In general, Equinor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.

Under ITEM 6 the board of directors proposes to adopt the financial statements, including the allocation of profit. Although ECGS has no concerns over the financial statements it does NOT approve of the (proposed) distribution of profit. Accordingly, ECGS recommends to vote OPPOSE.

Under ITEM 7 authorisation is sought to distribute (interim) dividend. Since ECGS has concerns over Equinor's (proposed) allocation of income it does NOT approve of the requested authorisation to distribute interim dividends. ECGS therefore recommends to vote OPPOSE.

Under ITEM 8 authority is sought for a capital reduction by cancellation of part of its holding of treasury shares. In ECGS'view, a reduction of share capital by cancellation of shares is a technical issue that does not negatively impact shareholder interests. As a matter of principle, ECGS will only oppose share cancellations which significantly deplete cash flow provided that a company is not able to pay a dividend. However, whereas ECGS acknowledges that the company is currently well capitalised, it considers that it should wait until next year to cancel its repurchased shares. In case there is a further deterioration of the market, Equinor could decide to re-issue the treasury shares to strengthen its capital base. Therefore, ECGS recommends to OPPOSE.

ITEMS 9-14 are proposals made by shareholders. From an environmental perspective, ECGS recommends to vote FOR ITEMS 9, 10, 11, 12 and 14, and does not support ITEM 13.

Under ITEM 16.1 the board of directors seeks approval of the Company's remuneration guidelines. As the proposed remuneration structure is NOT in line with its guidelines, ECGS recommends to vote OPPOSE.

Under ITEM 16.2 approval is sought of the guidelines for share-related incentive arrangements, In view of an insufficiently long performance period of the LTI, ECGS recommends to vote OPPOSE.

Finally, under ITEM 23, authorisation is sought to repurchase own shares. Although the authority requested would meet its guidelines, ECGS considers that it is currently not the right moment to proceed to a new share buyback programme in view of the recent events relating to Covid-19. Accordingly, ECGS recommends to vote OPPOSE.