Evraz Group – AGM 16 june 2020
Items 2 and 3: Remuneration policy and report
The remuneration policy is set for the only executive director - the CEO. Mr. Frolov is one of the controlling shareholders of the company and the current remuneration policy is tailored for his particular case. He does not benefit from any LTI. His base salary and bonus maximum opportunity are above our limits, however, the overall remuneration is acceptable. Evraz operates robust performance targets with an average bonus payout of 42% since 2013.
Item 12: Re-elect Sir Michael Peat
Senior Independent Director and member of the Remuneration committee while he does not comply with the UK Code independence criteria. Chair of the Nomination committee while gender diversity is poor. The director is not independent while the Board is less than 50% independent. Based on our concerns, we recommend that shareholders oppose this re-election.
Evraz engages in the production and distribution of steel and related products and coal and iron ore mining. Co. also produces vanadium products. Co. has four segments: Steel, which includes production of steel and related products at all mills except for those in North America, and includes the extraction of vanadium ore and production of vanadium products, iron ore mining and enrichment and certain energy-generating companies; Steel, North America, which includes production of steel and related products in the U.S. and Canada; Coal, which includes coal mining and enrichment; and Other operations, which includes energy-generating companies, shipping and railway transportation companies.
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