Mondi – AGM 7 May 2020
Covid 19 Update - Final Dividend
In light of the evolving circumstances, the AGM will now be convened with the minimum quorum of two shareholders facilitated by Mondi. Shareholders will not be able to attend the AGM in person. Shareholders are encouraged to submit their votes by proxy. Proxy appointments must reach the registrar by no later than 10:30am (UK time) on Tuesday 5 May 2020.
While shareholders will not be able to attend the AGM, questions relating to the business of the AGM may therefore be submitted ahead of the meeting by the deadline set out above to . Where appropriate, the Company will provide written answers to questions and will publish answers to frequently asked questions on its website.
As announced on 9 April 2020, the Board has decided to withdraw its recommendation of the final dividend for the year ended 31 December 2019, and accordingly Resolution 4 will not be put to the AGM. In addition, ECGS recommends to OPPOSE to the authorization to repurchase shares (ITEM 16).
ITEM 3: Directors'Remuneration Report
ECGS notes that there is an overlap between the ROCE metric used in the short and long term incentives. The maximum total variable remuneration under the remuneration policy could reach 400% of base salary, which is above our limit of 300%. The annual bonus for 2019 respects our 150% limit of the base salary. However, performance shares (LTI) granted at 180% of base salary exceeded our 150% limit. Furthermore, the base salary is higher than the comparison with the MSCI country and sector, as well as the total remuneration. Accordingly, we recommend to OPPOSE.
Mondi is organized into the following businesses: Packaging Paper, which manufactures and sells virgin and recycled containerboard and sack and speciality kraft paper; Fibre Packaging, which manufactures and sells corrugated packaging products, industrial bags and extrusion coatings; Consumer Packaging, which develops, manufactures and sells consumer goods packaging solutions, technical films, components for personal care products and release liners; Uncoated Fine Paper, which manufactures and sells papers for use in offices and printing houses; and South African Division, which manages plantation forests and manufactures and sells pulp, virgin containerboard and uncoated fine paper.
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