Remuneration  

Remuneration of the corporate assembly and nomination committee

Members of the corporate assembly receive remuneration in accordance with their individual roles. The rates are decided by the company's annual general meeting. The remuneration is not dependent on results, and none of the shareholder-elected members has a pension scheme or agreement on pay after termination of their office with the company.

Remuneration of the board of directors

Members of the board of directors receive remuneration in accordance with their individual roles. The remuneration of the board is not dependent on results, and none of the shareholder-elected board members has a pension scheme or agreement on pay after termination of their office with the company.

Remuneration paid is disclosed in the company’s annual report in accordance with applicable accounting rules.

StatoilHydro’s remuneration policy

StatoilHydro’s policy on pay is grounded in the company’s personnel policy. Certain key principles have been adopted for the company’s remuneration policy. These principles apply in general, but they will be applied differently in the different remuneration systems and job categories. 

The remuneration policy is intended to:   

• Ensure that the big picture is taken into account through solutions that are integrated with StatoilHydro’s value and performance-oriented framework.
• Be competitive in the employment market without the company being overall market leaders.
• Reward and recognise both delivery and behaviour.
• Ensure that there is a strong connection between performance and reward.
• Differentiate on the basis of responsibility and influence.
• Reward short-term and long-term contributions and results.
• Strengthen the community of interest between employees, the company and its owners.
• Be transparent and in accordance with good corporate governance.

The decision-making process

The decision-making process for the establishment and changing of remuneration policies and the stipulation of salaries and other remuneration of leading personnel is in accordance with the provisions of the Public Limited Liability Companies Act sections 5-6, 6-14, 6-16 a) and the rules of procedure for the board. The board has appointed a separate remuneration committee.

The remuneration committee is an advisory body for the board of directors, and it has authority to decide special matters on the authorisation of the board. 

The board of directors stipulates the salary and other terms of employment of the CEO at a board meeting.

The policy for the remuneration of executive management
StatoilHydro’s remuneration policy for leading personnel consists of the following main elements:

• Basic salary
• Variable pay based on an annual bonus programme.
Statoil does not have share option schemes.
• Payments in kind, e.g. car and telephone allowances.
• Pensions and insurance schemes
• Severance pay arrangements for members of the corporate executive committee.