Code of
Conduct
Dear Colleague,
Our vision for Equinor is to be recognised as a company that is shaping the future of energy. Our
innovative, open and collaborative culture is central to realising this vision. In Equinor, how we deliver is as
important as what we deliver. I strongly believe that an ethical business culture is the cornerstone of a
sustainable company.
This Code of Conduct is your guide to ethical business practice. It reflects our values and our belief that
conducting business in an ethical and transparent manner is not just the
right
way to work, but is the
only
way to work. The Code of Conduct includes mandatory requirements for everyone who works on behalf of
Equinor. My expectation is that the Code of Conduct, together with your good judgment, will lead you to
the right decisions. You should seek guidance from your leader or other internal resources referred to in
the Code of Conduct if you are uncertain on how to proceed.
Fundamental changes are happening in our industry which has a key role in the energy transition towards
a net zero society. From geopolitics and energy markets to our industry and our climate, we face new
realities. But our commitment to high ethical standards in our business operations stays firm. It is more
important than ever to earn the trust of our stakeholders – our people, our owners, our business partners
and our communities. The Code of Conduct will assist us in earning and sustaining this trust and in
building a prosperous company for the future.
We must work together to create our future Equinor. I want Equinor to continue to be a leader in ethical
business conduct. I expect that you carefully consider your business decisions to ensure that they are in
line with the Code of Conduct. Only then will we maintain Equinor’s reputation and continue to earn the
trust that allows the company to succeed with our vision – the Equinor Way.
Anders Opedal
President and CEO
Table of contents
1 The Equinor Way 5
1.1 Equinor’s Commitment 5
1.2 Our Code of Conduct 5
1.3 Your Responsibilities 6
1.4 Responsibilities for Leaders 6
1.5 Asking Questions and Reporting Concerns 7
1.6 Ethics Helpline 7
1.7 Non-Retaliation Policy 7
1.8 Consequences of Breaches 8
1.9 Ethics and Compliance in Equinor 8
2 Respecting our People 10
2.1 Equality, Diversity and Inclusion 10
2.2 Bullying and Harassment 11
2.3 Safety and Security 12
2.4 Privacy and Data Protection 13
2.5 Drugs and Alcohol 14
2.6 Purchase of Sexual Services 15
3 Conducting our Operations 17
3.1 Anti-Corruption 17
3.2 Conflict of Interest 18
3.3 Directorships, Secondary Employment and Ownership Interests 19
3.4 International Trade Restrictions 20
3.5 Anti-Money Laundering and
3.6 Financial and Business Records
3.7 Property and Assets 23
3.8 IT Solutions and IT Equipment 24
3.9 Information Management
3.10 Inside Information 26
4 Relating to our Business Partners 28
4.1 Suppliers and Business Partners 28
4.2 Intermediaries 29
4.3 Fair Competition 30
4.4 Gifts, Hospitality and Expenses 31
5 Communities and Environment 33
5.1 Local Stakeholder Engagement 33
5.2 Environment 34
5.3 Public Communication 35
5.4 Public Affairs 36
5.5 Public Officials 37
The Code of Conduct will be printed in updated versions when deemed necessary. However, any changes will be updated in the
electronic version as and when required, and this will always represent the most recent edition. English and Norwegian are the
official versions.
1 The Equinor way
1.1 Equinor’s Commitment
Our ability to create value is dependent on applying high ethical standards to create a trust-based relationship with
our people, our owners, our business partners and our communities.
In our business activities, we will comply with applicable laws, act in an ethical, sustainable and socially responsible
manner and practice good corporate governance. We will conduct our business consistently with the United Nations
Guiding Principles on Business and Human Rights and the ten Principles of the Global Compact, in the manner as
set out in our Human Rights Policy. We support the Paris Climate Agreement and the UN Sustainable Development
Goals. We will maintain an open dialogue on ethical issues, internally and externally.
1.2 Our Code of Conduct
The Code of Conduct (the Code) sets out our expectations, commitments and requirements for ethical conduct. The
Code applies to Equinor’s board members, employees and hired personnel.
The Code reflects our values: Open, Collaborative, Courageous, and Caring. The Code includes our most important
requirements, provides references to more detailed requirements in our governing documents and refers to other
helpful resources. However, the Code does not remove the need for you to exercise good judgment.
The Code has been approved by the Equinor’s Board of Directors and provided for in
The Equinor Book.
1.3 Your Responsibilities
We set high ethical standards for everyone who acts on Equinor’s behalf and in an Equinor capacity. It is your
responsibility to comply with the Code, both in letter and in spirit. You are also responsible for complying with other
governing documents and applicable laws relevant to your work.
What this means for you
Familiarise yourself with the Code as well as other governing documents and applicable laws relevant to your work.
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of things going wrong. When in doubt, disclose the issue to your leader and discuss it openly.
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when things have not been thought through properly and you are pressured into taking a rash decision.
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yourself and will comply with the Code.
1.4 Responsibilities for Leaders
We are committed to recruiting and continuously developing the best leaders for our company. We expect our
leaders to demonstrate ownership and commitment to our ethical standards by what they say and do. As a leader
you must ensure that activities within your area of responsibility are carried out in accordance with the Code, other
governing documents and applicable laws.
What this means for you
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behaviour what it means to act with integrity.
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concerns raised.
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retaliation.
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1.5 Asking Questions and Reporting
Concerns
The Code aims at being as clear and direct as possible, but it cannot address every situation that may arise. We
have an open communications policy, and you should raise questions or seek advice when you are uncertain about
how to proceed in any given situation.
If you suspect a possible violation of the Code or other unethical conduct, it is your duty to report it immediately.
This includes any attempts of corruption you may become aware of. We recognise that raising a concern is not
always easy and we have several channels for taking concerns forward.
What this means for you
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Alternatively, you can contact your leader’s superior.
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representative, your local compliance officer or the legal, ethics and compliance function.
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1.6 The Ethics Helpline
The Ethics Helpline is a multi-language service available 24/7 providing phone service and a web portal. It is available to anyone
who has a legitimate concern. You may choose to remain anonymous, if permitted by law.
Additional requirements and helpful tools
WR1408 Ethics Helpline
1.7 Non-Retaliation Policy
We will not tolerate any form of retaliation against any person who has raised an ethical or legal concern in good faith, including
witnesses or any other persons who contribute to an investigation of a reported concern. Acting in good faith means that you
have made a sincere report in a responsible manner. This applies even if your report does not turn out to be an actual violation.
1.8 Consequences of Breaches
We will not tolerate any breaches of the Code or the law. Potential misconduct may be investigated by Corporate
Audit and Investigation, or other relevant internal or external experts. We will pursue remedial measures or other
follow up of personnel if you breach the Code or laws. The same applies to leaders who disregard or tolerate such
breaches either through negligence or actual knowledge. The remedial measures may include termination of your
employment contract and reporting to relevant authorities.
Incidents of ethical misconduct shall be registered and reported in accordance with our governing documents.
1.9 Ethics and Compliance in Equinor
We work in a systematic manner to ensure compliance with the Code and applicable laws. Our ethics and
compliance programmes apply to all parts of Equinor. Our ethics and compliance function, headed by the Chief
Ethics and Compliance Officer, is responsible for supervising Equinor’s ethics and compliance activities, including
guidance on the Code and following up potential breaches. The Chief Ethics and Compliance Officer will appoint
one compliance officer to assist in such work for each business area and for selected corporate staff functions. The
business areas and corporate functions shall appoint local compliance officers where required.
The corporate executive committee constitutes Equinor’s ethics committee. In addition, ethics committees have
been established in the business areas and most corporate functions, comprising the respective management
teams. The committees will ensure a strong focus on, common understanding of, and compliance with Equinor’s
ethical requirements.
• Corporate directive CD04- Committees
• Corporate policy CP02- Human rights policy
• FR16 People and organisation
• WR1408 Ethics Helpline
• WR2417 Ethics incident reporting
• WR2595 The compliance officer role
2 Respecting our people
2.1 Equality, Diversity and Inclusion
Every employee is an important member of the Equinor team. We are committed to providing an inclusive
environment recognised for its equality and diversity, and we will treat everyone with fairness, respect and dignity.
We do not tolerate any discrimination of colleagues or others affected by our operations. Discrimination includes
exclusion, preference or illegal distinction based on ethnicity, age, gender, gender identity, disability, sexual
orientation, religion or belief, political views, or any other characteristic that compromise the principle of equality.
What this means for you
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principle of equality.
2.2 Bullying and Harassment
Courtesy and respect are important aspects of a sound working environment and business dealings. We expect
you to treat everyone you meet through work or work-related activities in a respectful manner. We will not tolerate
any form of harassment or other inappropriate, intimidating or offensive conduct, including any form of unwanted
and troublesome attention of a se xual nature.
What this means for you
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partners may regard as threatening or degrading.
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2.3 Safety and Security
Equinor’s safety and security vision is zero harm. We are committed to providing a safe, healthy and secure
environment for all personnel at our facilities and job sites, preventing accidents and incidents from affecting people,
environment and our assets. To build a culture that is Always Safe will require consistent use of I am Safety
expectations, Security Rules, Life Saving Rules and a continued focus on building a proactive safety culture
applying Human and Organizational Performance Principles.
What this means for you
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contribute to a healthy, safe and secure work environment.
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2.4 Privacy and Data Protection
Privacy and data protection laws protect the integrity and confidentiality of a person’s private information. We are
committed to protecting the privacy rights of our employees and everyone with whom we do business. We will only
use personal data for appropriate purposes, and personal data will be processed in accordance with applicable
laws, internal requirements and Equinor’s Binding Corporate Rules.
What this means for you
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accordance with applicable requirements.
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internal requirements for the processing of personal data, and take appropriate training necessary to
perform your tasks.
2.5 Drugs and Alcohol
Equinor is a drug and alcohol-free workplace. We will not tolerate anyone being under the influence of drugs or
alcohol while at work for Equinor. Limited amounts of alcohol may, however, be consumed when local custom and
occasion make it appropriate, and provided the consumption is not combined with operating machinery, driving or
any other incompatible activity. Tests for drugs and alcohol may be conducted whenever deemed necessary and in
accordance with applicable laws.
What this means for you
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2.6 Purchase of Sexual Services
Purchase of sexual services may be illegal, support human trafficking and pose a security risk. Human trafficking is
a violation of human rights. Regardless of local rules, regulations and customs, Equinor prohibits the purchase of
sexual services when on assignments or business trips for Equinor. This also includes any contribution to the
purchase of such services.
What this means for you
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assignments.
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have paid for.
• FR10 Safety and security
• FR16 People and organisation
• WR1495 Processing of personal data
• GL0658 Handle harassment/bullying complaint
• Binding Corporate Rules
• GL0473 Guideline for Processing of Personal Data
• Corporate policy CP03 - Security policy
• CP02-Human Rights Policy
3 Conducting our operations
3.1 Anti-Corruption
Corruption undermines legitimate business activities, distorts competition, ruins reputations and exposes
companies and individuals to risk. We have zero tolerance for corruption in any form, including bribery,
facilitation payments and trading in influence. We will comply with all applicable anti-corruption laws and
regulations and take active steps to ensure that corruption does not occur in relation to Equinor’s business
activities.
Transparency is vital in the combat of corruption. We are committed to conducting our business activities in an
open and transparent manner, promoting transparency in our industry and supporting efforts to combat
corruption worldwide.
What this means for you
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legitimate business purpose and is given to influence the recipient’s decision making.
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result in any form of retaliation, but you must report the payment immediately.
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something we cannot ethically or legally do ourselves.
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3.2 Conflict of Interest
Equinor respects your right to manage your personal affairs and investments. However, a conflict of interest may
occur when your personal interests and Equinor’s interests are different, and this may interfere with your ability to
make the right decision for Equinor. We expect you to always act in the best interest of Equinor when you are
representing the company. You should avoid situations with actual, potential or perceived conflict of interest.
What this means for you
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other matter in which you have, or a related party has a financial interest. A related party means your
partner, close relative, or any other person with whom you have close relations.
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in the best interest of Equinor.
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assess it. Be open, disclose and discuss with your leader any actual, potential or perceived conflict of
interest. The leader will then decide whether any measures should be taken, for instance stepping back
from the situation that caused the conflict of interest.
3.3 Directorships, Secondary Employment
and Ownership Interests
We expect you to spend your full working day on Equinor matters. Before accepting external directorships,
secondary employment or other material assignments, you must obtain prior written consent from your leader’s
leader or, for employees reporting directly to senior vice president level, or above, your leader. Volunteer work and
directorships in non-commercial entities held in a private capacity, do not require prior written consent. Approved
directorships shall be registered in relevant personnel data systems, be kept updated and verified once a year.
Directorships in Equinor subsidiaries or when representing Equinor in non-controlled companies do not require
registration.
If you hold directorships on behalf of Equinor, you are not entitled to board remuneration, but if you hold
directorships where you are not representing Equinor, you may retain any remuneration paid. Elected employee
representatives on the board of Equinor ASA may receive the remuneration decided by the corporate assembly.
The CEO, executive vice presidents and senior vice presidents and employee representatives on the board of
Equinor ASA shall register their direct ownership interests in other companies. This information must be kept
updated and verified once a year. It is not necessary to register shares in securities funds or shares in Equinor ASA.
Furthermore, persons in these groups cannot hold ownership interests, or options to ownership interests, directly or
indirectly, in any company that does or seeks to do business with Equinor if they can exert influence on business
decisions related to such company. The same applies to companies that are competitors to Equinor. This prohibition
does not apply to ownership interests in securities funds or shares in Equinor ASA.
What this means for you
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other material assignments.
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3.4 International Trade Restrictions
Countries can impose various economic sanctions restrictions targeting business dealings with specific countries,
economic sectors, entities or individuals of concern. Export controls on the export or in-country transfer of certain
restricted items, technology and software are also common. We will comply with all applicable economic sanctions
as well as export and import control laws. We will assess whether government authorisation is required before
engaging in activities involving restricted items, sanctioned parties or countries and will obtain and comply with all
required authorisations.
What this means for you
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relevant restricted parties’ lists.
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involves restricted items, technology or software.
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Stay updated on the rules applicable to your business activity.
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3.5 Anti-Money Laundering and
Money laundering is illegal and supports other criminal activities, including drug trafficking, terrorism, corruption,
human rights violations and tax evasion. Money laundering is the processes of disguising the proceeds of crime in
order to hide its illegal origins or otherwise dealing with the proceeds of crime. Criminal proceeds include not only
money, but all forms of assets, real estate and intangible property that are derived from criminal activity. We will
comply with all applicable anti-money laundering laws.
Tax evasion is an illegal practice where a person or entity evades paying their actual tax liability. We do not tolerate
the facilitation of tax evasion by persons who act for or on behalf of Equinor.
What this means for you
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suppliers.
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evasion and how to mitigate such risk to Equinor.
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3.6 Financial and Business Records and
Reporting
Recording and reporting financial or non-financial information completely, accurately and objectively are essential for
Equinor’s credibility and reputation. It is also a prerequisite for meeting legal and regulatory obligations and reporting
standards. We are committed to transparency and accuracy in all our dealings, and we will provide full, fair, accurate
and understandable disclosures in our financial and non-financial reports, in documents filed with regulatory authorities
and in other public communication.
What this means for you
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financial and non- financial information for both internal and external use.
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applicable laws, relevant accounting and reporting standards and the Equinor accounting manual.
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relevant to your work.
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be treated as fraud.
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financial information.
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reporting or allegations of such, you must report it to your leader or the Ethics Helpline immediately.
3.7 Property and Assets
We trust you with Equinor’s assets so that you can effectively do your work. You are responsible for safeguarding
those assets against loss, theft, and misuse. Equinor’s assets include facilities, equipment, IT solutions and IT
equipment, information, intangible property rights and financial assets. We will not tolerate any misuse of our assets or
work processes for personal benefit.
What this means for you
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for in this Code, requires permission from your leader.
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complete. This includes time sheets, invoices, benefit claims and travel and expense reimbursement reports
and underlying documentation. Inaccurate or unsubstantiated records may be treated as fraud.
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and travel and expense reimbursement reports and underlying documentation for people in your team.
3.8 IT Solutions and IT Equipment
Our IT solutions and IT equipment shall be used for business purposes. Information produced and stored on our
authorized IT solutions and IT equipment is Equinor’s property and may be accessed in accordance with applicable
law.
Cyberattacks and malicious activities are a continuous threat to Equinor, and the use of our authorized IT solutions
and IT equipment is monitored to detect such risk. This includes blocking access to inappropriate web sites and
interception of any information transmitted by or stored on our IT solutions.
What this means for you
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classification system.
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streaming, or sharing of offensive material.
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minimum and have no adverse effect on cost, IT security or productivity. This includes private use of social
media.
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incidents.
3.9 Information Management and
Confidentiality
During the course of business, we gain and produce information that is vital to our financial and business integrity.
Such information may, however, also be valuable for competitors and others. We will protect information created by
us, or given to us, to ensure appropriate confidentiality and integrity. It is important to share information across the
organisation to ensure collaboration, efficiency and experience transfer, but information transfer and access must
take place in accordance with our security classification system for information management.
What this means for you
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system when handling company information.
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competing with Equinor.
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ended.
3.10 Inside Information
Equinor supports fair and open securities markets wherever we operate. You may become aware of information
about Equinor or other companies that is not publicly available. Such information may constitute inside information.
Inside information is precise information likely to have a significant effect on the price of securities and which is not
publicly available or commonly known to the market. If you are in possession of inside information, even if acquired
incidentally, you have a legal duty of confidentiality and due care of handling to prevent such information from
coming into the possession of unauthorised persons. Any use of inside information about Equinor or other publicly
traded companies for personal gain is prohibited.
Certain persons, such as members of the Board of Directors and Corporate Executive Committee, are considered
primary insiders. Additional restrictions apply for primary insiders.
What this means for you
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investment decisions, when you have access to inside information.
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who need it in their work for Equinor based on authorisation from the information owner.
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system.
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participating in our share savings program.
• FR14 Finance and control
• WR0158 Manage data and information
• WR2893 IT Rules
• WR1366 Accounting manual
• WR1921 Primary insiders
• WR2305 Handling of Inside Information related to commodities
• WR2401 Inside information
• WR2988 Integrity due diligence
• GL0358 Legal recommendations for compliance- selected sanctions
• GL0548 Equinor Board of directors handbook
• FR19 Legal and compliance
• Anti-corruption compliance manual
• Anti-Corruption Compliance Program
• Sanctions lists on the integrity due diligence portal
4 Relating to our business partners
4.1 Suppliers and Business Partners
Business relationships based on trust and transparency are vital to our business. Our suppliers and business
partners are essential to our ability to do business but can also cause or contribute to harm people and expose us
to reputational, operational and legal risk. We expect our suppliers and business partners to comply with applicable
laws, respect internationally recognised human rights and adhere to ethical standards which are consistent with our
ethical requirements when working for or together with us. We seek to work with others who share our commitment
to ethics and compliance, and we manage risk through in-depth knowledge of our suppliers, business partners and
markets. Equinor will not voluntarily enter into partnerships with anonymously owned companies.
What this means for you
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diligence and human rights due diligence.
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channels listed in the Code.
4.2 Intermediaries
Intermediaries are a particular type of business partner and include agents, consultants, lobbyists and others who
act as a link between Equinor and others. The use of intermediaries may pose a particular risk to us, and we
therefore have additional requirements for hiring intermediaries. It is mandatory to perform integrity due diligence on
all intermediaries. The agreed compensation must be proportionate to the service rendered and only paid against
satisfactory documentation of work performed, which must be regularly monitored. The agreement with the
intermediary must be made in writing, describe the true relationship with Equinor and include an obligation to follow
the Code.
What this means for you
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4.3 Fair Competition
We believe in the benefits of competition, and Equinor will always compete in a fair and ethically justifiable manner.
We will comply with applicable competition and antitrust laws. We will not engage in or tolerate anyone who
engages in anti-competitive behaviour, such as price fixing, bid rigging, market sharing or abuse of market power.
Collaboration with other companies must not have an anti-competitive purpose or effect. It may also be a violation
of competition and antitrust rules to receive or share non-public commercially sensitive information with actual or
potential competitors. Commercially sensitive information includes information which may reduce uncertainty about
future market conduct, such as prices, competitive bids, commercial strategies, costs, customers, and suppliers.
What this means for you
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competitors to fix prices or to allocate markets by territory, by products or by customers.
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out against disclosure of information by others to you. Never share such information with competitors.
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advice from the legal department.
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4.4 Gifts, Hospitality and Expenses
Relationships with our business partners can be built and strengthened through legitimate networking and social
interaction. However, giving or accepting gifts and hospitality may be regarded as corruption in certain situations,
and we have strict limits for when we allow the giving or acceptance of gifts and hospitality.
As a general rule, we do not offer or accept gifts, except for promotional items of minimal value. In a situation where
it would clearly give offence to refuse, the gift may be accepted if it is of reasonable value and handed over to
Equinor immediately. We only offer or accept hospitality where there is a clear business reason for Equinor to
participate and the costs involved are reasonable. We will always pay our own costs related to travel,
accommodation and other related expenses. Except as otherwise stated in the Code, we do not pay travel,
accommodation and other related expenses for others.
What this means for you
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your leader is required unless the hospitality clearly is acceptable.
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that is or could be perceived as an improper advantage.
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5 Communities and Environment
5.1 Local Stakeholder Engagement
Stakeholder engagement is a central element of our commitment to create lasting local value.
Timely and meaningful engagement with potentially affected stakeholders, including through appropriate and effective
grievance mechanisms, is a central element of our commitment to assess actual and potential human rights impacts
linked to our activities or business relationships. Where needed, we aim to take appropriate and mitigating actions.
Where we have caused or contributed to adverse human rights impacts, we will provide or cooperate in providing
appropriate remediation.
In our engagement and dialogue with all stakeholders we seek to understand their expectations and explore
opportunities for mutual benefits. Solutions identified must be relevant to local conditions and our business needs, and
comply with our values, policies and local regulations. Our contribution to communities may include direct and indirect
employment, procurement of goods and services, infrastructure development and competence building as well as
social investments.
What this means for you
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impact related to our operations or those of our business partners.
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on stakeholders and take this into account when making business decisions, including in relation to their
use of land, water and other natural resources.
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impacts fairly and without discriminating to any affected members of the local community.
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indigenous peoples.
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employment, procurement and capacity development.
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5.2 Environment
We systematically manage our environmental aspects in accordance with good international practices and
principles and have to comply with applicable environmental laws and regulations. Recognising that our activities
may have impacts on the environment, we apply a precautionary approach and the principle of continual
improvement of our environmental performance, aiming to protect nature and support nature conservation and
restoration initiatives. We work actively to limit greenhouse gas emissions from our activities.
What this means for you
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communicated.
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application of the mitigation hierarchy (to avoid, minimise, restore and offset potential significant direct
impacts in our projects), and the use of environmentally friendly technologies.
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impacts and enhancement of positive impacts on the natural environment.
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5.3 Public Communication
We believe that open, honest and accurate communication is essential to our integrity and business success. We
will communicate about Equinor in a consistent manner, and only authorised persons may talk to the media,
members of the investment community or make statements on Equinor’s behalf on social media. Any private use of
social media must not breach confidentiality obligations and should not compromise Equinor’s reputation or
business interests.
What this means for you
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corporate communication.
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partners and communities. Be vigilant that participating in social media may represent a security risk.
5.4 Public Affairs
We will make Equinor’s position known on important industry matters through proactive engagement with
government policy makers and other stakeholders, such as the media, civil society and international institutions.
However, we will not make gifts, donations or otherwise support political parties or individual politicians. We may
nevertheless be members of interest organisations relevant for our industry that support political parties or certain
political issues. Any hiring of lobbyists will be in accordance with applicable law and subject to full disclosure to any
external party they wish to influence that the lobbyist represents Equinor.
What this means for you
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position in Equinor to try to influence any person to make political contributions.
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influence that the lobbyist represents Equinor.
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not linked to Equinor.
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5.5 Public Officials
In our business operations or public affairs activities, we often interact with public officials. Many countries have
rules regarding accepted conduct when dealing with public officials, such as prohibiting giving anything of value. We
will never offer or authorise anything of value or payments to public officials unless specifically provided for in the
Code. We can, however, cover the reasonable and legitimate travel, accommodation and other related travel
expenses of public officials when they are related to the promotion or demonstration of our products or services or
the execution of a contract with a government.
What this means for you
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been completed and properly approved by the Chief Ethics and Compliance Officer and the relevant EVP.
• Corporate policy CP02- Human rights policy
• FR11 Sustainability
• FR13 Communication
• WR1803 Management of social investment
• WR2297 The rights of indigenous and tribal people
• WR2614 Community grievance mechanisms
• WR9623 Human Rights Due Diligence
• GL0626 Community engagement guidelines
• GL0782 Compliance Guideline on Social Investments
• Hosting form for public officials
• Social Media Guidelines
• Equinor Biodiversity position