Statoil: Recommendation from Statoil’s nomination committee

The nomination committee in Statoil (OSE:STL, NYSE:STO) recommends that the company’s corporate assembly elects Jon Erik Reinhardsen as new chair of the board of directors.

Furthermore, the nomination committee recommends a re-election of Roy Franklin as deputy chair and Wenche Agerup, Bjørn Tore Godal, Rebekka Glasser Herlofsen, Maria Johanna Oudeman and Jeroen van der Veer as members of the board of directors.

Chair of the board Øystein Løseth has informed the nomination committee that he does not wish to stand for re-election in 2017. Løseth has been a member of Statoil’s board of directors since 2014 and chair since 2015. Løseth wants to return to a career seeking more operational positions that would be difficult to combine with remaining as chair of the Statoil board. Løseth will leave the board of directors effective as of 1 July 2017. On this basis, a new chair of the board of directors is hereby nominated.

The nomination committee is unanimously recommending the election of Jon Erik Reinhardsen as new chair of the board of directors of Statoil. Reinhardsen has been the Chief Executive Officer of Petroleum Geo-Services (PGS) since 2008. PGS delivers global geophysical- and reservoir services. The company has its headquarters in Oslo and offices in 17 countries with approximately 1,800 employees.

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