With reference to the announcement made
As a response to feedback from shareholders, The Board of Directors intend to change the previously announced proposed amendment to § 4B in the Articles of Associations, to reduce the proposed mandated period to 1 year from the previously proposed 5 years.
Consequently, the board propose that § 4B of the company's
Articles of Association is amended as follows:
"In the period from 30.
Additional information on the independency of the audit committee:
The audit committee is elected by the board of directors and is currently consisting of Rúni
Additional information on the reason for adding one more member to the board of directors:
The election committee suggests electing
Additional information on the remuneration policy
Bakkafrost's remuneration policy is unchanged since 2018. The policy is a high-level policy, setting the overall purpose and boundaries for remuneration to management.
In the integrated annual report, more details are disclosed regarding remuneration to the management as well as employees in general. Going forward, starting from next year, Bakkafrost will publish a separate Remuneration Report, to clarify the remuneration policy and how this is enforced.
One such element already disclosed in the integrated annual report for 2023, is Bakkafrost's share-based bonus system for all employees, including the management. This aligns employee incentives with shareholder's interest by using KPI's like adjusted Earnings per share, EBIT as well as sustainability KPI's (survivability and feed conversion ratios) to determine the size and distribution of bonuses. All bonus is delivered as shares, hence making all employees shareholders, and long-term incentives are secured by awarding a part of the bonus shares as restricted shares, which are released to the employees in the 3rd year after being awarded, but only if they are still employed with the company at that time. For the Group Management 50% of the total bonus is delivered as restricted shares only to be released 3 years later, contingent on continuous employment.
Contacts:
Regin Jacobsen , CEO ofP/F Bakkafrost : +298 235001 (mobile)-
Høgni
Dahl Jakobsen , CFO ofP/F Bakkafrost : +298 235060 (mobile)
https://news.cision.com/bakkafrost/r/board-of-directors-proposes-agm-to-shorten-share-buyback-period-to-1-year--details-on-board-changes-,c3967756
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