three green bullets

Corporate governance

We believe that sound and transparent governance contributes to value creation and improved results; it builds trust and establishes a basis for responsible conduct. Corporate governance is crucial to Hydro’s development.

Board of directors

Name Position Term expires
Terje Vareberg Chairperson 2008
Grete Faremo Deputy chairperson 2008
Finn Jebsen Director 2008
Heidi M. Petersen Director 2008
Bente RaTDe Director 2008
Svein Rennemo Director 2008
Billy Fredagsvik Director 2009
Jørn B. Lilleby Director 2009
Sten Roar Martinsen Director 2009

Corporate Management Board

Name Position
Eivind Reiten President and Chief Executive Officer
Odd Ivar Biller Executive Vice President Legal and Corporate Social Responsibility
Svein Richard Brandtzæg   Executive Vice President Products
Anne Harris Executive Vice President HR and Organization Development
John Ove Ottestad Executive Vice President and Chief Financial Officer
Jørgen C. Arentz Rostrup   Executive Vice President Energy
Tom Røtjer Executive Vice President Projects
Torstein Dale Sjøtveit Executive Vice President Metal


Quick overview

Hydro is a public limited company organized under Norwegian law with a governance structure based on Norwegian corporate law. Our corporate governance has been designed to provide a foundation for value creation and to ensure good control mechanisms. We maintain common requirements in the form of corporate directives that are mandatory for all parts of our organization.

The corporate directives help ensure that all our employees carry out their activities in an ethical manner and in accordance with current legislation and Hydro standards. The board of directors has approved our code of conduct, which applies to all employees throughout the world, as well as to board members of Hydro and its subsidiaries. The code addresses compliance with laws and other matters such as handling of conflicts of interest and a commitment to equal opportunities for all employees. Our Integrity Program contributes to compliance with anti-corruption legislation and basic human rights. 


Major change in Board composition

Terje Vareberg was elected new chairperson of the Board in November 2007.

Hydro delisted from the New York Stock Exchange and subsequently deregistered and terminated its reporting obligations under the US Securities Exchange Act of 1934.

The merger between Hydro’s oil and gas activities and Statoil resulted in major changes both in the Board of Directors and the Corporate Management Board.

We comply with the Norwegian Code of Practice for Corporate Governance of December 2007.

Download the complete chapter: Corporate governance  (0.58 MB)

Updated: December 3, 2008
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