The description relates to Statkraft AS because it is this company under which operations are organised. Statkraft SF (state-owned enterprise) is owned by the Norwegian state through the Ministry of Trade and Industry. The state-owned enterprise owns all the shares in Statkraft AS. The articles of association of both companies ensure that transactions that are of material importance with respect to Statkraft AS’s objectives or the nature of its business are laid before Statkraft SF. This is achieved by the two companies having identical boards of directors and the same chief executive. Before the board of directors of Statkraft SF can represent that undertaking’s shares at the AGM of Statkraft AS, items must first be dealt with at Statkraft SF’s corporate meeting.

The sale of shares in Statkraft AS or transactions which could lead to a change in the state’s indirect shareholding in Statkraft AS would require the approval of the Storting (parliament). The owner’s dividend is paid by Statkraft SF. The corporate meeting of Statkraft SF can set aside the board’s recommendation with respect to dividend payment.

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