Statoil ASA – Catherine Hughes has informed that she will resign from her position as member of the board of directors in Statoil ASA with immediate effect in order to avoid potential conflicts of interest following a recent change of circumstances.
The nomination committee in Statoil will commence its search for a new board member, and the corporate assembly will make a by-election when the nomination committee’s recommendation is ready. Olaug Svarva is chair of the nomination committee in Statoil.
The board has overriding responsibility for managing the group and supervising the group’s day-to-day management and its operations. The work of the board is based on rules of procedure and applicable legislation which describe the board’s responsibility, duties and administrative procedures.
The rules of procedure also describe the duties of the chief executive officer and his/her duties vis-à-vis the board of directors. Statoil’s board of directors has three sub-committees which act as preparatory bodies.