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In his first full year as CEO of Equinor, Anders Opedal received a total remuneration of 2.055 million dollars, or just over 18.1 million kroner. It emerges from the company annual report which is published Friday morning.
The basic salary makes up just over half of the total amount, while variable elements make up 32 per cent, the report states.
In second place just behind the CEO is the head of Equinor’s international operations, the British Al Cook, who earned NOK 16.8 million. Here, the variable elements make up almost half of the total remuneration.
Opedal took over the management of the company after Eldar Sætre in November 2020. That year he earned NOK 6.9 million, while Sætre had a total taxable compensation of just over NOK 10 million.
The CEO’s variable salary is determined by his performance in accordance with a number of criteria, which include security, CO2 intensity in production, return to shareholders and return on capital employed.
On the earnings front, last year was rarely lucrative for Equinor, which benefited from high commodity prices, especially on gas and especially in the second half of the year. In both the third and fourth quarters, the company set new profit records. For the year as a whole, the profit after tax ended at as much as 8.6 billion dollars, almost 76 billion kroner, a massive turnaround operation from the loss of 5.5 billion dollars in 2020. When Opedal presented the last quarterly report in February, he also announced a dividend party for shareholders.
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4.3 million in variable salary
In 2021, the variable part of Opedal’s salary amounted to NOK 4.3 million. In the annual report, the board reviews Opedal’s goal achievement on each of the criteria. Among other things, the board points out that the frequency of the serious incident fell to the lowest level in the company’s history, and that the average carbon footprint fell.
“The year has been affected by the pandemic, but the markets have shown a good ability to recover, with high volatility. The ability to utilize varying prices in the markets has been a focused area in the board’s evaluation of the CEO, »the board writes, and points out that the return to shareholders has been better than the target in relation to comparable companies.
On the other hand, the board points out that employee satisfaction is declining, as Dagens Næringsliv wrote last year. The first employee survey after Opedal implemented major changes in the organization, showed that confidence in the group management was at a low level, DN wrote in December.
«The extensive organizational change as well as the strategic adjustments that have been made to better adapt the company’s objectives in the energy transition have been visible throughout the year. The general satisfaction among employees showed a negative trend. This indicates the importance of increased focus on adapting the organization to the change agenda and identifying areas for improvement, »the board writes in the annual report.
Earlier this month, HR director Ana Fonseca Nordang, who has been central in the reorganization, left the group management and took up a position in the renewables business. DN then wrote that she had been the subject of one internal audit for six months for harassment and abuse of power. It was not known at the time whether this investigation had been completed. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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