ASKER, NORWAY (3 June 2014) - The Annual General Meeting of TGS was held on 3 June 2014. Thirteen of the fourteen resolutions proposed were approved by the shareholders. Resolution number thirteen (Approval of long-term incentive stock plan) was withdrawn by the Board of Directors after analysis of proxy votes showed that the measure would not receive the required two-thirds majority.
In accordance with the Company's policy on executive remuneration as approved by the shareholders in the meeting, the TGS Board believes that long-term compensation is a critical component in attracting and retaining highly qualified and specialized staff. To this end, the Board of Directors will develop and implement an alternative plan that will be cash settled and recognizes the specific feedback received from shareholders on this issue.
The Annual General Meeting approved the payment of a dividend of NOK 8.5 per share of outstanding common stock from the Company's 2013 earnings. The dividend will be paid to the shareholders who are registered shareholders of TGS as of 3 June 2014. The shares in TGS will be quoted ex-dividend from 4 June 2014. The dividend will be paid 18 June 2014.
The minutes from the Annual General Meeting can be found here.