Under his individual pension agreement Sætre had the right to retire at the age of 62, after just three years as chief executive. At that time, an element of his fixed pay was therefore excluded from his pensionable earnings. Now that there is agreement to a longer timeframe, the board has decided to revert to the original provision of pension being calculated on total fixed pay. The fixed pay element, which today represents around NOK 2.4 million, will thus be included in the pension-qualifying income. Sætre will at the latest retire when he turns 67, but he retains the right to retire at an earlier stage.
Statoil is the largest company in Norway, measured by revenues as well as market capitalisation. Statoil is also the largest company in the Nordic countries measured by revenue, and the second largest measured by market capitalisation. The Statoil board has for some time reviewed the CEO’s remuneration package compared to the market. Subsequently, the board has increased the CEO’s fixed annual pay to NOK 8.767 million, effective from 1 September 2017.
“Statoil should have competitive executive compensation in the markets in which we operate, but not be market leading. On this basis and after an evaluation of performance, the board has adjusted the remuneration package for the chief executive. It’s a pleasure to announce that Eldar Sætre continues as chief executive officer,” says chairman of the board of directors, Jon Erik Reinhardsen.