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. The annual general meeting approved that adjustments in the Marketing Instruction for Statoil ASA, adopted by the annual general meeting on 25 May 2001, can be made to the provisions concerning applicable pricing- and allocation principles for natural gas, and in particular LNG, so that Statoil has the necessary incentives to maximize the total value of the State's and Statoil's petroleum and ensure fair distribution at any time. The adjustments are made by the Norwegian State represented by the Ministry of Petroleum and Energy. Prior to the AGM, a shareholder had proposed that Statoil refrains from drilling exploration wells in PL859 (Korpfjell) and PL855 (Gemini North) whilst the question of whether the licenses granted in the 23rd licensing round are illegal and violate the Norwegian Constitution is still pending in the courts. The shareholder's proposal was not adopted. 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.
A shareholder had proposed that the board of Statoil ASA presents a strategy for and environmental impact assessment of, full discontinuation of all new exploration activities and test drilling for fossil energy resources. The shareholder's proposal was not adopted.A shareholder had proposed that the board of directors of Statoil ASA, in their risk management oversight functions, should direct Statoil Management to appoint a new Chief Geologist with a clear mandate to reinstate updated versions of pre-merger actuarial based risk management processes. The shareholder's proposal was not adopted Please find enclosed the complete minutes of the annual general meeting. Contact persons: Investor relations 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 Press Bård Glad Pedersen, vice president for media relations, tel: +47 91 80 17 91 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. Attachments: http://www.globenewswire.com/NewsRoom/AttachmentNg/402a7a43-82c2-4ac7-b7af-af0cde754068