Board asks Corporate Assembly to consider termination of option plans
(Aug. 4, 2007) Hydro's Board of Directors has asked the Corporate Assembly to consider the board's handling of the termination of the company's stock option program.
"The board has asked Hydro's Corporate Assembly, the board's governing body, to consider the board's handling of the termination of the company's stock option program," says Jan Reinås, who is chairperson of the Hydro board. "In the current situation, where various legal evaluations have come to different conclusions, I have found it appropriate to ask the Corporate Assembly to decide on the matter.
"The board's position continues to be that the termination of Hydro's stock option program is within its area of competence. In its decision, the board has focused on respecting previous agreements, and treating equally the leaders who are going to work for StatoilHydro and those who will be staying with Hydro, to the benefit of the company and its shareholders.
"Should the Corporate Assembly come to the conclusion that the board has not handled the termination of the stock option scheme in a responsible manner," says Reinås, "then the board members will place the decision of their continued board membership in the hands of the Corporate Assembly."
Inger Sethov +47 95 02 23 59, Halvor Molland +47 92 97 97 97
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