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VEON Implements New Clawback Policy and Updates Incentive Plans to Enhance Accountability in Compliance with Nasdaq Listing Standards
Amsterdam, 27 November 2023 – VEON Ltd. (NASDAQ:VEON, Euronext Amsterdam: VEON))))), a global digital operator that provides converged connectivity and online services, today announces governance enhancements to its executive remuneration structure, underscoring its commitment to ethical corporate governance practices and financial integrity. The Board of Directors of VEON (the "Company") has introduced a robust Policy for the Recovery of Erroneously Awarded Compensation (the "Clawback Policy") to align with Section 10D and Rule 10D-1of the Securities Exchange Act of 1934 and the listing standards adopted by NASDAQ.
Effective 2 October 2023, the Clawback Policy enables the Company to recover erroneously awarded incentive-based compensation from current and former Executive Officers (as defined in the Clawback Policy) in the event that it is required to prepare an accounting restatement. This step is crucial in maintaining transparency and accountability, particularly in instances requiring accounting restatements.
In tandem with the adoption of the Clawback Policy, the Board of Directors has also revised existing incentive-based compensation plans to further align executive remuneration with shareholder interests and corporate objectives. The amended incentive-based compensation plans, copies of which are filed as Exhibits 99.3, 99.4 and 99.5 to the Company's Current Report on Form 6-K filed today, reflect VEON's continuous effort to ensure its governance structure evolves in line with industry best practices.
The foregoing description of the Clawback Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Clawback Policy, a copy of which is filed as Exhibit 99.2 to the Company's Current Report on Form 6-K filed today.
Posted In: VEON
