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| Contact: | ANNOUNCEMENT NO. 4 - 2009 |
| | 3 April 2009 |
| | Notice of Annual General Meeting of Directors and |
| | Shareholders and Complete Proposals |
| | Enclosed please find the notice of and the complete proposals |
| | for the Annual General Meeting of directors and shareholders |
| | of A/S Dampskibsselskabet TORM to be held on 22 April 2009. |
| | N. E. Nielsen, Chairman of the Board, +45 72 27 00 00 |
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| About | TORM is one of the world's leading carriers of refined oil |
| TORM | products as well as being a significant participant in the dry |
| | bulk market. The Company operates a combined fleet of more than |
| | 130 modern vessels, principally through a pooling cooperation |
| | with other respected shipping companies who share TORM's |
| | commitment to safety, environmental responsibility and customer |
| | service. |
| | TORM was founded in 1889. The Company conducts business worldwide |
| | and is headquartered in Copenhagen, Denmark. TORM's shares are |
| | listed on the Copenhagen Stock Exchange (ticker TORM) as well as |
| | on the NASDAQ (ticker TRMD). For further information, please |
| | visit www.torm.com. |
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| Safe | Matters discussed in this release may constitute forward-looking |
| Harbor | statements. Forward-looking statements reflect our current views |
| Forward | with respect to future events and financial performance and may |
| Looking | include statements concerning plans, objectives, goals, |
| Statemen | strategies, future events or performance, and underlying |
| ts | assumptions and other statements, which are other than statements |
| | of historical facts. The forward-looking statements in this |
| | release are based upon various assumptions, many of which are |
| | based, in turn, upon further assumptions, including without |
| | limitation, Management's examination of historical operating |
| | trends, data contained in our records and other data available |
| | from third parties. Although TORM believes that these assumptions |
| | were reasonable when made, because these assumptions are |
| | inherently subject to significant uncertainties and |
| | contingencies which are difficult or impossible to predict and |
| | are beyond our control, TORM cannot assure you that it will |
| | achieve or accomplish these expectations, beliefs or |
| | projections. |
| | Important factors that, in our view, could cause actual results |
| | to differ materially from those discussed in the forward looking |
| | statements include the strength of world economies and |
| | currencies, changes in charter hire rates and vessel values, |
| | changes in demand for “tonne miles” of oil carried by oil |
| | tankers, the effect of changes in OPEC's petroleum production |
| | levels and worldwide oil consumption and storage, changes in |
| | demand that may affect attitudes of time charterers to scheduled |
| | and unscheduled dry-docking, changes in TORM's operating |
| | expenses, including bunker prices, dry-docking and insurance |
| | costs, changes in governmental rules and regulations including |
| | requirements for double hull tankers or actions taken by |
| | regulatory authorities, potential liability from pending or |
| | future litigation, domestic and international political |
| | conditions, potential disruption of shipping routes due to |
| | accidents and political events or acts by terrorists. Risks and |
| | uncertainties are further described in reports filed by TORM with |
| | the US Securities and Exchange Commission, including the TORM |
| | Annual Report on Form 20-F and its reports on Form 6-K. |
| | Forward looking statements are based on management's current |
| | evaluation, and TORM is only under obligation to update and |
| | change the listed expectations to the extent required by law. |
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NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given in accordance with Article 5 of the Articles of
Association of Aktieselskabet Dampskibsselskabet TORM (CVR NO 22460218) that the
Annual General Meeting of Shareholders of the Company will be held on
Wednesday, 22 April 2009 at 10:00 a.m.
at Radisson SAS Falconer, Falkoner Allé 9, DK-2000 Frederiksberg with the
following
AGENDA
The Board of Directors' report on the activities of the Company in the past
year.
Presentation for adoption of the Annual Report.
The Board of Directors' proposal for the appropriation of profits or provision
for losses in accordance with the adopted Annual Report.
Election of members to the Board of Directors.
Appointment of auditor/auditors.
Proposals from the Board of Directors:
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| a. | Change of the Company's name from “Aktieselskabet |
| | Dampskibs-selskabet TORM” to “TORM A/S” and resulting amendment of |
| | Article 1(1) of the Articles of Association and addition of |
| | “Aktieselskabet Dampskibsselskabet TORM (TORM A/S)” in the list of |
| | the Company's secondary names in Article 1(2) of the Articles of |
| | Association. |
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| b. | Amendment of Article 3(3), second sentence of the Articles of |
| | Association from “The Company has appointed VP Investor Services |
| | A/S (VP Services A/S), Helgeshøj Allé 61, P.O. Box 20, DK-2630 |
| | Taastrup, keeper of the Company's Register of Shareholders for all |
| | shares issued by the Company.” to “The Company has appointed VP |
| | Investor Services A/S (VP Services A/S), Weidekampsgade 14, DK-2300 |
| | København S, keeper of the Company's Register of Shareholders for |
| | all shares issued by the Company.” |
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| c. | Amendment of Articles 3(2), 3(6), 4(1) and 7(2) by replacing |
| | “Danish Securities Centre” with “VP SECURITIES A/S”. |
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| d. | Amendment of Article 5(1) of the Articles of Association from “The |
| | general meetings of the Company shall be held in Copenhagen.” to |
| | “The general meetings of the Company shall be held in Region |
| | Greater Copenhagen.” |
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| e. | Passing of a resolution to introduce communication by electronic |
| | means between the shareholders and the Company and at the same time |
| | authorising the Board of Directors to determine the date for the |
| | introduction thereof. The proposal implies that a new Article 6 be |
| | inserted in the Articles of Association pursuant to s. 65b of the |
| | Danish Public Companies Act and that the numbering of the |
| | subsequent articles in the Articles of Association be amended as a |
| | consequence thereof. The new Article 6 will have the following |
| | wording: |
| | |
| | ”6. |
| | 6.1 On 22 April 2009, the Annual General Meeting resolved to |
| | authorise the Board of Directors to i) fix the date for |
| | introduction of communication by electronic means pursuant to |
| | Articles 6(3)-6(6) below and at the same time to ii) make all |
| | necessary amendments to the Articles of Association. |
| | 6.2 The Board of Directors shall notify the Company's shareholders |
| | about the date of introduction of communication by electronic |
| | means. |
| | 6.3 The Company shall be entitled to give any notices to the |
| | Company's shareholders under the Danish Public Companies Act or |
| | these Articles of Association by electronic mail, and documents may |
| | be made available or forwarded in electronic form. |
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| | 6.4 The Management Board will ask all shareholders recorded in the |
| | Company's register of shareholders to provide their current email |
| | addresses to which notices etc., cf. Article 6(1) above, may be |
| | given. It is the responsibility of the shareholder to provide the |
| | Company with a correct and current email address. |
| | 6.5 At the discretion of the Board of Directors, the above form of |
| | communication may also be used for communication between the |
| | Company and the members of the Board of Directors. |
| | 6.6 Information on system requirements and the use of electronic |
| | communication shall be provided directly to the shareholders by the |
| | Company's Management Board or be published on the Company's |
| | website.” |
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| f. | That the overall guidelines for the Company's incentive plan to |
| | members of the Management Board and the Board of Directors be |
| | adopted. |
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| g. | That the Board of Directors be authorised to let the Company |
| | acquire its own shares in the period until the next Annual General |
| | Meeting within 10 per cent of the issued share capital at the |
| | market price prevailing at the time of acquisition subject to a |
| | deviation of up to 10 per cent. |
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| h. | That the Board of Directors be authorised to apply for registration |
| | of the resolutions passed and to make any such amendments thereto |
| | as may be required or requested by the Danish Commerce and |
| | Companies Agency, the Danish Financial Supervisory Authority, |
| | NASDAQ OMX Copenhagen A/S or any other public authority as a |
| | condition for registration or approval. |
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Proposals from shareholders:
The following proposals have been made by a shareholder suggesting that
proposals 7a and 7b be presented to and voted on by the shareholders prior to
item 4 of the agenda, and that proposal 7c be voted on by the shareholders in
connection with item 4 of the agenda, which order of presentation and voting the
Board of Directors supports:
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| a. | Increase of the limitation on the number of the shareholder elected |
| | directors from 6 to 8. The proposal implies that the first sentence |
| | of Article 11(1) is amended from “The Company shall be managed by a |
| | Board of Directors made up of a minimum of three and a maximum of |
| | six members elected from and among the shareholders by the Company |
| | in general meeting” to “The Company shall be managed by a Board of |
| | Directors made up of a minimum of three and a maximum of eight |
| | members elected from and among the shareholders by the Company in |
| | general meeting”. |
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| b. | Article 11(2) of the Articles of Association concerning nationality |
| | requirements to members of the Board of Directors is deleted and |
| | the numbering of Article 11 is amended accordingly. |
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| c. | Election new members of the Board of Directors. |
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Any other business.
*****
The general meeting is only legally competent to transact business when at least
one-third of the share capital is represented, cf. Article 9(1) of the Articles
of Association of the Company.
Approval of the proposals under items 2 - 5 and items 6f - h is subject to a
simple majority of votes, cf. Article 9(2) of the Articles of Association of the
Company.
Approval of the proposals under items 6a - e is subject to at least two-thirds
of the votes cast as well as of the voting share capital represented at the
general meeting voting in favour of the proposal, cf. Article 9(3) of the
Articles of Association of the Company and s. 78(1) of the Danish Public
Companies Act. Approval of the proposal under item 6e is furthermore subject to
shareholders representing 25% of the total voting share capital of the Company
not voting against the proposal, cf. s. 78(2) of the Danish Public Companies
Act. The Board of Directors of TORM supports the proposals under item 7.
Notice convening the Annual General Meeting will be sent to all shareholders
entered in the Company's register of shareholders and/or ADR holders who have
registered their holdings with the Company and who have so requested.
The agenda, the Company's Annual Report for 2008 and the complete proposals,
including the proposed overall guidelines for the Company's incentive plan, will
be available for inspection at the offices of the Company no later than 8 days
prior to the date of the Annual General Meeting. The documents will from the
same time be available through the Company's website www.torm.com.
Admission cards to the Annual General Meeting may be obtained against
presentation of appropriate proof of identification (VP reference number) no
later than 4 days before the meeting from:
VP Investor Services A/S, tel. +45 4358 8892, fax +45 4358 8867.
Voting cards may also be ordered by shareholders being entitled to exercise
their voting rights, cf. Article 7(3) in the Articles of Association, by
contacting VP Investor Services within said deadline.
On the date of this notice convening the general meeting, the Company's share
capital is DKK 364,000,000.00 divided into shares of DKK 5.00 each or any
multiples thereof. Each shareholding of DKK 5.00 entitles the holder to one vote
at the general meeting. However, the exercise of voting rights attaching to
shares acquired by transfer is subject to the shares having been registered in
the Company's register of shareholders or the shareholder having reported or
documented his or her acquisition no later than the day before this notice is
inserted in the leading Danish daily newspapers Berlingske Tidende and Børsen,
cf. Article 7(3) of the Articles of Association.
Hellerup, April 2009
The Board of Directors
Annual General Meeting of shareholders of Aktieselskabet Dampskibsselskabet
TORM, CVR No. 22460218 to be held on Wednesday, 22 April 2009 at 10:00 a.m. at
Radisson SAS Falconer, Falkoner Allé 9, DK-2000 Frederiksberg:
Complete Proposals
* * * * *
The Board of Directors' report on the activities of the Company in the past
year.
The Board of Directors proposes that the oral report of the Chairman of the
Board of Directors be adopted.
Presentation for adoption of the Annual Report.
The Board of Directors' proposal for the appropriation of profits or provision
for losses in accordance with the adopted Annual Report.
The Board of Directors proposes that out of the net profit of USD 361.4 million
an amount of USD 55.1 million be paid in ordinary dividends, corresponding to
DKK 4 per share of a nominal value of DKK 5. Of the remaining USD 306.3 million,
USD 61.5 million has already in December 2008 been paid out as extraordinary
dividends whereas the remaining USD 244.8 million is proposed to be carried
forward.
Election of members to the Board of Directors.
None of the existing Board members elected by the general meeting are up for
re-election pursuant to Article 11(3) of the Company's Articles of Association.
A shareholder has proposed an expansion of the Board of Directors and election
of new candidates, cf. item 7.
Appointment of auditor/auditors.
The Board of Directors proposes re-election of Deloitte Statsautoriseret
Revisionsaktieselskab.
Proposals from the Board of Directors:
a. Change of the Company's name from “Aktieselskabet Dampskibsselskabet TORM” to
“TORM A/S” and resulting amendment of Article 1(1) of the Articles of
Association and addition of “Aktieselskabet Dampskibsselskabet TORM (TORM A/S)”
in the list of the Company's secondary names in Article 1(2) of the Articles of
Association.
b. Amendment of Article 3(3), second sentence, of the Articles of Association
from “The Company has appointed VP Investor Services A/S (VP Services A/S),
Helgeshøj Allé 61, P.O. Box 20, DK-2630 Taastrup, keeper of the Company's
Register of Shareholders for all shares issued by the Company.” to “The Company
has appointed VP Investor Services A/S (VP Services A/S), Weidekampsgade 14,
DK-2300 København S, keeper of the Company's Register of Shareholders for all
shares issued by the Company.”
The proposal is motivated by VP Investor Services A/S (VP Services A/S)'s
change of address as of 15 March 2009.
Pursuant to Section 25(1) of the Danish Companies Act, the Articles of
Association must contain information about the name and address of the keeper of
the register of shareholders.
c. Amendment of Article 3(2) of the Articles of Association from “The shares
shall be issued through the Danish Securities Centre and/or under an American
Depositary Receipt Program (ADR Program).” to “The shares shall be issued
through VP SECURITIES A/S and/or under an American Depositary Receipt Program
(ADR Program).”
Amendment of Article 3(6) of the Articles of Association from “When the audited
annual report has been adopted by the Company in general meeting, the declared
dividend shall be distributed by transfer to the accounts designated by the
shareholders in accordance with the rules on the Danish Securities Centre in
force from time to time.” to “When the audited annual report has been adopted by
the Company in general meeting, the declared dividend shall be distributed by
transfer to the accounts designated by the shareholders in accordance with the
rules on VP SECURITIES A/S in force from time to time.”
Amendment of Article 4(1) of the Articles of Association from “If previously
issued shares have been lost and no application for registration of the shares
has been filed with the Danish Securities Centre, such shares and appurtenant
coupon sheets, talons and interim certificates may on the Company's initiative
and at the expense of the applicant be cancelled without judgment in accordance
with the statutory rules on this in force from time to time.” to “If previously
issued shares have been lost and no application for registration of the shares
has been filed with VP SECURITIES A/S, such shares and appurtenant coupon
sheets, talons and interim certificates may on the Company's initiative and at
the expense of the applicant be cancelled without judgment in accordance with
the statutory rules on this in force from time to time.”
Amendment of Article 7(2) of the Articles of Association from “The issue of an
admission card requires documentation for the title to shares or ADR's not
registered in the name of a holder in the form of a deposit receipt issued
within the last ten business days by the Danish Securities Centre or the
depositary bank and a written declaration showing that the shares or ADR's have
not or will not be transferred until, at the earliest, the day after the general
meeting for which the admission card is required.” to “The issue of an admission
card requires documentation for the title to shares or ADR's not registered in
the name of a holder in the form of a deposit receipt issued within the last ten
business days by VP SECURITIES A/S or the depositary bank and a written
declaration showing that the shares or ADR's have not or will not be transferred
until, at the earliest, the day after the general meeting for which the
admission card is required.”
The proposals are motivated by the Danish Securities Centre's change of name to
VP SECURITIES A/S.
d. Amendment of Article 5(1) of the Articles of Association from “The general
meetings of the Company shall be held in Copenhagen.” to “The general meetings
of the Company shall be held in Region Greater Copenhagen.”
The proposal is motivated by a wish for creating greater flexibility in the
choice of venue for the Company's general meetings, hereunder enabling general
meetings to be held at the registered address of the Company.
e. Passing of a resolution to introduce communication by electronic means
between the shareholders and the Company and at the same time authorising the
Board of Directors to determine the date for the introduction thereof. The
proposal implies that a new Article 6 be inserted in the Articles of Association
pursuant to s. 65b of the Danish Public Companies Act and that the numbering of
the subsequent articles in the Articles of Association be amended as a
consequence thereof. The new Article 6 will have the following wording:
”6.
6.1 On 22 April 2009, the Annual General Meeting resolved to authorise the Board
of Directors to i) fix the date for introduction of communication by electronic
means pursuant to Articles 6(3) - 6(6) below and at the same time to ii) make
all necessary amendments to the Articles of Association.
6.2 The Board of Directors shall notify the Company's shareholders about the
date of introduction of communication by electronic means.
6.3 The Company shall be entitled to give any notices to the Company's
shareholders under the Danish Public Companies Act or these Articles of
Association by electronic mail, and documents may be made available or forwarded
in electronic form.
6.4 The Management Board will ask all shareholders recorded in the Company's
register of shareholders to provide their current email addresses to which
notices etc., cf. Article 6(1) above, may be given. It is the responsibility of
the shareholder to provide the Company with a correct and current email address.
6.5 At the discretion of the Board of Directors, the above form of communication
may also be used for communication between the Company and the members of the
Board of Directors.
6.6 Information on system requirements and the use of electronic communication
shall be provided directly to the shareholders by the Company's Management Board
or be published on the Company's website.”
The proposal is motivated by a wish of TORM to create greater flexibility in the
communication with the Company's shareholders, in particular in light of the
fact that a substantial part of the shareholders are resident or domiciled
outside of the Danish borders.
f. That the overall guidelines for the Company's incentive plan to members of
the Management Board and the Board of Directors be adopted.
Proposal by the Board of Directors to adopt the overall guidelines for the
Company's incentive plan to members of the Management Board and the Board of
Directors attached as Schedule 1.
The proposal is motivated by a wish for revision of the present overall
guidelines for the Company's incentive plan to members of the Management Board
and the Board of Directors.
If adopted, Article 12(7) of the Articles of Association will be amended and
the wording of the article will read as follows:
“At the Company's Annual General Meeting held on 22 April 2009, the
shareholders adopted the overall guidelines for the Company's incentive plan to
members of the Management Board and the Board of Directors, cf. s. 69b of the
Danish Companies Act. The guidelines are available at the Company's website
www.torm.com.“
g. That the Board of Directors be authorised to let the Company acquire its own
shares in the period until the next Annual General Meeting within 10 per cent of
the issued share capital at the market price prevailing at the time of
acquisition subject to a deviation of up to 10 per cent.
h. That the Board of Directors be authorised to apply for registration of the
resolutions passed and to make any such amendments thereto as may be required or
requested by the Danish Commerce and Companies Agency, the Danish Financial
Supervisory Authority, NASDAQ OMX Copenhagen A/S or any other public authority
as a condition for registration or approval.
Proposals from shareholders:
The following proposals have been made by a shareholder suggesting that
proposals 7a and 7b be presented to and voted on by the shareholders prior to
item 4 of the agenda, and that proposal 7c be voted on by the shareholders in
connection with item 4 of the agenda, which order of presentation and voting the
Board of Directors supports:
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| a. | Increase of the limitation on the number of the shareholder elected |
| | directors from 6 to 8. The proposal implies that the first sentence |
| | of Article 11(1) is amended from “The Company shall be managed by a |
| | Board of Directors made up of a minimum of three and a maximum of |
| | six members elected from and among the shareholders by the Company |
| | in general meeting” to “The Company shall be managed by a Board of |
| | Directors made up of a minimum of three and a maximum of eight |
| | members elected from and among the shareholders by the Company in |
| | general meeting”. |
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| b. | Article 11(2) of the Articles of Association concerning nationality |
| | requirements to members of the Board of Directors is deleted and |
| | the numbering of Article 11 is amended accordingly. |
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| c. | Election of new members of the Board of Directors. |
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Any other business.
* * * * *
The general meeting is only legally competent to transact business when at least
one-third of the share capital is represented, cf. Article 9(1) of the Articles
of Association of the Company.
Approval of the proposals under items 2 - 5 and items 6f - h is subject to a
simple majority of votes, cf. Article 9(2) of the Articles of Association of the
Company.
Approval of the proposals under items 6a - e is subject to at least two-thirds
of the votes cast as well as of the voting share capital represented at the
general meeting voting in favour of the proposal, cf. Article 9(3) of the
Articles of Association of the Company and s. 78(1) of the Danish Public
Companies Act. Approval of the proposal under item 6e is furthermore subject to
shareholders representing 25% of the total voting share capital of the Company
not voting against the proposal, cf. s. 78(2) of the Danish Public Companies
Act. The Board of Directors of TORM supports the proposals under item 7.
SCHEDULE 1
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| OVERORDNEDE RETNINGSLINJER | | OVERALL GUIDELINES FOR A/S |
| FOR A/S DAMPSKIBSSELSKABET | | DAMPSKIBSSELSKABET TORM'S INCENTIVE |
| TORMS INCITAMENTSAFLØNNING | | SCHEMES FOR MEMBERS OF THE BOARD OF |
| AF SELSKABETS BESTYRELSE OG | | DIRECTORS AND MANAGEMENT BOARD - |
| DIREKTION - APRIL 2009 | | april 2009 |
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| Baggrund | | 1. Background | |
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| Som led i den danske | | The Danish Government's wish to | |
| regerings ønske om større | | greater transparency with regard to | |
| åbenhed omkring børsnoterede | | the incentive schemes of Danish | |
| virksomheders | | listed companies for members of the | |
| incitamentsaflønning af | | Board of Directors and Management | |
| bestyrelses- og | | Board has resulted in the | |
| direktionsmedlemmer er der i | | incorporation of a provision into s. | |
| aktieselskabsloven indsat en | | 69b of the Danish Public Companies | |
| bestemmelse i § 69b. | | Act. The provision became effective | |
| Bestemmelsen trådte i kraft | | on 1 July 2007. | |
| den 1. juli 2007. | | | |
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| I henhold til | | Before any agreement is made for the | |
| aktieselskabslovens § 69b | | incentive remuneration of a member | |
| skal bestyrelsen i et | | of the Board of Directors or | |
| børsnoteret selskab, inden | | Management Board, the Board of | |
| der fremover indgås en | | Directors of a listed company is | |
| konkret aftale om | | required under s. 69b of the Danish | |
| incitamentsaflønning med et | | Public Companies Act to prepare | |
| medlem af selskabets | | overall guidelines for such | |
| bestyrelse eller direktion, | | incentive remuneration. The | |
| have fastsat overordnede | | guidelines must have been considered | |
| retningslinjer herfor. | | and approved by the Company in | |
| Retningslinjerne skal være | | general meeting. | |
| behandlet og godkendt på | | | |
| selskabets | | | |
| generalforsamling. | | | |
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| Formålet med disse | | The purpose of these guidelines (the | |
| retningslinjer | | ”Guidelines”) is to give the | |
| (”Retningslinjerne”) er at | | shareholders of TORM an overall | |
| give TORMs aktionærer en | | description of the main purpose of | |
| overordnet beskrivelse af | | TORM's use of incentive | |
| formålet med TORMs brug af | | remuneration. | |
| incitamentsaflønning. | | | |
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| I pkt. 2. beskrives TORMs | | TORM's general principles for | |
| generelle principper for | | incentive remuneration are described | |
| incitamentsaflønning. I pkt. | | in section 2. The existing incentive | |
| 3 beskrives de eksisterende | | schemes which TORM (the "Company") | |
| incitamentsaflønningsaftaler | | has entered into prior to the | |
| , som TORM (”Selskabet”) har | | adoption of these Guidelines are | |
| indgået forud for | | described in section 3. The | |
| vedtagelsen af disse | | framework for the incentive schemes | |
| Retningslinjer. I pkt. 4 | | which the Company in future may | |
| beskrives rammerne for de | | offer to members of the Company's | |
| incitamentsaflønningsaftaler | | Board of Directors and Management | |
| , som Selskabet fremover kan | | Board is described in section 4. | |
| indgå med Selskabets | | | |
| bestyrelse og direktion. | | | |
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| 2. Generelle principper | | 2. General principles | |
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| Formålet med | | The overall purpose of offering | |
| incitamentsaflønning er | | incentive schemes is to promote | |
| overordnet at fremme | | value-creation within the Company by | |
| værdiskabelsen i Selskabet | | implementing its short-term as well | |
| ved en realisering af TORMs | | as long-term strategic goals and to | |
| strategiske mål på kortere | | create common interests between the | |
| og længere sigt samt at | | Company's employees and | |
| sikre fælles interesser | | shareholders. The purpose of the | |
| mellem Selskabets | | incentive schemes is furthermore to | |
| medarbejdere og aktionærer. | | ensure that the combined | |
| Incitamentsaflønningen skal | | remuneration to members of the | |
| desuden medvirke til at | | Management and employees for work | |
| sikre, at direktionens og | | performed in and for the Company is | |
| medarbejdernes samlede | | market conforming not only in | |
| vederlag for indsats i og | | comparison to other industry groups, | |
| for Selskabet er | | but especially in comparison to the | |
| markedskonformt ikke blot i | | global shipping industry. | |
| forhold til øvrige | | | |
| industrigrupper, men særligt | | | |
| i forhold til den globale | | | |
| shipping industri. | | | |
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| Herudover skal | | The purpose of incentive schemes is | |
| incitamentsaflønningen | | moreover to ensure that - even in a | |
| sikre, at det selv i en | | cyclic industry and in a volatile | |
| cyklisk industri og i et | | market - a profit may be gained by | |
| volatilt marked er muligt at | | outperforming the market. | |
| opnå en gevinst ved at | | | |
| outperforme markedet. | | | |
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| TORM har fokus på ROIC | | Two of the measuring points in | |
| (return on invested capital) | | TORM's long-term planning are the | |
| og PBT (profit before tax), | | so-called ROIC (return on invested | |
| som blandt andre er nogle af | | capital) and PBT (profit before | |
| målepunkterne i Selskabets | | tax). The ROIC and PBT targets for | |
| mere langsigtede | | the following year are fixed | |
| planlægning. Hvert år | | annually, and the payment of any | |
| fastsættes ROIC- og | | incentive will be determined by the | |
| PBT-målet for det kommende | | Company's performance against these | |
| år, og opfyldelse heraf er | | targets. | |
| væsentligt for opnåelse af | | | |
| incitamentsaflønning. | | | |
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| Bestyrelsen har nedsat en | | The Board of Directors has set up a | |
| vederlagskomite, som blandt | | Remuneration Committee which for | |
| andet skal gennemgå og | | instance is to review and determine | |
| fastlægge | | the remuneration policy for TORM and | |
| vederlagspolitikken for TORM | | to determine the bonus level of the | |
| samt fastlægge det enkelte | | individual year. | |
| års bonusniveau. | | | |
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| 3. Eksisterende aftaler om | | 3. Existing incentive schemes | |
| incitamentsaflønning (2007 - | | (2007 - 2009) | |
| 2009) | | | |
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| TORM har henholdsvis før | | Prior to the coming into force of s. | |
| aktieselskabslovens § 69b's | | 69b of the Danish Public Companies | |
| ikrafttræden i 2007 og under | | Act and on the basis of the overall | |
| de hidtidige overordnede | | guidelines approved by the Company | |
| retningslinjer godkendt af | | in general meeting on 22 April 2008 | |
| Selskabets generalforsamling | | (Appendix A), TORM has offered | |
| den 22. april 2008 (Appendix | | incentive schemes to members of the | |
| A) indgået aftaler om | | Company's Management Board, key | |
| incitamentsaflønning med | | personnel and other TORM employees. | |
| Selskabets direktion, | | | |
| nøglemedarbejdere og øvrige | | | |
| medarbejdere ansat i TORM. | | | |
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| TORM har ingen eksisterende | | No incentive schemes exist for the | |
| aftaler om | | members of the Board of Directors. | |
| incitamentsaflønning med | | | |
| Selskabets bestyrelse. | | | |
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| Rammerne for de eksisterende | | The framework of the existing | |
| incitamentsaflønningsaftaler | | incentive schemes with the | |
| med Selskabets direktion er | | Management Board is described in | |
| beskrevet i Appendix A og | | Appendix A. These schemes will | |
| fortsætter på uændrede | | continue on the existing terms. | |
| vilkår. Tildeling under de | | Final grants under the existing | |
| eksisterende | | incentive schemes will be made in | |
| incitamentsaflønningsaftaler | | 2009, but final entitlement to | |
| sker sidste gang i 2009, dog | | granted restricted shares will not | |
| opnås først endelig ret til | | accrue until in 2011 and, moreover, | |
| de tildelte betingede aktier | | granted share options may not be | |
| i 2011, ligesom de tildelte | | exercised until in 2010-2012. | |
| aktieoptioner først kan | | | |
| udnyttes i 2010-2012. | | | |
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| 4. Nye aftaler om | | 4. New incentive schemes |
| incitamentsaflønning | | |
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| De eksisterende aftaler, jf. pkt. 3 | | Any amendment or renewal of the |
| kan kun ændres eller forlænges, og | | existing schemes or the offering |
| nye aftaler kun indgås, hvis det | | of new schemes is subject to |
| sker inden for rammerne af disse | | compliance with these Guidelines, |
| Retningslinjer. | | cf. section 3. |
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| 4.1 Det samlede vederlag | | 4.1 The combined remuneration |
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| Bestyrelsens samlede vederlag kan | | The combined remuneration of |
| udelukkende bestå af et fast | | members of the Board of Directors |
| vederlag (honorar), som ikke er | | may exclusively be in the form of |
| incitamentsbaseret, og som derfor | | a fixed fee (remuneration) which |
| ikke er omfattet af disse | | is not incentive-based and which |
| Retningslinjer.1 Medarbejdervalgte | | is thus not covered by these |
| bestyrelsesmedlemmer kan i deres | | Guidelines.1 The general |
| sædvanlige ansættelsesforhold i | | employment terms of members of |
| TORM have incitamentsbaserede | | the Board of Directors elected by |
| aflønningselementer. | | the employees may contain |
| | | incentive-based elements. |
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| Direktionens samlede vederlag kan | | The combined remuneration of |
| bestå af et fast vederlag | | members of the Management Board |
| (grundløn) og en incitamentsbaseret | | may be in the form of a fixed |
| aflønning i form af en årlig | | payment (basic pay) and an |
| kontant bonus baseret på forud | | incentive-based pay in the form |
| fastlagte mål (pkt. 4.2.1), en | | of an annual cash bonus based on |
| diskretionær kontant bonus (pkt. | | pre-determined goals (section |
| 4.2.2) samt af en ekstraordinær | | 4.2.1), a discretionary cash |
| bonus i form af en kontant bonus | | bonus (section 4.2.2) and an |
| (pkt. 4.2.3) og aktier (pkt. 4.3). | | extraordinary bonus in the form |
| Dertil kommer muligheden for | | of a cash bonus (section 4.2.3) |
| deltagelse i generelle | | and shares (section 4.3) in |
| medarbejderaktie- eller | | addition to the eligibility to |
| optionsordninger. | | participate in general share |
| | | subscription or option schemes. |
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| 4.2 Ikke-aktiebaserede instrumenter | | 4.2 Non-share-based instruments |
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| 4.2.1 Årlig kontant bonus | | 4.2.1 Annual cash bonus |
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| Direktionen kan årligt tildeles en | | The Management Board is eligible |
| bonus, der er afhængig af | | for an annual bonus which depends |
| Selskabets opfyldelse af forud | | on the Company's performance |
| fastlagte økonomiske mål (ROIC og | | against pre-determined economic |
| PBT). | | goals (ROIC and PBT). |
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| Værdien af den årlige kontantbonus | | The combined value of the annual |
| kan maksimalt udgøre 200% af | | cash bonus is subject to a |
| direktionens samlede årlige faste | | maximum of 200% of the combined |
| vederlag (grundløn). | | annual fixed remuneration (basic |
| | | pay) of the Management Board. |
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| 4.2.2 Diskretionær kontant bonus | | 4.2.2 Discretionary cash bonus |
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| Direktionen kan tildeles en | | The Management Board may under |
| diskretionær kontant bonus under | | special conditions be eligible |
| helt særlige forhold. | | for a discretionary cash bonus. |
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| Værdien af den bonus, som | | The value of the bonus, which is |
| bestyrelsen, efter indstilling fra | | fixed arbitrarily by the Board of |
| Selskabets vederlagskomite | | Directors upon recommendation |
| fastsætter diskretionært, kan | | from the Company's remuneration |
| maksimalt udgøre 200% af | | committee, is subject to a |
| direktionens samlede årlige faste | | maximum of 200% of the combined |
| vederlag (grundløn). Bonussen kan | | annual fixed remuneration (basic |
| tildeles for varetagelse af helt | | pay) of the Management Board. The |
| særlige indsatsområder, som følge | | bonus may be paid for work |
| af ekstraordinære omstændigheder i | | performed in connection with |
| Selskabet, eller som følge af | | special focus areas, as a result |
| Selskabets samlede ekstraordinære | | of extraordinary circumstances in |
| resultater og vækst i forhold til | | the Company or as a result of the |
| det budgetterede. | | Company's combined extraordinary |
| | | results and growth compared to |
| | | budget. |
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| 4.2.3 Ekstraordinær bonus | | 4.2.3 Extraordinary bonus |
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| Direktionen kan tildeles en | | The Management Board may be |
| ekstraordinær bonus, hvor bonussen | | eligible for an extraordinary |
| er afhængig af Selskabets | | bonus which will depend on the |
| værdistigning målt over en femårig | | Company's increase in value over |
| periode på baggrund af udviklingen | | a 5-year period measured against |
| i Selskabets aktiekurs ud over et | | the increase in the Company's |
| forud fastlagt afkastkrav på 12% | | share price in excess of a hurdle |
| inklusiv eventuelle udbytter. Der | | rate of 12%, including any |
| kan ikke tildeles en yderligere | | dividends. No additional |
| ekstraordinær bonus, førend udløbet | | extraordinary bonus can be |
| af den femårige periode, som er | | granted until after expiry of the |
| knyttet til en tidligere tildeling | | 5-year period linked to a prior |
| af ekstraordinær bonus. | | grant of extraordinary bonus. |
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| Bonusmodellen baseres på et | | The bonus model is based on a |
| ordinært børsmarked, der ikke er | | normal stock exchange market not |
| påvirket af ekstraordinære forhold. | | influenced by extraordinary |
| | | circumstances. |
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| Nutidsværdien af den ekstraordinære | | It is not possible to calculate |
| bonus kan ikke beregnes, da den er | | the present value of the |
| afhængig af aktiekursens udvikling. | | extraordinary bonus as it depends |
| | | on developments in the share |
| | | price. |
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| Af den samlede ekstraordinære bonus | | One-third (1/3) of the combined |
| udbetales en tredjedel (1/3) som en | | extraordinary bonus will be paid |
| kontant bonus, mens to tredjedele | | as a cash bonus whereas |
| (2/3) tildeles i form af aktier, | | two-thirds (2/3) will be granted |
| jf. pkt. 4.3. | | as shares, cf. section 4.3. |
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| Den ekstraordinære bonus udbetales | | The extraordinary bonus will be |
| senest en måned efter, at | | paid no later than one month |
| Selskabets generalforsamlingsvalgte | | after the calculation by the |
| revisor har udarbejdet beregningen | | auditors appointed by the Company |
| af Selskabets aktiekurs' udvikling | | in general meeting of the |
| over den femårige periode. | | development in the Company's |
| | | share price over the five-year |
| | | period. |
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| 4.3. Aktier | | 4.3. Shares |
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| Af direktionens samlede | | One-third (2/3) of the combined |
| ekstraordinære bonus, jf. pkt. | | extraordinary bonus to the |
| 4.2.3, tildeles to tredjedel (2/3) | | Management Board. cf. section |
| i form af aktier, som modtageren | | 4.2.3, will be granted as shares |
| har forpligtet sig til at eje i | | which the holder will be under an |
| minimum to år. | | obligation to hold for a minimum |
| | | of two years. |
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| Tildeling af aktier sker til | | The grant will be effected at the |
| markedsprisen på tidspunktet for | | market price existing at the time |
| revisors beregning af Selskabets | | of calculation by the auditors of |
| værdistigning. | | the Company's increase in value. |
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| Godkendt på Selskabets ordinære | | As approved at the general |
| generalforsamling den 22. april | | meeting of the Company held on 22 |
| 2009 | | April 2009 |
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| ___________________________ | | ___________________________ |
| Dirigent | | Chairman of the meeting |
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Disse overordnede retningslinjer er udarbejdet i denne to-sprogede version. I
tilfælde af uoverens-stemmelser mellem den dansksprogede og den engelsksprogede
version, vil den danske være gældende.
These overall guidelines are prepared in this bilingual version. In the event of
inconsistencies between the Danish original and the English translation, the
Danish original shall prevail.
Appendix A
Appendix A is intentionally omitted, but can be seen on the Company's homepage
www.torm.com
Notice of Annual General Meeting of Directors and Shareholders and Complete Proposals
| Source: TORM A/S
Attachments
