The election committees of Norwegian oil players Statoil and Hydro have presented their recommendations regarding the board of directors, corporate assembly and election committee of StatoilHydro, which will be established through the planned merger between Statoil and Hydro's oil and gas activities.
Hydro’s president and CEO, Eivind Reiten, has been recommended as chair of the board of the merged company, while Statoil board member Marit Arnstad has been recommended as deputy chair.
In a joint press release, the companies said that the election of the board would be made by Statoil’s present corporate assembly after the companies’ extraordinary general meetings have discussed the merger, and on the condition that the merger proposal receives approval.
The election committees of the two companies have coordinated their work and the recommendation for the board of directors, corporate assembly and election committee is based on an overall assessment of StatoilHydro’s needs for competence, continuity and renewal, said Anne Kathrine Slungard and Svein Steen Thomassen, leaders of the election committees of Statoil and Hydro, respectively.
They added: We have emphasized experience from international business and from the oil and gas industry, as well as understanding of the significance of long-term, industrial development and social responsibility. The recommended composition of the governing bodies meets these considerations in a good and balanced way.