published Fri, February 10, 2012
Statoil propose KPMG as new independent auditor
Statoil announced today that it will propose for the Corporate Assembly that it forwards to the General Meeting a recommendation to elect KPMG as the new independent group auditor commencing with accounting year 2012.
The decision to forward this proposal for the Corporate Assembly
was made after a comprehensive review and evaluation by Statoil of
relevant candidates as part of work to periodically assess the
independent auditor consistent with corporate governance
standards.
Ernst & Young is Statoil's current independent auditor and
has been the auditor for more than 20 years.
"Statoil has been very pleased with the services of Ernst &
Young through more than two decades, including involvement in
activities like the IPO in 2001, the implementation of the
Sarbanes-Oxley Act and IFRS in 2006, the merger between Statoil and
Norsk Hydro oil and gas in 2007, in addition to regular audit work.
We thank them and look forward to continue working with Ernst &
Young in other capacities," says Statoil's chief financial officer
Torgrim Reitan.
Under Norwegian law, it is the Corporate Assembly that has the
mandate to propose the independent auditor for the General Meetings
decision. Statoil's Annual General Meeting will be held on 15
May.
Date: 10/02/2012