Press

Eldar Sætre Continues as Statoil’s Chief Executive Officer


 

Statoil's board of directors and chief executive Eldar Sætre have agreed that Sætre will continue as CEO after he turns 62 in February 2018. Eldar Sætre will thus not use his contractual right to reture at the gae of 62. 

“It has been a wish from the board of Statoil that Eldar Sætre continues as CEO. As CEO, Eldar has successfully implemented important changes within Statoil. He has led the company through a challenging period for the industry, making Statoil a stronger company. He is the right person to continue developing Statoil as a broad energy major, with a clear strategy for safe operations, high value creation and a low carbon future”, says the chair of Statoil's board of directors, Jon Erik Reinhardsen.

 

Sætre was appointed chief executive on 4 February 2015, after being acting CEO since 2014.

“I am proud of Statoil's achievements, and believe we are well equipped for the future. We have high project activity and are further developing the Norwegian continental shelf. We are strengthening our position as an operator in attractive areas outside Norway, and have started to build a significant portfolio in renewable energy. Statoil has delivered competitive returns, and is well positioned to create substantial shareholder value also in the future. I look forward to continuing to lead this company as we continue our journey,” says CEO Eldar Sætre.

Under his individual pension agreement Sætre had the right to retire at the age of 62, after just three years as chief executive. At that time, an element of his fixed pay was therefore excluded from his pensionable earnings. Now that there is agreement to a longer timeframe, the board has decided to revert to the original provision of pension being calculated on total fixed pay. The fixed pay element, which today represents around NOK 2.4 million, will thus be included in the pension-qualifying income.  Sætre will at the latest retire when he turns 67, but he retains the right to retire at an earlier stage.  

Statoil is the largest company in Norway, measured by revenues as well as market capitalisation. Statoil is also the largest company in the Nordic countries measured by revenue, and the second largest measured by market capitalisation. The Statoil board has for some time reviewed the CEO's remuneration package compared to the market.  Subsequently, the board has increased the CEO's fixed annual pay to NOK 8.767 million, effective from 1 September 2017.

“Statoil should have competitive executive compensation in the markets in which we operate, but not be market leading. On this basis and after an evaluation of performance, the board has adjusted the remuneration package for the chief executive. It's a pleasure to announce that Eldar Sætre continues as chief executive officer,” says chairman of the board of directors, Jon Erik Reinhardsen.


Visit source site

https://statoil.com/en/news/Eldar-Saetre-continues...

Statoilceo

More items from oilvoice


Equatorial Guinea Orders Cancellation of All Contracts With Canadian-Based CHC Helicopters

Minister of Mines and Hydrocarbons of Equatorial Guinea orders cancellation of all contracts with Canadian-based CHC Helicopters Calls on Oil companies to comply with local content regulations MALABO, Equatorial Guinea, July 17, 2018/ -- The Ministry of Mines and Hydrocarbons of ...

OilVoice Press - OilVoice


Posted 5 hours agoPress > ContractHelicoptersEquatorial Guinea +1

EthosEnergy Awarded Two Multi-Million Dollar Subcontracts by Siemens Korea

Seoul, KR – EthosEnergy has been awarded two multi-million dollar subcontracts by Siemens Korea (Siemens Ltd Seoul) for work at Taean and Dangjinpower plants. The subcontracts are for a generator stator rewind and upgrade for units 3 and 4 at the Taean Power Plant and Unit 1, 2 and 3 at the Dangji ...

OilVoice Press - OilVoice


Posted 12 hours agoPress > EthosEnergySiemens Koreapower plants +1

Canada’s Large Price Discounts on Oil Sands Barrels to Persist Until New Pipeline Capacity is Added, Says GlobalData

Canada's existing oil pipeline and railway capacity is enough to support oil sands current exports but with little extra room for logistic constraints. Presently, there are at least three announced pipeline projects that will serve different markets and hence can support the diversification of expo ...

OilVoice Press - OilVoice


Posted 16 hours agoOpinion > CanadaOil SandsCanadian Oil Sands +3

Total Creates a Digital Innovation Center in India in Partnership with Tata Consultancy Services

Paris/Mumbay – Total and Tata Consultancy Services (TCS) have signed a partnership agreement to create a digital innovation center in India. Based in Pune in the State of Maharashtra, the center will explore disruptive technologies and solutions.   “For a large industrial group like Total, it ...

OilVoice Press - OilVoice


Posted 17 hours agoPress > TotalTataIndia +2

Empyrean Energy: Tax Refunds Totalling US$1.3 Million (~£1.0 Million)

Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, advises that it has received a cash refund from HM Revenue and Customs ("HMRC") totaling £298,816.50 (US$395,9561) (the "HMRC Refund"). The HMRC Refund, being the 2016 tax paid by ...

OilVoice Press - OilVoice


Posted 18 hours agoPress > TaxEmpyrean EnergyHMRC +1
All posts from oilvoice