VEON Implements New Clawback Policy and Updates Incentive Plans to Enhance Accountability in Compliance with Nasdaq Listing Standards
28 November 2023 - 12:00AM
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.
About VEON VEON is a digital operator that provides
converged connectivity and digital services to nearly 160 million
customers. Operating across six countries that are home to
more than 7% of the world’s population, VEON is transforming lives
through technology-driven services that empower individuals and
drive economic growth. Headquartered in Amsterdam, VEON is
listed on NASDAQ and Euronext. For more information
visit: https://www.veon.com.
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, VEON’s governance, strategy and
investment plans. 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.
Contact Information:
VEON Hande Asik Group Director of Communication
pr@veon.com
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