The Board has overriding responsibility for managing the group and supervising its day-to-day management and operations. The work of the Board is based on rules of procedure and applicable legislation describing its responsibility, duties and administrative procedures. Equinor’s Board of Directors (BoD) has three sub-committees which act as preparatory bodies.
Rules for the Board of Directors in Equinor ASA adopted by the board of directors on 24 April 2024:
Employee-representative of the Board, member of the Board's Safety, Sustainability and Ethics Committee and the Board's Compensation and Executive Development Committee.
The role of the Compensation and Executive Development Committee is to assist the board in its work on terms and conditions of employment for the Chief Executive, and on the philosophy, principles and strategy for the compensation of leading executives in Equinor.
Instructions for the Board of Directors' Compensation and Executive Development Committee adopted by the Board of Directors on 27 July 2021:
Jon Erik Reinhardsen (chair) Finn Bjørn Ruyter Mikael Karlsson Tone Hegland Bachke Per Martin Labråthen
Safety, Sustainability and Ethics committee
The Safety, Sustainability and Ethics committee (the Committee) is established to support Equinor’s commitment to sustainable and ethical conduct.
The Committee will assist Equinor ASA’s (the Company’s) board of directors (the Board) in its supervision of the Company’s safety, security, sustainability and ethics policies, systems and principles with the exception of aspects related to “Financial Matters” defined as (a) the Company’s financial reporting practices and requirements, (b) the quality, adequacy and effectiveness of the Company’s disclosure controls and procedures, and (c) the Company’s internal controls over financial reporting. In addition the Committee will review and assess the administration’s general reports concerning the developments, implementation and practise within corporate social responsibility policies, systems and principles.
The Committee’s responsibility shall not affect the board audit committee’s (BAC) objective, role and responsibilities as described in the Instructions for the BAC as adopted by the Board or any applicable laws or regulations.
It is not the duty of the Committee to plan or conduct internal monitoring activities such as audits, verifications and investigations, this being the responsibility of management and the corporate audit function.
Instructions for the Board of Directors’ Safety, Sustainability and Ethics Committee adopted by the Board of Directors on 8 June 2023:
Jonathan Lewis (chair) Anne Drinkwater Haakon Bruun-Hanssen Mikael Karlsson Fernanda Lopes Larsen Stig Lægreid Per Martin Labråthen
Audit Committee
The role of the Audit Committee is to assist in the exercise of the Board’s management and control responsibilities and to ensure that the group has an independent and effective external and internal auditing system.
The duties of the Audit Committee include maintaining continuous contact with Equinor’s elected auditor concerning the auditing of the company’s accounts.
The committee also supervises the implementation of and compliance with the group’s ethical guidelines, concerning financial reporting.
The Audit Committee assesses and makes a recommendation concerning the choice of external auditor, and it is responsible for ensuring that the external auditor meets the requirements set by the authorities in Norway and in other countries in which Equinor is listed on the stock exchange.
Instructions for the Board of Directors' Audit Committee adopted by the Board of Directors on 8 June 2023:
