Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 255

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 255
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factoring in equity/long term incentives, any perquisites and benefits in kind and pension contributions). • Approving a report on executive remuneration to be included in the company's annual report. • Reviewing the analysis of proxy advisory firms in the context of corporate governance compensation. Individual remuneration is discussed by the ARCG Committee without the person concerned being present. The ARCG Committee Chair presents her decisions and findings to the Board of Directors after each ARCG Committee meeting. See also "Corporate governance—Board of Directors committees"' for further details and additional responsibilities of the ARCG Committee. Remuneration policy The ARCG Committee has set policies applied to senior management on base salary, short-term incentives and long- term incentives. According to the Shareholders Right Directive II, which was transposed into Luxembourg law in August 1, 2019, the remuneration policies must be approved at the Annual General Meeting of shareholders at least every 4 years and whenever there is a material change. The Company submits the remuneration report for the prior year for shareholder approval at each AGM. Scope ArcelorMittal’s remuneration philosophy and framework apply to the following groups of senior management: • the Executive Chairman and the CEO; and • the CFO and other Executive Officers. The remuneration philosophy and governing principles also apply, with certain limitations, to a wider group of employees including Executive Vice Presidents, Vice Presidents, General Managers and Managers. Remuneration philosophy ArcelorMittal’s remuneration philosophy for its senior management is based on the following principles: • provide total remuneration competitive with executive remuneration levels of peers of similar size, scope and industry: – Korn Ferry (KF) and WillisTowersWatson (WTW) provide benchmarking services to ArcelorMittal for all Management Committee members, an average between KF and WTW data is performed; – For the Steel division: Large industry - industrial segment including metals, chemicals, mining, transport, energy & utilities, upper revenues range; – For the Mining division: Large companies with a significant mining divisions or companies similar to ArcelorMittal Mining division; – Data are linked to each local market. • encourage and reward performance that will lead to long-term enhancement of shareholder value; and • promote internal pay equity by providing base pay and total remuneration levels that reflect the role, job size and responsibility as well as the performance and effectiveness of the individual. Remuneration framework The ARCG Committee develops proposals for senior management rem