On 11 May 2017, the annual general meeting of shareholders in Statoil ASA (OSE: STL, NYSE: STO) approved the annual report and accounts for Statoil ASA for 2016, as proposed by the board of directors.
The annual accounts and the annual report for Statoil ASA and the Statoil group for 2016 were approved, and a dividend of USD 0.2201 per share will be distributed for the fourth quarter of 2016. The dividend accrues to the holders of the American Depository Receipts (ADRs) listed on the New York Stock Exchange as of 10 May 2017. The dividend accrues to the company's shareholders on Oslo Stock Exchange (Oslo Børs) as of 11 May 2017.
As of 11 May 2017, ADRs listed on the New York Stock Exchange will be traded ex-dividend. Statoil's shares listed on the Oslo Børs will be traded ex-dividend as of 12 May 2017. The expected dividend payment date for Statoil's shares on Oslo Børs is 23 June 2017. The expected payment date for dividends in USD under the ADR program is 26 June 2017.The general meeting authorised the board of directors to resolve quarterly dividend payments until the next ordinary annual general meeting.
The general meeting approved to continue the two-year scrip dividend programme through third quarter 2017. The scrip dividend programme offers shareholders the option to receive all or part of the quarterly dividend in cash or in newly issued shares in Statoil. Under the programme, the general meeting resolved a share capital increase for dividend related to fourth quarter 2016, and gave authorisation to the board of directors to increase the share capital in connection with payment of dividend for first quarter to third quarter 2017.
In the dividend issue relating to the dividend for the fourth quarter of 2016, up to 160,000,000 new shares will be issued. There will be a subscription period of at least ten days for the dividend issue, expected to commence in the end of May. The subscription price shall be set to the volume-weighted average share price on Oslo Børs of the last two trading days of the subscription period for the dividend issue, with a deduction for a discount of 5%. Further information will be provided prior to the commencement of the subscription period.
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.
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
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.