Statoil has rejected a call to withdraw from oil sands activities in Canada.
The Norwegian operator’s general meeting considered three proposals submitted by shareholders. The proposals included Statoil withdrawing from oil sands activities in Canada, ceasing operations in ice laden waters in the Arctic and terminating its engagements in Angola and Azerbaijan.
It was also proposed the freed-up capital then be used to research, develop and produce sustainable energy. All three proposals were refused.
However, the board did approve the firm’s annual accounts and annual report. The general meeting also authorised the board to begin distributing quarterly dividend payments.
The board will now acquire separate shares in Statoil ASA to fund the share saving plan for employees.
Following the meeting, Olaug Svarva will continue in her role as chairwoman.