Orion Corporation - AGM 25 March 2021
We note that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.
Under ITEM 10 approval of the Company's first remuneration report is sought. We have various disclosure related concerns with regard to the remuneration report. The remuneration of the other members of the executive management is not disclosed at all. No ex-post assessment of the STI as well as LTI has been provided. Consequently, the pay-for -performance cannot be reasonably assessed. We furthermore note that the total variable salary granted in the year under review, corresponding to 336% of annual base salary, exceeds our maximum threshold of 300% of annual base salary. In view of Orion’s size and complexity and/or local market practice, we see no reason to make an exception this time. Finally, we consider the CEO’s pension benefits to be excessive. In view of the above, we recommend to vote OPPOSE.
Finally, we note that, unlike best practice, the voting results of the AGM 2020 are not disclosed. We urge the Company to do so next year.
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