Corporate governance in Aker BP
Aker BP’s objective is to maximise value creation over time in a safe and prudent manner. To accomplish this, it is essential to have an effective governance framework that clearly delineates responsibilities and roles between the shareholders, the board of directors, and the corporate management.
General meeting
The general meeting is the highest authority of the company. Aker BP’s articles of association and the Norwegian Public Limited Companies Act stipulate the role and mandate of the general meeting which we follow.
The annual general meeting (AGM) is normally held in April each year. Notice with agenda for the AGM is distributed to shareholders registered with the Norwegian Central Securities Depository (VPS), no less than two weeks before the event. Aker BP encourages its shareholders to use the right to submit proposals and vote, either in person or by proxy. Minutes are published on our website.
The board may at any time call an extraordinary general meeting (EGM). If an auditor or shareholder representing at least five per cent of the share capital requests an EGM to discuss a particular matter, the board of Aker BP will ensure that the meeting is held within a month of the request being submitted.
Relevant documentation regarding past and future general meetings in Aker BP can be found on https://akerbp.com/general-meeting/.
Board of Directors
The Board of Directors (BoD) oversees Aker BP’s business operations, strategic direction, and risk management. It ensures the company meets its obligations and creates long-term value for shareholders. The BoD:
- Reviews and monitors strategic plans and key risks
- Ensures transparency and timely communication with shareholders
- Oversees internal controls and governance systems
- Appoints the CEO and supervises executive management
The BoD plays a central role in sustainability, approving strategies and initiatives to reduce emissions across operations and the supply chain. It dedicates time to understanding risks related to operations, leadership, and financing of development projects.
Board members regularly evaluate their performance and competencies, and follow clear procedures to manage conflicts of interest, in line with Aker BP’s Code of Conduct.
Aker BP’s board of directors consists of the following members:
Øyvind Eriksen
Eriksen currently chairs several of the boards of the Aker Group’s industrial and financial businesses. In addition, Eriksen is on the board of a number of non-profit organisations, including the Norwegian Cancer Society and Accenture Global Energy Board.
Anne Marie Cannon
Cannon is the senior independent director and a board member of BlackRock Energy and Resources Income Trust plc.
Kjell Inge Røkke
Røkke is currently chair of The Resource Group TRG AS, TRG Holding AS and Aker ASA, as well as director of several Aker companies.
Trond Brandsrud
From 2016 to 2019, he held several CEO and CFO roles in the financial services companies Lindorff, Intrum and Lowell. From 2010 to 2015, he served as the group chief financial officer of Aker. In the period from 2007 to 2010, he served as the CFO of the Seadrill Group. Prior to these roles, Brandsrud had 23 years of experience from leading finance positions at Shell.
Brandsrud is a non-executive director and board member of TGS ASA, the Lowell Group (Simon Midco Ltd), Lowell Finans AS, Aker Horizons ASA and Waterise AS.
Kate Thomson
Thomson is a director of several BP p.l.c. Group companies and a member of the Institute of Chartered Accountants in England and Wales.
Charles Ashley Heppenstall
From 1984 until 1990, he worked in the banking sector, where he was involved in project financing of oil and mining businesses. He has worked with public companies associated with the Lundin family since 1993.
Heppenstall is a board member of Lundin Mining and Lundin Gold, and the chair of the board in International Petroleum Corporation.
Doris Reiter
Reiter is a reservoir engineer by background and holds a PhD in petroleum engineering from Texas A&M University. She joined BP p.l.c. in 1998, and her career has taken her across the globe, from the Gulf of Mexico to Angola, working in multiple engineering and technical leadership roles.
Reiter is a director of several BP p.l.c. Group companies and a member of the Offshore Energies UK board.
Valborg Lundegaard
She has more than 30 years’ experience in the energy industry, including executive management positions at Aker Solutions. Her experience includes corporate and project management, international business development and development projects.
Lundegaard began her career in Equinor and gained experience in both business development and offshore operations. She holds a master’s degree in chemical engineering from the Norwegian University of Science and Technology (NTNU).
Ani Isabel Chiang
Chiang holds a degree in gas and energy technology from the University of Southeast Norway, in addition to a trade certificate in process and chemical processing.
Chiang has been a union representative since 2019, and has more than 13 years of experience within the oil industry.
Marit Hargemark
Hargemark holds a Master of Science in applied geophysics and has over 25 years of experience in the oil industry, both from oil companies and software companies. Her technical experience ranges from seismic processing to reservoir modelling. She currently holds several leadership roles and responsibilities as union representative at Aker BP.
Ingard Haugeberg
Prior to his current position, he served as the HSSE site lead for the Ula field. Haugeberg has experience from the Royal Norwegian Air Force in Bodø, where he worked as a technical grenadier and later as department manager for Safelift A/S. He began his career in Amoco Norge as a mechanic on the Valhall field in 1991 and has held various positions in BP p.l.c. Norge since 1998.
Haugeberg has also held several directorships in BP p.l.c. Norge, Industrimaskiner A/S, Global Clean Energy, I/E Media and trippEl A/S.
Thomas Husvæg
Husvæg started his career at Deloitte as a management consultant before moving to GE Oil&Gas/BakerHughes GE and then Aker BP. At Aker BP, he has previously held roles as project manager in operations, business manager for the fixed facilities alliance, SPS delivery lead and finance manager for projects.
Tore Vik
Vik is a member of the nomination committee at Kongsberg Automotive.
Subcommittees
The audit and risk committee (ARC) supports the BoD’s responsibilities in ensuring the integrity of financial reporting and the financial reporting process. The committee conducts regular meetings to review the quality of all interim and annual reports before they undergo the BoD’s scrutiny and subsequent publication.
Additionally, the ARC reviews the sustainability statement included in the BoD’s report.
The audit and risk committee consists of:
- Trond Brandsrud, chair
- Anne Marie Cannon
- Kate Thomson
- Valborg Lundegaard
The Board of Directors has established an Organisational Development and Compensation Committee (ODCC) to support the company’s strategic goals through effective leadership development and executive remuneration. The ODCC ensures that compensation practices align with business strategy, support recruitment and retention of senior leaders, and meet regulatory and shareholder expectations. It also oversees succession planning and ensures the organisational structure is fit to deliver on Aker BP’s long-term strategy.
The committee comprises:
- Øyvind Eriksen, chair
- Anne Marie Cannon
- Marit Hargemark
The safety and environmental assurance committee (SEAC) is established to strengthen the company’s work on health, safety, cyber security, and environmental matters. The main responsibility is to assure that the HSSE work is adequately and properly organised and addressed throughout the entire company, and that the HSSE policy and governing processes are embedded in all operations.
The committee reports to the board on a quarterly basis and consists of the following members:
- Fawaz Bitar, SVP HSE & Carbon, bp – chair
- Karl Johnny Hersvik, CEO, Aker BP
- Marit Blaasmo, SVP HSSEQ, Aker BP
- Knut Sandvik, SVP Projects, Aker BP
- Anchala Klein, VP Safety & Operational Risk Assurance, Wells, bp
- Doris Reiter, SVP North Sea, bp
- Tommy Sigmundstad, SVP Drilling and Well, Aker BP
- Arthur Alexander, Business Advisor, HSE & Carbon, bp
- Henry Barda, VP Shareholder Team, bp
- Georg Vidnes, SVP Grieg/Aasen, Aker BP
- John Nugent, Strategy & Risk Senior Manager, bp
Nomination Committee
The nomination committee is elected by the general meeting and consists of four members. As set out in Aker BP’s articles of association, the nomination committee’s responsibility is to recommend candidates to, and remuneration of, the board of directors and the nomination committee.
The nomination committee consists of the following members:
Svein Oskar Stoknes
Stoknes has served as the chair of Aker BP’s nomination committee since 2020 and was re-elected in 2024 for a term of two years.
Donna Riley
Riley has served as a member of Aker BP’s nomination committee since 2020 and was re-elected in 2024 for a term of two years.
Ingebret G. Hisdal
Hisdal is a former member of the professional organisation Norsk Regnskapsstiftelse and of the IFRS Advisory Council, a body that advises the International Accounting Standards Board in London. He is a former Chair of Den Norske Revisorforening.
Hisdal has served as a member of Aker BP’s nomination committee since 2020 and was re-elected in 2024 for a term of two years.
Ian Lundin
Lundin was elected as a member of Aker BP’s nomination committee in 2023 for a term of two years.
Executive management team
Karl Johnny Hersvik
Prior to joining Aker BP, he served as head of research for Statoil. Hersvik has held a number of specialist and executive positions with Norsk Hydro and StatoilHydro.
Hersvik holds a cand.scient. (second cycle) degree in industrial mathematics from the University of Bergen.
Hersvik chairs the board of RunwayFBU and is a member of the board of directors at Offshore Norway.
David Tønne
Prior to joining Aker BP, Tønne worked for the Boston Consulting Group where he co-led the Nordic Energy Practice Area supporting clients in O&G, Private Equity, Shipping and Industrial goods across a wide range of functional topics in Europe, North America and the Middle East.
Tønne holds a master’s degree in finance from the Norwegian School of Economics (NHH).
Per Harald Kongelf
Prior to joining Aker BP in 2016, he served as the head of Norwegian operations at Aker Solutions, where he had been part of the executive management team since 2007. He has more than 35 years of industrial leadership experience from numerous technical and management positions at Aker Solutions and Aker BP.
Kongelf holds a master’s degree from the Norwegian University of Science and Technology (NTNU).
Marit Blaasmo
She holds more than 18 years’ experience from Equinor and Baker Hughes INTEQ and has held multiple operational and management positions within drilling and wells disciplines.
Blaasmo holds a master’s degree in petroleum engineering from the Norwegian University of Science and Technology (NTNU).
Torbjørg Opedal
She joined from her position as VP Engineering, Operations at Aker BP. Since joining the company in 2021, she has also served as VP Subsea.
Opedal has over 20 years of experience in the oil and gas industry and has held various leadership roles at Equinor, both in Norway and internationally.
She holds an engineering degree from the Bergen and Gjøvik University College of Engineering and has completed several continuing education programs.
Paula Doyle
She has held a variety of roles within the oil and gas industry for companies such as ABB and Siemens in Norway and the Middle East. During her time in the Middle East, Doyle established and ran a non-profit industrial technology organisation.
Doyle has deep knowledge of industrial software space and digitalisation processes in heavy-asset industries, and holds a PhD in computer engineering from the University of Limerick.
Petter Sørhaug
With over 25 years of experience in Norway’s oil and gas sector, Sørhaug combines deep technical expertise with strong leadership and international field experience. He began his career at Statoil (now Equinor) and Hydro Oil & Energy.
Sørhaug holds a Cand.Scient degree in structural geology from the University of Tromsø.
Talar Arif
Prior to joining Aker BP, Arif worked with HSSEQ at Shell. She also gained experience in supply chain management, maintenance and data management at BP Norge.
Arif holds a bachelor’s degree in computer engineering and a master’s degree in security and risk management from the University of Stavanger.
Marte Mogstad
She brings more than 20 years of experience from the oil & gas and renewable energy sectors. Throughout her career, Mogstad has held several senior leadership positions in operational management and business development.
Mogstad holds a master’s degree in Mechanical Engineering from the Norwegian University of Science and Technology (NTNU).
She also serves as a board member at Coremarine AS.
Tommy Sigmundstad
Sigmundstad has broad experience within the oil and gas industry from companies such as Baker Hughes and Philips, before joining BP in 2000. Within BP, Sigmundstad has held various operational, engineering and management positions in Norway, the United Kingdom, Azerbaijan and Indonesia.
Sigmundstad holds a master’s degree in petroleum engineering from the University of Stavanger.
Sigmundstad is a member of the board of directors in MHWirth.
Knut Sandvik
Sandvik holds a degree in Mechanical Offshore Engineering from Heriot-Watt University in Scotland.
Georg Vidnes
Vidnes has more than 25 years of experience from operating companies such as Statoil, Talisman and Repsol Sinopec, with an emphasis on drilling and wells, asset management, operations and major change projects. He has held positions as offshore installation manager (OIM), VP production, area director, and has been at the helm of major organisational transition projects.
Vidnes holds a master’s degree in mechanical engineering from the Norwegian University of Science and Technology (NTNU).
Thomas D. Hoff-Hansen
Before Hoff-Hansen started at Aker BP, he worked with automation and instrumentation at ExxonMobil.
Hoff-Hansen holds a Master of Science degree in cybernetics from the University of Stavanger.
Thomas Øvretveit
Øvretveit has more than 25 years of experience from various positions at Equinor, including head of the process plant at Mongstad refinery, production manager on Troll and Oseberg, improvements manager, offshore installation manager (OIM), superintendent and O&M manager, as well as process engineer and process technician. He started out as an apprentice at Mongstad in 1996.
Øvretveit is a process engineer and skilled worker, and has completed military officer training.
Ole Johan Molvig
Molvig has worked for the company since 2009, and came to Aker BP via Det Norske, where he held the position of VP subsurface.
Molvig has extensive and varied experience in the oil and gas industry.
He has worked for companies such as ExxonMobil, Statoil and Marathon Oil.
Molvig has a master’s degree in mechanical engineering from the Norwegian University of Science and Technology (NTNU).
Lars Høier
Høier has more than 20 years of experience from Equinor, with positions as SVP for R&D, as well as production director for several assets, including the Troll field.
Høier holds a Master of Science degree in Physics from the University in Oslo and a PhD in Petroleum technology from the Norwegian University of Science and Technology (NTNU).
Ine Dolve
Before joining Aker BP, she worked in management consulting (PwC) within finance, management of change and digitalisation for oil and gas. She also has several years of experience from the armed forces, nationally and internationally.
Dolve holds a master’s degree in finance and international management from Norwegian School of Economics (NHH)/Esade, Barcelona. She is also educated at the Air Force Officer Candidate School and the Norwegian Naval Academy in Bergen.
Remuneration in Aker BP
Remuneration in Aker BP consists of a base salary, a pension contribution, an annual bonus based on company performance, and a long-term share-based incentive plan (LTIP). Members of executive management team (EMT) are covered under the same budget, guidelines, and limitations as other onshore personnel in the company.
Fixed pay
The base salary levels are determined considering the nature of the individual role, individual considerations, the market positioning, and remuneration conditions at Aker BP, and is reviewed annually. Pension is based on a defined contribution plan and is capped at 12x the National Insurance Scheme basic amount.
Bonus system
The bonus system is designed to promote performance in line with the company’s strategy. The bonus for all employees is determined by the company’s performance on a predefined set of KPIs, company priorities, and project execution targets. Maximum bonus potential for the EMT corresponds to 60 percent of base salary. For other employees, the maximum bonus varies from 10 to 30 percent depending on position level.
Long-term incentive programme (LTIP)
Aker BP’s LTIP is designed to align executive performance with long-term value creation for shareholders. It is an equity-based plan with a three-year vesting period, awarded annually to members of the EMT.
Performance is assessed over three years based on total shareholder return relative to three industry indices, each weighted equally. Depending on performance, the final number of shares awarded at the end of the vesting period will be adjusted based on an assessment of relative shareholder return measured against a benchmark consisting of an equal-weighted basket of the Oslo Energy Index, Stoxx 600 Europe Oil & Gas index and the S&P Commodity Producers Oil & Gas Exploration & Production Index, according to the table below. The number of shares will also be adjusted for dividends paid during the vesting period.
Outperformance | Performance adjustment | Payout of base salary |
---|---|---|
30 percent or more | +100 percent | 40 percent |
15 percent | +50 percent | 30 percent |
0 percent | 0 percent | 20 percent |
-15 percent | -50 percent | 10 percent |
Less than -15 percent | -100 percent | 0 percent |
The following grants have been awarded under the LTIP (before any adjustments):
Name | 2022 grants vesting 2025 | 2023 grants vesting 2026 | 2024 grants vesting 2027 | Maximum achievable number of shares* | |
---|---|---|---|---|---|
Talar Arif | 1,551 | 3,102 | |||
Marit Blaasmo | 1,468 | 2,400 | 2,362 | 12,460 | |
Ine Dolve | 1,840 | 2,568 | 2,192 | 13,200 | |
Paula Doyle | 2,028 | 2,972 | 2,897 | 15,794 | |
Karl Johnny Hersvik | 4,925 | 7,278 | 7,094 | 38,594 | |
Thomas Hoff-Hansen | 1,386 | 2,127 | 2,387 | 11,800 | |
Lars Høier | 1,850 | 2,743 | 2,661 | 14,508 | |
Per Harald Kongelf | 2,125 | 3,311 | 3,243 | 17,358 | |
Marte Mogstad | 2,281 | 4,562 | |||
Ole Johan Molvig | 1,886 | 2,764 | 2,669 | 14,638 | |
Knut Sandvik | 1,863 | 2,736 | 2,667 | 14,532 | |
Tommy Sigmundstad | 1,922 | 2,823 | 2,764 | 15,018 | |
David Tønne | 1,921 | 3,396 | 3,311 | 17,256 | |
Georg Vidnes | 1,398 | 2,486 | 2,389 | 12,546 | |
Thomas Øvretveit | 1,276 | 2,127 | 2,231 | 11,268 |
More details in Aker BP’s annual and remuneration reports:
|
Report | |
---|---|---|
2024 | Annual Report 2024 | |
2023 | Annual report 2023 | |
2022 | Annual report 2022 | |
2022 | Remuneration report 2022 | |
2021 | Annual report 2021 | |
2021 | Remuneration report 2021 | |
2020 | Annual report 2020 | |
2019 | Annual report 2019 | |
2018 | Annual report 2018 | |
2017 | Annual report 2017 | |
2016 | Annual report 2016 |
Primary insiders (PDMR)
Companies listed on Oslo Børs have an obligation to maintain updated lists of persons discharging managerial responsibilities (PDMRs, or “primary insiders”). Primary insiders and their closely associated persons are required to notify Oslo Børs and Norwegian authorities (Finanstilsynet) of any transactions related to Aker BP shares, bonds and other related financial instruments.
The table below shows the primary insiders and their current shareholding in Aker BP. Potential future awards of shares under the LTIP (see the previous section) are not included here.
Notes:
- The numbers include shares held in companies where the insider has a controlling interest.
- Karl Johnny Hersvik owns 50 percent of NO 11 Invest AS, which holds 10,355 AKRBP shares. These shares are included in the numbers above.
Insider transactions
Insider | Instrument | Transaction | Delta | Price | Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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❯2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
❯2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
❯2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
❯2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
❯2019 |
Auditor
The auditor is elected by the Annual General Meeting (AGM), which also approves the auditor’s fee. The Board of Directors (BoD) meets with the auditor annually – without management present – to review internal controls and discuss improvements. The auditor also attends BoD meetings to report on key audit matters, including any disagreements with management.
The auditor works closely with the Audit and Risk Committee (ARC), attending all ARC meetings and presenting the annual audit plan. Auditor independence is assessed yearly, and any non-audit services must comply with the company’s audit and non-audit service policy.
PricewaterhouseCoopers AS
Dronning Eufemias gate 71
N-0194 Oslo
Norway

Articles of association
Updated 14 April 2023
1. Name of the company
The Company’s name is Aker BP ASA. The Company is a public limited company.
2. Registered address
The Company’s registered address is in the municipality of Bærum.
3. Company objective
The Company’s objective is to carry out exploration for, and recovery of, petroleum and activities related thereto, and, by subscribing for shares or by other means, to participate in corresponding businesses or other business, alone or in cooperation with other enterprises and interests.
4. The company’s share capital
The Company’s share capital is NOK 632,022,210, fully paid and divided into 632,022,210 shares, each with a nominal value of NOK 1. The Company’s shares shall be registered with the Norwegian Central Securities Depository.
5. The Board of Directors
The Company’s Board of Directors shall consist of up to fourteen members.
6. Signature
The Chairman of the Board of Directors and one board member jointly are authorised to sign on behalf of the Company. The Board of Directors can grant powers of procuration.
7. General Meeting
The Annual General Meeting shall be held each year within a period of 6 months from the end of the financial year. During the period of notice of the General Meeting, the documents shall be available at the Company’s office for the shareholders’ inspection.
When documents pertaining to business to be dealt with by the General Meeting are made available to shareholders at the Company’s website, the requirement of the documents to be sent to the shareholders shall not apply. This also applies to documents that by law shall be included in or attached to the notice of the Annual General Meeting.
The Board of Directors may decide that it shall be possible for shareholders to cast their votes in writing, including by means of electronic communication, in a given period prior to the general meeting. Satisfactory methods shall be used in order to authenticate the sender.
8. Nomination Committee
The Company shall have a Nomination Committee consisting of up to 4 members elected by the General Meeting. The majority of the members of the Nomination Committee shall be independent of the Board of Directors and the general management.
The Nomination Committee shall recommend candidates to the Board of Directors, the Corporate Assembly and the Nomination Committee, and remuneration of the Board of Directors, the Corporate Assembly and members of the Nomination Committee. The Nomination Committee’s recommendations shall be well-grounded.
The Nomination Committee’s members are elected for two years.