Good evening, and welcome to this general meeting at Equinor Business Center. We want to inform you about our escape routes if we need to evacuate the building. We haven't planned any tests, so if the alarm comes, it is real. If the alarm comes, everyone has to exit the building right away. Follow the security personnel's instructions. Emergency exits are in the back of the room and on that side. When you get outside the building, spread out, and when things are normalized, we will let you know. To get to the podium, you have to use the stairs on this side. Be careful when you use it. Finally, I want everyone to respect the time allotted for presentations. Welcome to this general assembly in Equinor ASA.
Simultaneous translation to English is available. For those present in this room, headsets with English translation are available. If you are logged into the Lumi AGM, you can choose English version by selecting Preferred Broadcast Language. We will therefore continue in Norwegian.
My name is Finn Kinserdal, shareholder-elected member of the corporate assembly in Equinor. As seen in the notice, the general assembly should be opened by the corporate assembly's leader. Jarle Roth has injured himself and cannot attend today's general meeting. The corporate assembly's vice chair could not attend either. The corporate assembly decided on the 8th of May that I would open today's general assembly in accordance with the Public Limited Liability Companies Act, Section 512. With me, I have the Chair of the Board, Jon Erik Reinhardsen, the CEO, Anders Opedal, Legal Director Siv Helen Rygh Torstensen, and Company Secretary Marte Johansen Hanasand. Before we begin, I want to ask everyone to please turn the sound off on their phones. Voting will be electronic via Lumi AGM.
All shareholders who are here have received information concerning electronic voting. Shareholders who are digitally here will find guidance at equinor.com. I want to start with some practical information. Items will be opened for voting after we have registered the represented shares. This happens in a few minutes so that we've registered everyone who logs on. The opportunity to vote for the items will be clear on your screen and visible via the bar diagram symbol. We will open all items on the agenda at the same time, and you can choose to vote for all of them all at once or wait until the item is treated. You choose how you want to vote by clicking for, against, or abstain. You can change your votes until each item is closed.
After that, it will not be possible to vote on this item anymore. If anyone wants to speak during the general meeting, please give a sign and present by name. Shareholders can give the right to speak to 1 advisor. Whoever speaks must be asked to walk up to the podium using the chairs next to the podium. Using the podium microphone is necessary for technical reasons and the direct transmission of the general meeting via webcast. Contributors will have up to max 5 minutes to say what they wanna say, but others will have up to 3 minutes to present their views. Such a limitation is necessary to ensure that everyone can speak if they wish to do so.
Shareholders who are digitally present can send questions and comments on the items until they are closed. It is possible to send questions and comments to all items on the agenda already now. Questions and comments from shareholders will be sent to Equinor's moderator team, Lumi, to remove any inappropriate language. Questions will be published continuously. We advise you to mention which case you have questions or comments for when it's sent in. The shareholder will be identified by name but not by portfolio. Questions or comments that come in after an item is closed will not be answered. It can also be necessary to group questions and answer on them all at once if this is considered wise. Questions that are about cases outside the agenda will not be answered.
When it comes to items 6, 7, 15 and items 8 to 14, the questions and comments will be treated together, and I'll come back to that later. Since there might be a natural delay of 30 seconds after presenting every case, there will be a short break to ensure that we have as many votes as possible. We might have to take some small breaks during the process. As I open the meeting, pursuant to the Public Limited Liability Companies Act, I will make a list of the shares that are legally represented. We have the following 111 million, 660 shares that are presented by 300 million. 235 million.
We have 28 shareholders voting for 26,778 own shares. In the hall, we have 26 shareholders voting for 2.17 billion, approximately, votes own shares and 7,700 shares through proxy. This makes more than 2 billion shares. 78.2% of the total shares. It is now open to vote for all cases, and we will now treat the first case, which is the choice of chair for the meeting. We make you aware that you can vote for this item. This will be closed very soon, so please be ready to vote right now.
For those of you who didn't understand how we vote, this is also described on the info page upon logon, and we will also make you aware that you can vote already now for other cases. Please put your hands up if you need help getting in. Voting results for all cases will follow from minute appendices that are posted on the website briefly after the general assembly. The board originally planned for having the corporate assembly's leader as the leader of the meeting for this general assembly. Since he cannot be here, we suggest that I, who am a shareholder elected member of the corporate assembly, as the meeting I will chair this meeting. Any other suggestions? I can't see any other suggestion. We haven't gotten any comments or questions.
It will very soon be closed. We have now gotten confirmation that we've gotten a majority for the proposal, and since Finn Kinserdal, I will chair the meeting. We'll go to the next item, which is approval of the notice and the agenda. Remember that the voting is closed when this case has been attended to. The Public Limited Liability Companies Act Section 5-10 says that the general meeting shall be given notice in writing to all shareholders with a known address. Pursuant to the Public Limited Liability Companies Act Section 5-10, this should be sent at the latest 3 weeks before the meeting. A notice with appendices has been sent to all shareholders in accordance with the law's deadlines.
Notice, financial statements and annual report has been posted on the company's webpage in accordance with the law and the statutes of the company. The notice is in accordance with the law and the statutes. As chair of the meeting, I suggest the following procedure for handling the cases 6 to 15. First of all, I open item 6 concerning the potential statements of the annual report and dividend. The CEO will then give his statement. After that, each of the proposers in cases 8 to 14 will present their cases. First, after all the proposals have been presented, we will open for further comments concerning the items 6 to 15. Other comments or questions via Lumi AGM will then be read and answered.
The purpose of treating these together collectively is to be efficient. Voting will still be in accordance with the notice for these items. Just presentations, questions, and comments have been put together while each case will be treated consecutively. This is the same way we've done it in previous general meetings. We'll then go to voting concerning approval of the notice and the agenda, if there are no comments to this case. I cannot see anything there. No questions. We will then very soon close the voting in this case. It is confirmed from DNB that we have a majority for the proposal, and the general meeting is declared legal, and the agenda is declared passed. We'll go to item 5, choosing 2 people to sign the protocol, along with the chair of the meeting.
Remember that the voting is closed when the case has been treated. To sign the minutes, we suggest Georg Fredrik Rabel and Frida Sellevold Methi. Are there any other suggestions from the shareholders? Not so. No questions or comments. We will therefore close voting very soon. It is confirmed from DNB that we have a majority for the proposal, and Georg Fredrik Rabel and Frida Sellevold Methi are chosen to sign the minutes with the chair of the meeting. The general meeting will now treat item 6 concerning the financial statements and the annual report and dividends for Q4 of 2022. Items 7 to 15 and items 8 to 14 will be to treat together with case 6. Please if you comment via Lumi, note down which item you're speaking of.
The financial statements and the annual report is available on the company webpage. I will now give the word to Jon Erik Reinhardsen, the Chairman of the Board, who will talk about the board's view of the operations and the dividend. The board's proposal to authorize payment of a dividend based on the financial statements. Item 15, corporate governance and the board's response to the 7 proposals from shareholders, items 8 to 14. Anders Opedal, the CEO, will speak, and the Chairman of the Board will later, under item 16 on the agenda, speak about the board's guidelines for remuneration to leading personnel and the board's report on remuneration to leading personnel for 2022. Thank you, Finn, and good afternoon to everyone.
In my account before the general assembly today, I want to cover the board's view of the operations and proposal for dividend, the board's statement concerning corporate governance, and the board's response to the proposals from the shareholders. I will give my own account concerning salary and other remuneration to leading personnel under item 16. In 2022, the geopolitical situation changed with the invasion of Ukraine and the subsequent changes in security threats. Equinor's main priority has been to keep a secure, efficient, and predictable operations to continue to be a reliable supplier of energy to the markets in Europe in a very challenging situation. Security has the highest priority for the company and the board.
No deaths and no actual or possible large accident was registered in 2022, and the total number of actual serious events is the lowest that the company has ever experienced. At the same time, we see that there's still room for changes. Based on our results in 2022, we acknowledge the need to continue the work to strengthen our security results. The severity of personal injury has gone down, but there are still too many who injure themselves working for Equinor. The activity level is high in our industry, and it's important that we get all new employees, representatives of the employees, partners, and suppliers on the good security work that is done. The board closely follows up security and maintains a good dialogue with the administration concerning security.
This isn't done in practice by making security a topic for every board meeting and through the community for security, sustainability, and ethics. Information security has received a lot of attention in 2022. We see increased threats within cyber security, and the company has made an effort to strengthen the robustness in this area.
When it comes to the financial results from the business, the company achieved a return on capital employed in the Q1 . They have had a return in the first quartile among other comparable companies. Total return to shareholders was 56.5% in 2022 in Norwegian kroner. Over the past 5 years, we have delivered a return of 147.3% in Norwegian kroner, which is in the first quartile. We delivered strong financial results with an operating profit of $78.8 billion. The adjusted operating profit was $74.9 billion before tax and $22.7 billion after tax. In 2022, Equinor paid $45 billion in income tax, of which $44 billion was paid in Norway, where Equinor had the largest share of its operations and earnings.
We continue to focus on costs and improvements and have created value from higher prices with a solid operation. At the same time, we see increasing cost pressure and inflation in the supply chain. As a result of high cash flow, we have improved the adjusted net debt ratio from negative 0.8 in 2021 to negative 23.9 at the end of 2022. The solid operations and good results the company has also taken with them into 2023. I will now explain the board's report, a proposal for dividends, the board's work in 2022, and the board's report on corporate governance item numbers 6, 7, and 15. The board statement on executive pay is addressed, as mentioned at the beginning under item 16.
The company's dividend policies increase the cash dividend measured in US dollars in line with their long-term underlying earnings. The board decides on dividend payment for the Q1 to Q3 based on a mandate from the general meeting. The general meeting approves the dividend for the Q4 and thus the year as a whole at the proposal of the board. In 2022, the ordinary cash yield was $0.20 per share for the Q1, Q2 , and Q3 . In addition, extraordinary cash dividends of $0.2 were paid for the Q1 , respectively $0.5 for the Q2 and $0.7 for the Q3 . Beyond this, we have completed the buyback program for stocks as part of the capital distribution. In total, the buyback program was for 2022, $6 billion.
For the Q4 , the Board of Directors of the general assembly proposed a cash dividend of $0.3 per share and an extraordinary quarterly dividend of $0.6 per share. Like previous years, the Board of Directors will ask the authority to decide quarterly dividend until the next general meeting. The proposal for dividends is in accordance with our dividend policy where the need to take into consideration expected cash flow, investment plans, financial needs, and necessary financial flexibility will also be taken into account. On the agenda today, we have our own item for continuing the repurchase program. The Board handles matters with great importance of existing or extraordinary nature and may ask the administration to submit other matters for treatment or processing.
The board has adopted a generic annual agenda for the board work that is being revised periodically. The board often discusses climate related upside and downside risks, and Equinor's strategic response to these. In 2022, the board discussed the climate change and energy transition on all their ordinary board meetings as an integrated part of the discussion or as separate items. New board members participate in an introductory program with key people in management. Here they get an introduction to Equinor's business and relevant information about the company and the board's work. The board also carries out an annual self-evaluation of its own work and expertise with external facilitation. In the annual self-evaluation of 2022, competence and knowledge related to climate change, as usual, were included as an important element.
The evaluation report is discussed in a board meeting and made available to the nomination committee, and is also discussed at a meeting between the chairman and the chairman of the board as an input to the committee's work. The board held 8 ordinary meetings and 3 extraordinary meetings in 2022, with a meeting participation of 99.17%. The entire board or parts of it regularly visits different Equinor plants and offices in Norway and globally. In 2022, the board with the senior administration went for a trip to Great Britain, where the board was updated on Equinor's increasing activity in the country, including oil and gas, renewable and low carbon solutions.
This year, Equinor published an integrated annual report for the first time, which includes Equinor's results for important sustainable areas and the progress of the energy transition plan in addition to the financial annual report. The energy transition plan was presented for advisory voting at the General Assembly in May last year, and 97.5% of the voters in attendance then supported the plan. We move in the right direction on each of the 3 main dimensions of the energy transition plan, reduction of emissions from Equinor operated fields, the proportion of our investments that goes to renewable energy and low carbon solutions, and reduction of carbon intensity for the energy we do supply. Equinor's own greenhouse gas emissions were 11.4 million tons of CO2 equivalent, a decline compared to 2021.
The ambition is to reduce its own emission by net 50% by 2030 compared to 2015. In 2022, we had a good progress against this ambition, and the emission from self-operated fields are now more than 30% lower than in 2015. The CO2 intensity was 6.9 kg CO2 per barrel of oil equivalent, which is less than half the average in the sector of the 16 kg CO2 per barrel, and well below our 2025 target of 8 kg CO2 per barrel. Emissions from the consumption of the energy we produce, so-called Scope 3, are estimated to be 243 million tons of CO2 equivalents, which are a slight decline compared to a 3-year average.
Equinor has an ambition that more than 30% of the investment, more than 50% in 2030 is going to new energy and low carbon solutions. The company is on track towards the 2025 ambition, and the gross investments for renewable energy and low carbon solutions increased to 14% in 2022 from 11% in 2021. Delivering on the energy transition plan is important for Equinor, but I would also like to mention that it is a demanding task. We must deliver a balanced energy transition where all the elements of the energy trilemma are covered. In good Norwegian, affordability, sustainability and security of supply. Trilemma has also need for oil and gas to have a secure balanced transition without energy crisis.
To obtain this, the authorities around the world must facilitate the necessary strong growth within the renewable and low-carbon solutions. Every year, we will report on the progress as part of our yearly report. Let me now, let's address the incoming proposal. That means 8 till 14 on the agenda. In the material that was handed, shared in the beginning of the annual general meeting, the board has commented on the proposal and given a reason as to why they propose to vote against all the proposals. I am going to go into some of these topics here. First case, item 8. That is about use of glass fiber rotor blades, investing in water power and research on other energy sources. Equinor acknowledges that all activities have possible consequences for the environment.
This applies to offshore wind parks in general, and concrete problems such as final disposal of the wind turbine blades. In order to deal with our influence on nature and the environment, in addition to comply with current laws and regulations, we will follow recognized practice for environmental management. Equinor uses its competitive advantage to create value in new areas of the energy system and deliver on our ambition of climate neutrality. A key element of this work is our ambition to become a leading global player in offshore wind. At the same time, we recognize the potential of both existing and new technologies. Examples of relevant technologies within our current portfolio are battery technology, renewable solar and wind power, as well as fusion energy.
The board thanks for the proposals and emphasizes the importance of complying with the principles of good corporate governance, including that the company's strategy is determined by the board. The board therefore proposes to vote against this proposal. Case item 9, which is a proposal from a shareholder that Equinor identifies and handles risks and possibilities tied to climate and integrated this in the company's strategies. Over the last 15 months, the value and importance of energy for society have shown, while the consequences of global climate change show that it is imperative to take steps that leads us closer to the goals of the Paris Agreement. The energy sector has to think in new ways to reduce systemic emissions and develop low carbon solutions and need time to do that.
Equinor is well-positioned to deliver our part of that energy the world needs, and at the same time reduce emissions from their own business and invest in system changes that must happen on the way to climate neutrality. The energy transition plan, which 90% of the shareholders who were present at the annual meeting in 2022 gave its support to, contains ambitions in the short, medium and long term, and describes a business model and strategy for Equinor's energy transition that is compatible with limiting global warming in line with the Paris Agreement while promoting the company's long-term robustness. Equinor believes that intensity-based ambition is a better approach to Scope 3 emissions than absolute reductions of the same. This because our ambition of net carbon intensity includes both energy production and emission.
In this way, this reflects our contribution to energy transition. Our strategy is still to be a supplier or trustworthy energy with a lower greenhouse gas footprint over time towards 0 in 2050. The board therefore recommend to vote against this proposal. Items 10, 12, 13 and 14, that is related to oil and gas and also support to the Ukraine. Equinor has a history as a safe and reliable manufacturer and supplier of oil and gas. Our strategy is to continue to be a supplier of reliable energy with a gradually lower greenhouse gas footprint over time against net zero in 2050.
In addition to our primary source of energy, there also will be need for oil and gas as a feedstock for low carbon fuel, for example, blue hydrogen for sectors that are difficult to decarbonize and as materials, other products like energy, some like chemicals.
Contracts serve to deliver to the national state and oil and gas company Naftogaz. The board recommends that shareholders vote against these proposals. Finally, I want to address item 11. The process for treating shareholder proposals forwarded to the annual meeting is fundamental, well, developed and in accordance with law. The company is grateful for all communication with our shareholders and suggestions. This give valuable suggestions to the management and board. As mentioned in the energy transition plan that was presented and part of an advisory vote on the general assembly which was 2022. The plan based on science dialogue with stakeholders and an awareness that changed expectation to companies in the future's low-carbon society.
The background for such an advisory vote is to let shareholders give their views to the company on whether the board is on the right course and if the ambition level since the strategy and the energy transition plan was set. After the board's view, the process connected to shareholders' proposals both in correspondence with good corporate governance. They give valuable input to the management in the company. Again, the board is grateful for the involvement. Based on what I've mentioned, we advise the general assembly to vote against the suggestion, the proposal. Okay. I want, on behalf of the board, to thank CEO Anders Opedal and his team for good delivery in a period of volatility and insecurity.
I also want to express a special thanks to all employees for the effort they have made throughout 2022. With that, I give the word to the CEO. Thank you for listening. Thank you, Chairman. Dear fellow shareholders, it's nice to see you here today, both those of you are here at Forus and those who are following us online. The general assembly is, to me, an important date in the calendar, and the general assembly is also an important arena for shareholders to share their views. Let me look to the past a little bit. We've been through a year of great extremes. The war in Ukraine has been going on for over one year. The human suffering is enormous and hits the population hard. Outside Ukraine, the war has had great consequences.
Through making energy a weapon, Russia has disrupted the energy markets. This has led to increased energy prices and difficult situation for consumers and industry, especially in Europe. As perhaps the largest supplier of energy to Europe, we've been in the thick of things. Our focus has been to secure stable supply. A responsibility we take very seriously. The first priority is the security of our employees and securing infrastructure and our installations onshore and offshore. It's supposed to be safe to work for Equinor. With such a backdrop requires us to have a clear strategy and direction. We supply energy, and at the same time, we transition the company to a future with a net zero emission. Our strategy remains firm.
We will optimize our oil and gas portfolio, have profitable growth within renewables, and establish new value chains within low-carbon solutions. As an industry player, we have an important role to play when it comes to the transition to a low-carbon society. We are not living in a vacuum. Equinor has set ambitious goals to reduce emissions. We have done so also in the countries where we are present, and both must deliver for us to succeed. This work will be very demanding, and the circumstances we are in complicate this work. From being almost solely climate-focused, the debate has now included the 2 other elements of the energy trilemma: energy security and pricing. We believe it's important that the debate is now more balanced, not at the cost of climate, because we keep our ambitions.
The debate needs to be more realistic about what is necessary to transition energy and industry in a responsible way. Let me focus a little bit on what Equinor did in 2022. Despite a turbulent world, Equinor delivered their best results ever. We responded to the energy crisis and contributed to energy security. Solid operations and high prices gave record high results and cash flow. Capital distribution to the shareholders was stepped up, and at the same time, we invested in a balanced energy transition and contributed to the society with increased tax contribution. We also had many industrial milestones throughout the year in all 3 focus areas in our strategy. We managed a quick exit from Russia and started our production anew both at Snøhvit and Peregrino.
Phase II at the Peregrino field started in October. Not least, we put Johan Sverdrup phase II in production, which increased production from the field to 720,000 barrels a day. We will now run a capacity test for 755,000 barrels. After the upgrade and lifetime extension, the Njord field also came back in production at the end of the year. Within renewables and low carbon, we were given the CO₂ storage license near Heimdal and signed the first commercial deal for Northern Lights. We bought the battery storage company, East Point Energy, and solar power developer, BeGreen. We also delivered several plans for expansion and operations on the Norwegian shelf. Fields with low break-even prices and low emissions.
Such an activity level is not possible without a solid team effort from employees, suppliers, and partners. I want to thank our 23,000 employees who, through their hard work, contributed to deliver energy to the world in a secure and predictable way. An important part of this has been to increase gas production at a time when Europe needs it the most. When putting such a year behind us, it's important to look ahead. Last year, we presented our energy transition plan to an advisory vote at the general meeting. It received support from more than 97% of the votes and was a declaration of confidence to our plan for transition. This year, we've reported on our progress, and as the Chairman of the Board has mentioned, we deliver. In Equinor, we will continue to do what we can to deliver also in the future.
To succeed, we need a broad political agreement about the central issues in the energy and industry politics, both when it comes to general conditions and political decisions. Access to abundant competitive renewable energy is the basis for maintaining current industrial possibilities in a way and develop those of tomorrow. Norway needs more renewable energy, a larger grid, and more effective use of energy. All this faster. Most countries where we are present, they have the same challenge, and we see the dilemmas and the decisions that need to be made. 1 must figure out area conflicts and areas where different interests play against one another. This will not be an easy task, but it will make it even more important to succeed.
The consequences of global climate changes shows that it is very necessary to take measures that get us closer to the Paris Agreement's goals. The energy industry must think in new ways to cut emissions and develop new energy systems. We must increase the pace of investment in renewable energy efficiency, and low carbon solutions to decarbonize the industry and society. We're doing so in Equinor. Last year, we increased the share of investment that went to renewable energy and low carbon solutions. This increasing trend has continued in the Q1 this year. In 2030, we expect that half our investments will go to renewable and low carbon. To ensure a just and inclusive change of the energy system, we must safeguard safe access to energy at reasonable prices.
The geopolitical situation requires that the energy transition happens in a balanced way. This will require more investment in energy production and infrastructure to get down the unit costs for energy. The supply security and the decarbonization of the industry will be central. Such a transition requires long-term and stable general conditions. Even in a scenario with the net zero emissions of the International Energy Agency, there will still be need for oil and gas in the energy mix in 2050. Much of the need in the future will be connected to factor inputs to the industry and materials for consumer goods to a growing global population. Let there be no doubt.
We stand firm in our ambition, and we will continue working with authorities in all countries where we are present to deliver energy in accordance with our strategy. It can be tempting to always change conditions and present new ambitions, but what the world needs to deliver on emission cuts is not only ambitions, but action. Many people are impatient, and I understand them. We are also impatient, but we have to look far ahead. We cannot risk creating an energy crisis with the consequence that has, even though the goal is good. The year we have put behind us was turbulent, but in Equinor, we move in a positive direction towards net zero. We build industrial solutions that in generations will supply energy to the world. Finally, I want to thank the board and all the employees for a good collaboration throughout the year.
Thank you so much for listening.
Thank you to both of you for your statements. We are now going on to the shareholders proposal, where there will be open comments from the room after each has been presented. Those who are present digitally must put it in Lumi. This will be processed ongoing. Please note they will not be open for questions later when item 6 to 15 goes to close. You can vote now. If you were to follow the board's proposal, you vote against it. If not, you will go for it. We go on to now item 8, and this is from the meeting's notice, and we can show on the screen and will not be read out loud.
We understand it that the proposal, the person who proposes is not present. We will get back to case 8 and the vote after the other proposal has been presented. Then we're gonna move on to item 9, which is a proposal from World Wide Fund and Greenpeace. You see this from the meeting notice. It's shown on the screen and will not be read out loud. I remind you that this. My name is Ragnhild Elisabeth Bjørgaas, and I am the leader of the Climate and Energy Fund in WWF and Greenpeace. You can. What you read on the screen is not very radical. This is the company's own policies.
Briefly, we have written proposals that's in line with the expectations for the company, that says that the company needs to have plans according to the Paris Agreement long term, and that they must report on direct and indirect emissions, scope 1, 2, and 3. The state's goal is the highest possible revenue. You're gonna look at go-
A greener and more active ownership that was decided in Stortinget this winter. The board of Equinor has suggested that you should vote against the proposal. This shows that the company does not want to follow up the government's expectations of their ownership. It's perhaps not so surprising that Anders Opedal and the management like this proposal. Equinor remains an oil and gas company even though the glossy commercials say something else. 98.7% of the energy production was fossil in 2022, and if the company had followed up the ownership message, this would have forced Equinor to reevaluate their strategy and increase their investment in renewable energy. It's even more surprising that the board suggests that we should vote against the proposal.
We can't understand that the government can trust a board that wants to vote against their policies. That the board is against this puts him in a fix. Should he vote against the government and vote with the board, or should he vote for this proposal and then break with the board? No matter what the result is tonight, the most important thing is that Equinor understands that it's time to take the signals from the ownership message. The expectation that all state-owned companies should have follow the 1.5 Celsius target, this has not come in a vacuum. It's the same as the UN climate panel and many others say. There's no room for building more oil and gas fields.
It's risky business to have a short-term strategy. That means we will boil the planet. The first thing Equinor must do is to stop all oil and gas projects. Equinor is planning an aggressive activity in vulnerable areas the world over. It's embarrassing that a company owned by the Norwegian people is one of the great drivers behind opening new oil and gas production in many countries. We are here with friends from many of these countries that are very worried about how these projects will affect nature, climate, economy, and living conditions for local population and native population. The pillars that Equinor says they have high importance, but we also hear that they are not so important when it comes down to it.
Equinor can't gamble that they should be the last oil company to produce oil in the world. It's a responsible bet with the shareholders monies. The company should instead take the lead in making a new business plan that takes the transition, energy transition, seriously. This is not the first time I'm here. I've been here several times, and the reason is that we need a company that we can be proud of, a company which does what the world needs, a company that doesn't make Norway's reputation outside of Norway ruined. I'm here for the youth who doesn't have a vote, but who will sit with the chaos that will come with the climate changes. I ask you all to think through this. Should we support this proposal?
I wish you the very best of luck, and I want a written vote. Thank you.
Thank you for your presentations. I will remind you that I will come back to questions and comments to the case after we are done with all the presentations. We now go on to case number item 10. Gustav Guldberg has proposed the following resolution. You will see that on the screen. This will not be read out loud. You have 5 minutes for your presentations. Shareholders, board, there are good times, and there are bad times. Never in our time has the profit been so high, the climate gas so high, and the war so close as it is today. Equinor has never made more money than they did in 2022. The high gas prices makes Equinor make more money than any other company in Norwegian history.
The result, NOK 234 billion after taxes, and about NOK 170 billion of this goes to the shareholders. Part of the profits are allocated to an increase in the new investments in, but both mostly, oil and gas. Their record earnings are not the result from an extraordinary effort by the management employees, but even though it's excellent, but are driven by artificially high natural gas prices due to the energy crisis in Europe and as a consequence of Russia's invasion in Ukraine. Equinor makes good money from this war, but I would not characterize Equinor as a war profiteer, as some critics do. The extraordinary high revenues can give you, can give you certain associations with war, to war profiteering.
In his presentation of the IPCC 6th Assessment Report, United Nations Secretary-General António Guterres said, "Humanity is on thin ice, and the ice is melting fast." He calls on rich countries to accelerate a goal of 0 emissions. Our world needs climate actions on all fronts, everything, everywhere, at once. He added, "We need to stop all oil and gas exploration for our goals for net zero emission." He made no exceptions for Equinor. The World Bank had estimated that the reconstruction of buildings and infrastructure destroyed by Russian warfare in Ukraine will cost about $411 billion, and that's about NOK 4,300 billion over the next few years. The Norwegian government has promised Ukraine to pay NOK 75 billion over the next 5 years.
That means 17%, 70% of the need, a little more than a drop in the ocean. That is approximately NOK 15 billion per year. As a shareholder, we are now facing a serious ethical dilemma. Should Equinor let the entire profit created by the Ukraine war go to the acquisition of its own shares and to dividends to shareholders, et cetera? Or should the company let a small but important part go to rebuilding Ukraine's destroyed energy infrastructure and new renewable energy? By matching the government support of NOK 15 billion per year, it would only be reduced from NOK 170 billion to NOK 150 billion kroners. That's a little bit more than a drop in the water, in the ocean, but still is one of the fattest dividends in Equinor's history.
Based on this, I want the General Assembly to support my proposal to stop looking, drilling and support Ukraine's energy supply. Thank you for your proposal. We're now moving on to case 11. That is a proposal from Evan Bakken. You see the proposal on the screen, and this will not be read out loud. You have 5 minutes for your presentation, and I remind you that potential questions and comments will come after all the presentations.
Chemical engineering, and have over 40 years of international experience in clean tech and renewable energy, including 14 years at ABB, where I was Business Area Manager for ABB's global environmental business with engineering offices in 25 countries. I'm also a member of the Norwegian Grandparents' Climate Campaign. First, I'd like to thank the board for their response for my proposal. It is generally well-formulated, and it shows at least good intentions. However, the board and the management do not walk the talk, as we say. They show a breathtaking lack of response and arrogance towards shareholders' proposals. This, if considered and acted, would have saved Equinor and Statoil, and the Norwegian state enormous amount of money. Norway has a unique regulation for corporations with more than 200 employees.
It is the corporate assembly or Bedriftsforsamlingen that elect and can remove the board, not the shareholders in the annual general meeting. This is completely contrary to common international practice for limited liability corporations. When the AGM elects the board, it ensures good governance as the board is ultimately responsible to the shareholders. Oddly, this is not the case in Norway. However, the regulations can be reversed if the unions and the employees agree. The government's policy and, on state-owned and particularly, partly owned companies, is to manage them on an arm's-length basis. This result in completely passive ownership. The government policy is that the board of directors are responsible to manage and oversee the company. This begs the question, is the government remiss in their duty as a majority shareholder, and does it not question the competence of the board? Equinor operates.
Equinor Corporate Assembly consists of 12 independent and 5 employees. All are Norwegians with no or limited international experience. This is for a company that has operations in 30 countries, of which many are corrupt. The large shareholders, such as BlackRock, Vanguard, Schroders, RBC, etc., hold about 25% of the shares. They are normally active shareholders at the AGM, particularly in the board election. This is a very important duty and instrument for removal of unsuitable board members. Because of this peculiar Norwegian regulation, they cannot vote on the board composition, and therefore the government, Equinor, has lost oversight checks and balances through active participation by the international shareholders. This is contrary to good corporate governance. The overall result is that the management and the board have complete freedom to do whatever they like to do with impunity.
Let me illustrate the problem with a few shareholders' proposals that have been turned down by the government on advice by the board to the detriment of the company and the shareholders. Take the tar sand activity in Canada first. The first shareholder proposal to withdraw was in 2009. These proposals were submitted repeatedly for 6 years until finally 2016, Statoil withdrew with a loss of NOK 4.2 billion. Second, the energy transition plan was proposed by the shareholders already in 2015, and every year for 7 years before Equinor finally issued 1 in 2022. Third, the worst case, is when Equinor finally was forced in 2021 to disclose the enormous financial losses of about NOK 220 billion from their fracking activity in the U.S.
A shareholder proposal to withdraw in 2020 was voted down by the government on the advice of the board, and no personal consequence for the board or the management. There have been many proposals questioning Equinor's international activity, where they have had significant financial losses or been involved in corruption cases and met strong local opposition, such as in Canada, Australia, Argentina, and now in the UK. In fact, about half of the 30 countries where Equinor is present have a documented very high corruption risk. This seem to be at odds with the Equinor-stated no tolerance for corruption. Since 2009, 42 proposals from Norwegian shareholders have consistently been voted down by the government, who own 67% of the shares based on advice from the board. What to do?
In one way or another, the Norwegian people's ownership in Equinor must be managed in a much improved fashion. The arm's length policy, styringsmodell, simply does not work, nor is it appropriate in a modern context of a good corporate governance. The first step would be to have the AGM vote on the composition of the board. This would allow the shareholders to question the competence, suitability, and performance of the board members. The second step would be to significantly increase the participation of the Ministry of Trade, Industry and Fisheries in the AGM.
The Ministry must greatly improve its competence on the international oil and gas business and thereby execute more active ownership in the AGM participation, including submission and support of shareholders' proposal. No doubt this proposal will be voted down like most proposals as it undermines the protective structure and current existence for the senior management and the board of directors. What I ask is that everyone on the board consider if they are truly acting in the best interest of Equinor, its shareholders, all stakeholders, and most importantly, people of Norway. Thank you.
Thank you for your speech. We'll then go on to case 12 and 14, which are both from Gro Melander. The item 12 and 14 is in the notice that you find on the screen here, and they will be not read out. Okay. A bit wrong, because I represent today both the Grandparents' Climate Action and Norwegian Doctors Climate Action. I cover 12 and 14. Thank you for everything that is so good and the report on that. Could you say a little bit more? Because we want the truth, the whole truth, and nothing but the truth. Equinor has served us well and made Norway rich. My agenda is to share some concerns with you.
All full page ads about how climate friendly the company is is called greenwashing, and it's it reminds us of the idea of whitewashing money, white laundering money. This is just a part of the emissions that Equinor makes outside of Norway and we can't really be too proud of that. Anders Opedal, you recently said that finding a balance is very important because if we only go to renewable or only go to oil and gas, then we won't be able to meet the future. Equilibrium and balance sounds fine. Equinor promises to spend NOK 100 billion on renewable over 10 years. That means NOK 10 billion every year. That's enormous, but seen together with the idea that Equinor gave its shareholders NOK 170 million, that's not very much.
In 2025, 1 expects 30% of investment going to renewable energy, but in 2 years? You also said that within, by 2030, more than half in 6 years. Don't tell me, show me, okay? Equinor deserves credit for what they actually do, especially when that's key. The will to do something is increasing, but will it be too little too late? A newspaper presented to Tordenskjold, what are you waiting for, damn it. 42 out of 43 suggested proposals has been refused by the government representative, following advice from Equinor. Year-after-year , the company does exactly what we've suggested. In the meantime, Equinor and Norway have lost $ billions and damaged the climate. 3 examples only.
We have suggested that Equinor should sell their oil sands activity in Canada, voted down every year. After 2 years, sold with a loss of more than NOK 4.2 billion. That's a lot of money. The second one, they're stopping drilling in sea areas south of Australia. The Grandparents Climate Campaign, 2019, it was voted down, and the year after you pulled out. We also suggested pulling out of fracking. It was voted down in 2020, and in 2021, you pulled out with a loss of more than NOK 200 billion. The history repeat itself last year. All proposals were voted down, even the one that was in accordance with Equinor's own goal that we should have increased investment in renewables. Why did you suggest that we should vote again?
Why did you give us the advice to vote against that? Now I'm putting on my white coat as a doctor at Rikshospitalet and a scientist for a long time. We've been so proud in Norway that we've contributed to a better global health. Now, it's going the wrong way. WHO, the UN, The Lancet say that climate changes are the greatest threat to the world's health ever. Doctors have an ethical duty to speak up. That's why I'm standing here and ask you to take seriously that Equinor today contributes to this situation. 1,000 doctors have warned the parliament in a cry out. The extreme weather is causing damage and death. Most of it happens far away, but we don't want to support so very well the injustice that doesn't harm us directly.
Heat, cyclones and other extreme weather will drive people to create new refugees, and many people died in heat waves. Spain had 40 degrees last week. Little children and pregnant women are hit the hardest, but the risk increases for all of us. Heart strokes, lungs, depression, anxiety, infections, et cetera, many things have been shown. The UN and just about any serious climate scientist are crying out, "Red alert. Stop looking for more fossil fuels." The planet can't take it. At the same time, Equinor wants to develop and increase fossil activity, and the government keeps giving them new licenses. Good climate measures is good for both health and economy.
To quote Kåre Willoch, who was a member of our climate action, "The cost of reaching the Paris Agreement's goal will be much lower than the reparation and adjustment that is necessary afterwards. Prevention is better than the cure." The market analytics are suggesting that the price of fossil fuels will fall when renewable energy increases. T he risk of courts and remind you of the tobacco companies who had to compensate for billions because they continued after they knew about the risks of tobacco. Equinor will not be able to defend themselves by saying they did not know. The case in the Netherlands, where the Supreme Court sentenced the state to 25% emission reduction within 5 years.
There's a case in The Hague now, supported by 26 institutions, also Norwegian ones. As a rich country with a lot of emissions, Norway has, with, Equinor, a responsibility to be in, at the fore of the climate battle. I want to remind the government representative, who has always voted against all climate proposals, that the government or the state, that is us, that is the people. Equinor is on their way with good project, but also bad ones like Barents and Rosebank. Record economy, but not least, because of the war in Ukraine. Some of the surplus must go to, rebuilding, the Ukraine, in addition to what the state already plans for.
This would also give a boost to the reputation of Equinor, and this might be necessary for you to be safe in the boardroom. You have probably paid attention to the shareholder protest against Bernard Looney, because BP is adjusting down their climate goals. He wasn't thrown last week, but many people voted against him. Also, because of what the British minister speaks about, unreasonable salary, ridiculously high. Also, Equinor's shareholders care about management salaries. They have to be, we need to put the brakes on, but we'll talk about that now. W e ask for moderation.
We here will not see the worst consequences of the climate changes, but most of us have children and grandchildren, and will they, in the future, ask, "Was increased dividend more important for Equinor than their grandchildren?" Our moment in history is now, because the judgment of history can be strict. When the government, Nygaardsvold, came back after the 2nd World War, they were met by criticism from the parliament and the media. President Hambro, from the parliament's podium, said they did their best. That's their excuse. That's their judgment. Is Equinor doing their best for the coming generations? There is no planet B.
Thank you for your presentation. I'm gonna go on to number 13 from Bente Marie Bakke, that is in the general meeting notice. It is shown on the screen. It will not be read out loud. You have now 5 minutes.
Thank you. On behalf of the Grandparents Climate Campaign, I have 4 recommendations to, or proposals to the shareholders. I'm in the country's board, and I've also been a representative for Høyre, the right party. Because of a huge, large climate catastrophe across the world, and that me as a grandmother is concerned for my grandchildren's life conditions. That's why for 13 years I've been a member of Grandparents Climate Campaign. This concern is not just about my grandchildren, but also the children and grandchildren of all you present here. The catastrophe that's we are standing in front of, that if we continues, will be great, and can you be responsible for that?
It is the Ministry of Trade, Industry, and Fisheries that's taken over the responsibility, and it would have been fun to see the minister here, but one of them on the first row will probably vote on behalf of the state's shares. António Guterres, we have to stop all exploration for more oil and gas if we are going to be able to reach for the Paris Agreement. He maintains that you have to, that the failure of world leaders to address the climate change must be regarded as a criminal. The International Energy Agency has also stated for several years that there's no room for any new oil and gas fields if we are to avoid the worst consequences of climate change.
Despite this, the government has this year opened bidding for 47 new exploration areas and submitted another 92 areas for consultations, most of them in the vulnerable Barents Sea. Common to all of them is a long distance to existing infrastructure. In the event of discovery, the development will be expensive, and there will be no revenues until the 2040s. The Barents Sea has been a failure for Norway, both in terms of discoveries and financially and economically. The Office of the Auditor General has also pointed out that oil spill preparedness in the Barents Sea is inadequate. On March 30, the Minister of Trade and Industry, Jan Christian Vestre, stated at the conference, "The Bridge to the Future," I was there, that the government will invest heavily in renewable energy and green industry.
We in BKA find this very positive. The minister did not problematize the fact that the oil industry is draining the country of most of our skilled laborers, workers that could work on this. That is a huge problem. That is Equinor must therefore step down its oil-related activities and instead become a leading player in the production of renewable energy and the development of new green industry, which we need. Equinor plans to greenwash production by electrifying oil platforms to reduce Norwegian greenhouse gas emissions. Unfortunately, it doesn't help when Norwegian oil and gas are combusted abroad. The emissions are the same size, no matter where they come from. The plans for electrification of the Melkøya represents such a project, powering the plants from shore.
This will result in major encroachment on untouched nature and in the same areas, in addition to a severe shortage of electrical power for households and business in northern Norway. Instead, the possibility for carbon capture and storage must be explored here in Norway can then become a leading nation. Article 112 of the Norwegian Constitution, do you know that? Is both a human right clause and an environmental clause. Although, Young Friends of the Earth Norway and Greenpeace lost the climate case in the Supreme Court, the verdict contains clear guidelines that concerns the Norwegian oil industry. The Norwegian National Human Rights Institution, NIM, do you know them? 1 minute.
Understands the, they say that the ruling is to mean that future production licenses for oil and gas must be balanced against the impact this will have on our ability to reach the 1.5 degree target. Equinor must therefore present a step down plan for oil and gas production, enabling Norway to become net zero by 2050, as they have committed to. Thank you. Thank you for your presentation. We are now going on to debate. We are opening up for input from the CEO and board, the chairman of the board, before we take on any kind of comments. I want to make some comments in regards to Lumi. I want to note that the PLLC section 15-50, it's not that the general assembly is not the natural forum to ask question to other shareholders.
This is Equinor's general assembly. We have received a document from the ministry where they ask for minutes from item 9 as a vote explanation for item 9. It is a meeting chair that decides, and we have decided to accept this so that the general assembly can override the meeting chair's decision. The state's expectation from 2023, a more green, a more state ownership, that one, the company identifies risks and handles and integrates this into their strategies. 2, the company sets goals and initiates measures for reduction and for climate emissions on short and long term according to the Paris Agreement and report on this. The goals are science-based where this is available.
Number 3, the company reports on direct and indirect climate gas emissions and climate risk, and then they use known standards for reporting on the climate emission and climate risk. The state expects that the board and administration work actively with the government's expectation and assess if and how they be taken into consideration of the company's energy transition plan. The state voted for Equinor's energy transition plan on the general assembly in 2022 based on that the company is very clear on their long-term value creation, supports the goals for the Paris Agreement. It is the board's responsibility to administrate the company, including make the strategy of the company, and also between the owners, the board, and CEO.
The state believe it's not appropriate to decide on the expectation of the company's general assembly, but that they are followed in the dialogue with the company. This will all be added into the minutes to the protocol.
We go to other presentations. Since everyone should have an opportunity to speak, please speak briefly and stay within the timeframe of 3 minutes. I ask those who want to speak raise their hands. We can start with you in the front to the right. Everyone else, keep your hands in the air if you want to speak, and we'll note down your names, and we'll bring you up. Please present using your name. Please state your name first. Per Restad. Half gas export increase of gas export comes from Melkøya and Arctic. Instead of electrifying Melkøya, the parliament has asked the government to look at offshore wind, which Equinor says is too expensive.
Many mayors say that we are losing the battle for energy access. There is positivity that oil companies should have to store carbon as much as they emit. Which role should Equinor have in ocean wind and storage of CO2? Will Equinor meet political goals of reducing carbon emission? We want Equinor to be in the fore. Only 1% of the energy that Equinor has produced comes from renewable energy. It is therefore unrealistic that within 2 years we should be able to reach Equinor's own goals of Equinor's 30% of Equinor's investment going to renewable energy and 50% by 2030.
Equinor hasn't presented a detailed action plan with measures and ambition, and of how to reach the ambition of 50% cuts by 2030. We would therefore need a clear plan. In case 11, the board again wants to vote against a better process for items presented by shareholders. Like mentioned, most shareholder proposals have been voted down by the government ownership, state ownership. I f these proposals had been taken into account, this would have saved money for Equinor. I have suggested several times better procedures, but these have not been accepted for many years. Incompetency has been criticized before, not to mention losses abroad and unethical use of common means.
In Equinor's guidelines for corporate governance, shareholders should be given reliable information about the company, and there should be continuous learning when it comes to health and safety and environment. There could be better quality in this area. In the ownership message, there's also an increased skeptical attitude to the passiveness of the state as an owner. We need focused risk management. If we do so, this would be good for shareholders in Equinor. I will ask Bjørn Asle Teige to come up, and Cathy George can prepare.
Thank you. Bjørn Asle Teige, almost the right name. I am a shareholder, but I'm also an employee of this company. I'm also a grandfather. I would like to propose. I will look at proposal 14 specifically because it's very dramatic. Stop production. Stop looking for oil and gas. That would be a catastrophe for employment in Norway. Hundreds of thousands of people would lose their jobs if such proposal was accepted. As responsible for so many people, we cannot support this, as I am in the union. Oil and gas is huge in the world, and that the need for oil and gas isn't created in Norway. The 100 million barrels are required every day, and the need increases. The greatest increase is in petrochemical industry.
Those who produce products where the oil does not go to a combustion, they increase a lot. Oil is needed for several things, for example, an electric car. Loads of people like that. Almost half the car is made by plastic product that comes from petrochemical industry. The same goes for electric buses, boats, et cetera. They need oil and oil products. A wind turbine like this business is going to go for. They need oil for gears and hydraulics. Without oil, you won't get electric vehicles, you won't get wind turbines, and many other things that like for example, your toothbrush, which comes from the same production system. A society without oil is impossible. The question is, how can you produce? How should you produce it? Now where should it go, and how it should be used?
The growth in population in the world is great. It's about 8 million people more in the world every year. They need more energy. They need food, clothing, et cetera. That energy, someone needs to produce it on the way. Equinor is has a goal of being a responsible supplier. We propose from our side, as a grouping in the company, that the company should invest more in petrochemical industry so that you steer more of the production from combustion to products. You get a different situation for emissions. Not 0, but a lot lower than you have today. We think that would be a good way to use a lot of the surplus. Norwegian production is much better and has lower emissions than many other others. Many just burn the gas directly.
They use it for energy. They just burn it in pipes that are so big you can't hold around them, 24/7, all year. We want production to be in Norway instead in those, instead of those country. We think that's a good way to go for this company up until 2050. The main strategy of Equinor has good support among the employees. Thank you. Okay, thank you. We have Cassie George. I hope that's correct, and Maria Victoria Emanuelli, please prepare. 3 minutes, please.
Hello, everyone. My name is Cassie George, and I thank you all for your time today. I am from Newfoundland and Labrador, the province in Canada that Bay du Nord hopes to be sanctioned in. I do have a few concerns about it. Initially, the fact that it is 560 kilometers away from St. John's, only 60 kilometers away from our protected economic zone, which is home to our beloved codfish, of which we have fished for over 400 years. Equinor has claimed that the risk of an oil spill from Bay du Nord is minimal, but scientists analyze Equinor's own data and refute this assumption and say that there is actually a 16% chance of a serious spill occurring.
Canada's regulations are out of date, and we are not prepared to contain a serious oil spill which could devastate fisheries, marine ecosystems, and can disrupt indigenous, traditional indigenous, marine, ecosystems such as the salmon fishery. MIT , who represents a group of indigenous communities in Canada, is actually suing to overturn the government's approval of Bay du Nord in Canada because these indigenous communities feel like they were not consulted adequately on the project and because Bay du Nord is a huge risk to the tradition that is their salmon fishery. Even if these environmental risks could be prevented, there is no such thing as green oil, and Equinor is breaking the climate targets by planning to extract this oil when there are many other sustainable industries available, specifically in Newfoundland and Labrador. Unfortunately, I do not have enough time to give examples.
Canadian communities have been devastated by severe storms, have been destroyed by fires and floods which have been related to oil and gas expansion, and will only be even more prevalent in the future. Equinor's actions are Norway's actions, so I ask, how will Equinor account for the disregard given to local and indigenous community engagement? How will a state-owned company consider Norway's climate policy, which highly suggests that oil and gas should not expand to meet the Paris Accord? Thank you so much for your time and consideration.
Thank you. Maria Victoria Emanuelli.
I'm here.
Yes.
So-
Please can Tuva Mjelde Refsum. 3 minutes, please.
Okay. I'm the Latin America senior campaigner for 350.org, and I came from a very far country, Argentina. What many of you may not know is that Equinor also has operations in Argentina, and I'm going to focus on one of their operations, the offshores. Why I'm focusing on that? Because there's no kind of legitimation, social legitimation for what Equinor is going to do there. Equinor already obtained 8 blocks for seismic exploration in the center of Argentina and in the southern part of Argentina. In the center of Argentina, and I want to stress that part has never been explored. That means that Equinor is not committed to their own commitment of limited new frontiers.
This is advancing new frontiers, and in the coastal people are absolutely frightened because that part, in that part of Buenos Aires, fishermen and most of the population depends on tourists, and nobody can guarantee that even something like seismic exploration cannot affect the fauna and the flora of a very delicate system that whales. Also, Equinor has another 2 blocks in one of the southern part of the world. In Tierra del Fuego is almost in, very close to the Antarctic and the Atlantic southern island. This is very fragile. The blocks are not in protected areas but are right in the limit. Nobody can guarantee that the seismic exploration will not affect the protected areas because that study has not been done.
I am here to ask you shareholders, you managers, directors on the board, do you want to be part of being pronounced as one of the leaders of the destruction of the South Atlantic? Or do you want to help our population and, for example, promote more community-led renewable energies? It is up to you. Thank you.
Thank you, Tuva Mjelde Refsum.
Dear general assembly, my name is Tuva. I'm 22, and I'm vice leader in Nature and Youth. I represent thousands of people. I represent myself, who's 50 in 2050, and I put my life on hold just to put all my time into the climate fight. A person
I see no reason to apply for a job in Equinor when I'm done, but I hope you change that. I have 1 share in Equinor and I have 1 request both for WWF's and Greenpeace proposal to end all production with a 8.5 goal. Equinor uses every year NOK millions to. This is a message, or should I say it's a cry for help from tomorrow's heroes because Equinor's climate is not passing. A company that lock the money and their work to new oil project for 10's of years to come is not a broad energy company. 99.7% of the production is still fossil.
If they can't make, if they can't be kept responsible, if they can't meet the goals, Equinor does not pass, and you cannot bet on the future of the world. You have a huge responsibility. Stop using a terrible war for the excuse to pump oil that will only come on the market in 20, 30, 40 years. Stop saying this is the world's last oil company and be the world's most promising energy company. Take responsibility for the climate changes that Equinor oil and gas produces every day. These climate changes, me, my little sister and brother, and millions of people already today, are affected by. It doesn't help to say that we need to be patient. We are in 2023.
I can't complete a master's degree to see if we have reached the 2030 goals. Think about that. The danger of radicals are not the climate activists, are the people that invest in more oil and gas, who has increased the fossil production all of these years we knew we should have stepped down. We all learned this where it's stupid to procrastinate, and here we are. If a Norwegian company with the state as the main owners, with the record returns, can make this necessary fast transition, when? If and when. The youth's patience is gone. Equinor, this is about will. Vote for my future and vote for let me be proud of this company for the future.
You need a fast, fair transition, and I hope all the shareholders will take that responsibility here today. Thank you.
Thank you. Anne Horneland, please, get ready. Thank you. You have 3 minutes.
Okay. Good evening. My name is Misty Rizo from Brazil. I'm a biologist and a mother, and I'm here as part of civil society protecting our land from the Equinor Bacalhau project. It took me 24 hours to get here, so I'm here to hear and to be heard. Equinor have plans for new oil production outside São Paulo state, where I live in the pre-salt area Bacalhau. Bacalhau is an area surrounded by fragile ecosystem in a coastal region recognized as a hotspot for biodiversity, and the area is an important migration route for whales and other marine species. The license process of Equinor has been through for Bacalhau was not fair and ethical process. It was approved without fulfilling the requirements of the law and civil society approval, a dubious process during extremely problematic Brazilian government, as you know.
In Equinor's application, ocean currents were underestimated by 30%, concluding oil from spill could not reach the coast. By simply correcting this, modeling shows oil could reach Brazilian shores. Also, floating sensors were deployed to map out where a potential oil spill can end up. 2 of these sensors ended up on our beaches still. Equinor concluded in their report oil could not reach Brazilian shores. In addition to these technical problems, we also detected the application does not consider a blowout of the well as a worst-case scenario. Equinor is not immune to well blowouts. Under Brazilian regulations, the application should not be able to be approved without this. An oil accident in Bacalhau field could create an oil spill the size of Norway. An important part of Equinor's application process is an open hearing. Due to COVID-19 pandemic, the public hearing was online-only event.
This prevented most of the traditional communities from participating. Important voice were never heard, and some questions were never answered. Equinor claims the climate crisis the biggest challenge of our time. We have to ask why the company is not investing heavily in renewable sustainable energy in Brazil instead of pushing to expand its oil business, misleading people on the risks and impacts which will be felt far beyond 2030. This year, a lot of people enjoying the carnival holidays on the beautiful beach we have in the coast in the influence area of Bacalhau Field. During this holiday, massive rainfall led to flooding. Mud was covering the streets. Trees were falling over. Many landslides and damaged buildings, and people were trapped in the town. Hundreds became homeless or displaced.
It was a climate disaster affecting population and tourists in the city of São Sebastião in the influence area of Bacalhau Field. 65 people die. 700 millimeters of rain fell in 24 hours, the heaviest rainfall in Brazilian history. This is the effect of climate change, driven by projects like the one Equinor proposed in Bacalhau. We ask you to stop your plans for Bacalhau Field and new oil fields. We ask for climate justice and socially and environmentally fair investments and licensing process. We ask you to take climate targets more seriously. We cannot and will not stop fighting for this. Thank you for this opportunity to be heard, talking directly to you, and it's in your hands to make a good decision with more effective solutions and commitments. Thank you very much.
Thank you for your.
Please, Fernando Barraza, be prepared. Shareholders general meeting. My name is Anne Horneland, and I am an employee of the company. I am a grandparent, shareholder, and also in the union Industri Energi. I've worked for Statoil for several years and have followed, as part of the union. I followed the company with a critical eye from the inside. In my view, the main strategy when it comes to the climate footprint is, and has always been, clearly, it's been clear, it's the most climate friendly energy company in the whole world, and that concerns all the products we deliver at any time. The product portfolio is continuously assessed, including commercial opportunities in renewable energy.
I think you have to work in the company to understand how quickly it goes and how much is done for on the green energy spectrum, in terms of money and human capacity, and how quickly the company has managed to respond to and meet expectations. In the business area, Renewables, one is working continuously with finding commercial, scalable and renewable green projects all over the world. I just want to mention Dogger Bank, which is the largest ocean wind park that can deliver energy to 6 million homes in the UK. In Norway, we're working closely with authorities when it comes to renewable energy. They also have their conflict areas and their opponents, and that is something we have to understand and accept that this will be something that will take time.
All prognoses say that the world will need more and more energy in the future in all shapes and forms. That means that Norway may mean that Norway and Equinor will have to continue looking for oil and gas while also working on commercial alternatives. Green energy forms that the world needs, of the volumes the world needs and the important usage areas, and that are also commercially viable. The political stability requires that predictable countries continue to be predictable, not least in the gas sector, and that we continue to play along with authorities in the rest of Europe and the rest of world, in the world. To get a predictable and climate-friendly transition of the energy sector, we need wise heads to continue to contribute with innovative solutions in our industry.
We have to dare to speak positively about the energy industry and for example, about companies like Equinor with the muscles to be part of the solution. Thank you.
Thank you. Welcome to Fernando Barraza. I ask please Lauren MacDonald to be prepared. 3 minutes, please.
Hinchéta, Fernando Barraza, Neuquén. Me llamo Fernando Barraza. Buenas tardes a toda la gente. Buenas tardes al directorio. Quise subir con una botella con agua de fracking de mi territorio, pero no me dejaron subirla, que es aquella.
Hello, welcome this afternoon. My name is Fernando Barraza. I tried to come to the stage with a water bottle that comes from the fracking. You can see it over there. It's quite polluted.
Hemos venido hasta aquí desde Vaca Muerta, Patagonia, Argentina. Soy voz representante de mi pueblo, el pueblo nación Mapuche. Venimos a hablarles sobre las actividades de fracking que ustedes están desarrollando en nuestros territorios.
I come here today from Vaca Muerta, it's dead cow, in Patagonia, Argentina. I'm the representative of my community, the original state nation, the Mapuche people. I am coming here today to talk about the activities that you are developing, like fracking, in our territories.
Desde 2017, Equinor se asoció con Shell y con YPF para extraer gas y petróleo no convencional a través del fracking en la región de Vaca Muerta y actualmente la empresa invierte en dos explotaciones que están dentro de nuestros territorios, Bajo del Toro Norte y Bandurria Sur.
Since 2017, Equinor associated with Shell and YPF to extract gas and non-conventional oil through fracking in the region of Vaca Muerta. The company currently invests in 2 projects that are within our territories. That's Bajo del Toro Norte and Bandurria South.
La primera explotación está dentro de una zona declarada por el Estado área natural protegida. Esta es una zona rica en biodiversidad, en recursos paleontológicos y arqueológicos, que además es sitio sagrado de mi pueblo, pues allí se encuentra uno de nuestros principales centros ceremoniales.
The first project is in an area that is a state-protected natural area with rich diversity, paleontological and archaeological resources, as well as is a sacred land for our community because it's one of the centers for the ceremonial traditions.
La segunda explotación de Equinor está secando ríos y dejando sin agua potable varios poblados y ciudades de toda nuestra región. Nuestro pueblo sufre con el cuerpo diariamente el impacto del fracking. Nuestra salud se ve deteriorada por la contaminación. Nuestra hermana, la biodiversidad, también está sufriendo.
The second project of Equinor is drying the rivers. It's also leaving many towns and cities without drinkable water in our region. Our village community is suffering daily by the impact of fracking. They can see it in their health, that it gets worse by the pollution. Our sister, the biodiversity, is also suffering.
Nuestros ríos están en coma, algunos de ellos están directamente secos. Nuestra gente y la tierra están enferma. Ayer estuvimos en el centro cultural más importante para la principal actividad económica de vuestro país, el Museo Noruego del Petróleo, y allí escuchamos con mucha atención a vuestro vicepresidente de Seguridad y Sostenibilidad. Él nos hablaba de las intenciones de Equinor de transitar un cambio energético que garantice métodos limpios, el cuidado de la naturaleza y el respeto por los derechos humanos de los territorios en que realizan nuestros emprendimientos.
Yesterday, we were in the cultural center most important for the economic activity in your country, the Oil Museum. There we listened carefully to your vice president in safety and sustainability, how he talked about the intentions of Equinor to transition to energetically change that will guarantee the clean methods and the care for environment and the respect for human rights in the territories where they develop their projects.
Ahora bien, si Equinor tiene estos planes que apuestan a un futuro limpio y seguro y posee un marco regulatorio propio que prohíbe la realización de nuevos emprendimientos que impacten sobre nuestros territorios y su biosfera, nuestra pregunta es: ¿cuál es el motivo por el que siguen realizando una actividad extractiva sucia y destructiva como el fracking en territorios a los que se les está infligiendo un dolor tan grande?
Equinor says they have plans that they look for the future that is clean and safe. They have their own framework that prohibits the new developments that impacts the territories and the biosphere. Our question is: what is the reason why you are performing these dirty and destructive activities in, like fracking, in territories where you are producing such deep pain?
Hoy nuestro futuro es oscuro. Nuestras niñas y niños están enfermando. Nuestros suelos mueren. ¿Se dan cuenta de qué parte de esa realidad hostil está directamente relacionada a lo que ustedes están haciendo como empresa en Vaca Muerta?
Our future is dark. Children are dying. Our environment is suffering. Don't you realize how this reality is hostile and is directly connected to what you are doing as a company in Vaca Muerta?
Toda esta situación negativa que estamos viviendo en muy poco tiempo va a viajar de regreso hasta vuestro país. Piensen en eso. Esta, sin lugar a dudas, no es una buena idea de futuro.
All of this negative situation that we are living will surely come back to your own country. Think about that, how this is not a good idea for the future.
Para finalizar, el mundo está comenzando a mirar con atención. Si observan nuestros territorios flagelados por el fracking y al lado ven flamear la bandera noruega en las torres ejecutoras, ¿qué consideran que van a pensar?
The world is paying attention. If they see how our endangered and damaged territories by fracking are flaming next to the Norwegian flag, what are they gonna think?
Retomo, Gideon. Nosotros y nosotras estamos vivos y vamos a luchar por nuestros hijos, por nuestra tierra, por la naturaleza, por nuestro presente y por nuestro futuro.
We are alive. We'll fight for our children, for our land, for our nature, for the present and the future.
Diez veces nos levantaremos si diez veces caemos. Marichiweu.
Marichiweu.
Marichiweu.
If 10x we fall, 10 times we'll rise. Marichiweu. Thanks.
Gracias. Thank you for your
Thank you for the translation. I welcome Lauren MacDonald and ask please Daniel Jones to prepare.
My name is Lauren MacDonald. I'm from Scotland. I'm 22 years old, and it is truly my honor to be here at your AGM on behalf of a vast coalition of hundreds of thousands of people across the United Kingdom who are taking action to stop Equinor's Rosebank oil field. I'm sure you're aware of the Stop Rosebank campaign. I also know for a fact that you have been warned that we cannot have any new oil and gas fields if we are to have a shot at limiting the absolute worst of climate breakdown. You know that if the oil in Rosebank is burned, it will create more CO2 than 28 entire countries produce in a year combined. If Equinor truly supported the goals of the Paris Agreement, as you claim to, that would mean immediately halting all new fossil fuel investments.
The truth behind your operations is nothing short of a scandal. You tell the people of Norway that you are a broad energy company acting in line with climate goals, but this is a lie. No less than 99% of the energy that you produced last year was of oil and gas. You continue to expand fossil fuel operations despite desperate warnings from climate scientists, and are spending next to nothing on the transition that is our only hope of survival. If you continue on this path, millions of people will die. You know this. You may block out my words with cognitive dissonance and feeble excuses, but maybe one day you might realize that there was never any reasonable excuse for endangering the future of life on Earth.
On behalf not only of myself, but of hundreds of thousands of people who are taking precious time out of their precious lives to stop this project, I ask that you immediately halt all new fossil fuel investments, including Rosebank, rapidly ramp up your production in renewables, and attempt to make good for the unfathomable losses and damages that will ensue from the 1.2 degrees of global heating that our world already bears. The Chief of the United Nations warns that investing in new fossil fuel infrastructure is moral and economic madness. As the people responsible for continuing to pursue these new investments, will you continue ignoring this or will you do the right thing? If not, please know that we mean it with every ounce of our souls when we say that we will use every tool at our disposal to stop this project.
Do the right thing and stop Rosebank. Thank you.
Thank you. I invite Daniel Jones to the stage and og Bente Marie Bakke kan holde seg klar. Da har ikke jeg sett noen andre innlegg i salen.
I see no further wishes for comments in the room, so we'll
My name is Daniel. I come from the United Kingdom and the Stop Rosebank campaign, and I'm speaking in support of the WWF and Greenpeace resolution today. A significant body of research shows that substantial reductions in fossil fuel use are required to limit global heating to 1/2 degrees and achieve net zero emissions in line with the Paris Agreement. The International Energy Agency's Net Zero report, the United Nations Environment Programme's Production Gap report, the list goes on, all indicate that limiting global heating to 1/2 degrees requires fossil fuel production to decline now. As it is clear from the board's response to today's resolution, Equinor disagrees with this science. Coming from the UK, I thought Equinor was a different kind of oil company. I'm bombarded by Equinor adverts featuring wind turbines and depictions of a renewable future.
Scratch the surface, and there's no substance behind these claims. Last year, you invested $28 in oil and gas for every $1 you invested in renewables. Whether it's emission intensity targets or a refusal to countenance absolute emissions reductions, independent assessments of Equinor's climate plans come to the same conclusion. Equinor is not a company aligned with the Paris Agreement. I ask the board, why does it back an approach that makes meeting our climate goals less likely and an energy transition more volatile? We see this borne out in your actions. Take the controversial Rosebank oil field in the U.K. The proposal you put forward to the U.K. regulator doesn't meet your own emissions intensity targets, let alone the robust proposal in today's resolution.
The many thousands of people opposing the project in the UK, politicians across the political spectrum, and scientists calling to stop Rosebank all understand that projects like this are incompatible with our climate goals, and they are drowning out the story that you wish to tell about yourselves in your glossy adverts. In response to these calls, you say that Equinor welcomes dialogue, but it's clear that you're not listening. Rosebank, Wisting, Bacalhau, Bay du Nord will forever stick to your reputation. Costly fields and protected ecosystems that undermine our climate targets and slow our progress towards the energy system of the future. For as long as your climate targets remain weak and your transition plans are lacking, you'll continue to invest in a way that breaks the Paris Agreement, and that's why we back this resolution. Thank you.
Thank you. I want Bente Maria Bakke to come to the podium. That will be the last speaker from the room. I hadn't thought I would speak again, but there have been 2 employees speaking today, and I have to just comment on that because the last female employee, I think she had some very good suggestions to how Equinor can manage the transition to contributing to Norway becoming a renewable society. I'm just worried about the pace. It's going too slow. The first employee representative, his presentation, I have to comment on it because he spoke about all the people who would lose their jobs if 1 stopped looking for oil and gas. Those people, those wonderful people with so much knowledge who have been part of building Norway's great oil fortune.
We need them for the transition. Like I mentioned in my presentation, companies can't get a hold of people with the competency to do that transition. If Equinor wants to be a renewable energy company, then you have to use those people for that job, and I think that's very important. He also pointed out the petrochemical industry that needs oil, but the production of plastic has become a huge global problem. Everything winds up in the sea, plastic, microplastic, and all these kinds of things, and this ruins the oceans, and it ruins things for everyone. It's incredible what we use plastic for. Rubber, asphalt, you know, fake grass and football courts, that will be forbidden. The European Union is working on that. Okay, Lunder has had a presentation. She's a great doctor.
She's written many books, but she is also a guru in breastfeeding. She has been making clear statement that children, babies should get mother's milk. W e found plastic even in mother's milk. Isn't that a cause for concern? Thank you. Thank you. We've gotten only 1 question through Lumi, and that was a question if 1 could share the addition to the minutes. Well, the minute appendix will be found at equinor.com briefly after the general meeting has ended. I would like to add that the addition to item 9, probably I might have said 7, this will be added in its entirety to the minutes of the meeting. We won't accept more questions for the items mentioned and the proposal from the shareholders.
I will now give the word to Anders Opedal to give some comments.
This year, as previous years, at the general assembly, has been a great engagement activity. We appreciate our shareholders are concerned how Equinor is deliver and develop. This kind of engagement and dialogue is important, and, of course, it's not limited to the general assembly. We meet on a regular basis, shareholders and stakeholders, both in Norway and international, and we participate actively in the public discussions. Equinor works methodically, strategically with how we're going to meet the energy future that very clearly will be different than it is today. Last year, we presented our energy transition plan. That puts the framework as to how we work with the transition going forward. As you heard several times today, it has support from 97% of the votes.
That was from last year, a solid mandate to continue the substantial work with the energy transition. We'll talked about impatience both from Manish and from the room, and we understand this. There is a lot of impatience when it comes to action to address the climate changes, and we share that impatience. We are also impatient. It's demanding challenges. There's a lot of great investments to have renewable energy grow and to decarbonize the operations that we're doing. We also want a future with lower emissions, and that's why we have the ambition for Net Zero in 2050. At the same time, we take it very seriously as a secure and predictable energy supplier. The last year and a half has shown us the importance of energy security.
Here, Equinor has played a great, a very important role to deliver oil and gas to Europe at a time where they needed it the most. During the years to come, we will continue to do this. To a decreasing degree, we will deliver renewable energy, low carbon solutions in line with what our host countries want. It is easy to say that nothing, not enough is done by the industry, the society, and Equinor. Several had mentioned that today. An impression is created that very little, nothing is happening. This is not right. Last year, we increased our investment in the renewable and low carbon, and we see an increase so far this year. Within 2030, we expect that more than half of our investment will go to renewable and low carbon.
This is what we mean when we say a balanced transition. We will continue to invest in oil and gas. Today, we have heard from many that does not want any more oil and gas projects. That's a legitimate stance to take, but this is where we disagree. For many years going forward, there will be a need for oil and gas, and that means something about where and how these resources are produced. The projects we cultivate will go through approval processes in their respective countries. As here in Norway, there will be different opinions about this, but at the end, the decisions will be made according to what is based on extensive democratic processes. Let there be no doubt, our climate ambitions and our energy transition plan stands firm.
We're gonna continue to work hard every single day to find good projects and solutions that takes us closer to our goal of Net Zero. While we do that, we need to deliver good ROI, return on investments for our shareholders and deliver on our purpose to change natural resources for energy and for people and prosperity for the future. Thank you. Thank you for, Chair. We are now done with questions in regards to item 6 to 10. We're gonna take a 10-minute break now. We will be back at 5:33 P.M., and then we will take 1 up.
Okay. We'll just continue the meeting, please. We need to come in the room, and we're back to case 6, and approval of financial statements and annual report for 2022. We now give the word to Auditor Torunn Sellevig from EY, who will read an excerpt from the revision for 2022. Annual general meeting. We refer to our audited opinion issued at 14th of March 2023, which is included in the company's integrated annual report on page 275. We have audited the financial statements of Equinor ASA, the company which comprised the financial statements of the company and the consolidated financial statements of the company and its subsidiaries, the group.
Financial statements of the company comprise the balance sheet as at 31 December 2022 and the income statement of comprehensive income, statement of cash flows, and statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. The consolidated financial statements of the group comprise the balance sheet as at 31 December 2022, the income statement of comprehensive income, statement of cash flows, and statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. Key audit matters for the audit of 2022. Impact of. Key audit matters were impact of, climate change and energy transition on the financial statements.
Recognition of deferred tax asset related to the U.S. filing jurisdiction, recoverable amounts of production plants and oil and gas assets, including assets under development. Estimation of the asset retirement obligation. In our opinion, the financial statements comply with applicable legal requirements. The financial statements give a true and fair view of the financial position of the company as at 31st of December 2022, and its financial performance and cash flows for the year then ended in accordance with simplified application of international accounting standards according to Section 3 to 9 of the Norwegian Accounting Act. The consolidated financial statements give a true and fair view of the financial position of the group as at 31st of December 2022, and its financial performance and cash flows for the year then ended in accordance with international financial reporting standards as adopted by the European Union. Thank you for your attention.
I say thank you to the auditor. On behalf of the Corporate Assembly, I want to read about the proposal from the board. In a meeting on 22nd of March 2023, the Corporate Assembly has treated the financial statements and the annual reports for 2022 for Equinor ASA and the Equinor Group, and the board's proposal for disposal of the year's result in Equinor ASA.
The Corporate Assembly gives its approval of the board's proposal for the financial statement annual report and disposal of the year's income. General Assembly is asked to approve the board's proposal for financial statements for 2022 for Equinor ASA and for Equinor Group, and the report and distribution of dividend for the Q4 of 2022 of $0.3 per share and an extraordinary dividend of $0.6 per share. Payout of the dividend, distribution of dividend will probably happen on the 25th of May 2023. If you haven't voted for item 6, we ask that you do so now since the item will be closed for voting very briefly.
We have a confirmation from DNB in favor of the proposal. It has passed. Now to case 7, authorization to distribute dividend based on the financial statements of 2022. Remember that the voting will close soon. I remind that questions and commentaries to the case have been treated. The proposal is found in the notice shown on the screen and will not be read out loud. The voting will end shortly. We have confirmation from DNB that there is majority in favor of the proposal, and the proposal has passed. We go to case 8, the proposal that is seen on the screen.
Remember that voting will be closed soon, and we remind you that if you want to support the proposal, you vote for, and you vote against the proposal if you want to follow the recommendations from the Board. Voting will be closed shortly. We now have confirmation that there is a majority against the proposal, and the proposal does not pass. To Item 9, the proposal is shown on the screen. Remember that voting ends soon. Remind you that if you want to support the proposal from the shareholder, then you vote for, and if you want to support the Board who are against it, you vote against. Voting will briefly be closed shortly. We now have confirmation from DNB that there's a majority against the proposal, and the item does not pass.
To item 10, the proposal is visible on the screen. Remember that voting will end soon. If you want to support the proposal from the shareholder, you vote for the proposal, but if you want to vote with the board, then you vote against the proposal. Voting ends soon. We now have confirmation from DNB that there is majority against the proposal, and the proposal does not pass. Item 11, the proposal is visible on the screen. Remember that voting ends soon. If you want to support the proposal, you vote for the proposal. If you want to vote against the proposal, and follow the board recommendation, you vote against the proposal. Voting ends soon. You're good? Okay.
We now have confirmation from DNB that there is a majority against the proposal. The proposal does not pass. We go to item 12, and the proposal is on the screen. Remember that voting soon ends. If you want to support the proposal from the shareholders and vote. If you wanna vote against the proposal and follow the board's recommendation, you press against. Voting will end soon. It has been confirmed from DNB that there is a majority against the proposal, and it does not pass. We go to item 13, and the proposal is visible on the screen. Remember that the voting soon ends. If you want to support the proposal from the shareholder 1, you vote for the proposal. If you want to follow the board's recommendation, you vote against the proposal.
The voting will soon be closed. We now have confirmation from DNB that there's a majority against the proposal, and it does not pass. We go to item 14, and voting for that. The proposal is visible on the screen. Remember that voting will soon be closed. If you want to support the shareholder's proposal, you vote for the proposal. If you want to support the board's recommendation, you vote against the proposal. Voting will soon be closed. We now have confirmation from DNB that there is the majority against the proposal, and it does not pass. The results for the shareholder proposals follow the appendix for the minutes, which is posted on the company website briefly very soon after the general meeting.
We go to case 15, which concerns the board's account concerning corporate governance. The voting will soon end, and I remind you that questions and comments about this have already been heard. In accordance with the Public Limited Liability Companies Act, Section 5-6, the general assembly will treat the board's account of corporate governance in accordance with the Norwegian Accounting Act, section 3-3 B. The account for 2022 is included in section 5-1 in Equinor ASA's annual report available on Equinor's web pages. The general assembly will do an advisory voting concerning the account. We refer to the board's chair's comments to the account earlier today. Proposal to...
The proposal is available in the notice on the screen and will not be read out loud. Voting will close very soon. We now have a confirmation from DNB that there's a majority for the proposal, and the general meeting gives its approval to the board's accounts. We go to item 16, which is the treating the board's guidelines for salaries and other remuneration to leading personnel and the report on salary and other remuneration to leading personnel. Remember that the voting will be closed when the item has been treated. In accordance with the act, Public Limited Liability Companies Act, section 6-16 a, the board will make guidelines for setting the salary and other remuneration to leading personnel. The proposed guidelines are available on Equinor's home pages.
Pursuant to the PLLA, section 6-16 B, the board will make a report concerning remuneration for leading personnel. The salary report is presented as its own report and in note 4 in Equinor ASA's accounts, financial statement. This is available at Equinor's web pages. Thank you.
Equinor's remuneration policy for,
Equinor's remuneration policy for corporate management is firmly rooted in the company's values, personal policy strategy, and the company's performance-oriented reward framework. When determining the wage level for corporate management, the starting point is always the local market. In its work on compensation, the board attaches great importance to the fact that moderation is shown and that Equinor should not be the market leader, but at the same time, we must be able to offer the company's top management conditions that are competitive. Guidelines and a reporting format in relation to leadership's pay are therefore subject to continuous improvement work in terms of quality and welcoming shareholders' information needs and Equinor's need for the right framework for remuneration. Through report on remuneration for leading persons, the board has provided an orientation on the overall reward for the corporate management in 2022.
This year, the remuneration reports appears in a new independent format and is, among other things, more detailed than in the past. This restructuring is the first and fresh board response to the desire of shareholders terms on higher level of detail in their reporting. The determination of the allowance of Equinor's group management for 2022 has been made in accordance with current guidelines in the remuneration policy for leading personnel as decided at the ordinary general meeting in 2021. Pursuant to sections 6 and 16 of the Public Limited Companies Act, these guidelines will basically be valid for 4 years. If significant changes during the 4-year period, the changed guidelines must be presented to the general meeting for a new decision.
During 2022, the board of directors has prepared new guidelines called Guidelines for Reimbursement of Leading Persons Personnel. The new guidelines have been significantly changed in relation to the existing ones and therefore being presented to the general assembly for a decision. The background for the new guidelines is partially shareholders and partially the board's desire for more details and more a temporary format, but significant changes has also been required for meeting new expectations of leadership wage policy towards the end of 2022 from the Norwegian state, and that applies to companies where the state has a stake.
The most important changes in the proposed new guidelines are a significant reduction in maximum variable salaries for the group management for meeting the Norwegian state's expectations of such reduction, as well as more explanation of the individual element of the overall allowance and the various mechanisms for performance adjustment of compensation and the relationship between performance and allowance or remuneration. The CEO's term. General wage increase for CEO Opedal in 2020, 4.9%. Opedal basic salary amounted to NOK 10 million.
The CEO has a variable performance-based salary with the potential of a maximum of 45% of total fixed salary, a long-term incentive scheme with share purchases up to 30% of fixed salary. The board, on the basis of the CEO's performance and the aforementioned applicable guidelines for reimbursement to the group management, has decided and awarded a variable salary for the 2022 performance year of NOK 4.1 million. In our assessment of the CEO's performance for 2022, the board has assumed that deliveries in important areas have been over on or below the goals set. 2022 was an extraordinary year for Equinor, characterized by geopolitical turmoil, energy crisis, increased spotlight on energy supply security, and immediate need for reliable and sanction-free energy deliveries to Europe.
In this market, Equinor delivers strong operational results that enable the conversion of high commodity prices to record high results and world-leading pre-tax profits. For the delivery goals that form the basis for the board's assessment of the CEO's variable salaries, number 1, the frequency of serious incident according to the objective. Otherwise, it was historically low numbers. Number 2, CO2 intensity for the upstream portfolio ended well below the target and came out a little bit better than in 2021. Number 3, gross proportion of investments in renewable energy and low carbon solution ended at 14%, which was just under the target of more than 15%. Number 4, Equinor return on average capital employed was best amongst comparable companies.
5, a relative position among comparable companies for total returns to the shareholders were above average. Employee surveys shows improvement in many areas from 2021 to 2022. Areas such as security, compliance, trust in management, and the company's strategic ambitions scored high. The need to maintain a focus on continuous improvement has also been identified. Equinor's financial position and balance has been further strengthened in 2022. The board's impression is that both performance and the company's compliance with strategy has been well received in the investor market. When it comes to members of the group management, in the case of members of the group management, it is allocated to the CEO to determine compensation in accordance with the guidelines.
I point out that the board of the Compensation and Leadership Development Committee consulted by the CEO's assessment of wage adjustments for the group management, and similar to the CEO's performance assessments that form their basis for their variable salaries. Closing comments, the remuneration system for managers should ensure that we attract and retain employees who are strongly motivated to deliver on the company's business strategy and who are able to adapt to a changing business environment. The company and our industry were hit very hard by the pandemic and severely falling prices in 2020. By 2022, this has turned to the historically best financial result. This combined with good results within HSE and operations also makes as a consequence for 2022's remuneration.
The board's assessment otherwise, that the company's remuneration system and reward practices are transparent and are practiced in accordance with current guidelines and good business practices. Thank you for your attention.
Thank you, Jon Erik Reinhardsen. Pursuant to the PLLA, reference to 6-16 A, the board will. The general assembly will look at this every 4th year. She has now presented the new guidelines. The board suggests that 6-16 B, there should be an advisory vote on the remuneration. The board suggests that the general assembly give their approval. We then go to the vote if there are no comments to this item.
Sorry.
Present with the name, please, and 3 minutes. Equinor's CEO last year got salary, total salary of approximately NOK 19.6 million, NOK 2 million more than in 2021, if I'm not mistaken, and 41.5% more over 10 years, with a NOK 13.8 million paid out in 2012. The bonus payments and have increased by 16% since 2018. Statistics show that offshore and leadership salaries increased with almost 22% last year against a general addition for other people of approximately 3%. State leadership salary has a maximum of NOK 2 million. The LO leader has said that one cannot accept that the leaders take away the buying power of the people. Ulland Ly has said that he understands high lead...
that high leader salaries have provoked many people. Also, the management must be bound by frameworks. If not, trust must pay the price, which also ended in a higher salary increase this year. The guidelines for the management salaries that you give an account of, the mentioned situation and the minister says that there must be a salary moderation or like for managements for, like for other people, and this has not been commented in this report as far as I can see. The challenge ahead will be that when and how can Equinor in accordance with the ownership message, and I'm curious if the state has something to add to this today.
When can Equinor document that they show the necessary moderation and are not leading when it comes to salaries in their markets? Is the development in leadership salary in line with the other employees' salary increases? Like last year, I look forward to hearing if the state has any thing to add concerning this item. I can't see if anyone wants to speak, and I haven't seen anything from the chat, so I thank you for your statement. This item has been treated, and voting will end soon. We now have confirmation that there is a majority for the proposal and the general meeting has approved the guidelines for salary and remuneration for leading personnel.
We are now at case 17, which concerns remuneration for the auditor for the company. The item will be closed once the voting has ended. The general meeting is recommended to accept the remuneration for the auditor of NOK 49,894,487, and we will go to the vote if there are no comments to this case. I can't see that. There are no questions or comments. We then close the voting on this item very soon. We have now confirmation from DNB that there is a majority for the proposal, and the proposal has passed. We now go to item 18, fixing the remuneration to the corporate assembly's members. It is on the screen.
Please remember that voting will close once the item has been treated. The proposal was in the notice and will not be read out loud. On behalf of the nomination committee, this is online with the general salary increase in society. Any comments? No comments. There are no additional comments or questions, so we will be closing voting very soon. We have received confirmation from DNB that there is a majority for the approval and the proposal has passed. We go to item 19, fixing the remuneration for the nomination committee members. Remember that voting closes once the item has been treated. The proposal is in the notice and is shown on the screen and will not be read out loud.
On behalf of the nomination committee, I can inform that the nomination committee has suggested a change. Also, this increase is in line with the general development of salaries in society. Any comments? I can't see any comments. No questions or comments have come in. I therefore will close the voting very soon. We now have confirmation from DNB that there is a majority for the proposal and the proposal has passed. We go to item 20. Remember that voting ends once the item has been treated fully. Since 2004, the company has given a share savings arrangement for employees, and the business culture and loyalty will increase if they are owners in the company.
Long-term incentive program was established in 2007 to strengthen long-term interests community between the company's management and shareholders and the sustainability of the company and keeping employees in key positions. In the ordinary general meeting of 2022, it was passed to give the board the authority to acquire shares in the market. This authority is valid until the 30th of June, 2023. It is suggested that the general meeting gives the board a new authority to acquire shares in the market to continue the company's share-based incentive programs. The new authority shall replace the authority given on the 11th of May, 2022. Are there any comments or questions to this proposal?
It is on the screen, and it was in the notice. Voting will soon end if there are no comments or questions. We have confirmation from DNB that there is a majority for the proposal, and the proposal has been passed. We now go to item 21, capital reduction by deletion of own shares and sale of shares belonging to the Norwegian state. The proposal is in the notice and on the screen and will not be read. We go to voting if there are no comments to this item. There are no comments, no questions, and we then close the voting very soon.
It needs to have 2/3 of majority from the votes. We have gotten information from DNB that there are sufficient majority for the proposal, and the proposal is now passed. We're now gonna move on to item 22, proxy of acquisition of share in Equinor ASA in the market for,
Deletion.
Uh-
Subsequent deletion.
Subsequent deletion. The board recommend to the that the general assembly gives the board a proxy to purchase back up till 94 million of their own shares in the market, to purchase back their own shares, makes it that the remaining shares gets a higher owner share in the company. Also the suggestion is now on the board, and this will not be read out loud. We're going to go to voting unless there are any comments to this case. Please present yourself with a name, and I want to remind you that you have 3 minutes. Thank you, general assembly. Proxy to purchase more shares, I think it's kind of difficult. It's very expensive and not very responsible if you're gonna look forward into the future. It is uncertain and unknown, the future.
You can read that on the website that the future is insecure. This is something that we actually do know. I think it's difficult to support this kind of proposal to buy back 94 million shares. If we look at that, last year, 568,800 shares in buyback, and the compensation for the state was over NOK 40 billion. If they used NOK 30 billion to buy shares plus the compensation to the state, that's probably twice as much as last year, then we get closer to NOK 100 billion. Either way, a ton of money. I think we should use more money to invest. Maybe we can find some investment that the grandmothers will be happy for with that much money instead of purchasing back shares.
There's too much money that's going to the shareholders. This is on top of the huge profit to everybody, which is nice, but I think they're using way too much money to purchasing back shares. I would like the general assembly to think and just not support this size buyback purchase program. I think that the CEO can talk about this when it comes to uncertainty, but also talk about why using so much money on this. Thank you for your presentation. I want to remind you of the statement in the case. The case is now in process and the voting will be closed within a short period of time.
We have gotten a confirmation from DNB that there's been a majority for the proposal, and the proposal has passed. All items on the agenda has been handled. There will be a protocol from the general assembly will be posted on the company's website. I thank you for your engagement around today, and thank you to all the shareholders that have participated in the general assembly. Thank you for the contributions and the meeting is adjourned.