Report
Expert Corporate Governance Service (ECGS)
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Equinor - AGM 15 May 2019

In general, Equinor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.

ITEMS 8-10 and 19 are proposals made by shareholders. From an environmental perspective, ECGS recommends to vote FOR ITEMS 8, 9 and 10, and does not support ITEM 19.

Under ITEM 12.1, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE.

Under ITEM 12.2, the board of directors seeks approval of a share-related incentive arrangement. As ECGS is somewhat uncomfortable with the overall level of discretion of the board of directors, it recommends to vote OPPOSE.

ECGS notes that, following approval of the AGM in May 2018, the Company's name was changed from Statoil to Equinor. "Equi" is the starting point for words like equal, equality and equilibrium. "Nor" is signalling a company proud of its origin. The change is a follow up of the strategic development from a focused oil and gas to a broad energy company.

Underlying
Equinor ASA

Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Expert Corporate Governance Service (ECGS)

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