VEON aligns executive compensation with total shareholder returns
VEON Ltd. (NASDAQ: VEON), a global connectivity provider, has launched a new long-term incentive plan for its Group Executive Leadership. This initiative aims to align executive compensation with shareholder value creation. Key features include:
- Performance shares with a three-year vesting period
- 50% of annual short-term incentives in VEON shares
- Shareholding requirements for executives, twice their annual base salary, and six times for the CEO
CEO Kaan Terzioğlu emphasized that the plan is crucial for the company's long-term success.
- New incentive plan aligns executive rewards with long-term shareholder value.
- Introduction of performance shares promotes accountability and performance.
- Increased equity component in compensation may enhance management focus on shareholder interests.
- None.
AMSTERDAM, Dec. 7, 2021 /PRNewswire/ -- VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has today announced a new incentive plan for its Group Executive Leadership. The purpose of the new compensation scheme to reward long term value creation and ensure alignment of management and shareholder interests.
VEON has announced a long-term incentive plan for its Group Executive Leadership that aligns executive rewards with the creation of shareholder value. This strengthen linkages between pay and long-term performance while increasing the equity component of compensation through the introduction of performance shares with a three-year vesting period. In addition,
Kaan Terzioğlu, VEON's CEO, said: "Our new compensation scheme now more closely aligns management incentives, both short and long term with those of our shareholders. We believe this is a key element for the long term success of the VEON Group."
Disclaimer
This release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, the benefits of the renewed management incentive plan. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, "inside information" as defined under the Market Abuse Regulation (EU) No. 596/2014.
About VEON
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com.
Contact Information
Investor Relations
Nik Kershaw
ir@veon.com
+31 20 79 77 200
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SOURCE VEON Ltd
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