Petoro - a driving force on the Norwegian continental shelf

SDFI and Petoro annual report 2013

Remuneration of the board and senior employees

The general meeting determines the remuneration of directors. The board determines the remuneration of the president and CEO. The chief executive determines the remuneration of the other members of the company’s senior management. Guidelines have been specified by the board for the remuneration of senior executives in Petoro pursuant to the frameworks specified in the guidelines for state ownership – attitude to executive pay. Details of the actual remuneration paid in 2013 to directors and the executive management are provided in the notes to the annual accounts. 

Information and communication

The Petoro board has established a communication strategy to ensure that an open dialogue is pursued both in-house and externally, so that the company’s employees and other stakeholders are well informed about its business activities.
The company publishes information via its website, including press releases as well as the interim and annual reporting of its results. Petoro’s annual report is prepared in March. It provides a broad description of its operations, the directors’ report and the annual accounts, as well as coverage of health and safety and the impact of the business on the natural environment. The board’s presentation of the company’s CSR is included in this annual report.


The Auditor General is the external auditor for the SDFI portfolio pursuant to the Auditor General Act. It checks that the company’s management of the portfolio accords with the decisions and assumptions of the Storting (parliament), and audits the annual accounts for the SDFI portfolio. On the basis of this work, the Auditor General submits its report in a final auditor’s letter.
In addition, the board has appointed Deloitte as an external audit company to serve as the internal auditor for the SDFI. The internal auditor conducts a financial audit of the portfolio’s accounts and submits an auditor’s report pursuant to Norwegian auditing standards and cash accounting principles, including RS 800 on the auditor’s comments concerning special-purpose audits. The contract with the external auditor company covers both financial auditing of the SDFI and Petoro’s internal auditor function. In addition, the company’s function for notification of irregularities (whistleblowing) is handled by the internal auditor.

Erga Revisjon AS has been selected by the general meeting as the external auditor for Petoro AS, including the Petoro Iceland AS subsidiary.
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