On 11 May 2016 the annual general meeting of shareholders in Statoil ASA approved the annual report and accounts for Statoil ASA for 2015, as proposed by the board of directors.
From the left: Hilde Alexandra Grønland (legal counsel and company secretary), Olaug Svarva (chair of Statoil’s corporate assembly and nomination committee), Øystein Løseth (chair of the board of directors), Eldar Sætre (Chief Executive Officer) and Hans Henrik Klouman (general counsel). (Photo: Arne Reidar Mortensen)
The annual accounts and the annual report for Statoil ASA and the Statoil group for 2015 were approved, and a dividend of USD 0.2201 per share will be distributed for the fourth quarter of 2015. The dividend accrues to the company's shareholders as of 11 May 2016. Both Statoil's shares listed on the Oslo Stock Exchange and American Depository Shares (ADS) listed on the New York Stock Exchange will be traded ex-dividend as of 12 May 2016. The expected dividend payment date for Statoil's shares on Oslo Stock Exchange is 24 June 2016. The expected payment date for dividends in USD under the US American Depository Receipts (ADR) program is 29 June 2016.The general meeting authorised the board of directors to resolve quarterly dividend payments until the next ordinary annual general meeting.
The general meeting approved to introduce a two-year scrip dividend programme commencing from the fourth quarter 2015. The programme offers shareholders the option to receive all or part of the quarterly dividend in cash or in newly issued shares in Statoil. Under the programme, the general meeting resolved a share capital increase for dividend related to fourth quarter 2015, and gave authorisation to the board of directors to increase the share capital in connection with payment of dividend for first quarter to third quarter 2016.
In the dividend issue relating to the dividend for the fourth quarter of 2015, up to 160,000,000 new shares will be issued. The shares in Statoil will be traded ex. right to participate in the dividend issue from and including 12 May 2016. There will be a subscription period of at least ten days for the dividend issue, expected to commence in the end of May. The subscription price shall be set to the volume-weighted average share price on Oslo Stock Exchange of the last two trading days of the subscription period for the dividend issue, with a deduction for a discount of 5%. Further information will be provided prior to the commencement of the subscription period.
The following persons were elected as members of the corporate assembly in Statoil ASA effective as from 12 May 2016 and until the annual general meeting in 2018:
Tone Lunde Bakker (nominated as chair for the corporate assembly’s election) (new nomination as chair, existing member), Nils Bastiansen (nominated as deputy chair for the corporate assembly’s election) (new member), Greger Mannsverk (existing member), Steinar Olsen (existing member), Ingvald Strømmen (existing member), Rune Bjerke (existing member), Siri Kalvig (existing member), Terje Venold (existing member), Kjersti Kleven (existing member), Birgitte Ringstad Vartdal (new member, existing 4. deputy member), Jarle Roth (new member) and Kathrine Næss (new member).
The following persons were elected as deputy members for the shareholder-elected members of the corporate assembly in Statoil ASA effective as from 12 May 2016 and until the annual general meeting in 2018:
Kjerstin Fyllingen (new deputy member), Nina Kivijervi Jonassen (existing deputy member), Håkon Volldal (new deputy member), and Kari Skeidsvoll Moe (new deputy member).
The following persons were elected as members of Statoil ASA’s nomination committee effective as from 12 May 2016 and until the annual general meeting in 2018:
Tone Lunde Bakker, chair (existing member, new chair), Tom Rathke (existing member), Elisabeth Berge (existing member), Jarle Roth (new member), and Bjørn Ståle Haavik (personal deputy member for Elisabeth Berge) (existing deputy).
The general meeting endorsed the board’s report on Corporate Governance. Furthermore, the general meeting endorsed the board's declaration on stipulation of salary and other remuneration for executive management, and approved the parts of the proposal related to remuneration linked to the development of the company’s share price. Remuneration to the company's external auditor was also approved.
The general meeting authorised the board to acquire shares in Statoil ASA in the market in order to continue the share saving plan for employees. The general meeting also authorised the board to acquire shares in Statoil ASA in the market for subsequent annulment.
A proposal from a shareholder had been submitted in advance, suggesting that the board presents a revised strategy reflecting the company’s joint responsibility for helping meet the current energy demand within the framework of national and international climate targets. This proposal was not adopted.
Another proposal also submitted by a shareholder was that Statoil would establish a risk management investigation committee. This proposal was not adopted.
Please find enclosed the complete minutes of the annual general meeting.
Peter Hutton, senior vice president for investor relations,
Tel: +44 7881 918 792
Morten Sven Johannessen, vice president for investor relations USA,
Tel: + 1 203 570 2524
Bård Glad Pedersen, vice president for media relations,
Tel: +47 91 80 17 91