Articles of association for Statnett SF. Last amended by the general meeting 25 June 2021. (This is an unauthorised translation. In case of conflict, the Norwegian version will prevail.)
The name of the enterprise is Statnett SF.
Statnett SF is the operator of the transmission grid and the system operator of the Norwegian power system. The enterprise is responsible for operating and developing the transmission grid in a socio-economically efficient way.
On its own or in conjunction with others, Statnett SF is to plan, design, build, own and operate transmission infrastructure.
Statnett SF is to undertake the tasks incumbent upon it under the terms of legislation and licences. In other respects, Statnett SF is to operate on commercial principles.
The registered office of Statnett SF is in Oslo.
Statnett SF pertains under the Ministry of Petroleum and Energy.
The government's capital contribution to Statnett SF amounts to NOK 2,700 million.
The board of the enterprise shall as determined by the general meeting consist of from seven to nine directors and any deputy directors. The members are elected for a period of up to two years.
Two, or three, directors and any deputy directors therefore will be elected by and from the employees of the enterprise in accordance with the applicable provisions of Section 20 of the State Enterprises Act with pertaining regulations.
Power of signature for the enterprise is exercised by two directors jointly, one of whom shall be the board chairman.
The enterprise shall comply with the provisions of Section 6-16a of the Public Limited Companies Act (guidelines on determination of salary and other compensation to senior management in public listed companies), Section 6-16b of the Public Limited Companies Act (declaration on salary and other compensation to senior management in public listed companies) as well as regulations on guidelines and declarations on salary and other compensation to senior management in public listed companies, as these legislative instruments apply from time to time.
Guidelines complying with the provisions of Section 6-16a of the Public Limited Companies Act and the regulations shall be presented for approval to the ordinary general meeting of the enterprise from 2022 onwards. A declaration complying with the provisions of Section 6-16b of the Public Limited Companies Act and the regulations shall be presented to the ordinary general meeting of the enterprise at the latest in 2023.
An ordinary general meeting shall be held each year before the end of June. General meetings are held in Oslo, or any other venue specified in the notice for the meeting. The ordinary general meetings shall consider and decide the following matters:
a) Adoption of Statnett SF's income statement and balance sheet, including the question of employing the year's profit or covering the year's loss.
b) Any other matter which pertain by law or these articles to the general meeting.
Statnett SF may not charge or put up as security the assets of the enterprise. However, this does not prevent Statnett from:
a) putting up security for banks and other financial institutions with respect to daily bank transactions, including trading with financial instruments and securities;
b) putting up ordinary security as a part of the daily operations of the enterprise, including short-term guarantees, vendor's fixed charge and purchasing and selling in organised marketplaces, etc.