1

Equinor remuneration report for 2023

Corporate executive committee, board of directors and corporate assembly

Contents

1 Preamble ................................ ................................ ................................ ........................ 2

1.1 Introduction ................................ ................................ ................................ ............. 2

1.2 Letter from the chair of the board of directors ................................ .......................... 3

Equinor in 2023

 ................................ ................................ ................................ ............................... 3

Equinor executive performance and remuneration in 2023

 ................................ .............................. 3

A revised executive remuneration policy

 ................................ ................................ .......................... 3

1 January 2024 base salary adjustment

 ................................ ................................ .......................... 5

Changes in the CEC in 2023

 ................................ ................................ ................................ ........... 6

2 Key developments in remuneration – 2023 ................................ ................................ ..... 7

2.1 Overall company performance in 2023 ................................ ................................ .... 7

Safety, security and sustainability

 ................................ ................................ ................................ .... 7

People and organisation

 ................................ ................................ ................................ .................. 7

Operations

 ................................ ................................ ................................ ................................ ....... 7

Market

 ................................ ................................ ................................ ................................ ............. 8

Finance

 ................................ ................................ ................................ ................................ ........... 8

2.2 Performance-based modifiers used in calculating variable pay ................................ 8

Threshold for payments under variable pay plans

................................ ................................ ............ 9

Company performance modifier

 ................................ ................................ ................................ ....... 9

2.3 The board of directors’ assessment of the chief executive officer’s performance ... 10

2.4 Summary of targets and achievement of corporate performance indicators and goals forming

the basis for annual variable pay ................................ ................................ ......................

11

From performance to AVP award ................................ ................................ ................................ .. 12

2.5 Key developments in corporate executive remuneration in 2023 ........................... 13

Execution of policy on executive remuneration in 2023

 ................................ ................................ . 13

Remuneration policy changes - 2024

................................ ................................ ............................. 14

General notes on remuneration elements - 2023

 ................................ ................................ ........... 14

Notes on roles and remuneration of CEC members in 2023

 ................................ .......................... 16

2.6 Derogations and deviations from remuneration policy ................................ ........... 16

2.7 Right to reclaim (‘malus and clawback’) ................................ ................................ . 17

2.8 Shareholder feedback on the remuneration report for 2022 ................................ ... 17

2.9 Activities of the compensation and executive development committee in 2023...... 17

3 Remuneration and share ownership of the board of directors and corporate assembly 17

2

3.1 Remuneration of the board of directors................................ ................................ .. 17

3.2 Total number and value of shares held by the members of the board of directors . 18

3.3 Remuneration of the corporate assembly ................................ .............................. 19

3.4 Shares held by the members of the corporate assembly ................................ ....... 20

4 Remuneration and share ownership of the CEC ................................ ........................... 20

4.1 Remuneration of the CEC................................ ................................ ...................... 20

4.2 Shares awarded or due to the CEC in the reported financial year ......................... 22

4.3 Total number and value of shares held by the CEC ................................ ............... 26

4.4 Performance and AVP awarded to the CEC members in the reported financial year27

4.5 Key performance indicators and behaviour goals forming the basis for AVP for the CEC in

2024 36

5 Remuneration and company performance for 2019-2023 ................................ ............. 38

5.1 Comparative tables over the remuneration and company performance compared to the last

five reported financial years ................................................................ ............................. 38

6 Statement by the board of directors on the remuneration report ................................ ... 41

7 Independent auditor’s statement on the remuneration report ................................ ........ 43

8 Appendix: Executive remuneration policy 2021 ................................ ............................ 44

8.1 Remuneration to the board of directors................................ ................................ .. 44

8.2 Remuneration to the corporate assembly ................................ .............................. 44

8.3 Remuneration to the CEC................................ ................................ ...................... 44

1 Preamble 

1.1 Introduction

The remuneration report contains information on the remuneration for: 

-

 Equinor’s corporate executive committee (CEC) consisting of the chief executive officer (CEO)

and the executive vice presidents (EVPs)

-

 Equinor’s corporate assembly 

-

 Equinor’s board of directors (BoD)

The remuneration report is proposed by the BoD, where an advisory vote shall be held by the 2024

annual general meeting (AGM), pursuant to the Norwegian Public Limited Liability Companies Act,

section 6-16b and regulation 2020-12-

11

-2730 and the Norwegian Accounting Act section 7-31b.

The remuneration report should be read in conjunction with the 2021 remuneration policy, which is

included in the Appendix.

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1.2 Letter from the chair of the board of directors

On behalf of the BoD, I present to you Equinor’s remuneration report for 2023. Our objective is to

provide a comprehensive and transparent overview of the remuneration of the BoD, the corporate

assembly and the CEC in 2023.

Equinor in 2023

In 2023, we continued our focus on developing the energy solutions for tomorrow, while securing the

energy needed today.

The geopolitical situation in the world remains tense. Uncertainty and volatility have continued to impact

economic growth and energy markets. Equinor’s role as a reliable energy provider has never been

more important, particularly with respect to securing a stable supply of gas to Europe. 

Equinor’s strategy has been resilient, ensuring energy security, transition, and growth. In 2023, we

delivered our second-best result ever on adjusted earnings. More details on Equinor’s performance

results within the different perspectives of our performance assessment are presented further in this

report and in Equinor’s annual report.

Equinor executive performance and remuneration in 2023

The base salary increases for the members of the CEC in 2023 were at, below and above the general

salary increase frame for Equinor ASA employees. 

Equinor’s overall strong financial and operational results in 2023 as described in section 2, was

confirmed through the CEC members’ individual performance results and reflected in their annual

variable pay awards.

An important focus area in 2023 was work on developing and deciding changes to the remuneration of

the CEC members, to meet the requirements of the revised State's Guidelines for the Remuneration of

Senior Executives in Companies with Direct State Ownership (state guidelines) of 12 December 2022. 

A revised executive remuneration policy

In May 2023, the AGM approved a revised remuneration policy for Equinor senior executives effective

from 1 January 2024. The policy contains the principles and approach for setting remuneration for the

CEC. 

Shareholder expectations, including those of the Norwegian state as set out in the state guidelines, are

important inputs considered in the new policy. 

The policy states that reward in Equinor shall be competitive, but not market leading. It should support

the fulfillment of the company's strategy and be acknowledged as moderate, fair, transparent,

consistent, and non-discriminatory.

In response to the state guidelines and the introduction of the new remuneration policy, market

benchmarks have been conducted by two independent survey providers to establish Equinor’s position

towards relevant peers in Norway. The peer group encompasses the largest companies in Norway,

including peers where the Norwegian state has ownership interests. Based on Equinor’s financial value,

business complexity and impact, the executive roles are generally being weighted higher than similar

roles amongst peers in Norway. The benchmarks have therefore been supplemented with an extensive

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market data report allowing for comparison of remuneration data for similarly weighted executive roles

across all market segments in Norway. This combined approach has enabled the establishment of

broadly substantiated base salary market medians for all the Equinor CEC roles in a Norwegian market

context. 

Equinor senior executives have proved to be attractive outside Norway. To fully understand and monitor

retention risk for this group, benchmarking towards the Nordic and European markets and towards the

companies in Equinor’s corporate industry peer group has also been conducted. Equinor’s CEC roles

are significantly below median compared to these markets. This is also confirmed by comparison of

salary levels between industry peers’ corporate groups, see figure below.

Equinor’s positioning vs. corporate industry peer group. Numbers are total remuneration in MNOK. Source: 2022 annual

reports/remuneration reports

In this context the BoD considers the established market medians for the Norwegian market to

represent the minimum competitive remuneration level for the CEC roles. Overall, Equinor’s CEC roles

are positioned at or below the Norwegian market medians.

Equinor seeks to build and retain a diverse executive team that reflects the company’s global footprint

and strategy of becoming a broad energy company. The market positioning of individual roles was the

main objective when deciding the annual base salary adjustments for the CEO and other members of

the CEC in 2023. The aim for the adjustments has been to maintain, or progress over time, towards a

position at the market medians in Norway. Individual performance has been utilized to tune the final

adjustments. The annual salary review for all employees in Equinor ASA has also been considered. 

Equinor has historically applied a consistent and moderate approach to salary placement and growth

for senior executives and other employees. This has resulted in CEO remuneration levels relative to all

employee's remuneration levels in Norway being substantially reduced over the last decade. The

average CEO-to-employee remuneration ratio for 2012-2013 was 18.13 compared to 14.38 for 2022-

2023 ref figure below. This exemplifies how the principle of moderation has been applied for

remuneration on executive level in Equinor over time.

5

0,00

5,00

10,00

15,00

20,00

2012-2013

(18.13)

2022-2023

(14.38)

CEO vs ASA employees in Norway

Total remuneration ratio

CEO vs. Equinor ASA employees in Norway, total remuneration ratio

Source: annual reports/remuneration reports

1 January 2024 base salary adjustment

The revised remuneration policy includes a reduction in the annual bonus from the previous max 45%

to max 25% of base salary and a reduction of maximum combined bonus and share programs from

80% to max 55% of base salary. The revised policy was effective from 1 January 2024.

This reduction in variable pay would weaken remuneration competitiveness for all CEC members.

Correspondingly, the financial impact of such a sudden and significant year-on-year reduction in

compensation entails increased retention risk. The reduction is also a departure from market practice

and represents as such a significant challenge in terms of recruiting to CEC positions. 

To secure competitiveness the BoD decided to maintain total remuneration levels after the reduction in 

variable pay levels. This is done through providing an extraordinary base salary adjustment, effective 1

January 2024. Although not effective in the 2023 reporting year, the BoD deems it pertinent to disclose

this adjustment now, as this was decided in 2023 and is effective at the time of the executive

remuneration report being published.

When deciding this adjustment, emphasis has been placed on predictability and fairness through

retaining a simple, stable, and transparent reward framework also for the CEC group of employees. The

adjustment further strengthens the weight placed on fixed pay as a percentage of total remuneration.

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Alignment with Equinor’s long-term approach of offering competitive remuneration within a moderate

framework for senior executives was also considered.

Changes in the CEC in 2023

Philippe François Mathieu joined the CEC on 1 January taking over as

EVP Exploration & Production

International (EPI) from

Alasdair Cook who resigned from the company.

There were no other changes and all members served on the CEC the full calendar year.

Jon Erik Reinhardsen

 Chair of the board of directors 

2 Key developments in remuneration – 2023

2.1 Overall company performance in 2023

The below summarises Equinor’s results for 2023 within the five perspectives of our performance

assessment, as described in the annual report. 

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Safety, security and sustainability

Strategic objective: An industry leader in safety and security with a clear energy transition plan

Equinor’s key safety indicators have improved over several years, and this level has been maintained

for 2023. The serious incident frequency indicator (SIF) for 2023 is at a historical low level, and only

marginally above the target. This was, however, overshadowed by one tragic fatality incident from a

contracted LPG tanker in Malaysia. The total recordable incident frequency was at 2.4, which is above

the target, but improved compared to 2022. There were 10 oil and gas leakages compared to eight in

2022. The improvement in safety critical maintenance continued in 2023 to the lowest levels ever

recorded. The CO

2

 intensity for the upstream portfolio was reduced further to 6.7 kg/boe in 2023, less

than half of the industry average.

People and organisation

Strategic objective: A values-based and purpose driven company that attracts and develops people 

The company continues to strengthen the capacity and capability through new recruitment. In 2023

Equinor welcomed around 2,000 new colleagues. The effort to reach the ambition set for diversity and

inclusion parameters continues. The 2023 global people survey (GPS) results show significant

improvement in the scores indicating that employees are feeling safe addressing concerns without fear

of negative consequences. Scores for engagement and commitment are the highest in five years.

Scores related to delivering on ambitions and contributing to sustainability are slightly reduced

compared to last year. 

Operations

Strategic objective: A top performing energy company 

The total equity production of gas and liquids increased by around 2% from 2,039 kboe/d in 2022 to

2,082 kboe/d in 2023. International production was strong in 2023. The increased capacity at Johan

Sverdrup contributed well to the growth. Turnarounds on the Norwegian continental shelf (NCS)

impacted production in the second and third quarter. The total gas production decreased by 5%, whilst

liquid production increased by 10%. 

The total power generation increased by 59% from 2022 to 2023 driven by Triton Power and Rio

Energy, up from 2,661 GWh to 4,235 GWh. The annual production was impacted by delays on the

Doggerbank A development. 

Market

Strategic objective: A flexible and sustainable energy portfolio

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Business development and sanctioning of new projects improved the oil and gas portfolio during 2023.

Sanctioning of key projects Raia, Rosebank, Sparta, the acquisition of Suncor UK and announced

divestments from Nigeria and Azerbaijan contributed to this. Equinor’s profitable project portfolio has an

average break-even price of around 35 USD per barrel. Maintaining this level, with the recent cost

inflation, demonstrates strong capital discipline and improvements. 

Equinor’s performance is in line with the ambitions in the energy transition plan to reach net zero in

2050. In 2023, 8 GW of renewable capacity was added to the project portfolio through the acquisitions

of Rio Energy and BeGreen. Gross capex share to renewables and low carbon was 20 %, on track to

above 30% by 2025, and above 50% by 2030. 

Finance

Strategic objective: A cash generating, profitable and competitive company delivering value to our

stakeholders 

Equinor delivered its second-best adjusted earnings result ever in 2023. The guiding for the midstream

segment was increased in 2023 and deliveries were in, or above the range for all quarters. Equinor

was ranked number one among peer group companies

1

 on relative return on average capital employed

(RoACE) and in 3rd quartile on total shareholder return (TSR) in 2023. Despite reduced gas prices and

continued cost pressure, Equinor maintained financial robustness and solid cash flow from operations

after tax in 2023 of around 20 USD bn, in line with the guiding for the year. Operating and

administrative expenses have increased by 10% from 2022, driven by inflation, increased production

and exchange rate movements. Organic, net capex was USD 10.2 billion for the full year, in line with

the guiding. 

2.2 Performance-based modifiers used in calculating variable pay

As described in the remuneration policy, a threshold and a company performance modifier (CPM) are

applied as a means of strengthening the link between the company’s overall financial results and the

individual’s variable pay. The results of these modifiers for 2023 are presented below. 

Threshold for payments under variable pay plans

With reference to the definitions and parameters described in the remuneration policy, the company

performance for 2023 is assessed as being in the green zone.

1

The composition of Equinor’s defined peer group can be found on equinor.com

– link

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(1) Cash flow provided by

operating activities after tax and

before working capital items was

USD 19.7 billion 

(2) Net debt ratio and

development was -21.6% 

(3) Company’s overall

operational and financial

performance: ref. section 2.1.

Combined result in

green zone

No

reduction

in

payout 

Company performance modifier

With reference to the definitions and parameters described in the remuneration policy, the CPM for

2023 is set at 117%.

-

 Relative RoACE result: number 1 (first quartile) in the peer group of 12 companies, including

Equinor. 

-

 Relative TSR result: number 8 (third quartile) in the same peer group.

-

 This results in a CPM at 117%

2.3 The board of directors’ assessment of the chief executive officer’s

performance

2023 proved to be yet another special year for Equinor. The challenging global security

situation deteriorated throughout the year and the uncertainty in the macroeconomic outlooks

observed in 2022 manifested itself through supply chain disruption, inflation, significant rise in

interest rates and energy market volatility. This impacted the company`s performance both

positively and negatively throughout the different areas of the business. 

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Equinor’s position as a key enabler for Europe’s energy security and supply was further

consolidated throughout the year with the initiation of new partner relations and stable

deliveries with long-term prospects. 

The year saw the transitional strategy continued to be brought into practice. There was a

significant increase in land- and offshore based power generation. Further commitment to the

strategy was proven through acquisitions and restructuring within renewable-, low carbon

solutions- and the oil and gas portfolios. 

The BoD would like to express that it recognizes that 2023 saw the best SSU results ever

measured. However, the result sadly enough includes a fatality accident on board an Equinor

chartered vessel, and this does overcast this achievement. The BoD appreciates the CEO’s

long term and continuous commitment to improving results within the wider SSU perspective

and is confident this systemic effort will continue to show results both short and long term.

The year was influenced by operational challenges. Still the financial result for Equinor came

out second best in the history of the company. This demonstrates and reinforces the company’s

proven ability to maintain high earnings, deliver on its ambitions and with very good relative

RoACE, even under demanding frame conditions.

In its total assessment of the CEO’s performance for 2023, the BoD has considered that the

deliveries in the key areas have been above, at or below targets. 

The

business delivery

 dimension (WHAT)

 used for the assessment of the CEO’s variable

remuneration (performance year 2023) was based on the following performance indicators

(KPIs): SIF, upstream CO

₂

 intensity, REN power production, relative TSR, relative

RoACE, unit

production cost (UPC). Ref. also Table 4 for details.

The 12 months

SIF

indicator had a target of 0.3. Although the result was at 0.4 (0.37), it was

historically low. Over the last 12 months 50 serious incidents have occurred. This is

approximately 10% less than the 2022 number. The activity level was higher than 2022

(approximately 1% more hours). 

The

CO

2

 intensity

 for the upstream portfolio ended at 6.7 kg CO

2

/boe in 2023. This is a

significant reduction from 2022 by more than 3%, and well below the target of 8.0 kg CO

2

/per

boe. The upstream production levels increased by around 1.4% and CO

2

 emissions decreased

by 0.7% compared to 2022.

 The result was delivered despite high liquid production, mainly due to

increased capacity at Johan Sverdrup. 

Unit production cost

 (UPC) increased 5% above target, in a market that was still highly

affected by inflation. The NOK/USD currency effect has been favourable for UPC whilst lower

production has had a negative effect. 

REN power production

 at 1,937 GWh was marginally below 2023 target of 2,000 GWh, but

still a substantial increase (288 GWh) from 2022. The main contributors were the new fields in

operation and acquired assets.

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With regards to the financial results, 2023 has shown very strong earnings. Equinor ended on

top in the peer group ranking on

 RoACE

and number 8 out of 12 on the

TSR

 ranking. The

financial robustness remains strong. 

The

business behaviour

 dimension

(HOW)

 used for the assessment of the CEO’s variable

remuneration was based on the following set of goals: Demonstrate accountability, visibility,

and engagement for safety, security, and compliance, Build trust in Equinor, Transform the

organization to deliver on our common purpose and become a leading company in the energy

transition, Develop strong and diverse succession pipeline, ref Table 4. 

The BoD's total assessment of these goals showed a robust result and an overall improvement

from 2022. 

Competence building to support the company’s transition strategy improved during the year

and ended above set target.

Equinor's recruitment level during 2023 was high. Increased attractiveness led to both renewal

and to closing the overall staffing gap. Although improved in some areas, the diversity and

inclusion result requires continued focus going forward.

The Equinor GPS shows general strong results and significant improvements from 2022. The

BoD’s impression of further progress and status on overall employee satisfaction remains

positive. 

Overall, the BoD is very satisfied with the CEO’s performance and will in particular highlight his strong

and consistent leadership whilst transitioning the company in a challenging external environment.

2.4 Summary of targets and achievement of corporate performance indicators

and goals forming the basis for annual variable pay

The BoD decides on a comprehensive set of KPIs and behaviour goals to facilitate direction and areas

of focus prior to each calendar year. The KPIs and behaviour goals to be used by the BoD to assess

the CEO’s performance in relation to the AVP for the upcoming calendar year are selected from this set

and included in an annual performance contract with the CEO. The selected performance indicators

and goals are those assessed to be most critical in achieving the core strategic objectives for the

company in the coming year. 

The corporate delivery KPIs and behaviour goals selected for the CEO are similarly set forth in a

performance contract between the CEO and EVPs, to the extent these are deemed relevant. For the

EVPs of business areas, a selection of additional business area KPIs supporting the company’s

strategic ambitions from the specific business area is included in their performance contracts. 

From performance to AVP award

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As described in the remuneration policy, performance forms the basis for the decision on annual

variable pay (“AVP”) percentages for the members of the CEC.

Common corporate delivery KPIs, business area specific delivery KPIs and behaviour goals are

measured separately and assessed holistically, as described below.

These together form the basis for payment of annual variable pay, where delivery KPIs and behaviour

goals each have a weight of 50%. For EVPs in business areas delivery KPIs are weighted to comprise

50% corporate KPIs and 50% business area specific KPIs. 

The individual KPIs and goals within a category are equally weighted initially and can be adjusted to

reflect prevailing business context and strategic priorities.

Group of CEC member 

Weighting of KPIs in “what” 

dimension – 50%

Weighting of goals

in “how”

dimension – 50%

Corporate

delivery KPIs

Business area

delivery KPIs

Corporate

behaviour goals

CEO and staffs EVPs (EVPs without BA responsibility)

50%

-

50%

EVPs with BA responsibility

25%

25%

50%

Delivery in 2023 against the selected corporate delivery goals (“what” dimension) which are applied to

the CEO, as well as the individual EVPs, is summarized as follows:

KPI 

Target 

Performance 

• Serious Incident Frequency 

0.3 or better 

0.4

• CO

2

 intensity for the upstream portfolio

8 kg CO

2

 per boe or better

6.7 kg/boe

• Relative TSR 

Above average in the peer ranking list

'ge 

Third quartile

• Relative RoACE 

Ranked in first quartile among peers

First quartile

• Unit production cost (UPC)

2

<6.0 USD/boe

6.2 USD/boe

• Renewable (REN) power production

3

2 TWh

1.9 TWh

For EVPs with business area responsibilities, the assessment of the business delivery dimension has in

addition been made against the following KPIs:

Business area

KPI

Unit

Target

EPN

Production

kboe/d

1,446

UPC

nominal USD/boe

5.8

Break-even price (CMU portfolio)

USD/bbl

<35

EPI

Production

kboe/d

677

UPC

nominal USD/boe

6.5

Break-even price (CMU portfolio)

USD/bbl

<35

2

O

nly apply to the CEO and staffs EVPs 

13

MMP

Production efficiency

%

 93.3

Net operating income (ex derivatives)

bn USD

 3.3

Fixed opex & SG&A

mill USD

1,285

REN

REN power generation

TWh

2 

Net operating income adjusted

mill USD

> -200

PDP

Number of wells

number

104

Break-even price (CMU portfolio)

USD/bbl

<35

Estimate development DG3-DG4

%

100

TDI

Low carbon R&D

 %

>30

Software consolidation progress

 %

50

TDI task responsibility cost savings

NOK mill, 100%

500

In terms of the “how” dimension, common behaviour goals are defined for the CEO and the EVPs with

reference to Equinor’s core values and leadership principles, as follows:

-

 Demonstrate accountability, visibility, and engagement for safety, security and compliance 

-

 Build trust in Equinor

-

 Transform the organization to deliver on our common purpose and become a leading company in

the energy transition

-

 Develop strong and diverse succession pipeline

Performance against these behaviour goals is measured on an individual basis for the CEC members.

The KPI targets and results of the business deliveries (“what”), and the behaviour goals and results

(“how”) and how these translate into the AVP award are presented for the individual CEC members in

the Table 4 section further below. 

The KPI targets and behaviour goals applicable for the performance measurement for

AV

P in 2024 are

presented in section 4.5.

2.5 Key developments in corporate executive remuneration in 2023

Execution of policy on executive remuneration in 2023

The remuneration of the CEC members for 2023 was determined in accordance with the remuneration

policy and principles approved by the AGM on 11 May 2021. These principles, as well as details on the

elements constituting executive remuneration are outlined in Equinor’s remuneration policy, see

Appendix.

The values-based performance framework and the main elements of remuneration applies to the CEC

members employed by Equinor ASA and subsidiaries, in accordance with Equinor’s remuneration

policy. 

No changes were introduced to the executive remuneration policy in relation to the 2023 reporting year.

14

Remuneration policy changes - 2024

Although not effective in the 2023 reporting year, the BoD finds it appropriate to inform of the revised

remuneration policy approved by the AGM on 10 May 2023, adopting the expectations set out in the

revised state guidelines from December 2022, effective from 1 January 2024. 

The policy introduces the following changes:

●

 The annual variable pay (AVP) target for CEC members employed in Equinor ASA is reduced

from 25% to 12.5% of base salary, with a maximum pay-out of 25% including the effect of the

CPM. 

●

 The CEO’s annual long-term incentive grant (LTI) is reduced from 30% to 25% of base salary. 

The 25% LTI grant for EVPs, the 5% share saving plan (SSP) contribution and 18% fixed allowance

paid in lieu of pension contributions above 12G

3

 remain unchanged.

The above ensures that no CEC member exceeds the maximum of 55% variable remuneration as set

out in Equinor's remuneration policy.

To mitigate the changes in AVP and LTI, an adjustment has been calculated and applied to the base

salary from 1 January 2024 to ensure that total remuneration is maintained at the current level.

Although the base salary is increased, the AVP payment will be reduced due to the lower percentage

applied in the calculations. SSP amounts will be higher as the maximum percentage for savings

remains unchanged. The same applies for LTI except for the CEO whose LTI is reduced.

In total, the adjustment ensures that the increase in base salary balances the changes to levels of AVP,

LTI and SSP, having a zero effect on total remuneration.

As payments of AVP vary year-on-year by both the individuals’ performance and the company

performance modifier, calculations on AVP are based on the results of these parameters for the

preceding 5-year period. This is to ensure that calculations under the new policy are based on historical

remuneration levels. 

General notes on remuneration elements - 2023

Fixed pay

The objective of the annual base salary review has been to maintain or progress towards market

median for similar positions in Norway. 

Individual performance and the average salary growth for all employees in Equinor ASA has also been

considered. 

Market median in Norway and Equinor’s executive roles relative to this has been established through

extensive benchmarking conducted by two independent survey providers. Equinor’s CEC roles are

positioned at or below market median for similar roles in the Norwegian market, and significantly below

median in the Nordic and European markets.

3

G represents the basic amount of the Norwegian social security system. 1G per 31 December 2023 equals NOK 118,620

15

The salary negotiations for Equinor ASA were settled at 5.6% in 2023. For the CEO and half of the

CEC, the base salary adjustment as measured in percentage was at or below the salary settlement in

Equinor ASA. 

Strengthening competitiveness and the need for calibrating towards median in the market has been the

main driver when providing the remaining CEC members with a salary adjustment above average in

Equinor ASA. The adjustment will move these CEC roles from a significant gap to market median closer

to market median. Most of the roles will however remain below median compared to similar positions in

Norway, and significantly below median in other relevant markets. Equinor’s objective is to progress

these roles towards market median in Norway over time.

Limiting the CEC base salary adjustment to the average salary adjustment for all employees in Equinor

ASA as measured in NOK has been considered. The BoD has, however, given the salary levels relative

to benchmarks, seen such salary adjustment of executive pay as a significant increase in risk when it

comes to recruitment and retention of key competencies and capabilities and the need for maintaining

attractive terms that support motivation and secure the leadership qualities amongst Equinor’s senior

executives required to safeguard secure and profitable operations and the continuing development of

the company in line with its established strategy.

Variable remuneration

Based on the overall company performance in 2023 and in accordance with the threshold criteria

described in the remuneration policy the AVP payments were not reduced. 

The target for annual variable pay for the CEC members, all of whom were employees of Equinor ASA

in 2023 was 25% of base salary, and the maximum annual variable pay for 2023 was 45% of base

salary. 

The company performance modifier and the threshold affect the final annual variable pay award. As

described above, the CPM was set at 117% for 2023. There was no threshold effect applied for 2023.

The LTI grants in 2023 were not reduced, as the threshold for the previous year – 2022 – was in the

green zone.

Benefits 

As described in the remuneration policy, members of the CEC employed in Equinor ASA are covered

by the company’s general occupational defined contribution pension scheme. A defined benefit scheme

is retained for a grandfathered group of employees. In 2023, this applies to Geir Tungesvik. 

A fixed salary addition calculated as 18% of base salary is provided in lieu of pension accrual above 12

G to members of the CEC covered by the general defined contribution pension scheme and

who were

employed by Equinor ASA before 1 September 2017. This addition does not form part either of the

pensionable salary or of the basis for variable pay.

Notes on roles and remuneration of CEC members in 2023

16

CEC member

Position

Period on CEC in 2023 and

notes on remuneration

Anders Opedal 

President and chief executive officer

(CEO)

Full year

Irene Rummelhoff 

EVP Marketing, Midstream &

Processing (MMP)

Full year

Geir Tungesvik

EVP Projects, Drilling & Procurement

(PDP)

Full year

Geir Tungesvik maintained in

the closed defined benefit

scheme.

Jannicke Nilsson 

EVP Safety, Security & Sustainability

(SSU)

Full year

Pål Eitrheim 

EVP Renewables (REN)

Full year

Philippe François

Mathieu

EVP Exploration & Production

International (EPI)

Full year

Kjetil Hove 

EVP Exploration & Production Norway

(EPN)

Full year

Hege Skryseth

EVP Technology, Digital & Innovation

(TDI)

Full year

Torgrim Reitan

EVP and Chief financial officer (CFO)

Full year

Torgrim Reitan is entitled to

early retirement from age 65

with a pension level amounting

to 66% of pensionable salary.

Siv Helen Rygh

Torstensen 

EVP Legal & Compliance (LEG)

Full year

Aksel Stenerud

EVP People & Organisation (PO)

Full year

Jannik Lindbæk

EVP Communication (COM)

Full year

2.6 Derogations and deviations from remuneration policy 

There were no derogations or deviations from the remuneration policy in 2023.

2.7 Right to reclaim (‘malus and clawback’)

There were no cases where the right to reclaim was exercised in 2023.

17

2.8 Shareholder feedback on the remuneration report for 202 2

The remuneration report for 2022 was presented for approval (advisory vote) at the annual general

meeting on 10 May 2023 and was endorsed by a significant majority. The portion of the votes in favour

of the remuneration report for 2022 constituted 99.15% of the total votes cast. There were no additional

statements from shareholders regarding the 2022 remuneration report to the 2023 AGM.

2.9 Activities of the compensation and executive development committee in 2023

The activities of the board compensation and executive development committee (BCC) in 2023 were in

line with the instructions from the BoD which are available on

equinor.com

. 

The BCC had a high focus in 2023 on ensuring compliance with the revised state guidelines. This

included discussing and reviewing the proposal for revising the balance and level of the CEC members’

remuneration elements effective 1 January 2024, as described in section 1.2.

Other activities included:

-

 Discussions on the trends within the executive talent market and executive remuneration

-

 Executive succession planning and talent review

-

 Recommendation to the BoD on the threshold used in calculating variable remuneration, based on

relevant company performance results

-

 Recommendation to the BoD on the base salary review for the CEO

-

 Review and submission for approval of the BoD of the performance evaluation and goals for the

CEO 

-

 Assessment and submission for the decision of the BoD of the proposal for AVP of the CEO

-

 Presentation by the CEO of the performance assessment and considerations on AVP awards to

the EVPs

-

 Discussion of the evaluation by the BoD and self-assessment of the performance of the BCC

-

 Review and submission for approval of the BoD of the instructions to the BCC

3 Remuneration and share ownership of the board of directors and

corporate assembly

3.1 Remuneration of the board of directors 

In 2023, the total remuneration to the BoD, including fees for the BoD's three committees, was USD

746 thousand (NOK 7,885 thousand). 

Detailed information about the individual remuneration to the members of the BoD in 2023 is provided

in the table below.

18

Total remuneration

Members of the BoD (figures in USD thousand)

2019

2020

2021

2022

2023

Jon Erik Reinhardsen (chair of the BoD)

110

108

119

110

103

Anne Drinkwater (deputy chair of the BoD)

100

88

82

96

101

Rebekka Glasser Herlofsen

62

59

66

66

67

Jonathan Lewis

93

76

70

80

82

Finn Bjørn Ruyter

37

69

77

71

67

Tove Andersen

-

27

59

55

52

Michael Lewis

1

28

37

Haakon Bruun-Hanssen

-

-

-

-

66

Per Martin Labråten

2

56

54

66

65

62

Stig Lægreid

2

56

54

59

55

53

Hilde Møllerstad

2

32

59

66

61

57

Employee representative deputy members of the BoD

Hans Einar Haldorsen

3

Bjørn Palerud

-

-

-

-

Anita Skaga Myking

-

-

-

-

Harald Wesenberg

4

1) Member of the BoD until 16 March 2023 

2) Employee-representative members of the BoD 

3) Deputy member until 30 June 2023 

4) Deputy member from 1 July 2023

Total remuneration of members of the BoD (figures in USD thousand)

2019

2020

2021

2022

2023

714

754

832

801

746

3.2 Total number and value of shares held by the members of the board of

directors

The number of Equinor shares owned by members of the BoD of and/or owned by their close

associates is shown below. Individually, each member of the BoD owned less than 1% of the

outstanding Equinor shares.

The voting rights of members of the BoD, the CEC and the corporate assembly as a shareholder do not

differ from those of ordinary shareholders.

Ownership of Equinor

shares (incl. shares

owned by close

associates)

As of 1 Jan.

2023

As of

31

Dec.

2023

Market value as of 31

Dec. 2023, USD

thousand

As of 12

March 2024

Jon Erik Reinhardsen

4,584

4,584

140

4,584

Anne Drinkwater

1,100

1,100

34

1,100

Rebekka Glasser

Herlofsen

220

220

7

220

Jonathan Lewis

-

-

-

-

Finn Bjørn Ruyter

620

620

19

620

19

Tove Andersen

4,700

4,700

143

4,700

Michael Lewis

-

-

-

-

Haakon Bruun-Hanssen

-

-

-

-

Per Martin Labråten

587

894

27

1,052

Stig Lægreid

5

147

4

147

Hilde Møllerstad

6,290

3,005

92

3,676

Deputy members

Hans Einar Haldorsen

1,875

-

-

Bjørn Palerud

974

1,305

40

1,497

Anita Skaga Myking

6,240

6,654

203

6,891

Harald Wesenberg

-

936

29

1,137

3.3 Remuneration of the corporate assembly 

In 2023, the total remuneration to the shareholder and employee-elected members of the corporate

assembly was USD 117 thousand (NOK 1,240 thousand).

Total

remuneratio

n

Corporate assembly employee elected members (figures in USD

thousand)

2022

2023

Peter Bernhard Sabel

5

5

Trine Hansen Stavland

1

-

3

Ingvild Berg Martiniussen

2

5

5

Berit Søgnen Sandven

5

5

Frank Indreland Gundersen

3

1

3

Per Helge Ødegård

2

5

5

3

Raymond Midtgård (observer)

4

-

3

Vidar Frøseth (observer)

5

1

3

Kjetil Gjerstad (observer)

5

2

4

Oddvar Karlsen

6

5

2

Lars Olav Grøvik

6

5

2

Terje S. Enes

6

5

2

Frode Mikkelsen

6

5

-

Anne Kristi Horneland (observer)

6

5

2

Employee elected deputy members who received member fees

Terje Herland

1

1

Porfirio Esquivel

7

-

1

Steinar Kåre Dale

6

2

-

Katrine Knarvik-Skogstø

6

2

-

Total remuneration

54

45

20

1) New member from 11 May 2023 

2) New member from 11 May 2023, previous observer 

3) New member from 11 May 2023, previous deputy 

4) New observer from 11 May 2023 

5) New observer from 11 May 2023, previous deputy 

6) Left the corporate assembly as of 10 May 2023 

7) New deputy from 11 May 2023

3.4 Shares held by the members of the corporate assembly

Individually, each member of the corporate assembly owned less than 1% of the outstanding Equinor

shares as of 31 December 2023 and as of 12 March 2024. In aggregate, members of the corporate

assembly owned a total of 18,794 shares as of 31 December 2023 and a total of 21,035 shares as of

12 March 2024. Information about the individual share ownership of the members of the corporate

assembly is presented in section 8 of the annual report «Board statement on corporate governance”. 

4 Remuneration and share ownership of the CEC

4.1 Remuneration of the CEC

In 2023, the aggregate remuneration to the CEC was USD 10,689 thousand (2022: USD 12,647

thousand). 

No loans have been granted by the company to members of the CEC.

Below is an overview of the total remuneration of the CEC members in 2023.

21

Table 1 – Remuneration of the corporate executive committee for the reported financial year

2023

All remuneration elements are provided in the currency of the employing entity and converted to USD at

the average exchange rate for the year. As of 2023, the exchange rate used in quarterly reporting is

consistently applied to remuneration reporting, i.e. USD/NOK. For 2023 the exchange rate is USD/NOK

= 10.5647.

Fixed remuneration

Variable remuneration

Fees

One-

year

variable

Multi-year

variable

Members of the corporate 

executive committee 

(figures in USD thousand)

Base

salary

Fixed

salary

addition

Other

fees

Fringe

benefits

AVP

LTI

SSP

Extra-

ordinary

items

Pension

expenses

Total

remune-

ration

Proportion of

fixed and

variable

remuneration

Anders Opedal

951

171

105

29

391

281

9

0

27

1,963

65%/35%

Irene Rummelhoff

419

75

55

5

149

102

39

0

28

873

67%/33%

Jannicke Nilsson

342

61

65

47

124

84

32

0

35

790

70%/30%

Pål Eitrheim

378

68

63

25

135

92

0

0

22

783

71%/29%

Kjetil Hove

472

85

59

34

180

115

30

0

29

1,005

68%/32%

Siv Helen Rygh Torstensen

297

53

74

5

115

73

26

0

26

670

68%/32%

Geir Tungesvik

375

68

60

10

141

92

27

0

21

794

67%/33%

Philippe François Mathieu

396

71

72

37

160

97

22

0

27

883

68%/32%

Torgrim Reitan

450

81

59

7

165

110

40

0

25

936

66%/34%

Aksel Stenerud

298

54

30

29

108

73

17

0

31

639

69%/31%

Hege Skryseth

381

0

78

14

145

95

0

0

17

731

67%/33%

Jannik Lindbæk

292

53

24

26

103

72

23

0

29

623

68%/32%

Remuneration of the corporate executive committee for the financial year 2022

All remuneration elements are provided in the currency of the employing entity and converted to USD at

the average exchange rate for the year. The exchange rate used for 2022 was: NOK/USD =0.1043

(corresponding to USD/NOK 9.5877).

22

Fixed remuneration

Variable remuneration

Fees

One-

year

variable

Multi-year

variable

Members of the corporate 

executive committee 

(figures in USD thousand)

Base

salary

Fixed

salary

addition

Other

fees

Fringe

benefits

AVP

LTI

SSP

Extra-

ordinary

items

Pension

expenses

Total

remune-

ration

Proportion of

fixed and

variable

remuneration

Anders Opedal

999

180

97

28

411 

295

6

0

28

2,042

65 %/ 35 %

Irene Rummelhoff

436

78

74

10

198 

107

28

0

29

961

65 %/ 35 %

Jannicke Nilsson

360

65

87

47

138 

89

23

0

37

844

70 % / 30

%

Pål Eitrheim

393

71

31

23

146 

97

0

0

23

783

69 % / 31

%

Kjetil Hove

490

88

72

31

202 

120

21

0

30

1,055

67 % / 33%

Siv Helen Rygh Torstensen

311

56

68

20

120 

77

14

0

27

691

70 % / 30

%

Geir Tungesvik

264

48

37

1

98 

65

12

0

17

541

68 % / 32

%

Torgrim Reitan

116

20

21

1

46 

29

7

0

6

245

67 % / 33%

Aksel Stenerud

260

47

49

17

101 

64

10

0

28

575

70 % / 30

%

Hege Skryseth

139

0

33

1

52 

35

0

156

6

422

42 %/ 58 %

Jannik Lindbæk

257

46

24

17

99 

63

14

0

26

546

68 % / 32

%

Notes to the table “Remuneration of the corporate executive committee for the reported financial year”:

●

 The figures are presented on an accrual basis, i.e. for the earning period. 

●

 Comparative figures for 2022 are included for those employees who were part of the CEC in both

2023 and 2022.

●

 All CEC members received their remuneration in NOK.

●

 All figures in the table are presented in USD based on average foreign currency exchange rates.

Average rates 2023: USD

/

NOK = 10.5647, (2022: NOK/USD = 0.1043, corresponding to USD/NOK

9.5877). 

●

Other fees

 include car allowance, holiday pay and other cash payments. 

23

●

Fringe benefits

 include benefits in kind such as company car, commuter apartments and health

program. 

●

AVP

(annual variable pay) is earned in the reporting year and paid out in the following year. 

●

LTI

(long-term incentive)

:

The value included in Table 1 represents the grant, i.e. gross amount,

which, after deduction of tax is invested in shares in the reporting year and subject to a lock-in

period. 

●

SSP

(share savings plan):

the amounts represent the value of the bonus shares received in the

reporting year after the applicable holding period. Refer to the remuneration policy in the Appendix,

section 8.3, for details of this plan. 

●

Pension expenses:

Estimated pension cost for the defined benefit scheme is calculated based on

actuarial assumptions and pensionable salary (mainly base salary) at 31 December 2022 and is

recognised as pension cost in the statement of income for 2023. Geir Tungesvik is maintained in

the closed defined benefit scheme. The pension cost for the defined contribution scheme is

represented by the respective contributions. For the notional contribution scheme, the pension cost

is represented by the contributions and the fair value changes of the employees’ notional assets.

The remaining members of the CEC employed are covered by the defined contribution pension

scheme.

4.2 Shares awarded or due to the CEC in the reported financial year 

Table 3 

Refer to the remuneration policy for details of the share-based plans.

-

 Column 4 “Vesting date” has been excluded from the table, as this represents the same date as

shown in column 5 “End of holding period”.

-

 Column 9 “Shares subject to a performance condition” has been excluded from the table, as there

are no performance conditions in relation to shares.

-

 Column 10 “Shares awarded and unvested at year end” has been excluded from the table, as this

represents the same date as shown in column 11 “Shares subject to a holding period“

-

 For the purposes of this table, “holding period” with respect to LTI represents the period in which

shares are “locked-in” and cannot be disposed of according to plan rules

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

 Opening

 balance

During the year

Closing

balance

1 

Specifi-

cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2020 - 2022

29/05/2020

28/05/2023

3,830

3,830

USD 106,910

2021 - 2023

17/06/2021

16/06/2024

3,614

3,614

Anders Opedal

2022 - 2024

20/05/2022

19/05/2025

4,002

4,002

CEO

2023 - 2025

19/05/2023

18/05/2026

4,530

4,530

USD 129,039

SSP

2023

10/02/2023

319

24

USD 9,042

SUM

11,446

4,849

3,830

12,146

USD 138,081

USD 106,910

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing

balance

Name,

Position

1 

Specifi-

cation of

plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning of

the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2020 - 2022

29/05/2020

28/05/2023

3,802

3,802

USD 106,128

2021 - 2023

17/06/2021

16/06/2024

1,267

1,267

2022 - 2024

20/05/2022

19/05/2025

1,487

1,487

2023 - 2025

19/05/2023

18/05/2026

1,684

1,684

Irene Rummelhoff

USD 47,970

EVP MMP

SSP

2023

10/02/2023

1,371

USD 38,860

SUM

6,556

3,055

3,802

4,438

USD 86,830

USD 106,128

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing balance

1 

Specifi-

cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2022 - 2024

20/05/2022

19/05/2025

863

863

 2023 - 2025

19/05/2023

18/05/2026

1,551

1,551

USD 44,181

Geir Tungesvik

SSP

2023

10.02.2023

939

EVP PDP

USD 26,615

SUM

863

2,490

2,414

USD 70,796

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing balance

1 

Specifi-

cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2020 - 2022

29/05/2020

28/05/2023

3,205

3,205

USD 89,464

2021 - 2023

17/06/2021

16/06/2024

1,091

1,091

2022 - 2024

20/05/2022

19/05/2025

1,254

1,254

2023 - 2025

19/05/2023

18/05/2026

1,415

1,415

Jannicke Nilsson

USD 40,307

EVP SSU

SSP

2023

10/02/2023

1,134

USD 32,143

SUM

5,550

2,549

3,205

3,760

USD 72,450

USD 89,464

The main conditions of share award plans

Information regarding the reported financial year

25

Name,

Position

Opening

balance

During the year

Closing

balance

1 

Specifi

-cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2020 - 2022

29/05/2020

28/05/2023

3,385

3,385

USD 94,488

2021 - 2023

17/06/2021

16/06/2024

1,153

1,153

2022 - 2024

20/05/2022

19/05/2025

1,478

1,478

2023 - 2025

19/05/2023

18/05/2026

1,549

1,549

Pål Eitrheim

USD 44,124

EVP REN

SUM

6,016

1,549

3,385

4,180

USD 44,124

USD 94,488

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing

balance

1 

Specifi

-cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2021 - 2023

17/06/2021

16/06/2024

997

997

2022 - 2024

20/05/2022

19/05/2025

1,670

1,670

Kjetil Hove

2023 - 2025

19/05/2023

18/05/2026

1,894

1,894

USD 53,952

EVP DPN/EPN

SSP

2023

10/02/2023

1,071

USD 30,357

SUM

2,667

2,965

4,561

USD 84,308

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing

balance

1 

Specifi

-cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2022 - 2024

18/11/2022

17/11/2025

461

461

2023 - 2025

19/05/2023

18/05/2026

1,595

1,595

Hege Skryseth

USD 45,434

EVP TDI

SUM

461

1,595

USD 45,434

2,056

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing balance

1 

Specifi-

cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

26

LTI

2020 - 2022

29/05/2020

28/05/2023

3,376

3,376

USD 94,237

2022 - 2024

20/05/2022

19/05/2025

283

283

2022 - 2024

18/11/2022

17/11/2025

117

117

Torgrim Reitan

2023 - 2025

19/05/2023

18/05/2026

1,892

1,892

 CFO

USD 53,895

SSP

2023

10/02/2023

1,406

USD 39,852

SUM

3,776

3,298

3,376

2,292

USD 93,747

USD 94,237

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing

balance

1 

Specifi

-cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2021 - 2023

17/06/2021

16/06/2024

545

545

2022 - 2024

20/05/2022

19/05/2025

1,172

1,172

2023 - 2025

19/05/2023

18/05/2026

1,355

1,355

Siv H Rygh Torstensen

USD 38,598

EVP LEG

SSP

2023

10/02/2023

926

USD 26,247

SUM

1,717

2,281

3,072

USD 64,845

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing

balance

1 

Specifi-

cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2022 - 2024

20/05/2022

19/05/2025

922

922

2023 - 2025

19/05/2023

18/05/2026

1,256

1,256

USD 35,778

Aksel Stenerud

SSP

2023

10/02/2023

594

EVP PO

USD 16,837

SUM

922

1,850

2,178

USD 52,614

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing

balance

1 

Specifi-

cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2022 - 2024

20/05/2022

19/05/2025

952

952

2023 - 2025

19/05/2023

18/05/2026

1,261

1,261

USD 35,920

27

Jannik Lindbæk

SSP

2023

10/02/2023

825

EVP COM

USD 23,384

SUM

952

2,086

2,213

USD 59,304

Name,

Position

The main conditions of share award plans

Information regarding the reported financial year

Opening

balance

During the year

Closing

balance

1 

Specifi-

cation

of plan

2 

Perfor-

mance

period 

3

Award date

5 

End of

holding

period

6 

Shares

awarded at

the

beginning

of the year

7 

Shares

awarded

8 

Shares vested

11 

Shares

subject to a

holding

period

LTI

2023 - 2025

19/05/2023

18/05/2026

1,771

1,771

USD 50,448

Philippe François Mathieu

SSP

2023

10/02/2023

775

EVP EPI

USD 21,967

SUM

2,546

1,771

USD 72,415

4.3 Total number and value of shares held by the CEC

The number of Equinor shares owned by members of the CEC and/or their close associates is shown

below. Individually, each member of the CEC owned less than 1% of the outstanding Equinor shares.

The voting rights of members of the CEC members as shareholders do not differ from those of ordinary

shareholders.

Ownership of

Equinor shares

(incl. shares owned

by close

associates)

As of 1 Jan.

2023

As of 31 Dec.

2023

Market value as of

31 Dec. 2023, USD

thousand

As of 12 March

2024

Anders Opedal

46,996

56,649

1,727

58,602

Torgrim Reitan

11,473

15,482

472

16,530

Geir Tungesvik

17,624

20,702

631

21,401

Irene Rummelhoff

28,152

31,872

972

32,893

Jannicke Nilsson

59,380

63,106

1,924

67,271

Pål Eitrheim

19,644

21,737

663

21,737

Philippe F. Mathieu

4,645

7,529

230

8,105

Kjetil Hove

20,149

23,861

728

24,658

Hege Skryseth

2,633

5,364

164

5,364

Siv Helen Rygh

Torstensen

15,832

19,136

584

20,105

Aksel Stenerud

9,372

11,642

355

12,084

Jannik Lindbæk

12,542

11,592

353

12,206

4.4 Performance and AVP awarded to the CEC members in the reported

financial year 

28

In accordance with Equinor’s performance framework and remuneration policy, performance in relation

to behaviour goals has formed an equal part to the business performance in the holistic performance

assessment. 

The assessment of the performance results for 2023 is presented below, including a score

measurement against the set KPI targets and behaviour goals. 

Each delivery KPI is given a score within a range of 1-5, where 5 is the highest result. Each score

reflects a holistic assessment, where applicable. The holistic assessment may reflect events outside the

control of the CEO or EVPs, such as exceptional fluctuations in commodity prices, changes in global

conditions, the industry operating environment or other relevant context. 

The overall performance on the behaviour goals is also given a score within the range of 1-5.

Performance on behaviour goals is a qualitative assessment by the BoD and the CEO, as applicable,

and is supported by the results of employee feedback surveys. 

The scores are converted into the AVP award percentage, as shown in the below conversion table. 

As mentioned above, two factors – the threshold and the company performance modifier (CPM) - are

applied to the percentage to arrive at the final AVP award pay-out levels, as described above.

Select business delivery KPIs (“what” dimension) set at the corporate level are applicable to both CEO

and the EVPs. 

Table 4 - Performance of CEC members in the reported financial year

29

Corporate delivery KPIs

“WHAT”-dimension – corporate delivery KPIs for CEO and staffs EVPs - total

assessment

3.5

“WHAT”-dimension – corporate delivery for EVPs with business area

responsibilities - total assessment

3.8

Target

Achievements

Assessment

Serious incident frequency

≤ 0.3

0.4

2.9

Upstream CO

2

 intensity

≤ 8 kg/boe

6.7 kg/boe

4.8

Relative TSR

Above average in

peer ranking list

3

rd

 quartile

2.4

Relative RoACE

Ranked in first

quartile among peers 

1

st

 quartile

5.0

Unit production cost (UPC)

4

< 6.0 USD/boe

6.2 USD/boe

3.0

REN power production

4

2 TWh

1.9 TWh

3.0

Holistic assessment of corporate delivery KPIs:

The final scores for the following KPIs have been adjusted from actual score through the

BoD' holistic assessment:   

1)

 Final score for unit production cost was increased due to impact from inflation and

cost pressure

2)

 Final score for REN power production was increased due to close to target result

and substantial improvement from 2022

Additional BA-specific delivery KPIs (“what” dimension) apply to EVPs with business areas

responsibilities, as shown in the respective tables further below. 

Select behaviour goals (“how” dimension) are set in relation to both CEO and the EVPs and assessed

on an individual basis. The total score representing the assessment of the results is shown below for

the respective CEC member. The assessment of individual behaviour goals is not disclosed.

“HOW”-dimension – behaviour goals

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

The performance results of each member of the CEC with respect to the delivery KPIs and behaviour

goals set for such member are set forth further, together with the resulting AVP award level.

Anders Opedal (CEO)

«WHAT»-dimension – corporate delivery KPIs for CEO 

3.5

“HOW”-dimension – behaviour goals

3.8

4

O

nly apply to the CEO and staffs EVPs 

30

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.7

AVP award pre company performance modifier

34 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

982

Award based on performance

evaluation

34%

n/a

334

Adjustment for company modifier

117%

0.17

57

Annual AVP award

391

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

Irene Rummelhoff (EVP MMP)

«WHAT»-dimension – corporate delivery KPIs for EVPs with business area

responsibilities 

3.8

“WHAT”-dimension – business area delivery KPIs

3.0

Target

Achievements

Assessment

Production efficiency

93.30%

90.90%

2.7

Net operating income (ex derivatives)

(bn USD)

3.3

3.24

3.6

Fixed opex and SG&A (mill USD)

1,285

1,346

2.8

“HOW”-dimension – behaviour goals

3.1

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.3

AVP award pre company performance modifier

29%

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

440

Award based on performance

evaluation

29%

n/a

128

Adjustment for company modifier

117%

0.17

22

Annual AVP award

149

The performance assessment included the following holistic considerations, which have

influenced the overall score:

31

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

BA-specific KPIs

: The final scores for the following KPIs have been adjusted from actual

score through the CEO’s holistic assessment of the performance: 

Net operating income (ex derivatives) bn USD: Adjusted score for the 2023 market context

and impact of actual delivery 

Jannicke Nilsson (EVP SSU)

«WHAT»-dimension – corporate delivery KPIs for staffs EVPs

3.5

“HOW”-dimension – behaviour goals

3.1

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.3

AVP award pre company performance modifier

30 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

353

Award based on performance

evaluation

30%

n/a

106

Adjustment for company modifier

117%

0.17

18

Annual AVP award

124

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

Pål Eitrheim (EVP REN)

«WHAT»-dimension – corporate delivery KPIs for EVPs with business area

responsibilities 

3.8

“WHAT”-dimension – business area delivery KPIs

2.4

Target

Achievements

Assessment

REN power generation (TWh)

2

1.9

2.5

Net operating income adjusted (mill

USD)

> -200

- 454

2.3

“HOW”-dimension – behaviour goals

3.5

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.3

AVP award pre company performance modifier

29 %

32

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1000)

398

Award based on performance

evaluation

29%

n/a

115

Adjustment for company modifier

117%

0.17

20

Annual AVP award

135

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

BA-specific KPIs:

 The final scores for the following KPIs have been adjusted from actual

score through the CEO’s holistic assessment of the performance:

REN power generation: Adjusted score for impact of delayed startup for Doggerbank unit.

Net operating income adjusted (mill USD): Adjusted for impact from high pre-production

and early phase activity

Kjetil Hove (EVP EPN)

«WHAT»-dimension – corporate delivery KPIs for EVPs with business area

responsibilities 

3.8

“WHAT”-dimension – business area delivery KPIs

3.0

Target

Achievements

Assessment

Production (kboe/d)

1,446

1,374

2.5

UPC (nominal USD/boe)

5.8

5.8

3.1

Break-even price (CMU portfolio)

(USD/bbl)

<35

37

3.3

“HOW”-dimension – behaviour goals

3.5

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.4

AVP award pre company performance modifier

31 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

498

Award based on performance

evaluation

31%

n/a

154

Adjustment for company modifier

117%

0.17

26

Annual AVP award

180

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

33

BA-specific KPIs

: The final scores for the following KPIs have been adjusted from actual

score through the CEO’s holistic assessment of the performance: 

Break-even price (CMU portfolio), USD/bbl: Adjusted score for impact on result from high

inflation.

Siv Helen Rygh Torstensen (EVP LEG)

«WHAT»-dimension – corporate delivery KPIs for staffs EVPs

3.5

“HOW”-dimension – behaviour goals

3.5

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.5

AVP award pre company performance modifier

32 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

307

Award based on performance

evaluation

32%

n/a

98

Adjustment for company modifier

117%

0.17

17

Annual AVP award

115

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

Geir Tungesvik (EVP PDP)

«WHAT»-dimension – corporate delivery KPIs for EVPs with business area

responsibilities 

3.8

“WHAT”-dimension – business area delivery KPIs

3.2

Target

Achievements

Assessment

Number of wells

104

105

3.5

Break-even price (CMU portfolio) 

(USD/bbl)

<35

37

3.3

Estimate development DG3-DG4

100 %

101 %

2.8

“HOW”-dimension – behaviour goals

3.3

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.4

AVP award pre company performance modifier

31 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

34

AVP target

25%

Annual base salary, USD (1,000)

389

Award based on performance

evaluation

31%

n/a

121

Adjustment for company modifier

117%

0.17

20

Annual AVP award

141

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

BA-specific KPIs

: The final scores for the following KPIs have been adjusted from actual

score through the CEO's holistic assessment of the performance:

Break-even price (CMU portfolio), USD/bbl: Adjusted score for impact on result from high

inflation

Torgrim Reitan (CFO)

«WHAT»-dimension – corporate delivery KPIs for staffs EVPs

3.5

“HOW”-dimension – behaviour goals

3.1

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.3

AVP award pre company performance modifier

30 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

469

Award based on performance

evaluation

30%

n/a

141

Adjustment for company modifier

117%

0.17

24

Annual AVP award

165

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

Aksel Stenerud (EVP PO)

«WHAT»-dimension – corporate delivery KPIs for staffs EVPs

3.5

“HOW”-dimension – behaviour goals

3.1

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.3

35

AVP award pre company performance modifier

30 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

308

Award based on performance

evaluation

30%

n/a

93

Adjustment for company modifier

117%

0.17

16

Annual AVP award

108

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

Hege Skryseth (EVP TDI)

«WHAT»-dimension – corporate delivery KPIs for EVPs with business area

responsibilities 

3.8

“WHAT”-dimension – business area delivery KPIs

3.1

Target

Achievements

Assessment

Low Carbon R&D

> 30%

40%

3.0

Software consolidation progress

50%

100%

5.0

TDI task responsibility cost savings,

mill NOK, 100%

500

1,000

1.3

“HOW”-dimension – behaviour goals

3.4

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.4

AVP award pre company performance modifier

31 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

400

Award based on performance

evaluation

31%

n/a

124

Adjustment for company modifier

117%

0.17

21

Annual AVP award

145

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

BA-specific KPIs

: The final scores for the following KPIs have been adjusted from actual

score through the CEO’s holistic assessment of the performance: 

Low carbon R&D: Adjusted for impact on target from re-prioritization of R&D portfolio on

low carbon 

36

Jannik Lindbæk (EVP COM)

«WHAT»-dimension – corporate delivery KPIs for staffs EVPs

3.5

“HOW”-dimension – behaviour goals

3.0

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.3

AVP award pre company performance modifier

29 %

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

303

Award based on performance

evaluation

29%

n/a

88

Adjustment for company modifier

117%

0.17

15

Annual AVP award

103

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

Philippe François Mathieu (EVP EPI)

«WHAT»-dimension – corporate delivery KPIs for EVPs with business area

responsibilities 

3.8

“WHAT”-dimension – business area delivery KPIs

3.4

Target

Achievements

Assessment

Production (kboe/d)

677

708

4.0

UPC, nominal USD/boe

6.5

7.1

2.8

Break-even price (CMU portfolio)

(USD/bbl)

<35

37

3.3

“HOW”-dimension – behaviour goals

3.5

Demonstrate accountability, visibility, and engagement for safety, security and

compliance

Build trust in Equinor

Transform the organization to deliver on our common purpose and become a

leading company in the energy transition

Develop strong and diverse succession pipeline

Total performance assessment for AVP

3.6

AVP award pre company performance modifier

33%

AVP award

Award

outcome AVP

%

Reduction

for threshold

USD (1,000)

AVP target

25%

Annual base salary, USD (1,000)

413

Award based on performance

evaluation

33%

n/a

136

37

Adjustment for company modifier

117%

0.17

23

Annual AVP award

160

The performance assessment included the following holistic considerations, which have

influenced the overall score:

Corporate delivery KPIs:

Ref comments to separate table above on corporate delivery

KPIs

BA-specific KPIs:

 The final scores for the following KPIs have been adjusted from actual

score through the CEO’s holistic assessment of the performance:

Break-even price (CMU portfolio), USD/bbl: Adjusted score for impact on result from high

inflation.

4.5 Key performance indicators and behaviour goals forming the basis for AVP

for the CEC in 2024 

The business delivery dimension (“what”) for the variable remuneration (performance year 2024) for the

CEC members will be based on an assessment against the following common corporate KPIs: 

●

 Serious incident frequency (SIF): 0.3 or better 

●

 CO

₂

 intensity for the upstream portfolio: 7 kg CO

₂

/ boe or better 

●

 Unit production cost (UPC): better than 6.5 USD / boe 

●

 Renewable (REN) power production: Doubling from 2023

●

 Relative total shareholder return (TSR): Ranked better than peer average

●

 Relative return on average capital employed (RoACE): Ranked in first quartile among peers 

For EVPs with business area responsibilities, the assessment of the business delivery dimension will in

addition be made against the following KPIs:

Busines

s area

KPI

Unit

Target

EPN

Production

kboe/d

1,400

Unit Production Cost (UPC)

Nominal

USD/boe

< 6.0

Break-even project portfolio 

USD/bbl

real 2023

~ 35

EPI

Production

kboe/d

672

Unit Production Cost (UPC)

Nominal

USD/boe

< 7.8

Break-even project portfolio 

USD/bbl

real 2023

~ 35

MMP

Production efficiency

%

≥ 91.5

Accessed storage volume additions

Mton

not

disclosed

5

Adjusted earnings

USD bn

Above mid

range

(>2,4)

5

 Not disclosed due to commercial sensitivity

38

REN

REN power production 

TWh

Doubling

from 2023

Adjusted earnings

USD bn

not

disclosed

6

Strategic progress in renewables - Projects progressed to Final

Investment Decision

GW

2.5

PDP

Number of new wells 

number

107

Break-even project portfolio 

USD/bbl

real 2023

~ 35

Estimate development DG3-DG4 (changes)

%

 ≤ 0

TDI

High Impact Technology Implementation (HITI) - Tier 1

Implementation (value and implementation %, EPN)

%

> 90

IT investment and R&D (cost development %)

%

< 0

IT Opex (cost development %)

%

< 0

The behaviour dimension (“how”) will be based on an individual assessment against the following goals: 

-

 Demonstrate accountability, visibility, and engagement for safety, security and compliance

-

 Build trust in Equinor 

-

 Transform the organization to deliver on our common purpose and become a leading company in

the energy transition 

-

 Develop strong and diverse succession pipeline

5 Remuneration and company performance for 2019-2023

5.1 Comparative tables over the remuneration and company performance

compared to the last five reported financial years 

Table 5 - Comparative table over the remuneration and company performance over the last five reported financial years

(RFY)

Executive remuneration for 2019-2023

All amounts in USD

Remuneration

2019

2020

2021

2022

2023

Anders Opedal, CEO

Total remuneration and %

change vs previous year

881,029

-24.79%

814,098

-7.60%

2,055,02

3

152.43%

2,042,382

-0.62%

1,963,097

-3.88%

Base salary % increase in annual

salary review and on other

adjustments

4.00%

-

0.00%

133.30

%

3.50%

-

4.90%

-

5.00%

0

AVP % pre and post threshold

and company performance

modifier

28.00%

23.24%

0,00%

0,00%

30.00%

45.00%

30.00%

39.90%

34.00%

39.78%

LTI % pre and post threshold 

25.00%

25.00%

25.00%

25.00%

30.00%

15,00%

30.00%

30.00%

30.00%

30.00%

Remuneration

2019

2020

2021

2022

2023

39

Irene Rummelhoff, EVP MMP

Total remuneration and %

change vs previous year

826,342

-10.66%

681,363

-

17.54%

923,578

35.55%

960,784

4.03%

873,398

-9.10%

Base salary % increase in annual

salary review and on other

adjustments

3.80%

-

-

-

3.00%

5.40%

4.90%

-

7.70%

0

AVP % pre and post threshold

and company performance

modifier

26.00%

21.58%

-

-

28.00%

42.00%

33.00%

43.89%

29.00%

33.93%

LTI % pre and post threshold 

25.00%

25.00%

25.00%

25.00%

25.00%

12.50%

25.00%

25.00%

25.00%

25.00%

Jannicke Nilsson, EVP SSU

Total remuneration and %

change vs previous year

757,055

-14.98%

623,702

-

17.61%

829,810

33.05%

844,012

1.71%

790,367

-6.36%

Base salary % increase in annual

salary review and on other

adjustments

3.60%

-

-

-

3.00%

5.40%

4.50%

-

5.00%

0

AVP % pre and post threshold

and company performance

modifier

23.00%

19.09%

-

-

27.00%

40.50%

28.00%

37.24%

30.00%

35.10%

LTI % pre and post threshold 

25.00%

25.00%

25.00%

25.00%

25.00%

12.50%

25.00%

25.00%

25.00%

25.00%

Pål Eitrheim, EVP REN

Total remuneration and %

change vs previous year

669,000

-17.19%

524,113

-

21.66%

796,048

51.88%

782,549

-1.70%

782,576

0.00%

Base salary % increase in annual

salary review and on other

adjustments

3.40%

-

-

-

4.00%

17.20%

4.90%

-

8.30%

0

AVP % pre and post threshold

and company performance

modifier

26.00%

21.58%

-

-

31.00%

46.50%

27.00%

35.91%

29.00%

33.93%

LTI % pre and post threshold 

25.00%

25.00%

25.00%

25.00%

25.00%

12.50%

25.00%

25.00%

25.00%

25.00%

All amounts in USD

Remuneration

2019

2020

2021

2022

2023

Kjetil Hove, EVP EPN

Total remuneration and %

change vs previous year

-

-

-

-

1,004,28

3

-

1,055,271

5.08%

1,004,604

-4.80%

Base salary % increase in annual

salary review and on other

adjustments

-

-

-

-

-

-

5.05%

-

8.30%

0

AVP % pre and post threshold

and company performance

modifier

-

-

-

-

32.00%

48.00%

30.00%

39.90%

31.00%

36.27%

LTI % pre and post threshold 

-

-

-

-

25.00%

12.50%

25.00%

25.00%

25.00%

25.00%

All amounts in USD

Remuneration

2019

2020

2021

2022

2023

Torgrim Reitan, EVP CFO

Total remuneration and %

change vs previous year

904,980

-24.97%

766,448

-

15.31%

-

-

1,027,357

-

935,718

-8.92%

40

Base salary % increase in annual

salary review and on other

adjustments

3.73%

-

-

-

-

-

-

-

6.50%

0

AVP % pre and post threshold

and company performance

modifier

27.00%

22.41%

-

-

-

-

30.00%

39.90%

30.00%

35.10%

LTI % pre and post threshold 

25.00%

25.00%

25.00%

25.00%

-

-

25.00%

25.00%

25.00%

25.00%

Siv Helen Rygh Torstensen, EVP LEG

Total remuneration and %

change vs previous year

-

-

-

-

645,511

-

691,436

7.11%

669,609

-3.16%

Base salary % increase in annual

salary review and on other

adjustments

-

-

-

-

-

-

4.90%

-

5.30%

0

AVP % pre and post threshold

and company performance

modifier

-

-

-

-

27.00%

40.50%

28.00%

37.24%

32.00%

37.44%

LTI % pre and post threshold 

-

-

-

-

25.00%

12.50%

25.00%

25.00%

25.00%

25.00%

Geir Tungesvik, EVP PDP

Total remuneration and %

change vs previous year

-

-

-

-

-

-

806,131

-

794,266

-1.47%

Base salary % increase in annual

salary review and on other

adjustments

-

-

-

-

-

-

-

-

5.60%

0

AVP % pre and post threshold

and company performance

modifier

-

-

-

-

-

-

27.00%

35.91%

31.00%

36.27%

LTI % pre and post threshold 

-

-

-

-

-

-

25.00%

25.00%

25.00%

25.00%

Hege Skryseth, EVP TDI

Total remuneration and %

change vs previous year

-

-

-

-

-

-

1,262,536

-

730,784

-42.12%

Base salary % increase in annual

salary review and on other

adjustments

-

-

-

-

-

-

-

-

5.60%

0

AVP % pre and post threshold

and company performance

modifier

-

-

-

-

-

-

28.00%

37.24%

31.00%

36.27%

LTI % pre and post threshold 

-

-

-

-

-

-

25.00%

25.00%

25.00%

25.00%

Aksel Stenerud, EVP PO

Total remuneration and %

change vs previous year

-

-

-

-

-

-

686,387

-

639,089

-6.89%

Base salary % increase in annual

salary review and on other

adjustments

-

-

-

-

-

-

-

-

5.60%

0

AVP % pre and post threshold

and company performance

modifier

-

-

-

-

-

-

28.00%

37.24%

30.00%

35.10%

LTI % pre and post threshold 

-

-

-

-

-

-

25.00%

25.00%

25.00%

25.00%

Jannik Lindbæk, EVP COM

41

Total remuneration and %

change vs previous year

-

-

-

-

-

-

650,737

-

622,577

-4.33%

Base salary % increase in annual

salary review and on other

adjustments

-

-

-

-

-

-

-

-

5.30%

0

AVP % pre and post threshold

and company performance

modifier

-

-

-

-

-

-

28.00%

37.24%

29.00%

33.93%

LTI % pre and post threshold 

-

-

-

-

-

-

25.00%

25.00%

25.00%

25.00%

Philippe François Mathieu, EVP

EPI

-

-

-

-

-

-

-

-

-

-

Notes to the table “Executive remuneration for 2019-2023”:

-

 Total remuneration consists of taxable compensation, non-taxable benefits in kind, and estimated

pension cost for the years 2019-2020

Company performance - effect on

AVP and LTI

2019

2020

2021

2022

2023

AVP

LTI

AVP

LTI

AVP

LTI

AVP

LTI

AVP

LTI

Threshold

-

-

50 %

reduct.

-

-

50 %

reduct.

-

-

-

-

Company performance modifier

83%

-

133%

-

150%

-

133%

-

117%

-

All amounts in USD

Average remuneration on a full-time

equivalent basis of employees

2019

2020

2021

2022

2023

Equinor ASA

4)

Average base salary and %

change vs previous year, based

on USD amounts

90,260

-4.90%

86,229

-4.50%

95,893

11.20%

88,923

-7.27%

84,568

-4.90%

Change in average base salary

vs previous year, based on NOK

amounts

-

3.00%

-

1.60%

-

2.00%

-

3.40%

-

4.82%

Average total remuneration and

% change vs previous year,

based on USD amounts

123,626

-7.50%

115,137

-6.90%

135,597

17.80%

144,868

6.84%

135,611

-6.39%

Change in average total

remuneration vs previous year,

based on NOK amounts

-

0.20%

-

-0.90%

-

8.10%

-

19.2%

-

3.17%

General salary increase frame

-

3.50%

-

0.80%

-

3.50%

-

4.90%

-

5.60%

General bonus %

-

4.50%

-

3.50%

-

10.50%

-

9.30%

-

8.00%

AVP % range from manager to

SVP pre and post company

performance modifier and

threshold

11.25% -

17.5%

9.34% -

14.53%

11.25% -

17.5%

7.48% -

11.64%

11.25% -

17.5%

16.88% -

26.25%

11.25%-

17.50%

14.96%-

23.28%

11.25%-

17.50%

13.16%-

20.48%

Notes to the table “Average remuneration on a full-time equivalent basis of employees”:

●

 Offshore workers with 2-4 schedule reported as FTE 100%

42

●

 Annual salary increase is affected by the USD/NOK exchange rate

●

 Holiday and bonus pay are included for the year of accrual

●

 Annual total remuneration increase is affected by bonus and any bonus shares from the SSP or

LTI

●

 Overtime allowance is not included. Pension is included as of 2022

●

 The general bonus is payable to all permanent employees of Equinor ASA who do not

participate in other short-term incentive plans, such as the AVP.

6 Statement by the board of directors on the remuneration report

The BoD has today considered and approved the remuneration report of Equinor for the financial year 1

January - 31 December 2023. 

The remuneration report has been prepared in accordance with Norwegian Public Limited Liability

Companies Act, section 6-16b and regulation 2020-12-

11

-2730 and the Norwegian Accounting Act

section 7-31b.

In our opinion, the remuneration report is in accordance with the remuneration policy adopted at the

annual general meeting, and is free from material misstatement and omissions, whether due to fraud or

error.

The remuneration report will be presented for an advisory vote at the annual general meeting.

Oslo, 17

March 2024

The Board of directors of Equinor 

Jon Erik Reinhardsen, Chair

Anne Drinkwater, Deputy-chair

Hilde Møllerstad 

Per Martin Labråten 

Tove Andersen

Rebekka Glasser Herlofsen 

Finn Bjørn Ruyter 

Haakon Bruun-Hanssen

Stig Lægreid 

Jonathan Lewis 

43

7 Independent auditor’s statement on the remuneration report

[Removed from Exhibit 15.6 as it does not form part of Equinor’s Annual Report on Form 20-F as filed

with the SEC.]

44

8 Appendix: Executive remuneration policy 2021

8.1 Remuneration to the board of directors 

Approach to setting fees

Basis of fees

Other items

The remuneration to the board

and its committees is decided

by the corporate assembly,

based on a recommendation

from the nomination

committee.

The board members have an annual,

fixed remuneration, except for deputy

members (only elected for employee-

representative board members) who

receive remuneration per meeting

attended.

Separate rates are set for the board's

chair, deputy chair and other members.

Separate rates are also adopted for the

board's committees, with similar

differentiation between the chair and the

other members of each committee.

The employee-representative members of

the board receive the same remuneration

as the shareholder-representative

members. The board receives its

remuneration by cash payment.

The board members from outside Scandinavia and

outside Europe, respectively, receive separate

travel allowances for each meeting attended.

Remuneration for board membership is not linked to

performance and no share or option programmes or

similar structures are in place.

Employee-representative board members may

participate in variable pay, pension and benefit

programs according to their location and grade in

line with other employees.

None of the shareholder-representative board

members have a pension scheme or agreement

concerning pay after termination of their office with

the company.

If shareholder-representative members of the board

and/or companies they are associated with should

take on specific assignments for Equinor in addition

to their board membership, this will be disclosed to

the full board.

8.2 Remuneration to the corporate assembly 

Approach to setting fees

Basis of fees

The remuneration to the corporate assembly is decided by the

general meeting, based on a recommendation from the

nomination committee

The members have an annual, fixed remuneration, except for

deputy members who receive remuneration per meeting

attended.

Separate rates are set for the corporate assembly’s chair,

deputy chair and other members. The employee-elected

members of the corporate assembly receive the same

remuneration as the shareholder-elected members.

8.3 Remuneration to the CEC

The board of directors’ complete remuneration policy and report for executive personnel follows. 

Remuneration policy 

The following guidelines for remuneration of Equinor’ corporate

executive committee proposed by the board of directors were

approved by the 2021 annual general meeting, pursuant to the

Norwegian Public Limited Liability Companies Act, section 6-16

a and supplementing regulations. The policy also includes

compensation to members of the board of directors and the

corporate assembly employed by the company, which is

explained in the above section “ Remuneration to the board of

directors and corporate assembly”. The policy is subject to

approval by the annual general meeting at every material

change and, in any case, at least every fourth year. 

Equinor’s remuneration policy and terms are aligned with the

company’s overall strategy, values, people policy and

performance-oriented framework. Our rewards and recognition

for executives are designed to attract and retain the right

people; people who are committed to deliver on our business

strategy and able to adapt to a changing business

environment. Equinor’s remuneration framework contributes to

the business strategy, long-term interests and sustainability of

the company. 

45

A key role for the board of directors is to ensure that executive

compensation is competitive, but not market leading, in the

markets where we operate. The board is committed to

ensuring that executive compensation is fair and aligned with

our overall remuneration philosophy and compensation levels

in the company, and in line with shareholders’ interests.

The remuneration policy is an integrated part of our values-

based performance framework. It has been designed to:

●

 Contribute to the business strategy, long-term

interests and sustainability of the company

●

 Strengthen the common interests of employees in the

Equinor group and its shareholders

●

 Reflect the company’s overall performance and

financial results

●

 Be competitive and aligned with local markets

●

 Equally reward and recognise “What” we deliver and

“How” we deliver 

●

 Differentiate on the basis of responsibilities and

performance

●

 Be acknowledged as fair, transparent, consistent and

non-discriminatory

●

 Promote collaboration and teamwork

●

 Fully align with our values and HSE standards

●

 Promote continuous improvement and a sustainable

cost level

The decision-making process 

The decision-making process for implementing or changing our

remuneration policy, and the determination of salaries and

other remuneration for the corporate executive committee, are

in accordance with the provisions of the Norwegian public

limited liability companies act sections 5-6 and 6-16 a and the

board’s rules of procedure. The board of director’s rules of

procedure are available at www.equinor.com/board.

The board of directors has appointed a designated

compensation and executive development committee. The

compensation and executive development committee is a

preparatory body for the board of directors. The committee’s

main objective is to assist the board of directors in its work

relating to the terms of employment for Equinor’s chief

executive officer and the main principles and strategy for the

remuneration and leadership development of our senior

executives. The board of directors determines the chief

executive officer’s salary and other terms of employment. The

committee shall prepare a proposal for new guidelines at every

material change and, in any case, every fourth year and submit

it to the general meeting for resolution. The guidelines shall be

in force until new guidelines have been adopted by the general

meeting. 

The compensation and executive development committee

answers to the board of Equinor ASA for the performance of its

duties. The work of the committee in no way alters the

responsibilities of the board of directors or the individual board

members.

For further details about the roles and responsibilities of the

compensation and executive development committee, please

refer to the committee’s instructions available at

www.equinor.com/compensationcommittee.

Equinor purpose, vision and overall strategy

Equinor’s purpose is turning natural resources into energy for

people and progress for society, and our vision is to shape the

future of energy. We are strongly committed to creating

shareholder value and with a leading role in the energy

transition towards a low-carbon future. 

While our strategic pillars of “always safe”, “high value” and

“low carbon” remain firm, we will further strengthen in the areas

of a) an optimised oil & gas portfolio, b) a faster growing

renewable business, c) expanding our low-carbon solutions

business. 

Within all areas, technology and innovation will be key

accelerators to drive value and improved performance. We will

use our strengths and experience within the oil & gas portfolio

as a foundation for developing offshore wind at scale,

establishing new value chains, and for developing new low

carbon energy sources.

Equinor’s performance framework and the

link to business strategy, long-term interests

and sustainability of the company

Our performance framework translates the company vision,

values and strategy into actions and results for the company,

its units, teams and every leader and employee. 

Performance is evaluated in two dimensions; “What” we deliver

and “How” we deliver. This is the core of our values-based

performance culture and means that delivery (“what”) and

behaviour (“how”) are equally weighted when recognising and

rewarding individual performance. 

“What” we deliver (business delivery) is defined through the

company’s performance framework “Ambition to Action”, which

addresses strategic objectives, key performance Indicators

(performance indicators) and actions across the five

perspectives; Safety, Security and Sustainability, People and

Organisation, Operations, Market and Finance. Generally,

Equinor believes in setting ambitious targets to inspire and

drive strong performance. Each year individual performance

goals (“what”) based on the company’s “Ambition to Action” are

established for the CEO and the executive vice presidents.

The board decides annually a set of strategic objectives and

performance indicators that will form basis for the assessment

of the business delivery dimension (“What”). These

performance indicators and related targets for the upcoming

performance year shall be disclosed in the annual

remuneration report. Examples of such performance indicators

are Serious Incident Frequency (SIF), CO2 intensity for the

upstream portfolio, Levelised cost of energy (LCOE),

Production efficiency (PE), Production based availability (PBA),

Relative Total Shareholder Return (TSR), Relative ROACE,

Improvement impact etc.

Goals on “How” we deliver are based on Equinor’s core values

and leadership principles and address the behaviour required

and expected to achieve the delivery goals. We believe in

46

developing a strong leadership and culture recognised by our

values, driving the long-term and sustainable success of the

company. The CEO and the executive vice presidents have

individual behaviour goals within prioritised behaviour themes

such as safety and compliance, empowerment, diversity and

inclusion, collaboration and sustainability and climate.

Performance evaluation is holistic, involving both measurement

and assessment. Significant changes in assumptions are taken

into account, as well as target ambition levels, sustainability of

delivered results and strategic contribution.

The balanced approach, which involves a broad set of goals

defined in relation to both “What” and “How” dimensions and

an overall performance evaluation, significantly reduces the

likelihood that remuneration policies may incentivise excessive

risk-taking or have other material adverse effects.

The remuneration concept for the corporate executive

committee Equinor’s remuneration for the corporate executive

committee consists of the following core elements;

●

 Fixed remuneration: base salary and as applicable

fixed salary addition 

●

 Variable pay: annual variable pay (AVP) and long-

term incentive (LTI)

●

 Benefits: primarily pension, insurance and share

savings plan

The following table illustrate how the reward policy is translated

into our key remuneration elements.

47

Main elements - Equinor executive remuneration

Remuneration

element

 Objective

Award level

 Performance criteria

Base

salary

Attract and retain the right

individuals by providing

competitive but not

market-leading terms.

We offer base salary levels which are aligned with and

differentiated according to the individual's

responsibility, performance and contribution to

company’s goals. The level is competitive in the

markets in which we operate. 

The base salary is normally subject

to annual review based on an

evaluation of the individual’s

performance and contribution to

the company’s goals.

Fixed

salary

addition

The fixed salary addition is

paid in lieu of pension

accrual above 12G, applied

as a supplementing fixed

remuneration element to

be competitive in the

market.

Members of the corporate executive committee

employed by Equinor ASA prior to 1 September 2017,

that have taken up their first position in the CEC after

13 February 2015, receive a fixed salary addition in

lieu of pension accrual above 12G

6

 with reference to

the section on pension and insurance scheme.

No performance criteria are linked

to the fixed salary addition. The

fixed salary addition is not

pensionable and does not form

basis for variable pay.

Annual

variable

pay (AVP)

Encourage our pay for

performance culture and

individual’s contribution to

the company’s business

strategy. Rewarding

individuals for annual

achievement of business

objectives, both the

“What” and the “How”.

Members of the corporate executive committee

employed by Equinor ASA are from performance year

2022 entitled to annual variable pay ranging from 0 –

45% of their base salary. Target

7

 value is 25%. For

members of the CEC employed outside the Norwegian

market, see section below on remuneration policy for

international executives.

The threshold principles and the company

performance modifier are applied (see explanations

below).

The company reserves the right to recover all or part

of the annual bonus, if performance data is

subsequently proven to be misstated. 

Performance is measured over one

financial year and is based on the

achievement of annual

performance goals (“How” and

“What” to deliver), in order to

create long-term and sustainable

shareholder value. Assessment of

goals defined in the individual’s

performance contract including

objectives related to selected

performance indicator’s on the

balanced scorecard constitute the

basis for annual variable pay. 

Long-term

incentive

(LTI)

Strengthen the alignment

of top management and

shareholders’ long-term

interests and sustainability

of the company. Retention

of key executives. 

For members of the corporate executive committee

employed by Equinor ASA, the LTI is calculated as a

portion of the participant’s base salary. On behalf of

the participant, the company acquires shares

equivalent to the net annual grant amount. The shares

are subject to a three-year lock-in period and then

released for the participant’s disposal. If the lock-in

obligations are not fulfilled, the executive has to pay

back the gross value of the locked-in shares limited to

the gross value of the grant amount.

The level of the annual LTI reward for the CEC

members employed by Equinor ASA is in the range of

25-30% of the base salary. For members of the CEC

employed outside the Norwegian market, see section

below on remuneration policy for international

executives.

The threshold principles are applied to the annual

grant. The company performance modifier is not

applied to the LTI in Equinor ASA.

In Equinor ASA, LTI participation

and grant level are reflective of the

level and impact of the position

and company performance as

reflected by the threshold.

Pension &

insurance

schemes

Provide competitive

postemployment and other

benefits.

The company offers a general occupational pension

plan and insurance scheme aligned with local

markets. Reference is made to the section on pension

and insurance scheme.

N/A 

Employee

share

savings

programme

(SSP)

Align and strengthen

employee and

shareholders’ interests

and remunerate for long

term commitment and

value creation.

Eligibility extends to all employees at Equinor and in

all markets, subject to local legislation. Participants

can purchase shares up to 5% of base salary. 

With effect from 2022 share

savings, bonus shares from

the share saving programme will

be awarded to the CEO and EVPs

after a lock in

period of 3 calendar years after

the year of saving.

Other

taxable and

non-

taxable

benefits

Attract and retain the right

individuals by providing

competitive but not

market-leading terms.

The members of the corporate executive committee

have benefits in-kind such as company car and health

checks. They are also eligible for participation in the

share saving scheme as described above, and they

take part in the general benefit and welfare program of

the company.

N/A

6

 G represents the basic amount of the Norwegian social security system. 1G per 31 December 2023 equals NOK 118 620..

7

 Target value reflects satisfactory deliveries according to agreed goals

48

Remuneration policy for international executives

Equinor is a broad global energy company, developing oil, gas, wind and solar energy in around 30 countries. The

company has high goals related to diversity and inclusion, and diversity at all levels including among top management is

crucial in ensuring the long-term sustainable success of the company. From time to time the company will appoint

executives employed in international markets with different framework for executive base pay, variable pay and benefits,

than what is the case in the Norwegian market. To be able to hire international executives, the company needs to offer

competitive compensation in the markets where it operates. The policy of being competitive but not market leading still

remains. 

In order to ensure Equinor’s competitive position and attract talent in the international market, the board of directors has

the mandate to exceed the levels for variable pay and pension terms described in the table above, for remuneration of

executive vice presidents hired in the international market and the remuneration level will reflect the at any time

prevailing and documented market level for the EVP position. The annual variable pay shall not exceed 50% of base

salary at target (100% maximum) and the long-term incentive (LTI) annual grant shall be maximum 70% of base salary.

The threshold for variable pay and the company performance modifier as described below will apply. For the

international LTI a three years’ average company performance modifier will be applied. Pension contribution will be in

accordance with the local market, and the 12G cap on pension used in the Norwegian tax favored regime is not

applicable for the international executives. Any decision on terms and conditions as described above will be included in

the remuneration report subject to review and endorsement by the annual general meeting.

Duration of contracts with executive vice presidents

Duration of contracts with the executive vice presidents are not limited to a certain period and are valid until the

executive resigns from the position or enters into a new position in the company.

Mobility

To support the company’s need for a mobile workforce also at the senior executive level, the company’s standard

international assignment framework can be used for candidates employed in a different country than the location of the

CEC role. International assignment for a CEC position will normally be limited to a three-year period. 

Localisation and relocation

If an executive is recruited to Equinor and employed on local terms and conditions different from the executive’s country

and market, the company may decide to cover reasonable relocation costs including housing and schooling within the

international assignment framework for these elements for a period up to two years. 

Threshold for variable pay and company performance modifier

The threshold and company performance modifier are implemented to strengthen the link between the company’s

overall financial results and the individual variable pay.

Threshold

The threshold is implemented for affordability reasons to ensure that no or reduced variable pay would be granted if the

company’s financial performance and position is weak and in a critical situation. The financial threshold is applicable for

payment of annual variable pay and award of LTI grant.

The threshold has the following guiding parameters; 

1) Cash flows provided by operating activities after tax and before working capital items 

2) Net debt ratio and development 

3) Company’s overall operational and financial performance.

“Green zone”

Cash flows provided by operating activities after tax and before working capital items higher than USD 12 billion and a

net debt ratio below 30% will normally guide for no reduction of bonus.

“Yellow zone”

 Cash flows provided by operating activities after tax and before working capital items lower than USD 12 billion but

higher than USD 8 billion and a net debt ratio between 30% and 45% will normally guide a reduction of bonus but not

annulment.

“Red zone”

 Cash flows provided by operating activities after tax and before working capital items lower than USD 8 billion and a net

debt ratio above 45% will normally guide no bonus.

Application of the threshold is subject to a discretionary assessment of the company’s overall performance by the board

of directors. These measures and targets are indicative and will form part of a broader assessment of bonus award. The

49

conclusion considers both achieved results and how these results are expected to impact the company’s medium and

long-term development and value creation.

Company performance modifier

Based on approval by the annual general meeting in 2016, a company performance modifier was introduced and has

been applied in the calculation of variable pay. 

The company performance will be assessed against two equally weighted measures: relative total shareholder return

(TSR) and relative return on average capital employed (ROACE). TSR and ROACE are currently also applied as

performance indicators in the corporate performance management system. 

The results of these two performance measures are compared to our peers and determine Equinor’s relative position. A

position of Quartile 1 means that Equinor is amongst the top scoring quartile of peer companies. A position of Quartile 4

means that Equinor is in the bottom performing quartile. In years with strong deliveries on relative TSR and ROACE, the

matrix will result in the variable pay being modified with a factor higher than one and, correspondingly, lower than one in

weak years. The combination of ratings for both measures, will act as a ‘multiplier’ according to the guideline in the

matrix displayed below.

By applying relative numbers, the effect of fluctuating oil price will be reduced. 

Within the framework of 50 - 150%, the matrix is a guideline and the multiplier (percentages) may be adjusted if oil or

gas price effects or other occurrences outside the control of the company are deemed to cause disproportionate results

in a given year. Application of the modifier is subject to discretionary assessment based on the company’s overall

performance.

The company performance modifier will be used in calculations of annual variable pay for members of the corporate

executive committee. The modifier will also be applied in other variable pay schemes below the corporate executive

level. Further application of the company performance modifier will also be assessed and decided if deemed

appropriate.

The annual variable pay for members of the corporate executive committee employed by Equinor ASA will be within a

framework of 45% of base salary, irrespective of the result of the modifier. 

Pension and insurance schemes 

Members of the corporate executive committee in Equinor ASA are covered by the company’s general occupational

pension scheme which is a defined contribution scheme with a contribution level of 7% below 7,1 G and 22% above 7,1

G. A defined benefit scheme is retained by a grandfathered group of employees. For new members of the corporate

executive committee appointed after 13 February 2015, a cap on pension contribution at 12 G is applied. In lieu of

pension accrual above 12 G a fixed salary addition of 18% is provided. This element does not form basis of calculation

of AVP and LTI. The 12 G cap is based on the Norwegian tax favoured occupational pension schemes and will not be

applied to the pension schemes of executives employed outside Norway. 

50

Members of the corporate executive committee employed in Equinor ASA and appointed before 13 February 2015,

maintain their pension contribution above 12 G based on obligations in previously established agreements.

Pension terms that historically have been individually agreed with elements outside the framework above will be

described in the annual remuneration report. 

Equinor ASA has implemented a general cap on pensionable income at 12 G for all new hires into the company

employed as of 1 September 2017.

In addition to the pension benefits outlined above, the executive vice presidents in the parent company are offered

disability and dependents’ benefits in accordance with Equinor’s general pension plan/defined benefit plan. Members of

the corporate executive committee are covered by the general insurance schemes applicable within Equinor.

Severance pay arrangements

The chief executive officer and the executive vice presidents are entitled to a severance payment equivalent to six

months’ salary, commencing after the six months’ notice period, when the resignation is requested by the company. The

same amount of severance payment is also payable if the parties agree that the employment should be discontinued,

and the individual gives notice pursuant to a written agreement with the company. Any other payment earned by the

individual during the period of severance payment will be fully deducted. This relates to earnings from any employment

or business activity where the individual has active ownership.

The entitlement to severance payment is conditional on the chief executive officer or the executive vice president not

being guilty of gross misconduct, gross negligence, disloyalty or other material breach of his/her duties.

The chief executive officer’s/executive vice president’s own notice will not instigate any severance payment.

Release of earned LTI grants and bonus shares at end of employment 

If termination of employment is based on a mutual agreement between the executive and Equinor, the company may

decide to release locked in LTI shares and award already earned bonus shares in the share savings scheme at the end

of employment.

Salary and employment conditions of other employees

Salary and employment conditions of employees of the company have been taken into account when establishing the

remuneration policy. The remuneration and employment framework for the members of the executive committee are

based on the same main principles as applicable for the remuneration frameworks for senior leaders in the company in

general.

Recruitment policy

From time to time, Equinor may recruit executives from outside of the organisation. Our principles are designed to

attract and retain the right individuals to ensure the successful implementation of our strategy and to safeguard our

long-term interests. 

If an individual forfeits remuneration as a result of recruitment to Equinor, the company can compensate partly or fully

for the documented financial loss of unvested short and long-term incentive opportunity held by preferred external

candidates. Such decision will take into consideration the vehicle, expected value and timing of forfeited awards. Any

buy-out will be limited to one year’s base salary and normally paid over a period of 24 months.