Equinor ASA
Equinor presents the "Energy Transition Plan 2025" for an advisory vote at the 2025 General Meeting and simultaneously requests feedback from shareholders on the plan. Folketrygdfondet is a long-term financial investor concerned with the company's effective management of climate risk. We ask the company to emphasize the following:
Part Item 8
The company comments in the preface that "the responsibility for Equinor’s strategy lies with the Board of Directors and the CEO." Folketrygdfondet agrees with this and would like to emphasize that an advisory vote on the Energy Transition Plan 2025 should not be understood as transferring the responsibility for setting the company's goals and strategy to the General Meeting, but that this remains the responsibility of the Board.
Folketrygdfondet supports a transition plan that ensures Equinor is aligned with a global net-zero society in accordance with the Paris Agreement. We further point out that investments in renewable energy and carbon capture areas, as proposed by the company, should aim for a return on equity of over 10 percent. Experiences in recent years suggest that the company has not achieved this goal. Folketrygdfondet would like to emphasize that a sustainable energy transition for Equinor must involve the profitable use of the company's capital, and our support for the plan does not imply a conflict with the company's communicated profitability goals.
Folketrygdfondet votes with this clarification for item 8 (the advisory vote on the "Energy Transition Plan 2025").