. He was chair of Brindex, the trade association for UK independent oil and gas companies, and a member of Pilot, the joint industry/government task force, from 2002-05. Mr Franklin is non-executive chair of Bateman Litwin NV, and sits on the boards of the Australian oil and gas company Santos Ltd, and Novera Energy Ltd, a leading UK company in renewables. In 2004 he was awarded the OBE for services to the UK oil and gas industry.
Elisabeth Grieg (born 1959) is co-owner of the Grieg Group and CEO of Grieg International AS. She is also chair of the board of Grieg Shipping Group and vice president of the Norwegian Shipowners’ Association and member of the boards of Star Shipping AS, Grieg International AS, Grieg Maturitas AS, the Grieg Foundation and SOS Children’s Villages in Norway. She is a member of Orkla ASA's corporate assembly and election committee and the council and election committee of Det Norske Veritas. Ms Grieg has been a member of Hydro’s board since 2001, and has been deputy chair since 2006.
Kurt Anker Nielsen (born 1945) has previously held senior positions in Novo A/S and Novo Nordisk A/S, including as CFO and managing director. He is presently deputy chair of the boards of Novozymes A/S and Dako A/S, and sits on the boards of Novo Nordisk A/S, Novo Nordisk Fonden, ZymoGenetics Inc and Westas Wind Systems A/S. He is also chair of the board of Reliance A/S. Mr Nielsen has been a member of Hydro’s board since 2004.
Grace Reksten Skaugen (born 1953) is an independent consultant. She was previously director of corporate finance at Enskilda Securities, Oslo. She has also been adviser for Aircontactgruppen, Oslo and Fearnley Finance Ltd, London. She did research in the field of microelectronics at Columbia University, New York. Ms Skaugen has a PhD in laser physics from Imperial College of Science and Technology, London University, and an MBA from the Norwegian School of Management. She is board chair of Entra Eiendom, deputy chair at Opera Software and board member of Invest AB and Atlas Copco AB. Ms Skaugen has been a member of Statoil’s board of directors since June 2002.
The election committee’s proposal for the corporate assembly of StatoilHydro
Olaug Svarva (born 1957) is managing director of the Norwegian National Insurance Fund. She has held various managerial posts within finance, including as financial analyst and director of investments in the Norwegian National Insurance Fund, managing director of SpareBank 1 Aktiv Forvaltning and investment director of SpareBank 1 Livsforsikring. Ms Svarva is a member of the corporate assembly and election committee of Orkla ASA, a member of the election committee of Oslo Børs Holding ASA, a member of the supervisory board and election committee of Storebrand ASA and a member of the election committee of Veidekke ASA.
Ms Svarva is authorised as a portfolio manager by the Norwegian School of Economics and Business Administration/The Norwegian Society of Financial Analysts (NHH/NFF) and she has a bachelor’s degree and an MBA from the University of Denver, USA.
Anne Kathrine Slungård, leader of Statoil's election committee, tel +47 48 24 88 75.