The company's and the Group's income statements and balance sheets for the financial year 2015 were adopted and the members of the Board of Directors and the Chief Executive Officer of the company were discharged from liability for the financial year 2015.
The Meeting resolved that no dividends should be paid for the financial year 2015.
Peggy Bruzelius, C. Ashley Heppenstall, Ian H. Lundin, Lukas H. Lundin, Grace Reksten Skaugen, Magnus Unger and Cecilia Vieweg were re-elected as members of the Board of Directors and Alex Schneiter was elected as a new member of the Board of Directors. William A. Rand had declined re-election.
Ian H. Lundin was re-elected as chairman of the Board of Directors.
The Meeting resolved to remunerate the members of the Board of Directors as follows: (i) annual fees of the members of the Board of Directors of SEK 500 000 (excluding the Chairman of the Board of Directors and the Chief Executive Officer); (ii) annual fees of the Chairman of the Board of Directors of SEK 1050 000; (iii) annual fees for Committee members of SEK 100,000 per Committee assignment (excluding the Committee Chairmen); and (iv) annual fees for Committee Chairmen of SEK 150 000; with the total fees for Committee work, including Committee Chairmen fees, not to exceed SEK 900 000.
PricewaterhouseCoopers AB was re-elected as the auditor of the company for a period until the 2017 Annual General Meeting. The Meeting resolved that auditors' fees shall be paid upon approval of their invoice.
Further, the Meeting resolved, in accordance with the Board of Directors' proposals:
– to approve the company's 2016 Policy on Remuneration for Lundin Petroleum's Group Management, which includes four key elements of remuneration: a) base salary; b) yearly variable salary; c) Long-term Incentive Plan (LTIP); and d) other benefits, and which comprises remuneration paid to members of the Board of Directors for work performed outside the directorship;
– to approve the LTIP 2016 for members of Group Management and a number of key employees, which gives the participants the possibility to receive shares in Lundin Petroleum subject to uninterrupted employment and to the fulfilment of a performance condition over a three year performance period. The performance condition is based on the share price growth and dividends (Total Shareholder Return) of the Lundin Petroleum share compared to the Total Shareholder Return of a peer group of companies. The total number of performance shares under LTIP 2016 as at the date of award may not exceed 715 000 and the maximum cost for granting awards under LTIP 2016, excluding costs related to delivery of the performance shares, is approximately US$9.4 million (approximately SEK 77.1 million), excluding social security charges.
– to authorise the Board of Directors to issue new shares and/or convertible debentures corresponding to in total not more than 34000 000 new shares, with or without the application of the shareholders pre-emption rights, in order to enable the Company to make business acquisitions or other major investments; and;
– to authorise the Board of Directors to decide on repurchases and sales by the company of its shares on NASDAQ Stockholm, where the number of shares so repurchased shall be limited so that shares held in treasury from time to time do not exceed 5% of all outstanding shares of the company.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13052016/annual-general-meeting-of-lundin-petroleum-ab-2016/