Vår Energi / About us / Organisational structure and governance / Governing bodies

Governing bodies

The foundation for Vår Energi’s governance structure is Norwegian law, and the Annual General Meeting (AGM) is the company’s supreme body.

The Board of Directors has overriding responsibility for managing Vår Energi and supervising the company’s operations and business in general.

Organisation

Vår Energi’s Articles of Association and the Norwegian Public Limited Liability Companies Act stipulate the AGM’s role and mandate. Pursuant to the company’s Articles of Association, an AGM must be held by the end of June each year.

All shareholders who are registered in the Norwegian Central Securities Depository (VPS) will receive an invitation to the AGM. They are entitled to submit proposals and vote, directly or by proxy. Shareholders may also cast their vote electronically in a period before the AGM.

The Vår Energi organisation is structured to be able to respond to our current and future business needs.

Articles of Association

Executive committee

They represent a wide range of skills and knowledge from extensive careers in the oil- and gas industry.

Executive Committee

The Board of Directors

The Board has overriding responsibility for managing Vår Energi and supervising the company’s operations.

The Board of Directors

Annual General Meeting

The Annual General Meeting is the company’s highest authority.

All shareholders who are registered in the Norwegian Central Securities Depository (VPS) will receive an invitation to the general meeting.

All our previous annual general meetings are documented – please follow link below.

Annual General Meeting

Internal Audit

Internal Audit (IA) is the independent control body of the company with responsibility for monitoring that the business at all times is subject to adequate management and control. The purpose of IA is to provide independent, objective assurance and consulting services designed to add value and improve the company’s operations.

The IA function helps Vår Energi accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes. The scope of IA activities encompasses, but is not limited to, objective examinations of evidence for the purpose of providing independent assessments to the Board and the executive committee.

Internal Audit’s main responsibilities are:

Establish risk-based annual audit plans
Planning, execution and communication of audits
Monitor company’s follow-up of audits
Provide consulting services related to governance, risk and control
Conduct incident and misconduct investigations
Examine compliance with Vår Energi’s code of ethics and anti-corruption laws and regulations
Prepare reports for board’s audit committee and the executive committee

The senior vice president of Internal Audit

is directly subordinated to the Board of directors and the chief executive officer (CEO)
leads the Vår Energi Whistleblowing committee

External auditor

The company’s external auditor is independent in relation to Vår Energi and is elected by the Annual General Meeting. The fee for the company’s auditor must be approved by the company’s Annual General Meeting. Pursuant to the instructions, the Board’s Audit Committee is responsible for ensuring that the company is subject to an independent and effective external and internal audit. When evaluating the external auditor, emphasis is placed on the firm’s competence, capacity, local and international availability and the size of the fee.