Recommendation from Statoil's Nomination Committee
The nomination committee in Statoil (OSE:STL, NYSE:STO) recommends that the company's corporate assembly elects Øystein Løseth as a new member of Statoil's board of directors.
Furthermore, the nomination committee recommends the re-election of Svein Rennemo (chair), Grace Reksten Skaugen (deputy chair), Bjørn Tore Godal, Maria Johanna Oudeman, Jakob Stausholm, Catherine Hughes and James Mulva as members of the board of directors.
Øystein Løseth is a Norwegian citizen. Øystein Løseth has significant managerial experience in the energy sector, with particular expertise and experience from the European energy market.Since 2010, Løseth has been appointed as the CEO, and before that as a first senior executive vice president since 2009, of Vattenfall AB, one of Europe's largest energy companies. In the period 2003-2009, Løseth worked for NUON, the Dutch energy company, first as division managing director, then as a managing director and the CEO, from 2005 and 2008 respectively. Prior to this, Løseth was the head of production, business development and R&D of Statkraft from 2002 to 2003. In addition, he has other extensive management experience from Statkraft and Statoil, within strategy and business development among others. He graduated as M.Sc. from the Norwegian University of Science and Technology and as B.Sc. in Business Management from BI Norwegian School of Management in Bergen.
The election to Statoil's board of directors takes place in the company's corporate assembly Tuesday 10 June 2014. For the board members running for re-election, it is proposed that the election enters into effect from 1 July 2014 until the next ordinary election of shareholder-representatives to the board of directors in 2015. For Øystein Løseth, it is proposed that the election enters into effect from 1 October 2014, as he will from this date leave his position as president and CEO of Vattenfall AB. Also, for Øystein Løseth, it is proposed that the election is effective until the next ordinary election of shareholder representatives to the board of directors in 2015.
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