Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 269

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 269
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 all allowances excluding retention and protected allowances. The company’s contribution to medical aid will progressively rise, reaching 70% by 2026 while the employee’s contribution will decrease to 30%. In 2024, the company gave a 5% salary increase to permanent bargaining and package category employees. Throughout 2024, ArcelorMittal Mining maintained a productive engagement with its trade unions and communities where it operates. 76% of the workforce is unionized in ArcelorMittal's operations in Canada and 82% in ArcelorMittal's operations in Liberia. Corporate governance This section describes the corporate governance practices of ArcelorMittal for the year ended December 31, 2024. Board of Directors and senior management ArcelorMittal is governed by a Board of Directors and managed by the senior management. As described in "Directors and senior management" above, ArcelorMittal’s senior management is comprised of the Executive Office - comprising the Executive Chairman, Mr. Lakshmi N. Mittal and the CEO, Mr. Aditya Mittal. The Executive Office is supported by a team of nine other Executive Officers, who together encompass the key regions and corporate functions. As of December 31, 2024, the average age and serving period of board members is 61 years and 10 years, respectively.

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| Management report |

A number of corporate governance provisions in the Articles of Association of ArcelorMittal reflect provisions of the Memorandum of Understanding signed on June 25, 2006 (prior to Mittal Steel Company N.V.’s merger with Arcelor), amended in April 2008 and which mostly expired on August 1, 2009. For more information about the Memorandum of Understanding, see “Additional information—Material contracts—Memorandum of Understanding”. ArcelorMittal fully complies with the 10 Principles of Corporate Governance of the Luxembourg Stock Exchange. This is explained in more detail in “—Other corporate governance practices” below. ArcelorMittal also complies with the New York Stock Exchange Listed Company Manual as applicable to foreign private issuers. There are no significant differences between the corporate governance practices of ArcelorMittal and those required of a U.S. domestic issuer under the Listed Company Manual of the New York Stock Exchange. Board of Directors The Board of Directors is in charge of the overall governance and direction of ArcelorMittal. It is responsible for the performance of all acts of administration necessary or useful in furtherance of the corporate purpose of