The Ministry of Petroleum and Energy, in the person of the minister, represents the government as sole owner and serves as Petoro’s general meeting and highest authority. Owner decisions are taken and resolutions adopted at the general meeting, which also elects five of the company’s seven directors. The other two are elected by and from among the employees. The board has overall responsibility for Petoro’s management of the SDFI.
The board emphasizes good corporate governance in order to ensure that the portfolio is managed in a way which maximises financial value creation, and creates the basis for confidence in Petoro by the owner, the employees, the oil industry and other stakeholders as well as the rest of the community. Identification and management of risk and risk exposure form part of the company’s business processes.
For more detailed information on Petoro’s corporate governance, see the annual report.