Annual General Meeting of Lundin Petroleum AB 3 May 2018
3 May 2018
The Annual General Meeting of Shareholders (AGM) of Lundin Petroleum AB (Lundin Petroleum or the Company) was held today Thursday 3 May 2018 in Stockholm.
The Company’s and the Group’s income statements and balance sheets for the financial year 2017 were adopted and the members of the Board of Directors and the Chief Executive Officer were discharged from liability for the financial year 2017.
The AGM resolved that a dividend of SEK 4.00 per share should be paid for the financial year 2017 and that the record date shall be 7 May 2018. Last day of trading of the Lundin Petroleum share with the right to receive the dividend is 3 May 2018 and the ex-dividend date is 4 May 2018. Payment of the dividend is expected to be made on 11 May 2018 through Euroclear Sweden AB.
Peggy Bruzelius, C. Ashley Heppenstall, Ian H. Lundin, Lukas H. Lundin, Grace Reksten Skaugen, Alex Schneiter, Cecilia Vieweg and Jakob Thomasen were re-elected as members of the Board of Directors and Torstein Sanness was elected as a new member of the Board of Directors for a period until the 2019 AGM.
Ian H. Lundin was re-elected as chairman of the Board of Directors.
The AGM 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 525,000 (excluding the Chairman of the Board of Directors and the Chief Executive Officer as a Board member); (ii) annual fees of the Chairman of the Board of Directors of SEK 1,100,000; (iii) annual fees for Committee members of SEK 110,000 per Committee assignment (excluding the Committee Chairs); (iv) annual fees for Committee Chairs of SEK 165,000; and (v) annual fees for the CR/HSE Board representative of SEK 165,000; with the total fees for Committee work, including fees for the Committee Chairs and CR/HSE Board representative fees, not to exceed SEK 1,155,000.
PricewaterhouseCoopers AB was re-elected as the auditor of the Company for a period until the 2019 AGM. The AGM resolved that auditors’ fees shall be paid upon approval of their invoice.
Further, the AGM resolved, in accordance with the Board of Directors’ proposals:
- to approve the Company’s 2018 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 2018 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 2018 as at the date of award may not exceed 460,000 and the maximum cost for granting awards under LTIP 2018, excluding costs related to delivery of the performance shares, is approximately USD 8.8 million (approximately SEK 72.5 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 34,000,000 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 of shares in Lundin Petroleum on NASDAQ Stockholm, where the number of shares repurchased shall be limited so that shares held in treasury from time to time do not exceed ten percent of all outstanding shares of the Company.