Auditor  

The fee for the company’s auditor must be approved by the company’s AGM.
 
Pursuant to the instructions, the board’s audit committee is responsible for ensuring that the company is subject to an independent and effective external and internal audit.
 
When evaluating the external auditor, emphasis is placed on the firm’s competence, capacity, local and international availability and the size of the fee.

The board’s audit committee assesses and makes a recommendation concerning the choice of external auditor, and it is responsible for ensuring that the external auditor meets the requirements set by the authorities in Norway and in other countries in which StatoilHydro is listed on the stock exchange. The external auditor is subject to the provisions of US legislation requiring that a responsible partner must not hold the office for more than five consecutive years.
 
The board’s audit committee considers all reports from the external auditor before they are considered by the board of directors. The audit committee holds regular meetings with the external auditor without the company’s management being present.