The Upcoming General Meeting Expected to Confirm Dividend Pay-Out and Elect Three Members to the Supervisory Board

At the 42^nd General Meeting of NLB d.d., which is going to take place on Monday, 17 June, 2024, at 11 a.m., the shareholders will, among other things, acknowledge the NLB Group Annual Report for 2023, decide on the allocation of distributable profit from the previous year, and elect three members to the NLB Supervisory Board.

The General Meeting will be held both live in Ljubljana’s Cankarjev dom, with registration starting at 10:30 a.m., and as an virtual General Meeting without the shareholders being physically present as they can instead attend the meeting via the web portal. Registration allowing them to access the digital environment will start at 10 a.m.

The GM will decide on the dividend pay-out . . .

After having announced a significant increase in dividend payments to a 40% pay-out ratio of the previous years’ profit after tax, NLB is planning to pay out EUR 220 million in dividends in two tranches in 2024. The amount of EUR 220 million represents a 100% increase from dividend payments made in 2023.

Therefore, at the General Meeting on June 17th, shareholders will, among other things, vote on the proposal regarding the allocation of distributable profit for 2023. The NLB Management and Supervisory Boards will propose to shareholders that dividends in the amount of EUR 110 million, which is EUR 5.50 gross per share, be paid out on 26 June 2024 to the persons who are registered as the Shareholders of NLB d.d. with KDD – Central Securities Clearing Corporation, LLC., on the day that is five working days after the day of the General Meeting that adopted this resolution (24 June 2024, Cut-Off Date).

The second tranche in the same amount is expected to be submitted for approval at the General Meeting taking place towards the end of this year. 

. . . and include the election of the NLB Supervisory Board members

At the General Meeting, the Shareholders will also nominate three members to the NLB Supervisory Board, as the mandates of its Chairman Primož Karpe, David Eric Simon, and Verica Trstenjak expire in 2024. Employee representatives Sergeja Kočar, whose mandate also expired this year, has already been named for a second mandate.

The Supervisory Board proposes that its Chairman Primož Karpe, as well as Natalia Olegovna Ansell, a seasoned banker with global experience and detailed knowledge of all technical aspects of corporate banking, retail banking, wealth management, and, above all, of payment and card systems, and Luka Vesnaver, Chairman of the Board of Directors of the British-Slovenian Chamber of Commerce with vast knowledge and experience in the field of corporate finance in the region, will be named as members. You may find the candidates’ details and explanations of their nominations in the published materials.

The Supervisory Board now also consists of Islam Osama Zekry and employee representative Tadeja Žbontar Rems, whose mandate expires in 2025; and its deputy Chairman Shrenik Dhirajlal Davda, André-Marc Prudent-Toccanier, Mark William Lane Richards, Cvetka Selšek, whose mandates expire two years later.

The GM will also consider the changes to the Remuneration Policy and Report

At the General Meeting, the shareholders will consider the changes to the Remuneration Policy for the members of the Supervisory and Management Boards of NLB d.d., and the Report on Remuneration for the members of the Management Body of NLB d.d. in the 2023 business year. The fourth version of the Remuneration Policy has been updated to reflect shareholders’ recommendations and includes the most recent guidelines and best practices. The updated Report on Remuneration provides a more in-depth review of the fixed and variable remuneration of the members of the management body.

The proposed resolutions together with clarifications and other materials and instructions are available to all interested stakeholders here.