This document summarizes Statoil's transition from a traditional annual budgeting process to a new management model called "Beyond Budgeting". The key points are: 1) Statoil implemented the Beyond Budgeting principles which focus on continuous improvement, autonomy, transparency, and relative goals rather than fixed targets and budgets. 2) A new process called "Ambition to Action" was introduced which involves setting strategic objectives, key performance indicators, and concrete actions without rigid annual budgeting. 3) This new approach aims to make the planning process more dynamic, inclusive, and forward-looking to better adapt to changing business conditions. Performance is evaluated holistically based on relative success rather than meeting fixed targets.