Proxy Report - 09/05/2018
ITEM 3 Although ArcelorMittal swung back to profitability after an abysmal 2015 when it reported a hefty loss of USD 8 billion, a $0,10 dividend is proposed at this AGM, for the first time in three years. The Company declared its intent to use its cash surplus to retire debt and restore its investment grade rating before increasing the amount of the distribution. We therefore recommend that shareholders approve resolution 3.
ITEM 4
ECGS denounced for several years the excessive amount of director’s fees, exceeding € 100,000 per non-executive director. Furthermore, the attribution is not based on attendance, which is not acceptable. Accordingly we recommend that shareholders oppose the Director’s compensation for 2017.
ITEM 9
Resolution 9 proposes to allocate performance shares to the executive directors (Lakshmi Mittal and his son, Aditya Mittal). As the ceiling respects our guidelines and performance conditions seem to be challenging, this resolution does not raise any concerns.
ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.
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