Last checked at 24 Jun 2019 11:16
SPECIFICATIONS RELATING TO THE INVITATION TO THE ANNUAL GENERAL MEETING OF AFARAK GROUP PLC REGARDING THE NUMBER OF BOARD MEMBERS, THE BOARD MEMBER CANDIDATES AND THE REMUNERATION OF THE BOARD MEMBERS
In the invitation for the AGM, the Nomination and Remuneration Committee proposes to the Annual General Meeting that Dr Jelena Manojlovic, Barry Rourke, Thorstein Abrahamsen and Guy Konsbruck will be re-elected for the next mandate that begins from the end of the General Meeting and ends at the end of the Annual General Meeting in 2020. Shareholders Atkey Ltd and LNS Resources Ltd, have expressed their support to this proposal and will vote at the upcoming AGM in favour of it. These shareholders represent 53.60% of the share capital of the company. In addition to the proposal in the invitation, REMCO of Afarak will propose that Board will be composed of five members. Additional proposed member will be Mrs Yolanda Yvette Bolleurs-van Wier, born 1972. Mrs Bolleurs-van Wier is a Dutch national and she is certified accountant with long experience in auditing, financial services and financial consultancy. She worked for KPMG as auditor, as CFO in several companies before forming her own consulting company providing auditing and financial services. She has international experience of working with several listed companies in the mining sector (coal, gold) and has participated in restructuring companies and has built and lead multinational teams of professionals in various management structures.
In the invitation for the AGM, it is proposed that the current remuneration package would be kept. The Chairman of the Board shall be paid EUR 4,500 per month, the Chairman of the Audit and Risk Management Committee shall be paid EUR 5,550 per month and all Non-Executive Board Members are paid EUR 3,500 per month. Non-Executive Board Members who serve on the Board's Committees shall be paid additional EUR 1,500 per month for committee work.
Those members of the Board of Directors that are executives of the Company are not entitled to receive any remuneration for Board membership. Board Members shall be compensated for travel and accommodation expenses as well as other costs directly related to Board and Committee work in accordance with the company's travel rules. In addition, the REMCO has proposed to change the remuneration for the Board members slightly as per the following: all Board members will receive EUR 3,500 a month and will receive additional EUR 1,500 for the committee work. Chairman of the audit committee will receive in addition EUR 500 a month while Chairman of the Board will receive additional EUR 2,000 a month.
Shareholders Atkey Ltd and LNS Resources Ltd, have expressed their support to this proposal and will vote at the upcoming AGM in favour of it. These shareholders represent 53.60% of the share capital of the company.