b'Evaluation c) Provide support to the company in In August 2021, the Supervisory Boardgetting Enterprise Risk Management conducted a self-evaluation comprised of anfully operational, whereby the company individual and collective perspective. Thisoperates risk-based and makes evaluation initiates the promotion of self- decisions.reflection, internal culture and provides insightd)Initiate a new remuneration policy.into group dynamics. e)Increasing Executive Board approval The Supervisory Board has worked on upgrading skills and is on a trajectory tolimits for financial transactions and promote cohesion supported by externalagreements.experts with the aim of improved supervision. f) Adopt corporate governance charters The self-evaluation also resulted in theand active measures to better implement recruitment of a corporate governance coach tocorporate governance.actively work on creating and shaping a future3.Actions regarding the supervision of oriented corporate governance code, alsosubsidiaries and the relationship between the addressing climate change. supervisory boards of those companies and the supervisory board of the corporate.Professional DevelopmentSupervisory Board members regularly4. The visible incorporation of environmental participate in meetings and courses to increasemeasures and realistic targets in company their level of knowledge in relation to the oil &goals and annual and long-term plans. gas industry e.g., a series of master classesFocus on becoming a green business and in petroleum geology. Several members ofimproving efficiency and effectiveness in the Supervisory Board also attended a seriesoperations.of master classes on compliance regarding5. Active contribution of the Supervisory Board financial transactions. with regard to identifying business risks.Important Themes and Actions in 2021 6.Clarification of the relationship between the The Supervisory Board took various actions inExecutive Board, the Supervisory Board and 2021, namely: the shareholder, who does what and who is allowed to do what.1.Nominate executive board members for7.The Supervisory Board intends to encourage appointment ensuring the continuity inthe Executive Board to develop the governance of the company, in view of thecorporate vision for the future, e.g., a vision positive future development for the company2050 that explicitly includes Staatsolies role, and the financial and economic impact forscenario-driven strategic choices, success-the country. determining factors, and diversification of the 2.Establishment of committees, i.e., the Auditcorporate portfolio.Committee, Risk & Compliance Committee and Nomination & Remuneration Committee. Some notable activities of these committees:a)Review of procurement transactions andcontracts since 2015.b)Recommendations on strengthening theInternal Audit Department.21'