Less money for Statoil executives

Equinor headquartersEquinor headquarters.Photo. Norway Today Media

As a result of the lower oil prices in 2016, the CEC received lower total payments than the previous year, including CEO Eldar Sætre.

The Statoil boss was paid just under NOK 11.5 million, converted from US dollars by today’s rate, in 2016.

That is NOK 2.7 million less than the year before; one can read from the company’s annual report, according to Stavanger Aftenblad.

Press contact Baard Glad Pedersen said Statoil has introduced the possibility of halving variable pay as a result of low oil prices throughout the year.

– This applies to both the general bonuses of all employees and for executives, he says to the newspaper.

He does not know how much the company has saved by halving the bonuses, but the lowering for corporate management alone was approximately NOK 15 million.

Global Strategy Director John Knight is still the best paid in the company, although he too saw a drop from approximately NOK 16.8 to 15.3 million in 2016.

In the same annual report, however, it was revealed that Knight finishes working for the company, with effect from 1 January 2019. In connection with this, he gets no further variable salary, but instead takes with him a higher pension giving salary out the doors of the company.

The company otherwise had about 1,000 fewer employees by the end of 2016 compared with the previous year. 18,000 of the total 20,539 employees of the company are employed in Norway.


Source: NTB scanpix / Norway Today