Notification on material event
AB “Ignitis grupė” initiated coordination process to update remuneration policy
AB “Ignitis grupė” (hereinafter – Company) informs that the coordination project to update the remuneration policy and establish a share options programme for employees with stakeholders and employee representatives has been initiated.
The share options programme set out in the remuneration policy is being created according to the good market practices. Its aim is to motivate employees to get involved even more when working towards the goals of the Company as well as create incentive for top-level executives to aim for long-term strategic objectives.
After the coordination, the updated remuneration policy and share options programme for employees will be submitted for the approval of the Company’s shareholders.
It must be noted that the decisions regarding the remuneration policy are not approved yet, the process is still in coordination stage, may change and cannot be considered as the final document.
According to the updated remuneration policy and one of its sections – share options programme for employees – all employees of the Company’s group of companies (hereinafter – Group) will have an opportunity to participate in the Company’s share options programme.
It is provided that employees will be able to decide themselves whether to choose to keep using the traditional variable remuneration incentive system, or to choose to participate in a new incentive system of share options programme.
The share options agreements would be signed every year and will depend on the fixed remuneration part, achievement of goals, parameters of share price. An employee will be allocated shares of the Company if they work in the company for three years without interruptions.
A more detailed information about the options programme can be found in the Share Allocation Rules, approved on 16 September 2020 (link).
The Company will inform about the adopted decisions according to the procedure set out in the legal acts.
For more information please contact:
Head of Public Relations at Ignitis Group