Governance and management
The State’s portfolio (the SDFI portfolio) represents one-third of Norway’s oil and gas reserves. Petoro’s management of such significant values on behalf of the Norwegian State, requires good governance that holds expectations from both the business community and from society.
The Ministry of Trade, Industry and Fisheries, by the minister, represents the State as sole owner and is both the company’s general assembly and highest authority. Owner decisions and resolutions take place at the general assembly, which also appoints five of the seven members of the company’s board. The other two are elected by and among the company’s employees. The board has ultimate responsibility for Petoro’s commercial management of SDFI.
The Board emphasises good governance and company management to ensure that the State’s portfolio is safeguarded in a manner which maximises value creation, and lays the foundation for confidence in the company from the owner, employees, the oil industry and other stakeholders, as well as society. Identification and management of risk factors and risk exposure are a part of Petoro’s business processes.
See the company’s annual report (Norwegian) for more detailed information about governance and company management in Petoro.