Amsterdam, 7 December 2021 - 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, 50% of executives annual short term incentive will now be delivered in VEON shares. Executives will also be subject to a shareholding requirement equivalent to twice their annual base salary, rising to six times base salary for VEON's CEO.
Kaan Terzio lu, 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.
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