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 is responsible for decision-making on, and supervision of, the company’s business operations and management, including strategies and targets related to sustainable development.
The objectives of the board’s work are to create value for the company’s shareholders in both the short and long term and to ensure that Aker BP fulfils its obligations.
An important task for the board is to appoint the CEO and while the CEO is responsible for the day-to-day management of the company’s business activities, carried out by the executive management team (EMT), the board acknowledges its responsibility for the overall management of the company. The board is responsible for:
- Reviewing strategic plans and supervising these through regular reporting and feedback
- Reviewing significant risks to Aker BP’s activities and overseeing the establishment of appropriate systems to monitor and manage such risks
- Ensuring that shareholders have access to timely and correct information about financial circumstances and important business-related events in accordance with relevant legislation
- Ensuring the establishment and securing the integrity of the company’s internal control and management systems
Aker BP’s board of directors consists of the following members:
Øyvind Eriksen
Eriksen is chairman of the board in Aker BP ASA, Cognite AS, Aker Capital AS, Aker Holding AS, Aker Horizons ASA, Aker Property Group AS, C4IR Ocean, the VI Foundation, and REV Ocean AS. He is also a director of several companies, including Aker Solutions ASA, Aker BioMarine ASA, Aker Energy AS, Aker Carbon Capture ASA, Aker Clean Hydrogen AS, Aker Mainstream Renewables AS, The Resource Group TRG AS, TRG Holding AS and the Norwegian Cancer Society (Kreftforeningen). He is also a member of the World Economic Forum C4IR Global Network Advisory Boar.
Anne Marie Cannon
She has served as the Deputy Chair of the board since 2013, and is a member of the Audit and Risk Committee and Organisational Development and Compensation Committee at Aker BP. Since 2019, she has been a Senior Advisor in the Strategic Advisory business at PJT Partners and from 2000, was a Senior Advisor at Morgan Stanley focusing on international upstream M&A. Prior to this, Cannon was an executive director on the boards of Hardy Oil & Gas and British Borneo, and earlier in her career was a director in investment banking at J Henry Schroder Wagg and held senior financial roles at Shell UK. Cannon holds a Bachelor of Science (Honours) Degree from Glasgow University and is a Fellow of the Energy Institute.
Cannon is a non-executive director on the board of Aker Energy AS, STV Group plc and Harbour Energy plc.
Kjell Inge Røkke
Røkke is Aker ASA’s primary owner and Chairman. He is currently a director in several companies, including Aker Solutions ASA, Aker BioMarine ASA and Aker Horizons ASA.
Trond Brandsrud
Brandsrud is a non-executive director and board member of PGS ASA, the Lowell Group (Simon Midco Ltd) and Lowell Finans AS. He also has a part time executive assignment with Waterise AS.
Kate Thomson
Prior to joining BP p.l.c., Thomson qualified as a chartered accountant with Deloitte. She moved into international tax with Charter plc, where she became Head of Tax in 1998, before joining Ernst & Young in 2001 in M&A tax.
Thomson is also 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
He has a bachelor (honors) from Duham University.
Heppenstall is a board member in Lundin Mining, Lundin Gold, International Petroleum Corporation, and Orron Energy AB.
Murray Auchincloss
Auchincloss is the CEO of BP p.l.c. He is a member of BP p.l.c.’s Executive Board and serves on the Main Board Audit Committee
Valborg Lundegaard
Ani Isabel Chiang
Prior to this position, she was a Hydrocarbon Management Engineer with main focus on Alvheim and Ivar Aasen.
Chiang also has experience from the supplier industry within project management for both topside and subsea commissioning and decommissioning deliveries.
Chiang holds an degree in Gas and Energy Technology from the University of Southeast Norway, in addition to a Trade Certificate in Process and Chemical Prosessing.
Chiang has been the company’s NITO main trustee since 2019, and has more than 13 years of experience within the oil industry.
Marit Dørum
Eight years ago, Marit was elected deputy leader in Tekna’s corporate group and she has held this position ever since. Marit is deputy chairperson of Aker FAU’s (Functional Work Committee at Aker) board and she has several positions related to the role of union representative.
Marit has a degree in geophysics/civil engineering from NTNU. She has over 25 years of experience within the oil industry both for oil companies and software companies.
Ingard Haugeberg
Haugeberg has held a number of different directorships in BP p.l.c. Norge, Industrimaskiner A/S, Global Clean Energy, I/E Media and trippEl A/S.
Haugeberg was trained as an electro mechanical repair tech at the Royal Norwegian Air Force technical school at Kjevik and has a company-approved bachelor in mechanics.
Thomas Husvæg
He has an extensive Projects background from both Contractor and Operator roles in both Norway and internationally, starting his career in Deloitte as a management consultant before moving to GE Oil&Gas / BakerHughes GE and then Aker BP.
Husvæg has a Masters of Science (Siv.Ing.) in Industrial Economics from NTNU and more than 15 years of industry experience.
Tore Vik
Tore has over 30 years of experience as an electrician with both high-voltage and low-voltage papers. He has worked many years as an electrician / automator on drilling rigs and on ships.
Subcommittees
Audit and Risk Committee
The audit and risk committee (ARC) assists the board’s responsibilities within integrity of financial reporting and the financial reporting process. The committee holds regular meetings and reviews the quality of all interim and annual reports before they are reviewed by the board of directors and then published. The ARC also reviews the company’s sustainability report.
The audit and risk committee consists of:
- Trond Brandsrud, chair
- Anne Marie Cannon
- Kate Thomson
Compensation and Organisational Development Committee
The compensation and organisational development committee is established to ensure that remuneration arrangements support the strategy of the business and enable the recruitment, succession planning and leadership development, and motivation and retention of senior executives. It needs to comply with the requirements of regulatory and governance bodies, satisfy the expectations of shareholders and remain consistent with the expectations of the wider employee population. Further, the committee shall ensure that the overall organizational structure is set up to deliver on the company’s strategy going forward.
The compensation and organisational development committee consists of:
- Øyvind Eriksen, chair
- Anne Marie Cannon
- Marit Dørum
Safety and Environmental Assurance Committee
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 in 2022 consisted 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
- Mike Zanghi, VP Safety and Operational Risk Assurance, Wells, bp
- Doris Reiter, SVP North Sea, bp
- Tommy Sigmundstad, SVP Drilling and Well, Aker BP
- Kelli Gustaf, Business Advisor, HSE & Carbon, bp
- Henry Barda, bp
- Georg Vidnes, SVP Operations, Aker BP
- John Nugent, Strategy & Risk Lead, 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 2022 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 2022 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 2022 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
Hersvik holds a Cand. Scient. (second cycle) degree in Industrial Mathematics from the University of Bergen.
Hersvik is chairman of the board of RunwayFBU, and member of the Board of Directors at Offshore Norway, the International school of Bergen (ISB), and Clara Venture Labs.
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, he served as head of Norwegian operations in Aker Solutions. He has more than 30 years of industrial experience from numerous technical and management positions in Aker Solutions.
Kongelf holds a master’s degree from the Norwegian University of Science and Technology (NTNU).
Kongelf is a board member and Aker representative for Eureka Logistics AS, Eureka Pumps AS, FPE Sontum AS and Origo Solutions AS.
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 & Wells disciplines.
Blaasmo holds a master’s degree in Petroleum Engineering from the Norwegian University of Science and Technology (NTNU).
Paula Doyle
Doyle joined Aker BP in 2022. 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 a deep knowledge of industrial software space and digitalization processes in heavy-asset industries, and holds a PhD in Computer Engineering from the University of Limerick.
Talar Arif
Prior to her current position, Arif worked with HSEQ 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.
Knut Sandvik
Sandvik holds a degree in Mechanical Offshore Engineering from Heriot-Watt University in Scotland.
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.
Per Øyvind Seljebotn
Seljebotn has more than 20 years of experience from exploration activity and oil recovery on the Norwegian shelf and UK shelf. He previously spent 10 years at Lundin in various positions. He was responsible for reservoir development in Lundin starting in 2015, and in 2020 he also took on responsibility for exploration in Lundin. Seljebotn has also worked for Marathon Oil, Noreco and ExxonMobil.
Seljebotn has a master’s degree in geophysics from NTNU.
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 & wells, asset management, operations, and major change projects. He has held positions as OIM, VP of Production, area director, and has been at the helm of major organisational transition projects.
Vidnes has a master’s degree in mechanical engineering from the Norwegian Institute of Technology (NTH), now the Norwegian University of Science and Technology (NTNU) in Trondheim.
Ine Dolve
Before joining Aker BP, she worked in management consulting (PwC) within finance, management of change and digitalisation for O&G. 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 NHH Norwegian School of Economics / ESADE, Barcelona. She is also educated at the Air Force Officer Candidate School and the Norwegian Naval Academy in Bergen.
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).
Kari Nielsen
Nielsen has more than 30 years of experience from various roles within development and production from the oil and gas industry on the Norwegian shelf. She has worked for companies including Norsk Hydro and Norske Shell. Nielsen also spent three years as the chief executive for VEAS (Norway’s largest water treatment plant).
Nielsen is an engineer in process chemistry and has a trade certificate in both process and automation.
Thomas D. Hoff-Hansen
Before joining Aker BP, Hoff-Hansen worked in automation and instrumentation at ExxonMobil.
Hoff-Hansen holds a Master’s degree in engineering and cybernetics from the University of Stavanger.
Thomas Øvretveit
Øvretveit has more than 25 years of experience from various positions at Equinor, including as head of the process plant at Mongstad Refinery, production manager on Troll and Oseberg, improvements 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 from 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 NTNU in Trondheim.
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 is determined by the board based on an assessment of the company’s performance on a predefined set of KPIs and company priorities. 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 long-term incentive programme (LTIP) is designed to incentivise the EMT to deliver on the company’s long-term business objectives and maximise alignment with shareholder value creation.
The LTIP is a share-based scheme in which grants are awarded annually, vested over a three-year period, and subject to a one-year lockup. Each grant represents one underlying share, and the number of grants awarded corresponds to 20 percent of base salary divided by the Aker BP share price at the time of the award.
The final number of shares awarded at the end of the vesting period will be adjusted by up to +/- 100 percent 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 | Maximum achievable number of shares* | |
|---|---|---|---|---|
| Marit Blaasmo | 1,468 | 2,400 | 7,736 | |
| Ine Dolve | 1,840 | 2,568 | 8,816 | |
| Paula Doyle | 2,028 | 2,972 | 10,000 | |
| Karl Johnny Hersvik | 4,925 | 7,278 | 24,406 | |
| Thomas Hoff-Hansen | 1,386 | 2,127 | 7,026 | |
| Lars Høier | 1,850 | 2,743 | 9,186 | |
| Per Harald Kongelf | 2,125 | 3,311 | 10,872 | |
| Ole Johan Molvig | 1,886 | 2,764 | 9,300 | |
| Kari Nielsen | 1,439 | 2,212 | 7,302 | |
| Knut Sandvik | 1,863 | 2,736 | 9,198 | |
| Per Øyvind Seljebotn | 1,347 | 2,637 | 7,968 | |
| Tommy Sigmundstad | 1,922 | 2,823 | 9,490 | |
| David Tønne | 1,921 | 3,396 | 10,634 | |
| Georg Vidnes | 1,398 | 2,486 | 7,768 | |
| Thomas Øvretveit | 1,276 | 2,127 | 6,806 |
More details in Aker BP’s annual and remuneration reports:
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 not included in the numbers above.
Insider transactions
| Insider | Instrument | Transaction | Delta | Price | Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ❯2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Auditor
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.