| Alcan Inc. |  |
|------------|--|

 

 

Notice of AnnualMeetingof Shareholders

 

28 April 2005

 

Proxy Circular

 

 

----

 

| ** ** | **Dear Shareholder:**

You are cordially invited to  attend the 103rd Annual Meeting of Shareholders of  Alcan Inc., which will take place on Thursday, 28 April 2005, in the  Assembly Hall, International Civil Aviation Organization, 999 University  Street (Atrium entrance), Montreal, Quebec, Canada at 10:00 a.m.

At the  Meeting, the Shareholders will be asked to consider the matters set out in  the enclosed Notice of Annual Meeting.

Your vote is important.  Please complete, sign and date the form of  proxy and return it in the enclosed envelope, whether or not you plan to  attend the Meeting.  Returning the proxy will not limit your right to vote in  person if you attend the Meeting.

The Meeting will be webcast on Alcan's web site (www.alcan.com).

If you have any questions regarding the matters to  be dealt with at the Meeting or require additional copies of this material,  please call Alcan's transfer agent, CIBC Mellon Trust Company, at 1-800-387-0825 (toll free) or collect at  416-643-5500.

Yours sincerely,

L. Yves Fortier  Chairman of the Board of Alcan  Inc.  2 March 2005 |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| Proxy Circular 2005 | (i)
Alcan Inc.
 
   
**What's Inside:**

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1

**Notice of Annual Meeting of**

**Shareholders of Alcan Inc.**

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2

**Proxy Circular**
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2

Definitions

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3

Questions & Answers on Voting and Proxies

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6

Business to be Transacted at the Meeting

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7

Nominees for Election as Directors

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9

Corporate Governance Practices

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16

Report of the Audit Committee

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17

Auditors

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19

Report on Executive Compensation

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23

Performance Graph 

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24

Executive Officers' Compensation

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31

Employment Agreements

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31

Directors' Compensation

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33

Indebtedness of Directors,  Executive Officers and Employees

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33

Directors' and Officers' Liability Insurance

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34

Additional Information

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34

Approval of the Board of Directors

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35

Schedule A: Resolution -  Shareholder Rights Plan

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36

Schedule B: Summary - Shareholder  Rights Plan

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39

Schedule C: Resolution - Alcan  Executive Share Option Plan 

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40

Schedule D: Summary - Alcan  Executive Share Option Plan 

*La version française du présentdocument ainsi que le formulaire de procuration qui l'accompagne seront envoyésaux actionnaires sur demande.  Veuillez communiquer avec la Compagnie TrustCIBC Mellon, en appelant au 1 800-387-0825 (sans frais) ou à frais virés au(416) 643-5500.*

 
Proxy Circular 2005
(ii)
Alcan Inc.
 

**Notice of Annual Meeting of Shareholders of Alcan Inc.**

 

 

The 103rd Annual  Meeting of the holders of the Common Shares of Alcan Inc. will be held on Thursday, 28 April  2005 at 10:00 a.m. in the Assembly Hall, International Civil Aviation  Organization, 999 University Street (Atrium entrance), Montreal, Quebec,  Canada, for the following purposes:

1.    receiving  the financial statements and the Independent Auditors' Report  for the year ended 31 December 2004,

2.    electing Directors,  

3.    appointing  Auditors and authorizing the Directors to fix their remuneration, 

 

4.    re-confirming  the Shareholder Rights Plan and approving amendments thereto as described in  the attached Proxy Circular, and

5.    approving  certain amendments to the Alcan Executive Share Option Plan, including the  reservation of an additional 12,000,000 Common Shares for issuance under the  Alcan Executive Share Option Plan as described in the attached Proxy  Circular.

Shareholders who cannot attend  the Annual Meeting may submit their proxies in accordance with the  procedures set  out in the attached Proxy  Circular.

By order of the Board of Directors,

Roy Millington  Corporate Secretary 

Montreal, Canada  2 March 2005

 
Proxy Circular 2005
1
Alcan Inc.
 

**Proxy Circular***(As of 2 March 2005, except as otherwise provided)*

This Proxy Circular is furnished in connectionwith the solicitation of proxies by the Board of Directors and management ofAlcan Inc. for use at the Annual Meeting of Shareholders to be held in Montrealon 28 April 2005 (and at any adjournment thereof) for the purposes set out inthe attached Notice of Annual Meeting.

**Definitions**

Unlessstated otherwise, the following expressions used in this Proxy Circular havethe meanings indicated:

"Alcan" or "Company" means AlcanInc.,

"Algroup" means Alusuisse GroupLtd. (now Alcan Holdings Switzerland Ltd.), a Subsidiary of Alcan following theAlgroup Combination,

"AlgroupCombination" means the process by which Algroup became a Subsidiary of Alcan on17 October 2000, through the completion of a share exchange offer by Alcanfor the shares of Algroup,

"Auditors" means Alcan's external auditorsPricewaterhouseCoopers LLP, 

"Board" or"Board of Directors" means the board of directors of Alcan,

"CBCA" means the*Canada Business Corporations Act*,

"Chairman"means the Chairman of the Board of Directors of Alcan,

"CEO"means the Chief Executive Officer of Alcan,

"CIBCMellon" means CIBC Mellon Trust Company,

"Circular" means this proxy circular prepared in connection with theMeeting,

"Director" meansa director of Alcan,

"Executive Officers" meansthe President and Chief Executive Officer, the Executive Vice Presidents, theSenior Vice Presidents and the Vice Presidents of Alcan,

"Meeting" meansthe Annual Meeting of Shareholders to be held on 28 April 2005 and anyadjournment thereof,

"Non-Executive Director"means a Director of Alcan who is not an employee of Alcan or its Subsidiariesor related companies,

"Notice"means the attached Notice of Annual Meeting,

"Novelis"means Novelis Inc., a corporation incorporated under the CBCA and formed toacquire, pursuant to the Novelis Spin-off, the businesses contributed by Alcan,

"NovelisSpin-off" means the transfer to Novelis of substantially all of the aluminumrolled products businesses held by Alcan prior to the Pechiney Combination andNovelis becoming an independent publicly-traded company on 6 January 2005,

"OptionPlan" means the Alcan Executive Share Option Plan described on page 25,

"Pechiney" means Pechiney, a French *sociétéanonyme*, a Subsidiary of the Companyfollowing the Pechiney Combination,

"Pechiney Combination" means the process by which Pechineybecame a Subsidiary of Alcan on 15 December 2003, through the completion of acash and Shares offer by Alcan for the securities of Pechiney,

"Share"or "Common Share" means a common share in the capital of Alcan, 

"Shareholder"means a holder of the Shares,

"SOX"means the U.S. *Sarbanes-Oxley Act of 2002*, and the rules thereunder,

"Subsidiary"means a company controlled, directly or indirectly, by Alcan, and

"$",except where otherwise indicated, means U.S. Dollars.

 
Proxy Circular 2005
2
Alcan Inc.
 

**Questions& Answers on Voting and Proxies**

**If you are not a registeredShareholder, please also refer to page 5 "Voting by Non-RegisteredShareholders" for a description of the procedure to be followed to voteyour Shares.**

**Q:  Who is soliciting my proxy?**

**A:**This Circular is furnished inconnection with the solicitation by Alcan of Shareholder proxies to be used atthe Meeting to vote your Shares. The solicitation of proxies will be made primarily bymail, but may also be made by electronic means, by telephone or in person. Thecost of soliciting proxies will be borne by Alcan.  Georgeson Shareholder CommunicationsCanada and Morrow & Co., Inc. have been retained by Alcan in Canada and theUnited States, respectively, to assist in the solicitation of proxies fromShareholders.  For these services, Georgeson Shareholder Communications Canada andMorrow & Co., Inc. are expected to receive, from Alcan, fees ofapproximately Can. $25,000 and $15,000, respectively,plus reimbursement of reasonable expenses. In addition, employees of Alcan maysolicit proxies without compensation.  CIBC Mellon is responsible for thetabulation of proxies.

 

**Q: What am I voting on?**

**A:  **Shareholders will be voting onthe:
-  Election of Directors; 
-  Appointment ofPricewaterhouseCoopers LLP as the Auditors and authorization given to theDirectors to fix the Auditors' remuneration;  
-  Re-confirmationof the Shareholder Rights Plan; and 
-  Approval of amendments to the Option Plan. 

**Q: How will these matters be decided at the meeting?**

**A: **A simple majority of the votescast, by proxy or in person, will constitute approval of each of the mattersspecified in this Circular.

 

**Q: What documents are available to shareholders?**

**A:**Shareholders will receive the Alcan2004 annual report to Shareholders, which includes the audited consolidatedfinancial statements, management's discussion and analysis thereof and thisCircular. Registered Shareholders will also receive the form of proxy and a consent formfor electronic delivery of documents.

Copiesof Alcan's annual report on Form  10-K and audited consolidated financialstatements filed with the Canadian and U.S. securities regulators can be foundon the Company's Internet site at www.alcan.comor may be obtained, without charge, on request from the Corporate Secretary ofAlcan, 1188 Sherbrooke St. West, Montreal, Quebec, Canada, H3A 3G2.

**Q:  Who is entitled to vote?**

**A:**On 2March 2005, 370,037,313 Shares were outstanding. Shareholders of record as ofthe close of business on that date ("Record Date") are entitled toreceive notice of the Meeting and either they or their duly appointedproxyholders will be entitled to attend the Meeting and vote.

Each holder of Shares is entitledto one vote at the Meeting for each Share registered in his or her name at theclose of business on the Record Date.

 

**Q: How do I vote?**

**A:**There are four ways that you canvote your Shares if you are a registered Shareholder. (1) You may vote inperson at the Meeting, (2) you may complete and sign the enclosed form of proxyappointing the named persons or another person you choose to represent you andto vote your Shares at the Meeting, (3) you may forward your proxyelectronically, or (4) you may forward your proxy by telephone.

Completing, signing and returning your form of proxydoes not preclude you from attending the Meeting in person.  If you do not wishto attend the Meeting or do not wish to vote in person, your proxy will bevoted or be withheld from voting, in accordance with your wishes as specifiedon your proxy, on any ballot that may be called at the Meeting.  If theShareholder is a body corporate or association, the form of proxy must besigned by a person duly authorized by that body corporate or association. 

To forward your proxy electronically, you must go to thefollowing Internet site:www.eproxyvoting.com/alcan, enter your personalizede-voting control number located on your form of proxy and follow theinstructions.

If your Shares are registered in the name of a nominee,please see "Voting by Non-Registered Shareholders" on page 5.

 
Proxy Circular 2005
3
Alcan Inc.
 

**Q: What if I plan to attend the meeting and vote in person?**

**A: **If you plan to attend the Meetingon 28 April 2005 and wish to vote your Shares in person at the Meeting, it isnot necessary for you to complete or return the form of proxy.  Your vote willbe taken and counted at the Meeting.  Please register with the transfer agent,CIBC Mellon, upon arrival at the Meeting. Your participation in person in avote by ballot at the Meeting would automatically revoke any proxy that you hadpreviously given in respect of businesses covered by that vote. Non-registered Shareholders wishing to attend theMeeting should refer to "Voting by Non-Registered Shareholders" onpage 5.

 

**Q:  What happens when I sign and return the formof proxy?**

**A: **Signing the enclosed proxy givesauthority to the named proxyholders on the form, or to another person you haveappointed, to vote your Shares at the Meeting in accordance with the voting instructionsyou provide.

 

**Q: Can I appointsomeone other than the named proxyholders to vote my shares?**

**A:**Yes. Write the name of yourchosen person, who need not be a Shareholder, in the blank space provided inthe form of proxy.  It is important to ensure that any other person you appointis attending the Meeting and is aware that his or her appointment has been madeto vote your Shares. Proxyholders should, upon their arrival at the Meeting,present themselves to a representative of CIBC Mellon.  Please note that if youchoose to forward your proxy electronically, only the named proxyholders may beappointed.

 

**Q: What do I do with my completed form of proxy?**

**A:**Return it to the transfer agent,CIBC Mellon, in the envelope provided, or forward it by telecopier to (416)368-2502, so that it arrives no later than 5:00 p.m. EDT on 27 April 2005.All Shares represented by a properly executed proxy received by CIBC Mellonprior to such time will be voted or be withheld from voting, in accordance withyour instructions as specified in the proxy, on any ballot that may be calledat the Meeting.

 

**Q:  How will my shares be voted ifI return myproxy?**

**A:**The persons named in the form ofproxy will vote or withhold from voting your Shares in accordance with yourinstructions. **In the absence of such instructions, however, your Shares willbe voted FOR the election of the Directors, FOR the appointment of the Auditors,FOR the re-confirmation of the Shareholder Rights Plan and FOR the approval ofamendments to the Option Plan.**

 

**Q:  If I change my mind, canI take back my proxyonce I have given it?**

**A:**Yes. A Shareholder who has givena proxy may revoke it with an instrument in writing which includes anotherproxy with a later date, executed by the Shareholder or by the Shareholder'sattorney authorized in writing and delivered to CIBC Mellon, 200 Queen's Quay East,Unit 6, Toronto, Ontario, M5A 4K9, Canada or by telecopier at(416) 368-2502, nolater than 5:00 p.m. EDT on 27 April 2005, or to the chairman of theMeeting on the day of the Meeting or any adjournment thereof.

    The participation in person by aShareholder in a vote by ballot at the Meeting would automatically revoke anyproxy that has been previously given by the Shareholder in respect of businesscovered by that vote.

**Q:  What if amendments are made to these mattersor if other matters are brought before the meeting?**

**A:**The persons named in the form ofproxy will have discretionary authority with respect to amendments orvariations to matters identified in the Notice of Annual Meeting and to othermatters which may properly come before the Meeting. As of the date of thisCircular, the management of Alcan knows of no such amendment, variation orother matter expected to come before the Meeting. If any other matters properlycome before the Meeting, the persons named in the form of proxy will vote onthem in accordance with their best judgment.

 

**Q:  How can I contact the transfer agent?**

**A:  **You can contact the transferagent at: 

         CIBCMellon Trust Company         320Bay Street, 3rd floor         Toronto,Ontario, Canada M5H 4A6         Telephone: (416) 643-5500                         1-800-387-0825(toll free throughout Canada andthe U.S.)Telecopier: (416) 643-5501

**Q: What is the final date to submit a shareholder proposal for the 2006annual meeting?**

**A:  **The final date for submittingShareholder proposals to Alcan is 1 December 2005.

 

 
Proxy Circular 2005
4
Alcan Inc.
 

**Q:  Who are the principal shareholders of the company?**

**A:** To the knowledge of theDirectors and Executive Officers of the Company, no person or companybeneficially owns or exercises control or direction over more than 10% of theoutstanding Shares of the Company. Capital Group International Inc. hasreported to the U.S. Securities and Exchange Commission that they owned 6.0% of Alcan Shares on 31 December 2004.

 

**V****oting  by non-registered shareholders**

** **

**Q:  If  my shares are not registered in my name but are held in the name of an  intermediary (a bank, trust company, securities broker, trustee, etc.), how  do I vote my shares?**

**A:  **Non-registered or beneficial  Shareholders are not personally listed in Alcan's Share register. Their  Shares are held in the name of an intermediary or a "nominee",  which is usually a trust company, securities broker or other financial  institution. If you are a non-registered Shareholder, there are two ways that  you can vote your Shares held in the name of your nominee: 

**1)  By providing  voting instructions to your nominee**

Applicable securities laws require your nominee to  seek voting instructions from you in advance of the Meeting.  Accordingly,  you will receive or have already received from your nominee either a request  for voting instructions or a form of proxy for the number of Shares you hold.  Every nominee has its own mailing procedures and provides its own signing and  return instructions, which should be carefully followed by non-registered  Shareholders to ensure that their Shares are voted at the Meeting.

**2)  By  attending the Meeting in person**

The Company generally does not have access to the  names of its non-registered Shareholders. Therefore, if you attend the  Meeting, the Company will have no record of your shareholdings or of your  entitlement to vote unless your nominee has appointed you as proxyholder.

If you wish  to vote in person at the Meeting, insert your own name in the space provided  on the request for voting instructions or form of proxy to appoint yourself  as proxyholder. Then follow the signing and return instructions provided by  your nominee. Non-registered Shareholders who instruct their nominee to  appoint themselves as proxyholders should, at the Meeting, present themselves  to a representative of CIBC Mellon.

 
Proxy Circular 2005
5
Alcan Inc.
 

**Business to be transacted at the Meeting***(See Notice of Annual Meeting ofShareholders of Alcan Inc.)*

1.     Presentation of Financial Statements

The consolidatedfinancial statements for the year ended 31 December 2004 and the Independent Auditors'Report for 2004 will be submitted to Shareholders at the Meeting, but no votewith respect thereto is required or proposed to be taken.  The consolidatedfinancial statements are included in the Alcan 2004 annual report that is beingmailed to Shareholders with the Notice of Annual Meeting and this Circular.

2.     Election of Directors

ThirteenDirectors are to be elected to serve until the close of the next annual meetingof the Company or until they cease to hold office as such.  The Board ofDirectors and management recommend the election of the nominees listed on pages7 and 8.

3.      Appointment of Auditors

Auditorsare to be appointed to serve until the close of the next annual meeting of theCompany, and the Directors are to be authorized to fix the remuneration of theAuditors so appointed.

The Board ofDirectors and management, on the advice of the Audit Committee, recommend thatPricewaterhouseCoopers LLP, Montreal, Canada, be appointed as Auditors.

A representative ofPricewaterhouseCoopers LLP will be present at the Meeting and will have theopportunity to make a statement should he desire to do so. He will also beavailable to answer questions.

4.      Re-confirmation of ShareholderRights Plan

As an item of specialbusiness, the Shareholders will be asked at the Meeting to adopt a resolution,as set out in Schedule A hereto, re-confirming the Shareholder Rights Plan("Rights Plan") which is embodied in the Shareholder Rights Agreement("Plan Agreement") that was re-confirmed on 25 April 2002. Under theterms of the Plan Agreement, the Rights Plan must be submitted to theShareholders at every third annual meeting for re-confirmation until its expirationin 2008.

The Rights Plan is beingsubmitted for re-confirmation with certain minor amendments as explained inthis Circular.  A summary of the Plan Agreement is set out in Schedule Bhereto.

The primary objective of theRights Plan is to provide the Board with sufficient time to explore and developalternatives for maximizing Shareholder value if a take-over bid is made forAlcan and to provide all Shareholders with an equal opportunity to participatein such bid.  Alcan has no knowledge at the present time of any take-over bidor intended take-over.

To be adopted, the resolutionmust be approved by a majority of the votes cast on the matter at the Meeting.

5.      Approvalof Amendments to the Option Plan

As an item of specialbusiness, the Shareholders will be asked at the Meeting to adopt a resolution,as set out in Schedule C hereto, approving certain amendments to theOption Plan, including the reservation of an additional 12,000,000 CommonShares for issuance under the Option Plan. A summary of the Option Plan is setout in Schedule D hereto.

To be adopted, the resolutionmust be approved by a majority of the votes cast on the matter at the Meeting.

 
Proxy Circular 2005
6
Alcan Inc.
 

**Nominees for Electionas Directors**

Roland  Berger

67,  Director since 2002  Munich,  Germany 

L. Yves  Fortier,  c.c., q.c.

69,  Director since 2002  Montreal,  Quebec

**

Mr.  Berger is non-executive chairman of Munich-based Roland Berger Strategy  Consultants, one of the leading global strategy consultancies, which he  founded in 1967. He is also a member of various supervisory boards and  consultant groups, pursues extensive commitments in the public sector and is  an expert on corporate management and general economic and social issues.*(1), (3), (5)*5,185  Deferred Share Units

Mr.  Fortier is Chairman of the Board of Alcan and is chairman and a senior partner  of the law firm Ogilvy Renault in Montreal.  From 1988 to 1992, he was  Ambassador and Permanent Representative of Canada to the United Nations.  He  is also governor of Hudson's Bay Company and a director of NOVA Chemicals  Corporation and Nortel Networks Corporation†.  Mr. Fortier is a trustee of  the International Accounting Standards Committee.*(1*), (4)*1,000  Common Shares  16,633  Deferred Share Units

 

L. Denis  Desautels,   o.c.,  f.c.a. 

61,  Director since 2003  Ottawa,  Ontario

Jean-Paul  Jacamon

57, Director  since 2004  Mareil-Marly, France

Mr.  Desautels is executive-in-residence at the School of Management of the  University of Ottawa.  He was Auditor General of Canada from 1991 to 2001,  prior to which he had been a senior partner of the accounting firm of Ernst  & Young LLP.  Mr. Desautels is chairman of the Laurentian Bank of Canada,  a director of The Jean Coutu Group (PJC) Inc. and of Bombardier Inc. and a  member of the Accounting Standards Oversight Council of the Canadian  Institute of Chartered Accountants.*(1), (2*), (3)*573  Common Shares  3,349  Deferred Share Units

**

Mr.  Jacamon is non-executive chairman of Bonna Sabla and of Gardiner Group.  He  was previously chief operating officer and director of Schneider Electric  from 1996 to 2002. He is also a director of Le Carbone Lorraine, STACI and  AMEC plc.  *(1), (3)*136  Common Shares  1,795  Deferred Share Units
           
Travis Engen 

60,  Director since 1996  New  Canaan, Connecticut 

William R.    Loomis,  Jr.

56,  Director since 2002  Santa  Barbara, California

Mr. Engen has been President  and CEO of Alcan since March 2001. Prior  to joining the Company, Mr. Engen had been chairman and chief executive of  ITT Industries, Inc. since 1995. Mr. Engen is a director of Lyondell  Chemical Company and the Canadian Council of Chief Executives. He is vice chairman  of the World Business Council for Sustainable Development and is chairman of  the International Aluminium Institute and of The Prince of Wales International  Business Leaders Forum.  225,500  Common Shares  2,192  Deferred Share Units  1,815,517 Options to purchase Shares

Mr.  Loomis is involved in investment and academic activities. He was a limited  managing director of Lazard LLC from January 2001 to March 2004. He was chief  executive officer of Lazard LLC from November 2000 to December 2001. He was  previously deputy chief executive officer from 1999 and a managing director  from 1995 of Lazard Frères & Co. He is a director of Limited Brands, Inc.  and Ripplewood Holdings LLC.*(1),  (2), (4), (5*)*10,000 Common Shares  8,406  Deferred Share Units

 
Proxy Circular 2005
7
Alcan Inc.
 

Yves Mansion

54,  Director since 2004  Paris,  France 

Gerhard   Schulmeyer

66, Director since 1996  Greenwich, Connecticut

**

Mr.  Mansion is chairman and chief executive officer of Société Foncière Lyonnaise  and a member of the French Collège de l'Autorité des marchés financiers. He was group managing  director of Assurances Générales de France from 1990 to 2001. Mr. Mansion is  a member of the supervisory board of Euler Hermes and deputy director of  l'Entreprise de Recherche et d'activités pétrolières.*(1), (2)*3,675  Deferred Share Units 

Mr.  Schulmeyer is professor of practice at the MIT Sloan School of Management.   From 1998 until 2001, he was president and chief executive officer of Siemens  Corporation.  He serves on the boards of Zurich Financial Services, Ingram  Micro Inc., and Korn/Ferry International as well as the international  advisory board of Banco Santander Central Hispano.*(1), (3*), (4)*2,245 Common Shares  8,809  Deferred Share Units
     
Christine  Morin-  Postel

58, Director since  2003  Neuilly sur Seine, France 

Paul M. Tellier,    p.c.,  c.c., q.c.

65,  Director since 1998  Montreal,  Quebec

Mrs. Morin-Postel was, until  2003, executive vice-president in charge of human resources at Suez Group.  She was previously chief executive officer of Société Générale de Belgique from 1998 to 2001. Mrs.  Morin-Postel is a director of 3i Group plc and Pilkington plc. She is also a  member of the supervisory board of Royal Dutch Shell Company.*(1), (2)*5,268  Deferred Share Units

Mr.  Tellier was, until December 2004,  president and chief executive officer of  Bombardier Inc.  From 1992 to 2002, he was president and chief executive  officer of the Canadian National Railway Company.  He is a director of McCain  Foods, Bell Canada and BCE Inc.  He is former chairman of the Conference  Board of Canada.*(1),  (2), (4*)*1,958  Common Shares  14,334 Deferred Share Units 

* *

H. Onno Ruding  

65, Director since 2004  Brussels, Belgium

Dr.  Ruding was Minister of Finance of the Netherlands and was an executive  director of the International Monetary Fund in Washington, D.C. and a member  of the Board of managing directors of AMRO Bank in Amsterdam. He was, until  2003, vice chairman of Citicorp and Citibank, N.A. Dr. Ruding is a director  of Corning Inc, Holcim AG and RTL Group. He is chairman of BNG NV (Bank for  the Netherlands Municipalities) and the Centre for European Policy Studies  (CEPS) in Brussels. Dr. Ruding is also a member of the international advisory  committees of Robeco Group, Citigroup and the Federal Reserve Bank of New  York.*(1),  (3)*112  Common Shares  449  Deferred Share Units

 

Milton K. Wong,  c.m.

66, Director since 2003  Vancouver, British Columbia 

Mr. Wong is non-executive  chairman of HSBC Asset Management (Canada) Ltd. and Chancellor of Simon  Fraser University in British Columbia.  He was founder and chairman of M. K.  Wong and Associates until it was sold in 1996 to HSBC. He serves as a director  on the boards of the Aga Khan Foundation Canada, the Canada-U.S. Fulbright  Program, the Pacific Salmon Endowment Society, Genome BC, and the Pierre  Elliott Trudeau Foundation.  He is a member of the National Advisory  Committee to the World Urban Forum and the Canadian Judicial Council. He is  the founder and past-chairman of the Laurier Institution, a non-profit  organization for advancing knowledge of the economics of cultural diversity.*(1), (4)*40,000 Common Shares  6,274  Deferred Share Units

  
Guy  Saint-Pierre,  c.c.70, Director since 1994  Montreal, Quebec 
Committee  Memberships*1*.  Corporate Governance*2*.  Audit*3*.  Human Resources*4*.  Environment, Health &  Safety*5. *Nominating 

*    Committee chairman

†   Mr. Fortier is a director of Nortel Networks  Corporation and, along with all Nortel directors and officers, was subject to  a cease trade order in relation to Nortel securities. The order was issued on  17 May 2004 as a result of Nortel's failure to file financial statements and is  still in effect.
Mr. Saint-Pierre was, until  2004, chairman of the board of the Royal Bank of Canada.  He was president  and chief executive officer of SNC-Lavalin Group Inc. from 1989 to 1996 and  chairman from 1996 to 2002.  Mr. Saint-Pierre is a director of the Institute  for Research on Public Policy.*(1), (2), (3), (5)*16,170 Common Shares  8,976  Deferred Share UnitsProxy Circular 2005
8
Alcan Inc.
**Corporate GovernancePractices**

Alcan iscommitted to the highest levels of corporate governance practices, which areessential to the success of the Company and to the enhancement of Shareholdervalue.  The CommonShares are listed on the Toronto, New York, London, Paris and Swiss stockexchanges and Alcan, in addition to making the required filings with Canadiansecurities regulators, files periodic and current reports with the UnitedStates Securities and Exchange Commission.  Accordingly, Alcan is subject to avariety of corporate governance and disclosure requirements.  Alcan's corporategovernance practices meet or exceed the Toronto Stock Exchange CorporateGovernance Guidelines("TSX Guidelines") andother applicable stock exchange and regulatory requirements and ensure transparency andeffective governance of the Company.  

On 29October 2004, the Canadian Securities Administrators ("CSA") published forcomment proposed National Policy 58-201 "Corporate Governance Guidelines" andproposed National Instrument 58-101 "Disclosure of Corporate GovernancePractices". The Company's governance practices are in compliance with the CSA'sproposed governance guidelines. Alcan's Board regularly reviews its corporategovernance practices in light of developing requirements in this field.  As newprovisions come into effect, the Board will reassess its corporate governancepractices and implement changes where appropriate.

Thefollowing is an overview of Alcan's corporate governance practices withfootnotes referencing the TSX Guidelines. 

The Board of Directors

The Board has theresponsibility for the stewardship of the Company, including the responsibilityto ensure that it is managed in the interest of its Shareholders as a whole,while taking into account the interests of other stakeholders.1

The Boardsupervises the management of the business and affairs of the Company anddischarges its duties and obligations in accordance with the provisions of (a)the CBCA, (b) the Company's articles of incorporation and by-laws, (c) the Company's*Worldwide Code of Employee and Business Conduct*, (d) the charters of theBoard and Board Committees, and (e) other applicable legislation and Companypolicies.

TheCompany's corporate governance practices require that, in addition to itsstatutory duties, the following matters be subject to Board approval: (1)capital expenditure budgets and significant investments and divestments, (2)the Company's strategic and value-maximizing plans2, (3) the numberof Directors within the limits provided in the Company's articles ofincorporation, and (4) any matter which may have the potential for importantimpact on the Company. 

Composition of the Board

The Nominating Committee, asub-committee of the Corporate Governance Committee**described**below,recommends candidates for election to the Board.  Nominees are selected aspotential representatives of Shareholders as a whole and not as representativesof any particular Shareholder or group of Shareholders.  Alcan does not have asignificant or controlling Shareholder.

The Board's objective, inrespect to its composition, is to have members possessing an appropriate mix ofskills, knowledge and experience and to have an understanding of the regions inwhich the Company operates. The Board's expectations in relation to its membersand a statement of its corporate governance principles are set out in the Boardcharter. The Board is satisfied that its number of Directors enables effective decision-making.3 The charter of the Board of Directors is posted on Alcan's Internet site (www.alcan.com).

According to their mandates asset out in their charters, the Board and each of its Committees may engageoutside advisors at the expense of the Company.4

The Board charter providesthat Directors who reach the age of 72 prior to the annual meeting ofShareholders in any year shall retire at that meeting. 

Independence of the Board

Care is taken to ensure thatthe Board of Directors is constituted of a substantial majority of individualswho qualify as Directors who are unrelated to and independent of management, inaccordance with stock exchange requirements.5

 
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Alcan Inc.
 

To assist in determining theindependence of its members, the Board has established *Guidelines on theIndependence of the Directors of Alcan Inc.* ("Guidelines on Independence"),a copy of which is available on Alcan's Internet site (www.alcan.com). 

The definition of anIndependent Director under the Guidelines on Independence encompasses both thedefinition of an "unrelated" director within the meaning of the TSXGuidelines and of an "independent" Director within the meaning of the rules ofthe New York Stock Exchange. Such a Director must not have any material relationshipwith Alcan, either directly or as a partner, shareholder or officer of acompany that has a relationship with Alcan and has no interest or relationshipwhich could reasonably be perceived to interfere with his or her ability to actwith a view to the best interests of Alcan (an "Independent Director").6

The Guidelines on Independencealso establish an additional, more stringent, definition of independence formembers of the Audit, Human Resources and Nominating Committees. Thisheightened definition of independence corresponds to the audit committee memberindependence qualification within the meaning of the SOX. To meet the SOX auditcommittee qualification, a director must not, directly or indirectly, acceptany consulting, advisory or other compensatory fee from the company and not bean affiliated person of the company or any subsidiary other than in suchdirector's capacity as a member of the board or any committee.

The present Board is composedof thirteen Directors.  Travis Engen is President and CEO of Alcan. Except for Mr. Engen, all Directors are Independent Directors. In particular,the Board has determined that Mrs. Morin-Postel and Messrs. Berger, Desautels,Fortier, Jacamon, Loomis, Mansion, Ruding, Saint-Pierre, Schulmeyer, Tellierand Wong are Independent Directors.

Mr. Fortier is a seniorpartner of Ogilvy Renault, one of a number of law firms that provide legalservices for the Company. Ogilvy Renault had provided legal services to theCompany for many years prior to Mr. Fortier becoming a Director and Mr. Fortieris not involved in any legal services rendered to Alcan. Ogilvy Renault hasconfirmed that all legal services rendered by it for Alcan in each of the pastfive years amounts to less than 2% of Ogilvy Renault's annual revenues. Accordingly,the relationship with the law firm is not considered to be material inaccordance with applicable stock exchange rules. The Board has determined, inaccordance with the Guidelines on Independence, that the services rendered arenot material to the Company or to Ogilvy Renault and, accordingly, that Mr.Fortier is an Independent Director. However, because of the Company'srelationship with Ogilvy Renault and retention of the SOX audit committeequalification for members of the Audit, Human Resources and NominatingCommittees, Mr. Fortier is not a member of those committees. 

Mr. Loomis was a limitedmanaging director of Lazard LLC until March 2004, one of a number of investmentbanks that provide services to the Company.  Lazard had confirmed to the Companythat any compensation determination made by it in respect of Mr. Loomis was notbased directly or indirectly on any fees paid to Lazard by the Company. Mr.Loomis has now retired from Lazard. The Board has determined therefore, inaccordance with the Guidelines on Independence, that Mr. Loomis is anIndependent Director. 

The Guidelines on Independenceestablish that no more than two Directors may serve together on the board ofanother publicly traded company. None of the Directors currently serve togetheron the board of any other publicly traded company.

The Board has a non-executiveChairman (Mr. Fortier); the Board has had a non-executive Chairman since1995 and believes that the separation of the positions of CEO and Chairmancontributes to allowing the Board to function independently of management.7 The Board charter describes the responsibilities of the Chairman.

Committees

The Board has established fourCommittees, each of which is constituted by its own charter, by which the Boarddelegates certain of its functions as hereinafter set out.  Each Committee ismade up solely of Independent Directors.8

TheCommittees of the Board are: the Corporate Governance Committee, the AuditCommittee, the Human Resources Committee and the Environment, Health &Safety Committee.  The Nominating Committee is constituted as a sub-committeeof the Corporate Governance Committee.

 
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Alcan Inc.
 

TheCommittee charters are posted on Alcan's Internet site (www.alcan.com).

*CorporateGovernance Committee*

TheCorporate Governance Committee has the broad responsibility of regularlyreviewing corporate governance practices in general within Alcan.9

One ofthe Committee's main duties is to maintain an overview of the composition andsize of the Board.  The charter of the Corporate Governance Committee providesthat a sub-committee, as hereinafter described, is responsible for nominatingnew Directors.10  The Committee develops position descriptions forthe Board of Directors, the Chairman and the CEO and approves the latter'scorporate objectives.11

The Corporate Governance Committeeassesses and ensures on an annual basis the effectiveness of the Board as awhole, of each Committee of the Board and of the contribution of individualDirectors, including the CEO.12  Each Director completes a survey ofBoard and Committee effectiveness on an annual basis which covers the subjectsunder the categories of Board composition, responsibility, meetings andcommittees. As part of this survey, each Director also completes aself-evaluation and an evaluation of other individual members of the Board. Theresults of these evaluations are compiled by an outside consultant.  TheCommittee also assesses the Board's relationship with management andrecommends, where necessary, limits on management's authority to act withoutexplicit Board approval. 

The Committee's mandate also includes recommending levels ofDirectors' compensation.  To this end, the Committee considers recommendationsfrom the Human Resources Committee and considers factors such as timecommitment, risks and responsibilities.13  See page 31 for adescription of Directors' Compensation.

*Nominating Committee*

The Nominating Committee is a sub-committee of the CorporateGovernance Committee, composed entirely of Independent Directors. It reviewscandidates for nomination as Directors and these nominees will be recommendedas candidates for election to the Board. The delegation of power to theCommittee is provided in the charter of the Corporate Governance Committee. TheCommittee when reviewing candidates takes into consideration factors such asjudgment, independence, skill, diversity and business experience of theindividual candidates and their expected contribution to the skills set of theBoard as a whole. The minimum qualifications to be met by Directors areestablished in the Board charter. The Committee may employ, and has done so inthe past, third-party search firms for identifying and evaluating nominees.

Alcan does not have a specific policy regarding Boardnominees put forward by Shareholders because Shareholders representing five percent of the Shares may propose nominees for election as Directors by followingthe procedure set out in the CBCA. 

Mr. Ruding was recommended by the Committee as a nomineebecause he was well known to the Committee as having been a long standingdirector of Pechiney. His candidature was the subject of a review by theCommittee which then recommended his appointment as Director, in 2004.

*Audit Committee*

This Committee is established inaccordance with the requirements of the CBCA, stock exchange rules andapplicable securities laws and regulations and is composed entirely ofIndependent Directors.  Its roles and responsibilities are set out in itscharter.  The Committee's main objective is to provide an effective overview ofthe Company's financial reporting process and internal control functions.14 It assists the Board in fulfilling its functions relating to corporateaccounting and reporting practices, as well as overseeing financial andaccounting controls and reviewing and approving financial statements andproposals for the issuance of securities.  The Committee also identifies theprincipal risks of the Company's business such as volatility in metal prices,raw material and energy costs and foreign exchange rates and oversees theimplementation of appropriate measures to manage such risks, including policiesand standards relating to risk management.15

 
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Alcan Inc.
 

With respect to compliance anddisclosure matters, the Committee ensures that the Company makes timely disclosure of activities thatwould materially impact its financial statements, that all potential materialclaims against the Company have been properly evaluated, accounted for anddisclosed, and that regular updates are received regarding certain policies andpractices of the Company.16

The Committee reviews financial information prepared inaccordance with generally accepted accounting principles ("GAAP") and non-GAAPfinancial information in its various forms, including quarterly earningsreleases.  It reviews major accounting issues that arise and expected changesin accounting standards and processes that may impact the Company.  

The Committee has direct communication with the Company'sAuditors and internal auditors and meets privately on a regular basis with eachof the Auditors, internal auditors and senior members of the Company'sfinancial management.  The Audit Committee reviews the Auditors' audit plans,determines their independence and makes recommendations to the Shareholders forthe appointment of auditors.  The chairman of the Committee reviews the termsof engagement of the Auditors and signs the Auditor's audit engagement letter. The Committee also discusses with the Auditors the quality and not just theacceptability of the Company's accounting principles and obtains theirassurance that the audit was conducted in a manner consistent with applicablelaws and regulations.17 The Committee receives regular reports from the Auditors at eachof their meetings.  TheCompany has a formal procedure that establishes rules on the Company'semployment of the former Auditors' employees.

The Board determines eachAudit Committee member's financial literacy and whether he or she hasaccounting or related financial expertise.  All members of the Audit Committeehave been determined to have the requisite level of financial literacy, beingthe ability to understand fully balance sheets, income statements, cash flowstatements and related notes to financial statements.

The Board has determined thatat least one member of the Audit Committee, Mr. Desautels, is an auditcommittee financial expert for the purposes of s. 407 SOX.

Mr. Desautels serves on theaudit committees of four public companies, including Alcan's. The Board hasdetermined that his simultaneous service on other audit committees does notimpair his ability to effectively serve on the Company's Audit Committeebecause he has the required time available to him to serve fully and effectivelyon the four audit committees in question. The Company believes that Mr.Desautels' service on those other audit committees is of significant benefit toit because of the experience it provides.  No other Director member of theAudit Committee serves on more than two other audit committees of publiccompanies.

The Audit Committee ensuresthat its process for monitoring compliance and dealing with violations ofAlcan's *Worldwide Code of Employee and Business Conduct* is establishedand updated.  In particular, the Audit Committee has established proceduresthrough the Ombudsman's office in relation to complaints or concerns receivedby the Company involving accounting or audit matters, including theconfidential and anonymous handling of such complaints and concerns fromemployees. The Ombudsman's office has direct contact with the Audit Committee.See Code of Conduct on page 14 and Report of the Audit Committee on page 16.

*Human Resources Committee*

TheHuman Resources Committee has the broad responsibility to review all humanresources policy and employee relations matters and to make recommendationswith respect to such matters to the Board or the CEO, as appropriate.  It iscomposed entirely of Independent Directors and its specific roles and responsibilitiesare set out in its charter.  The Committee will periodically review the effectiveness of theCompany's overall management organization structure and succession planning forsenior management18, review recommendations for the appointment ofExecutive Officers, and review and make recommendations to the Board based ontrends and developments in the area of human resource management.

 
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Alcan Inc.
 

TheCommittee establishesthe Company's general compensation philosophy and oversees the development andimplementation of compensation policies and programs.  It also reviews and approves the level of and/or changes in thecompensation of individual Executive Officers, taking into considerationindividual performance and competitive compensation practices (see Report on ExecutiveCompensation on page 19).

*Environment, Health &Safety Committee*

This Committee has the responsibility to review thepolicy, management practices and performance of Alcan in environmental, healthand safety matters and make recommendations to the Board on such matters inlight of current and changing requirements.  The Committee also reviews,assesses and provides advice to the Board on worldwide policy and legal,regulatory and consumer trends and developments related to the environment, asthey impact the Company, its employees, businesses, processes and products.

Meetings of the Board and Committees

TheBoard and the Committees meet at pre-set times throughout the year and asneeded. In 2004, several special Board meetings were held in connection withthe Novelis Spin-off.

Board and Committee Meetingsheld in 2004:

Board (1)

15

Corporate Governance  Committee

6

Audit Committee(2)

10

Human Resources  Committee

5

Environment, Health and  Safety Committee

2

Nominating Committee(3)

5

*(1)      *Includes 5 telephone conferenceBoard meetings.*(2)      *Includes 5 telephone conferenceAudit Committee meetings.*(3)      *Includes 1 telephone conferenceNominating Committee meetings.

Attendance of currentDirectors in 2004:

*Directors*

*Board    Meetings    Attended*

*Committee  Meetings  Attended*

Roland Berger

14 of 15

16 of 16

L. Denis Desautels

15 of 15

21 of 21

Travis Engen

15 of 15

*

L. Yves Fortier

15 of 15

8 of 8

Jean-Paul Jacamon(1)

13 of 14

10 of 10

William R. Loomis

15 of 15

18 of 18

Yves Mansion(1)

14 of 14

15 of 15

Christine Morin-Postel  

13 of 15

15 of 16

H. Onno Ruding(2)

4 of 4

6 of 6

Guy Saint-Pierre

15 of 15

26 of 26

Gerhard Schulmeyer

14 of 15

22 of 23

Paul M. Tellier

13 of 15

17 of 18

Milton K. Wong 

15 of 15

8 of 8

*(1)    *Appointed on 15 February 2004.*(2)*     Appointed on 23 September 2004.*       Mr. Engenattends Committee meetings at the request of the Committees, excluding theexecutive sessions thereof.

AllDirectors have attended at least 90% of the Board and Committee meetings in2004.

TheBoard and the Committees regularly invite members of management to attendmeetings to report on relevant subjects and facilitate communication betweenthe Directors and management. With respect to the Company's strategic planningprocess, the Board discusses and reviews the Company's strategic plansregularly. At Board meetings, business group or unit strategic plans orcorporate development matters are presented by management and reviewed andapproved by the Board.2

Thereis no executive committee of the Board.  At the next Board meeting followingeach meeting of a Committee, the chairman of the Committee reports to the Boardon the Committee's activities.  Minutes ofCommittee meetings are provided to all Directors and Directors have openinvitations to attend meetings of Committees on which they do not sit.

At every in‐person meetingof the Board, the Non-Executive Directors meet in executive session, presidedby the Chairman, without management present.7

The Directors are expected toattend the annual meetings of Shareholders; all Directors attended the 2004annual meeting of Shareholders.
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Alcan Inc.
Information to the Board

Alcan's Corporate Secretarymaintains a *Directors' Manual*which includes information on Companypolicies and Director responsibilities and liabilities, which is updated asnecessary.  Detailed current information on the Company, its finances and itsoperations are sent on a monthly basis to the Directors. Particularly importantinformation requiring urgent attention is conveyed immediately.  New Directorsspend time with members of senior management, including those involved inAlcan's business operations, so that they can become rapidly familiar with theCompany, its issues, businesses and operations.  

Care is taken to ensure thatnew Directors understand the roles and responsibilities of the Board and itsCommittees, as well as the commitment level that Alcan expects of itsDirectors.  Extensive meetings are held annually involving the Board andmanagement, lasting several days, so that the Directors may become wellacquainted with the Company's businesses and managers. The Company fundsDirector education via seminars offered by third parties. 

Director visits to Alcanplants and business locations are organized to give additional insight intoAlcan's business and operations.19

Code of Conduct

Alcan has a *Worldwide Codeof Employee and Business Conduct*that governs all employees of Alcan as well as theDirectors. As an annex to the Code and supplemental thereto, the Company hasadopted a *Code of Ethics for Senior Financial Officers* including theCEO, the Chief Financial Officer and Controller.  Copies of those documents areposted on the Company's Internet site (www.alcan.com). Alcan willpromptly disclose any future amendments to the codes on its Internet site.

The Company has"whistleblower" procedures so that an employee can anonymously reportconcerns that he or she may have regarding compliance with corporate policies,the *Worldwide Code of Employee and Business Conduct*, applicable laws orauditing and accounting matters, by contacting the Ombudsman's office asprovided on the Company's intranet site. The Ombudsman's office can also assistthe Audit Committee in the protection of any employee who complains of retaliationfor acting as a whistleblower.

DisclosureControls and Procedures and Internal Controls 

In accordance with SOX andrecent Canadian regulatory requirements, the CEO and the Chief FinancialOfficer each certify the accuracy and fair presentation of the informationcontained in annual and quarterly reports that are filed with regulatoryauthorities. 

Applicable rules also requirethe design and maintenance of disclosure controls and procedures to ensure thatmaterial Company information is communicated to the certifying officers on atimely basis. The CEO and Chief Financial Officer certifications also requirethat the certifying officers disclose to the Audit Committee and Auditors anysignificant deficiencies and material weaknesses in the design or operation ofinternal control over financial information that are reasonably likely toadversely affect financial reporting.

To assist in the certificationprocess, an extensive system of recording and evaluating disclosure controlsand procedures is in place, using business group and central function riskassessments and back-up certifications. In addition, a disclosure committee hasbeen constituted with responsibility for the accuracy and timeliness of thedisclosure of material information.

Theannual report on Form 10-K for the year ended 31 December 2004 containsthe required s. 404 SOX assessment of the effectiveness of Alcan's internalcontrol over financial reporting by management. Management has evaluated theeffectiveness of these controls and the Auditors have provided an attestationof management's evaluation of internal control over financial reporting. 

Role of Management

The Boardis not involved in the day-to-day management and functioning of the Company. It gives senior management this responsibility, subject to the Board's overallstewardship responsibilities. 

Alcanmanagement is responsible for conducting the business and operations of theCompany in accordance with a business strategy approved by the Board.

 
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Alcan Inc.
 

Management'sauthority to act in certain matters that may have the potential for importantimpact on the Company, including decisions by the CEO, is subject to priorBoard approval as described above. Before being submitted to the Board, certainmatters such as dividends, securities issues, annual reports and significantinvestment/divestment proposals are prepared and reviewed by management withexternal professional advice, as necessary.

Shareholder/Investor Communications

In order to respond toShareholders' questions and concerns, Alcan maintains an experienced investorrelations staff whose responsibility is to provide accurate, timely andnon-selective information and analysis to the investing community in accordancewith Alcan's disclosure policy.  This policy has been established in compliancewith applicable legal disclosure requirements in Canada and in the UnitedStates and is regularly reviewed.  The investor relations staff meetsperiodically with investors and analysts and is accessible to Shareholders bytelephone during business hours.  The quarterly earnings conference calls withanalysts and institutional investors are broadcast live and are accessible onAlcan's Internet site at www.alcan.com.These services facilitate the receiving of Shareholder comments.

Shareholdersand other interested parties may communicate with the Board by contacting the CorporateSecretary's office, including in relation to any complaints regardingaccounting, internal accounting controls or auditing matters. All communicationsreceived will be reviewed and, as appropriate, delivered to members of theBoard, including the Chairman. The process for communication with the CorporateSecretary's office is posted on Alcan's Internet site at www.alcan.com.

CorporateGovernance Documents on the Web

The charters of the Board and each of the Committees, the *WorldwideCode of Employee and Business Conduct*, the *Code of Ethics for SeniorOfficers* and the Guidelines on Independence as well as contact details areposted on Alcan's Internet site (www.alcan.com).

The Corporate Governance Committee

L. Yves Fortier, chairman of the CommitteeRoland BergerL. Denis DesautelsJean-Paul JacamonWilliam R. Loomis, Jr.Yves MansionChristine Morin-PostelH. Onno RudingGuy Saint-PierreGerhard SchulmeyerPaul M. TellierMilton K. Wong

                                

Note 1: refers to TSX Guideline 1.Note2: refers to TSX Guideline 1(a).Note3: refers to TSX Guideline 7.Note4: refers to TSX Guideline 14.Note5: refers to TSX Guideline 2.Note6: refers to TSX Guideline 3. Note7: refers to TSX Guideline 12.Note 8: refers to TSX Guideline 9.Note 9: refers to TSX Guideline10.Note 10: refers to TSX Guideline4.Note 11: refers to TSX Guideline11.Note 12: refers to TSX Guideline5.Note 13: refers to TSX Guideline8.Note 14: refers to TSX Guideline1(e).Note 15: refers to TSX Guideline1(b).Note 16: refers to TSX Guideline1(d).Note 17: refers to TSX Guideline13.Note 18: refers to TSX Guideline1(c).Note 19: refers to TSX Guideline6.

 
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Alcan Inc.
 

 

**Report of the Audit Committee**

In accordance with its charter, the Audit Committee of theBoard is responsible for providing an effective overview of Alcan's financialreporting process and internal control functions, as specified on pages 11 and 12.

Management has the primary responsibility for the financialreporting process and the system of internal controls.  The Auditors have theresponsibility to express an opinion on the financial statements based on theiraudit in accordance with generally accepted auditing standards.  The AuditCommittee has the responsibility to monitor and oversee the foregoing.

In accordance with the CBCA, the Shareholders appoint theCompany's Auditors.  In carrying out its responsibilities, the Audit Committeehas recommended to the Board that it, in turn, recommend to the Shareholdersthat PricewaterhouseCoopers LLP, Montreal, Canada be appointed as Auditors atthe Meeting.

The Auditors discuss with the Audit Committee and providewritten disclosures on: (1) the independence of the Auditors from Alcan; (2)all critical accounting policies and practices used in the audit; (3) allalternative treatments of financial information within GAAP; (4) the qualityand not just the acceptability of the Company's accounts; and (5) the mattersrequired to be communicated under generally accepted auditing standards.

The Audit Committee has reviewed and approved the fees paidfor audit services and fees paid to the Auditors for other services (seeAuditors on pages 17 and 18) and has considered whether the fees paid for suchother services are compatible with maintaining the Auditors' independence.

The Audit Committee regularly meets separately with theAuditors and with Alcan's chief internal auditor, without management present,to review the results of their audits, their evaluation of internal controls,the quality of Alcan's accounting and financial reporting and other appropriatematters.

The Audit Committee reviews the Company's audited andunaudited financial statements and discusses them with management and theAuditors. In the case of the annual audited financial statements, the Committeerecommends them to the Board for approval and inclusion in the Company's annualreport on Form 10-K.  In the case of the unaudited interim financialstatements, the Committee approves the Corporation's quarterly earningsreleases and quarterly reports on Form 10‐Q.

The Audit Committee

L. Denis Desautels, chairmanof the CommitteeWilliam R. Loomis, Jr.Yves MansionChristine Morin-PostelGuy Saint-PierrePaul M. Tellier

 
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Alcan Inc.
 

**Auditors**

PricewaterhouseCoopers LLP and its predecessor (PriceWaterhouse) have been Alcan's Auditors since 1936.

In addition to performing the audit of Alcan's consolidatedfinancial statements, PricewaterhouseCoopers LLP provided other services to theCompany and its Subsidiaries.

Fees by category for each of 2003 and 2004 are:

2003*($'000)*

2004*($'000)*

Audit Fees

8,942

27,624

Audit-Related Fees

2,201

172

Tax Fees

417

67

All Other Fees

0

20

Total

11,560

27,833

"Audit fees" include professional services for the audit ofconsolidated financial statements and local statutory audit work. Included inthe audit fees for 2004 are fees incurred in connection with audit work relatedto Alcan ($12 million), audit work related to Pechiney ($5 million),registration work related to Novelis ($1 million) and the assessment ofinternal controls over financial reporting in accordance with s. 404 of SOX($9.6 million). The Company does not expect this level of fees related to SOX willcontinue in future years, as a considerable initial effort in relation to theimplementation of the s. 404 SOX measures will not have to be repeated onan annual basis.  "Audit-related fees" include fees for financial duediligence, internal control reviews and the audit of the Company's pensionbenefit plans.  "Tax fees" include tax compliance services and tax advisoryservices. "All other Fees" include a subscription to tax publications from theAuditors.

The AuditCommittee has considered whether the provision of services other than auditservices is compatible with maintaining the Auditors' independence and hasconcluded that it is.  The Audit Committee approved a procedure thatprohibits the Company from engaging the Auditors for certain non-audit servicesprohibited by the rules of the U.S. Securities and Exchange Commission (the"SEC").  In addition, all submitted Auditors' services are pre-approved bythe Audit Committee through established procedures.  Even though suchprocedures are in place, the following occurrences are to be noted. 

In earlyFebruary 2005, the Auditors reported to the Audit Committee certain taxrepresentation services that an entity contractually affiliated with one of theAuditors' member firms in France ("PwC Affiliate") had provided to certain ofthe Company's Subsidiaries in Europe.  These services were not inaccordance with the auditor independence standards of the SEC and of the PublicCompany Accounting Oversight Board.  The PwC Affiliate provided servicesrelated to French value-added tax ("VAT") to three of Alcan's EuropeanSubsidiaries during fiscal years 2002, 2003 and 2004 and until February 2005,which included making remittances of VAT on behalf of one of the Subsidiaries,and was the tax representative of each of those Subsidiaries in France. Under French law, a tax representative has joint and several liability in theevent the taxpayer fails to pay taxes, which is inconsistent with independenceunder the SEC's auditor independence rules.  By making remittances of VATon behalf of one Subsidiary, the PwC Affiliate had custody of the Subsidiary'sassets in violation of the SEC's independence rules.  

The AuditCommittee did not pre-approve the provision of the services by the PwC Affiliateas the Company was not aware of the PwC Affiliate's relationship with theAuditors.  There is no reference to the name of the Auditors in the PwCAffiliate's name, and the Auditors had not advised the Company of theaffiliation. The tax services were terminated in February 2005, and theaggregate fees billed by the PwC Affiliate for these services (approximately$100,000 in total) are being returned to the Subsidiaries. 

Once thematters were brought to its attention, the Audit Committee oversaw aninvestigation of the relevant facts and circumstances and considered them in itsevaluation of the Auditors' independence.  In addition, the Audit Committeeconsidered why the violations of the SEC's independence rules had occurred.

The Auditorsadvised the Audit Committee that they considered the impact these non‐auditservices may have had on the Auditors' independence with respect to the Companyand concluded that there has been no impairment of the Auditors'independence for the 2002, 2003 or 2004 audit.  The Audit Committee alsoconsidered the matter and concluded there has been no impairment of independencefor those periods.  Both the Audit Committee and the Auditors considered,among other things, the *de minimis* and ministerial nature of the servicesprovided and the related fees, and the Auditors' statement that at no time priorto notification by the Auditors' Global Independence Office in February 2005 wasthe audit team, including the lead engagement partner and auxiliary engagementpartner, aware of the services.  The Audit Committee also noted steps thatare being taken to prevent the reoccurrence of such issues.

 
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Alcan Inc.
 

On 10 March2005, the Auditors issued an independence letter to the Audit Committee thatreported that the Auditors are independent public accountants with respect tothe Company within the meaning of the securities acts administered by the SECand the requirements of the Independence Standards Board, and that the Auditorshave been independent throughout the course of their audit. 

The Company's annual audit of consolidated financialstatements is approved by the Audit Committee on an annual basis. The auditengagement letter is signed by the chairman of the Audit Committee. Allpermitted Auditors' services are pre-approved by the Audit Committee throughestablished procedures; these are limited to audit services, audit relatedservices, tax services and other permitted services. The Company's Auditors areonly retained for tax services and other permitted services when there areparticular reasons for preferring the Auditors over other service providers.Significant audit and non-audit services are subject to specific pre-approval.Management makes regular updates to the Audit Committee of the servicesrendered by the Auditors.

The Audit Committee reviews with the Auditors and Alcan'schief internal auditor the overall scope and specific plans for their audits ofthe Company and its Subsidiaries.

The Auditors, the Audit Committee and management maintainregular and open communication in relation to the audit of the Company'sfinancial statements. There were no disagreements between the Auditors, theAudit Committee and management on matters affecting the audit of the Company'sfinancial statements.

In addition, the Auditors reviewed Alcan's unaudited 2004quarterly financial statements and have discussed these and the quarterly earningsreleases with management and members of the Audit Committee prior to theirissuance.

 

 

 
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Alcan Inc.
 

 

**Report on ExecutiveCompensation**

General

The Human Resources Committeeof the Board ("Committee") conducts annual comprehensive reviews of thecompensation of the Company's executives around the world and the effectivenessof its policies to meet the needs of the Company.  The Committee is assisted byan independent consultant in its study of other global companies based in NorthAmerica and Europe.  

The Committee has concludedthat for certain Executive Officers, their home country should be regarded asbeing of secondary importance in setting remuneration levels.  In order toensure greater equity among these Executive Officers, compensation will be setagainst U.S. competitive compensation practices, irrespective of the countriesin which the Executive Officers work.

The total directcompensation policy, which covers base salary, annual incentives (bonus) andlong-term incentives, is aligned with prevalent U.S. competitive mediancompensation practices. U.S. compensation data is obtained from two differentcompensation surveys: (1) a peer group of 20 companies which are comparable insize - these companies are capital intensive or consumer product related andhave a global presence; and (2) a group composed of 730 large multinationalcompanies which is representative of the general market. The use of historicaldata has the effect of placing the Company's compensation policy slightly belowthe current median of U.S. compensation data.

Moreimportantly, both the short-term and long-term incentive plans are aligned withthe Company's governing objective to maximize value over time.  The details ofAlcan's incentive programs, which came into effect in 2002, are outlinedhereunder.

Compensationof the executive officers

Total direct compensationlevels reflect both the responsibility of each position (internal equity) andcompetitive market levels (external competitiveness). The total compensationpolicy is targeted at the median of the compensation peer groups.

*Base Salary*

The target base salary is themid-point of a salary range for an Executive Officer and reflects thecompetitive level of similar positions in the compensation peer groups.  Actualbase salaries for Executive Officers reflect the individual's performance andcontribution to the Company.   Base salaries of Executive Officers aretherefore reviewed annually and any proposed changes are approved by theCommittee before implementation.

The base salaries forExecutive Officers other than for the CEO, depending on positions held, arebetween 17% and 38% of the target total direct compensation (base salary,target annual incentives and target long‐term incentives).

*Short-Term (Annual)Incentive Plan*

The Company's short-termincentive plan, known as the Executive Performance Award ("EPA")Plan, is administered by the Committee. For each position, a target award isset (expressed as a percent of target base salary) reflecting both theresponsibilities of the position and competitive compensation levels. Theshort-term incentive plan has two components, each based on a different aspectof performance:  

1.   Economic Value Added ("EVA" - aregistered trademark of Stern Stewart & Co.). 90% of the incentivecompensation opportunity of an Executive Officer is based on the overallprofitability of the Company as measured against the quantifiable financialmetric EVA.  The incentive compensation for Executive Officers who are part ofcorporate head office is contingent upon performance versus the pre-establishedEVA target for the Company, while the incentive compensation for ExecutiveOfficers who are responsible for a business group is contingent on meeting thepre-established EVA objectives of their respective business group.

2.   Environment, Health and Safety ("EHS")objectives.  10% of the incentive compensation opportunity of an ExecutiveOfficer is based on the achievement of the EHS objectives as measured againstpre-established targets.  The objectives are set by the Committee for theCompany and the business groups.

 
Proxy Circular 2005
19
Alcan Inc.
 

The overall award paid is the sum of the weighted results ofeach component (i.e., EVA and EHS) modified by rating for the individualperformance and contribution to the Company.  The award paid may vary from zerowhen the results achieved are less than the minimum threshold set by theCommittee, to 200% of the target award when the results achieved are at orexceed the maximum level which was set by the Committee.  For 2004, theCommittee approved EPA awards for Executive Officers that were generally abovethe target amounts reflecting performance that was above target.

Under the terms of the Executive Deferred Share Unit Plan ("EDSUPlan"), Executive Officers based inCanada may elect, prior to the beginning of any particular year, to receiveExecutive Deferred Share Units ("EDSUs")with a value between 10% and 100% of their EPA award for that year, instead ofa cash payment.

The number of EDSUs is determined by dividing the amountelected by the average share price on the Toronto and New York stock exchangesat the end of the preceding year.  

Additional EDSUs, which correspond to dividends declared onShares, are credited to each holder.  The EDSUs are redeemable only upontermination of employment (retirement, resignation or death). The cash amountto be paid by the Company upon redemption will be calculated by multiplying theaccumulated balance of EDSUs by the average share price on the said exchangesat the time of redemption. Under the terms of the EDSU Plan, discretionaryEDSUs may be granted as determined by the Board.

Under the terms of the Non-Qualified Deferred CompensationPlan, Executive Officers based in the U.S. may elect, prior to the beginning ofany particular year, to defer up to 75% of their base salary and up to 90% oftheir EPA for that year, instead of receiving a cash payment. 

The short‐term incentiveplan for Executive Officers other than for the CEO, depending on positionsheld, are between 14% and 21% of the target total direct compensation.

*Long-Term Incentive Plan*

Long-term incentive compensation for the most seniorexecutives is provided through (1) the Alcan Total Shareholder ReturnPerformance Plan ("TSR Plan") and (2) the Alcan Executive Share Option Plan("Option Plan"). In 2004, Executive Officers received half of their targetlong-term incentive compensation value from each of these two plans.   Thedetails for the two plans are described below.

1.   The Company's TSRPlan aligns the interests of executives with those of Shareholders by rewardingthe former for maximizing value over time through relative Share priceincreases.

The TSR Plan is a cash incentive planthat provides performance awards to eligible employees based on the Company'sShare price and cumulative dividend yield performance relative to theperformance of the companies included in the S&P Industrial Composite Indexover a three-year period ("Performance Period").  

The award amount, if any, is based onthe Company's relative Total Shareholder Return performance, as defined in theTSR Plan, and ranking of the Company against the other companies in the S&PIndustrial Composite Index at the end of the Performance Period.  If theCompany's Total Shareholder Return performance ranks below the 30thpercentile, the employee will not receive any award for that PerformancePeriod.  At the 30th percentile rank, the employee will be paid anaward equal to 60% of the target for that Performance Period.  At the 50thpercentile rank, the employee will earn a payout of 100% of the target, and ator above the 75th percentile rank, the employee will earn a payoutof 300% (i.e. the maximum payout).  The actual amount of award (if any) will beprorated between the percentile rankings.  In 2004, a total target cash awardof $17,341,050 was granted to 102 key employees around the world. The amount ofthe award is expensed throughout the three-year period through an accountingaccrual.  For more details on the target cash performance awarded, see page 28.

 
Proxy Circular 2005
20
Alcan Inc.
 

Under the terms of the EDSU Plan,Executive Officers based in Canada may elect, at least 12 months prior to theend of the Performance Period, to receive EDSUs with a value between 10% and100% of their Total Shareholder Performance award for that Performance Period,instead of a cash payment. See above for a description of the EDSU Plan.

2.   The Option Planalso encourages key employees to align their interests with those ofShareholders by providing an incentive to further the Company's growth anddevelopment and assists in retaining and attracting executives critical to thesuccess of the Company.

The Option Plan provides for thegranting of Options to key employees of the Company and its Subsidiaries topurchase Common Shares.  The Committee, which administers the Option Plan, maydetermine at its sole discretion which employees of the Company and itsSubsidiaries are eligible to be granted Options. In 2004, all options grantedwere performance-based "C" Options. For more details on the differentOptions granted, see pages 25 and 26.

Certain Executive Officers participated in the Alcan StockPrice Appreciation Unit Plan ("SPAU Plan") instead of the Option Plan due tocertain local conditions of their country of residence (see description on page28).

Executive Officers that were identified as being transferredto Novelis following the Novelis Spin-off received their target long-termincentive compensation value from the Option Plan. Following the NovelisSpin-off, all Options to purchase Common Shares of Alcan were converted intooptions to purchase common shares of Novelis for these Executive Officers. In addition, following the Novelis Spin-off, allOptions and SPAUs of other Executive Officers and former Executive Officerswere adjusted in terms of the number and exercise price to preserve theeconomic value of the Options and SPAUs. The adjustment was made using thetrading price of the Alcan Share before and after the Novelis Spin-off.

The TSR Plan and the Option Plan for Executive Officersother than for the CEO, depending on positions held, are between 40% and 70% ofthe target total direct compensation.

Compensation of theChief ExecutiveOfficer

The CEO's annual compensation is administered by the Board,based on recommendations from the Committee according to the policies describedabove. Mr. Engen became CEO on 12 March 2001 and entered into an employmentagreement, with a five-year term, which can be renewed annually thereafter. TheBoard of Directors initially set Mr. Engen's compensation on a competitivelevel with other U.S. chief executive officers of global companies of similarsize and also provided Mr. Engen with a comparable level of compensation tothat received from his previous employer.  Since then, his compensation hasreflected developments in the compensation offered by comparable U.S.companies. Decisions pertaining to the CEO's compensation are based on theBoard evaluation of the CEO's performance against pre-determined financial andstrategic objectives which are consistent with the performance metrics of theEPA (see page 19).  These objectives are set and approved annually at thebeginning of the year.

Given the quality of the leadership provided as well as theprogress made on the strategic direction of the Company, the Committeerecommended to the Board that the CEO's total direct compensation (base salary,target annual incentives and target long-term incentives) be set at the 75thpercentile of the U.S. market. The overall outstanding performance wasreflected in establishing the compensation of the CEO.

In 2004, Mr. Engen's base salary (representing 11% of histarget total direct compensation) was $1,350,000 and will be increased to$1,500,000 for 2005. An annual EPA award (representing 11% of his target totaldirect compensation) based on an established target and on performanceobjectives was paid. For 2004, the target was 100% of the base salary and thistarget was increased to 167% of the base salary for 2005. The actual amountpaid for 2004 was $2,031,750 given that the 2004 results exceeded thepre-established performance objectives.

Mr. Engen received 348,000 C Options (see page 25) aspart of his annual compensation (representing 39% of his target total directcompensation). These Options were granted on 22 September 2004 at an exerciseprice of Can. $58.15 per Share.  These Options will remain outstanding andexercisable for the full 10-year period.  He also received a TSR Plan targetcash award of $5,000,000 payable at the end of the three-year PerformancePeriod (30 September 2007) under the terms and conditions of the TSR Plan (representing39% of his target total direct compensation) (see page 28).

 
Proxy Circular 2005
21
Alcan Inc.
 

Mr. Engen's employment agreement provides for a retirementadjustment program under which he will be entitled to the same level ofretirement benefits he would have received had he remained employed with hisprevious employer. Under this program, the monthly pension is calculated bymultiplying $6,432 by the number of years of service with Alcan from 1 April2001 for a maximum of five years.

The portion of Mr. Engen's compensation attributable toservices rendered in Canada is adjusted so that his net income after taxes isthe same as it would have been in the United States.

Mr. Engen iseligible for a termination payment in the event his employment is terminated bythe Company without cause or by him for defined reasons. Mr. Engen wouldreceive an amount equal to three times the sum of his highest annualized basesalary and target bonus.  Mr. Engen would also be entitled to the accelerationof vesting of all Options and would be entitled to continuation of employeebenefits and additional service credits to total five years.

In addition, Mr. Engen and the Company have entered into achange of control agreement which is effective upon the occurrence of twoevents: (1) a change of control of the Company; and (2) the termination ofemployment either by the Company without cause or by him for defined reasons.In such cases, Mr. Engen would be entitled to an amount equal to 36 times thesum of his (a) monthly base salary on the date of termination, (b) EPAguideline amount in effect at the date of termination, and (c) other applicableincentive plan guideline amounts at the date of termination.

Approval of this Report on ExecutiveCompensation

The Committee, whose membersare set forth below, has approved the issue of this report and its inclusion inthis Circular.

Gerhard Schulmeyer, chairmanof the CommitteeRoland BergerL. Denis DesautelsJean-Paul JacamonH. Onno RudingGuy Saint-Pierre

Mr. Schulmeyer was named chairmanof the Committee on 1 January 2005 to replace Mr. Newall who resigned to jointhe board of directors of Novelis. Mr. Jacamon joined the Committee on 15February 2004. Mr. Ruding joined the Committee on 23 September 2004.
 Proxy Circular 2005
22
Alcan Inc.
 

**Performance Graph**

The following graphcompares the cumulative total Shareholder return on Can. $100 invested inShares with the cumulative total return of the Standard & Poor's/TorontoStock Exchange Composite Index, assuming reinvestment of all dividends. 

Additional comparisons areprovided with respect to two U.S. Dollar-based indices, the Standard &Poor's Diversified Metals & Mining Index and the Standard & Poor'sIndustrials Index. The Board believes the comparisons with the additionalindices are appropriate.

 

**Canadian Dollar Data**: amounts in the following table are expressed inCanadian dollars and reflect the data in the above graph.

31 December

1999

2000

2001

2002

2003

2004

Alcan Inc.

$100

$87

$99

$82

$109

$107

S&P/TSX Composite  Index

$100

$107

$94

$82

$104

$119

S&P Industrials  Index

$100

$87

$81

$62

$65

$66

S&P Diversified  Metals & Mining Index

$100

$71

$66

$72

$145

$149
All amounts are expressed inCanadian dollars.            
**U.S. Dollar Data**: for purposes of comparison, amounts in the followingtable show cumulative total returns in U.S. dollars with differences from theCanadian dollar data attributable to the relative differences in the values ofthe two currencies over the period presented.

 31 December

1999

2000

2001

2002

2003

2004

Alcan Inc.

$100

$85

$90

$75

$123

$130

S&P TSX Composite Index

$100

$102

$83

$72

$109

$132

S&P Industrials Index

$100

$84

$74

$57

$73

$80

S&P Diversified Metals  & Mining Index

$100

$68

$60

$66

$162

$180
All amounts are expressed in U.S.dollars.
 
Proxy Circular 2005
23
Alcan Inc.
 

**Executive Officers' Compensation**

The following table sets outthe compensation for the CEO, the Chief Financial Officer and the three othermost highly compensated Executive Officers (collectively, the "Named ExecutiveOfficers") for the year ended 31 December 2004 and for each of the twopreceding years.

Summary  Compensation Table
      
* Annual Compensation*
*Long-term Compensation  Awards*
* *

*Name and Principal  Position*

*Year*

*Salary  ($)*

*Bonus  (Executive  Performance  Award)  (1)  ($)*

Other Annual  Compensation*(2)  ($)*

*Shares Under  Options*Granted*(3)  (#*

*Shares or  Restricted  Share  Units  (4) (5)  (#)*

*All Other*Compensation*(2)  ($)*

Travis Engen  *President and   Chief Executive    Officer*

2004  2003  2002

1,350,000  1,300,000  1,225,000

2,031,750  2,008,100  1,605,000

*(6)*

 
402,073  1,272,151  17,592

*(7)*

 
348,000  312,000  353,000

*(8)  (8)  (8)*

0  0  0
   
96,031  77,411  52,217
*(9)*
Richard B.  Evans  Executive Vice   President

2004  2003  2002

781,200  600,000     575,000

932,257  210,704  297,500

*(10)  (12)*

656,598  440,907  520,091

*(7)*

110,700  69,600  10,000  84,900

*(8)  (8)  (11)  (8)*

0  18,067  8,337

*(10)  (12)*

32,966  65,061  13,160
   
Brian W. Sturgell(13)*Executive Vice   President*

2004  2003  2002

781,200  600,000    575,000

932,257  561,845  595,000

280,686  254,115  219,182

*(7)  (8)*

221,100  69,600  84,900

*(8)  (8)  (8) *

0  7,175  0

*   (14) *

41,301  29,679  56,055

*(9)*

Geoffery E. Merszei*Executive Vice   President and  Chief Financial  Officer*

2004  2003  2002

622,400  522,500    485,000

759,474  627,032  490,000

383,264  77,921  238,891

*(7)  (8)*

63,600  49,500  62,700

*(8)  (8)  (8)*

15,000  0  0

*(15)*

21,364  57,233  19,502

* *

Cynthia Carroll *Senior Vice President  and President and  Chief  Executive  Officer,  Primary Metal Group*

2004  2003  2002

542,000    455,000   425,000

645,331  556,138  751,433

275,466  427,335  48,667

*(7)  (8) *

48,000  44,700  48,700

*(8)  (8)  (8)*

0  0  0

* *

19,145  56,285  11,442

* *

*(1)     *See page 19 fordescription of the Executive Performance Award Plan.

*(2)     *See OtherCompensation on page 25.

*(3)     *See page 25 fordescription of the Alcan Executive Share Option Plan.

*(4)     *See page 20 fordescription of the Executive Deferred Share Unit Plan.

*(5)     *See page 28 for description of the Alcan Stock PriceAppreciation Unit Plan.

*(6)     *SeeCompensation of the Chief Executive Officer on page 21.

*(7)    *Tax equalization, a tax adjustment so that net income aftertaxes is not less than it would have been in the U.S.: T. Engen $340,312, R. B.Evans $626,632, B. W. Sturgell $254,756, G. E. Merszei $345,044 and C. Carroll$238,030.

*(8)     *Granted as C Options (see page 25 for description).

*(9)     *Company matching payments in excess of U.S. savings plan earningslimit: T. Engen $49,500 and B. W. Sturgell $18,000.

*(10)   *Received 30% of the EPA in cash ($210,704) and 70% in theform of 16,547 Deferred Share Units, based on the Share price ($29.71) at theend of 2002.  Received also 1,520 discretionary Executive Deferred Share Unitsto replace the retiring allowance amount of $38,700.

*(11)   *Grant of D Options became effective (see page 26 fordescription).

*(12)   *Received 50% of the EPA in cash ($297,500) and 50% in theform of 8,337 Deferred Share Units, based on the Share price ($35.68) at theend of 2001.

*(13)   *B. W. Sturgell resigned in January 2005 from Alcan followingthe Novelis Spin-off to become chief executive officer of Novelis.

*(14)   *Granted as restricted share units in recognition of hiscontribution in the Pechiney Combination.

*(15)   *Received CommonShares after completion of 3 years of employment with the Company, seeEmployment Agreements on page 31.

 

 
Proxy Circular 2005
24
Alcan Inc.
 

ExecutivePerformance Award 

The Executive Performance AwardPlan and the related Executive Deferred Share Unit Plan are described on pages 19and 20.

OtherCompensation

Compensation benefits madeavailable to senior employees under various plans included those under (a) theExecutive Performance Award Plan mentioned above, (b) the Alcan Executive ShareOption Plan described below, (c) the Alcan Stock Price Appreciation Unit Plandescribed below, (d) the TSR Plan described on pages 20 and 28, (e) retirementbenefit plans, (f) life insurance plans, (g) savings plans, (h) plans for theuse of automobiles, (i) plans for professional financial advice and for clubmembership fees, and (j) in applicable cases, expatriate benefits, taxequalization payments and housing assistance.

Alcan Executive Share Option Plan

The Option Plan provides for thegranting to senior employees of non-transferable options ("Options") topurchase Shares (see also Report on Executive Compensation - *Compensation ofthe Executive Officers* on page 19).  The Option Plan is administered by theHuman Resources Committee.

*A Options*

Prior to 22 April 1993, the Option Plan provided for thegranting of Options referred to as "A Options". Each A Option was exercisablein whole or in part during a period commencing not less than three months afterthe effective date of the grant and ending no later than ten years after thatdate. Alcan made loans to assist in financing the purchase of Shares throughthe exercise of A Options. The interest rate is currently nil on alloutstanding A Option loans. The loans have terms of up to 93⁄4 years. As atSeptember 2002, all A Options had been exercised or had expired but certainloans under the A Options are outstanding (see Table of Indebtedness ofExecutive Officer on page 33).

*B Options*

Beginning on 22 April 1993, theOption Plan provides for Options hereinafter referred to as "B Options".

The exercise****price perShare under B Options is set at not less than 100% of the market value of theShare on the effective date of the grant of each B Option.  The effective dateis fixed at the time of the grant.  

Each B Option is exercisable (not less than three months after theeffective date) in respect of 25%, 50%, 75% or 100% of the grant after aWaiting Period (as defined in the Option Plan) of 12, 24, 36 and 48 months,respectively, following the effective date.  

The Options expire 10 years afterthe effective date; in the event of retirement or death of the employee, anyremainder of this 10-year period in excess of five years is reduced to fiveyears. 

*C Options*

Beginningon 23 September 1998, the Option Plan provides for Options hereinafter referredto as "C Options".

The exercise price per Share underC Options is set at not less than 100% of the market value of the Share on theeffective date of the grant of each C Option.  The effective date is fixed atthe time of the grant.  Each C Option is exercisable (not less than threemonths after the effective date) in respect of one-third of the grant when themarket value of the Share has increased by 20% over the exercise price,two-thirds of the grant when the market value of the Share has so increased by40% and the entire amount of the grant when the market value of the Share hasso increased by 60%.  The said market values must exceed those thresholds forat least 21 consecutive trading days.  The said thresholds are waived 12 monthsprior to the expiry date, which is 10 years after the effective date.  In theevent of death or retirement, any remainder of this 10-year period in excess offive years is reduced to five years, and the said thresholds are waived.

 
Proxy Circular 2005
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Alcan Inc.
 

*D Options*

In respect of B and C Optionsgranted to certain senior executives in 1996, 1997 and 1998, Alcan has grantedfurther Options, hereinafter referred to as "D Options". The grantshall become effective upon the exercise of associated B or C Options and uponthe executive placing at least one-half of the Shares resulting from theexercise of the B or C Option, as the case may be, in trust with an agencynamed by Alcan for a minimum period of five years.  The exercise price perShare of each D Option is set at not less than 100% of the market value of theShare on the exercise date of the associated B or C Options.  D Options areexercisable in the same manner as the associated B or C Option.  The optionperiod for the D Option will terminate on the same date as the associated B orC Options.  In the event of death or retirement, any remainder of this optionperiod in excess of five years is reduced to five years.  The vestingprovisions of the D Options are identical to those of the associated B or COption.

*E Options*

Options granted under the share option plan of Algroup, aSubsidiary of Alcan as a result of the Algroup Combination, were converted into Options forShares of Alcan. These Options are hereinafter referred to as "E Options". Theexercise price per Share was originally set at 110% of market price and theright to purchase one share of Algroup was converted into the right to purchase21.66 Shares of Alcan.  Each E Option is exercisable in whole or in part duringa period commencing not less than three years after the date of grant andending not later than five years after that date.  In the event of death ordisability, the three year waiting period is waived.  As this was a transitionalmeasure related to the Algroup Combination, no further E Options will begranted.

*F Options*

Certain options granted under thestock option plans of Pechiney, a Subsidiary of Alcan after the PechineyCombination, are exercisable for Shares or exchangeable into Options for Sharesin accordance with liquidity agreements signed with the holders thereof. 

There are 11 series of Pechiney options, several without current value. These Optionsare hereinafter referred to as "F Options". As this was a transitionalmeasure related to the Pechiney Combination, no further F Options will begranted.

*Limits on Grantsof Options*

Alcan may issue in any year Options in respect of aYearly Allotment, as defined in the Option Plan, in aggregate not exceeding0.75% of the Shares outstanding as at the end of the previous calendar year. In addition, the unused portion of any previous Yearly Allotment may be carriedforward.  The maximum cumulative number of Shares which can currently be issuedunder the Option Plan after 11 March 2005 is 12,844,630. Alcan Shareholders arebeing requested to approve the reservation of an additional 12,000,000 Sharesfor issuance of Option grants under the Option Plan (see Schedule D).

*Securities Authorizedfor Issuance Under Equity CompensationPlans*

The following table providesinformation as at 11 March 2005 regarding the Common Shares issuable upon theexercise of Options under the Option Plan, as well as the number of CommonShares remaining available for issuance under the Option Plan.

Equity Compensation PlanInformation
                        
*Plan category*   
*Number of securities to be issued  upon exercise of options*(a)   
*Weighted-average exercise price of  outstanding options*(b)   
*Number of securities  remaining available for future issuance under equity compensation plans  (excluding securities reflected in column (a))*(c)   Equity compensation plans approved by security  holders 
*- Alcan Executive Share  Option Plan (except F  Options)  - F Options*   10,200,860  3,785,609*(1)  (3)*Can. $44.50  € 31.50   2,643,770  0*(2) *
Equity compensation plans not approved by  security holders

-

-

-

13,986,469

N/A

2,643,770

Total

*(1)*    Thisrepresents 2.8% of the total outstanding Shares of Alcan.*(2)*    Thisrepresents 0.7% of the total outstanding Shares of Alcan.*(3)*    This represents 1% of the total outstanding Shares of Alcan.
Proxy Circular 2005
26
Alcan Inc.
Thefollowing table provides information pertaining to Options granted to the NamedExecutive Officers during 2004. The date of grant in each case was 22 September2004; all Options granted are C Options (see above).

Option Grantsduring 2004

* Name*

*Shares Under*Options Granted*(#)*

*Percent of Total  Options Granted   to Employees  in 2004*

*Exercise Price and  Market Value on  Date of Grant   (Can. $/Share)*

* Expiration  Date*

T. Engen

348,000

* *

13.0

58.15

21 September 2014

R. B. Evans

110,700

* *

4.1

58.15

21 September 2014

B. W. Sturgell

221,100

* *

8.3

58.15

21 September 2014

G. E. Merszei

63,600

* *

2.4

58.15

21 September 2014

C. Carroll

48,000

* *

1.8

58.15

21 September 2014

Thefollowing table summarizes, for each of the Named Executive Officers,(a) the number of Shares acquired by Options exercised during 2004,(b) the aggregate value realized upon exercise, which is the differencebetween the market value of the underlying Shares on the exercise date and theexercise price of the Option, (c) the total number of Shares underlyingunexercised Options held at 31 December 2004, and (d) the aggregate valueof unexercised in-the-money Options at 31 December 2004, which is thedifference between the exercise price of the Options and the market value ofthe Shares on 31 December 2004, which was Can. $58.80 per Share. The aggregatevalues indicated with respect to unexercised in-the-money Options at financialyear-end have not been, and may never be, realized. These Options have notbeen, and may never be exercised, and actual gains, if any, on exercise willdepend on the value of the Shares on the date of exercise. There can be noassurance that these values will be realized.

AggregatedOption Exercises during 2004 and Year-End Option Values
                     
*Name*

*Shares  Acquired  on Exercise  (#)*
*Aggregate  Value  Realized  (Can. $)*   
*Shares Underlying*Unexercised*Options at 31 Dec.  2004 (1)  (#)*
   
*Value of Unexercised  In-the-Money Options at 31 Dec. 2004   (1)  (Can. $)*T. Engen
0

0

E:  U:

193,000  1,399,000

E:  U:

0  2,260,320

R. B. Evans

0

0

E:  U:

159,934  232,266

E:  U:

2,540,884  1,424,073

B. W. Sturgell

167,450

2,734,759

E:  U:

0  379,700

E:  U:

0  1,945,328

G. E. Merszei

0

0

E:  U:

188,467  167,333

E:  U:

1,714,041  1,198,951

C. Carroll

0

0

E:  U:

87,383  127,833

E:  U:

1,448,362  884,409

*(1)*  E: Exercisable   U: Unexercisable

The informationprovided in the above tables has been modified following the Novelis Spin-offto reflect adjustment as described in the Report on Executive Compensation onpage 21.

 
Proxy Circular 2005
27
Alcan Inc.
 

Alcan Stock Price Appreciation Unit Plan

The Alcan Stock Price Appreciation Unit Plan ("SPAUPlan") also provides for the granting to senior employees of non-transferableStock Price Appreciation Units ("SPAU"). The purpose of the SPAU Plan is toattract and retain employees and to encourage an increased proprietary interestin the Company.  The SPAU Plan is administered by the Human Resources Committeeand was approved on 26 September 2001. 

ASPAU is a right to receive cash in an amount equal to the excess of the marketvalue of a Share on the date of exercise of a SPAU over the market value of aShare as of the date of grant of such SPAU. SPAUs may be exercised in the samemanner as C Options (see page 25).

Grants are made under the SPAUPlan instead of under the Option Plan due to certain local conditions ofcountries of the employees' residence.

Total Shareholder Return PerformancePlan

The TSR Plan, described onpage 20, is a cash incentive plan that providesperformance awards to eligible employees based on the Company's Share price andcumulative dividend yield performance relative to the performance of thecompanies included in the S&P Industrial Composite Index over a three-yearperiod.

Thefollowing table summarizes target cash performance award incentives under theTSR Plan for each of the Named Executive Officers. 

TSR PlanAwards during 2004

* *

* *

*Name(1)*

* *

*Securities,   Units or    other Rights   (#) (2)*

* *

* *

*Performance   Period*

* *

*Estimated  Future Payouts*

*Threshold  ($)*

*Target  ($)*

*Maximum  ($)*

T. Engen

0

1 Oct. 2004

*__*

30 Sept. 2007

0

5,000,000

15,000,000

R. B. Evans

0

1 Oct. 2004

*__*

30 Sept. 2007

0

1,588,500

4,765,500

G. E. Merszei

0

1 Oct. 2004

*__*

30 Sept. 2007

0

911,900

2,735,700

C.  Carroll

0

1 Oct. 2004

*__*

30 Sept. 2007

0

690,000

2,070,000

*(1)* B. W.Sturgell was not granted any target cash performance award under the TSR Plansince he was to resign from Alcan following the Novelis Spin-off to become thechief executive officer of Novelis.

*(2)* The TSR Plan provides for a grant of a target cashaward - no securities, units or other rights were awarded.

 
Proxy Circular 2005
28
Alcan Inc.
 

Retirement Benefits

*U.S. Plan*

During 2004, C. Carroll, R.B.Evans and B.W. Sturgell participated in an Alcan-sponsored qualified pensionplan in the U.S. which, together with supplemental arrangements for paymentdirectly by Alcan of pensions in excess of statutory limits, is herein referredto as the "U.S. Plan".

The U.S. Plan is available toAlcan salaried employees in U.S. and provides for pensions calculated onservice with the Company of up to 35 years and eligible earnings whichconsist of the average annual salary and EPA up to its guideline amount duringthe 36 consecutive months when they were the greatest.  Eligible earnings aresubject to a maximum, which was set with reference to the position of eachNamed Executive Officer at 31 December 2001.  

The following table showsestimated retirement benefits, expressed as a percentage of eligible earnings,payable upon normal retirement at age 65 to persons in the indicated earningsand service classifications.

PensionPlan Table

*Eligible  Earnings*

*Years of Service*

* 10*

* 15*

* 20*

* 25*

* 30*

* 35*

$500,000

17%

25%

34%

42%

50%

59%

$600,000

*__*

$1,100,000

17%

25%

34%

42%

51%

59%

$1,200,000

*__*

$2,000,000

17%

26%

34%

43%

51%

60%

The normal form of payment ofpensions is a lifetime annuity with either a guaranteed minimum of 60 monthlypayments or a 50% lifetime pension to the surviving spouse.

The 2004 eligible earnings andprojected service upon normal retirement age of 65 were as follows:C. Carroll, $595,900 and 33 years; R.B. Evans, $1,023,300 and 16 years;B.W. Sturgell, $929,000 and 26 years.

*Pension Plan for Officers*

Officers generally participate in the Alcanpension plan available to salaried employees in the country where they join thecompany and are expected to retire (herein referred to as "home countrypension plan"). 

For Officers who report to the CEO,eligible earnings under these plans are subject to a maximum and the part oftheir earnings in excess thereof is eligible to the Pension Plan for Officers.This design assures internal equity between Officers who are compensated on thesame U.S. salary scale but participate in home country pension plans withdifferent standards and who have been with the Company for different lengths ofservice prior to becoming an Officer. The Pension Plan for Officers providesbenefits only in respect of services rendered as Officer.

The three aforementioned NamedExecutive Officers also participated in the Alcan Pension Plan for Officers.

Participants in this definedbenefit plan are officers who report to the CEO (a total of 9 individuals in2004), designated by the Human Resources Committee.  This plan provides forpensions calculated based upon service of up to 20 years as an Officer andeligible earnings which consist of the excess of the average annual salary andEPA at its guideline level during the 60 consecutive months when they were thegreatest over eligible earnings in their home country pension plan.  Thefollowing table shows the percentage of eligible earnings, payable under thePension Plan for Officers upon normal retirement age after 60 according toyears of service as an Officer.

Years asOfficer

5

10

15

20

15%

30%

40%

50%

The normal form of payment ofpensions is a lifetime annuity.  Pensions are not subject to any deduction forsocial security or other offset amounts. The Pension Plan for Officers is anunfunded obligation of Alcan and pensions are paid from operating cash flows ofthe Company.

 
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Alcan Inc.
 

The 2004 salary and EPA at itsguideline amount and projected service as an Officer upon retirement age of 65were as follows: C. Carroll, $954,900 and 24 years; R.B. Evans, $1,400,600 and16 years, B.W. Sturgell, $1,400,600 and 18 years.

*Individual Pension Undertakings*

G.E. Merszei is a participant of the AlcanPension Plan (Canada) which provides for pensions up to a statutory limit. Atretirement, he will also receive a supplemental pension that will bring histotal pension entitlement up to the estimated pension he would have receivedassuming continuation of service with his previous employer, varying from$291,000 per year at a retirement age of 55 to $525,800 at a retirement age of62 and above, less the pension from his previous employer for service up to hisjoining Alcan. 

His total pension entitlementshall not be less than the pension that would be payable from the Alcan PensionPlan (Canada) without the statutory limit, equal to $206,900 at retirement ageof 65 on the basis of his earnings in 2004.

Mr. Engen does not participatein any of the pension plans sponsored by the Company (see Compensation of theChief Executive Officer on page 21).

Individual pensionundertakings are unfunded obligations of Alcan and pensions are paid fromoperating cash flows of the company.

*Value of the RetirementBenefits*

A measure of the value of theU.S. Plan and of the Pension Plan for Officers that can be deemed to be part ofthe total 2004 compensation of the three aforementioned Named ExecutiveOfficers is the service cost of the plans. The service cost is the estimatedpresent value of benefits attributable by the pension benefit formula toservices rendered by the plan members during a given period. The valuation ofbenefits is based on actuarial assumptions in relation to future events thatwill vary by plan to take into account the general characteristics of itsmembership. The service cost of the U.S. Plan was 11.2% of its membership's eligibleearnings in 2004 (equivalent to $286,000 for the Named Executive Officers). Theservice cost of the Pension Plan for Officers was $305,000 in 2004 for theNamed Executive Officers.

Another measure of the valueof pension plans or pension benefits is the projected benefit obligation("PBO"). The PBO is the actuarial present value of the part of the totalpension payable at retirement that is attributable to service rendered up tothe date of valuation.  

The following table indicatesthe total projected annual pension of each Named Executive Officer from eitherindividual undertakings (including in the case of G. Merszei, the pensionequivalent of the lump sum settlement of his pension rights from his previousemployer) or the plans described above, based on years of credited service upto the normal retirement age of 65 and eligible earnings to the end of 2004.The table also indicates the PBO at 31 December 2004 in relation to each NamedExecutive Officer. 

The service cost and the PBO amountsare only estimates using prevailing interest rates of the discounted value ofcontractual entitlements. The value of these estimated entitlements may changeover time because they are based on long term assumptions, such as the expecteddistribution of retirement ages, future compensation increases and life expectancy,that may not represent actual developments. Furthermore, the methods used todetermine these amounts will not be the same as those used by other companiesand therefore will not be directly comparable. The actuarial assumptionsapplied are the same as those used to determine the service cost and thebenefit obligation in the Note on Post‐Retirement Benefits to Alcan's2004 annual financial statements. There is no contractual undertaking by the Companyto pay benefits of equivalent amounts.

*Name*

*Projected  Annual   pension payable at   age 65  ($)*

*Projected Benefit Obligation  31 December 2004  ($)*

T. Engen

385,900

3,412,500

R.B. Evans

418,300

2,195,600

B.W. Sturgell

612,400

3,818,000

G.E. Merszei

525,800

1,772,700

C. Carroll

500,700

2,082,300

 
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Alcan Inc.
 

**Employment Agreements**

On 31 December 2001, Alcanentered into employment agreements with certain Named Executive Officersincluding C. Carroll, R. B. Evans and B.W. Sturgell, setting out the terms andconditions of their employment.  Each of these Named Executive Officers isentitled to base salary, annual bonus, Option grants, awards under the TSRPlan, pension plan participation and customary perquisites, as describedherein.  The portion of the Named Executive Officers' compensation attributableto services rendered in Canada is adjusted so that their income after taxes isthe same as it would have been in the United States.  They are also eligiblefor a termination payment equal to 24 months of their base salary and EPA atthe guideline amount if they are terminated without cause.

Mr. Merszei entered into anemployment agreement with Alcan on 13 June 2001.  The terms of his employmentagreement are similar to those of the other above Named Executive Officers. Upon joining Alcan, Mr. Merszei received Options for 80,000 Shares tocompensate him for leaving his previous employer and Options for 50,000 Sharesas an employment incentive.

These Options vested at therate of 33.33% per year over a three-year period.  In addition, as part of hisemployment agreement, he received 15,000 Shares in 2004 on the thirdanniversary date of his employment with Alcan.

During 2002, the Company renewed changeof control agreements with certain Executive Officers, including the NamedExecutive Officers.  These agreements expire on 30 April 2005.  The terms ofchange of control agreements are effective upon the occurrence of two events:(1) a change of control of the Company, and (2) the termination of theExecutive Officer's employment with the Company either by the Company withoutcause or by the Executive Officer himself for defined reasons. In such cases,the Executive Officer will be entitled, depending on the individual inquestion, to an amount equal to either 24 or 36 months of their base salary andEPA at the guideline amount and other applicable incentive plan guidelineamounts.

For information relating toMr. Engen, see Compensation of the Chief Executive Officer on page 21.

                                                                                                                                       

**Directors' Compensation**

Effective on 1 May 2004, the compensation of Non-Executive Directorswas increased, to align Directors' compensation levels with prevalent U.S.compensation practices.  Each Non-Executive Director is presently entitled toreceive compensation equal to $150,000 per annum, payable quarterly, exceptthat Non-Executive Directors who are members of the Audit Committee areentitled to $155,000 per annum, payable quarterly. The Chairman is entitled toreceive total compensation equal to $350,000 per annum, payable quarterly andthe chairman of the Audit Committee is entitled to receive $175,000 per annum,payable quarterly. 50% of Directors' compensation is required to be paid in theform of Director's Deferred Share Units ("DDSUs") (see below) and 50% in theform of either cash or additional DDSUs at the election of each Non-ExecutiveDirector. 

Because at least half of the Non-Executive Directors' compensationis paid in DDSUs, non-executive Directors are not required to own a specificamount of the Company's Shares.  DDSUs are the economic equivalent of Shares.

A Non-Executive Director cannot redeem the accumulated DDSUs untilhe or she ceases to be a member of the Board. 

The Board believes that compensation in the form of DDSUs togetherwith the requirement for Non-Executive Directors to retain all DDSUs until retirementensures an alignment of the interests of the Non-Executive Directors with thoseof Shareholders.

The number of DDSUs to be creditedeach quarter is determined by dividing the quarterly amount payable by theaverage price of a Share on the Toronto and New York stock exchanges on thelast five trading days of the quarter.  Additional DDSUs are credited toeach Non-Executive Director corresponding to dividends declared on Shares.  TheDDSUs are redeemable only upon termination (retirement, resignation or death). Thecash amount to be paid by Alcan upon redemption will be calculated bymultiplying the accumulated balance of DDSUs by the average price of a Share onthe said exchanges at the time of redemption.

 
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Alcan Inc.
 

Non-Executive Directors may invest all or part of the cashportion of their fees (if applicable) in Shares through the Share InvestmentPlan for Directors.  This plan is similar to the Share Investment Planavailable to all Alcan Shareholders. 

It allows for purchases of Shares up to a maximum of $15,000per quarter and for dividends to be invested in additional Shares. The Sharesare purchased and held by a custodian.

Non-Executive Directors are not granted Share options. Nocurrent non-executive Directors have sold any Shares in the past three years.

Non-Executive Directors arereimbursed for transportation and other expenses incurred in attending Boardand Committee meetings.

Non-Executive Directors who arenot Canadian residents are entitled to paid tax advice. During 2004, MessrsRuding and Schulmeyer were reimbursed $3,000 for this purpose.

An employee of Alcan who is aDirector is not entitled to receive fees for serving on the Board.

The following table sets outthe individual election of each Non-Executive Director in relation to theircompensation for 2004.

*Name*

*Portion of fees in Directors'  Deferred Share Unit Plan*

*Portion of fees in  Share Investment Plan for Directors*

*Portion of fees in  cash*

*Amount paid in DDSUs in 2004 (#)*

Roland Berger

50%

-

50%

1,595

L. Denis Desautels

50%

12.5%

37.5%

1,754

L. Yves Fortier

100%

-

-

7,211

Jean-Paul Jacamon

50%

-

50%

1,555

William R. Loomis

100%

-

-

3,239

Yves Mansion

100%

-

-

3,183

Christine Morin-Postel

100%

-

-

3,202

H. Onno Ruding

50%

-

50%

390

Guy Saint-Pierre

50%

50%

-

1,676

Gerhard Schulmeyer

50%

$1,250 per quarter

balance

1,674

Paul M. Tellier

100%

-

-

3,309

Milton K. Wong

100%

-

-

3,141

 
Proxy Circular 2005
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Alcan Inc.
 

**Indebtednessof Directors, Executive Officers and Employees**

Non-Executive Directors and formerNon-Executive Directors are not indebted to Alcan.

The following table sets out the aggregate indebtedness ofExecutive Officers and employees and former Executive Officers and employees ofAlcan and its Subsidiaries to the Company in respect of loans given toExecutive Officers in connection with the exercise of A Options ("OptionLoans") and other loans, excluding "routine indebtedness" as defined underapplicable Canadian Securities laws.

AggregateIndebtedness

* *

*Purpose*

* *

*To Alcan or its Subsidiaries  ($)*

* *

*To Another Entity*

Share  Purchases (Option Loans)

792,057

-

Other  

3,999,130

-

The following table sets out theindebtedness of Executive Officers to Alcan or its Subsidiaries, excludingroutine indebtedness. Nofurther Option Loans will be given to officers under the Option Plan.

Tableof Indebtedness of Executive Officers

*Name and Principal  Position*

*Involvement of Alcan*

*Largest Amount Outstanding During 2004  ($)*

*Amount Outstanding as at 2 March 2005  ($)*

*Financially Assisted Share Purchases During 2004  (1)  (#)*

*Security for Indebtedness*

*Amount Forgiven  During 2004*

*G. Ouellet  Senior Vice President*

Lender

45,922

42,642

0

*(2)*

*0*

*(1)*    In respect of A Options only.

*(2)  *Security for theindebtedness is provided by the deposit of the certificates representing therelevant Shares with CIBC Mellon, as trustee, which holds the certificatesregistered in its name until full repayment of the particular Option Loan hasbeen made to Alcan.

**Directors' and Officers'Liability Insurance**

Alcan carries insurance covering liability, including defence costs,of directors and officers of Alcan and its Subsidiaries, incurred as a resultof their acting as such, except in the case of failure to act honestly and ingood faith. The policy provides coverage against certain risks in situationswhere Alcan may be prohibited by law from indemnifying the directors orofficers.  The policy also reimburses Alcan for certain indemnity payments madeby Alcan to such directors or officers, subject to a $10 million deductible inrespect of each insured loss.

The premium paid by Alcan for coverage in 2004 was $2,994,500and the limit of insurance is $225 million per occurrence and in theaggregate per year.

 
Proxy Circular 2005
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Alcan Inc.
 

**Additional Information**

Additionalinformation relating to Alcan may be found on Alcan's Internet site at www.alcan.com, on SEDAR at www.sedar.com or EDGAR at www.sec.gov. Financial information is providedin Alcan's financial statements and Management Discussion & Analysisreports, which may be obtained, without charge, on request from the CorporateSecretary of Alcan at the registered office of Alcan, 1188 Sherbrooke StreetWest, Montreal, Quebec, Canada, H3A 3G2, telephone: (514) 848-8000.

**Approval of the Board ofDirectors**

The Board of Directors has approved the contents of thisCircular and the sending to Shareholders.

Roy MillingtonCorporate Secretary

 
Proxy Circular 2005
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Alcan Inc.
 

 

**Schedule A**

Resolution -Re-Confirmation of the Shareholder Rights Plan

THAT the Shareholder Rights Planincluded in the Shareholder Rights Agreement made as of 14 December 1989,between the Company and CIBC Mellon Trust Company, as amended, (as summarizedin Schedule B of the Proxy Circular dated 2 March 2005), be and is herebyre-confirmed in accordance with its terms.

THAT any Officer or Director of theCompany be and is hereby authorized for and on behalf of the Company, to do allsuch things and to execute all such documents or instruments as may benecessary or described to give effect to this resolution.

 

 

 

 

 

 

 
Proxy Circular 2005
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Alcan Inc.
 

**Schedule B**

Summary ofthe Shareholder Rights Plan

The followingis an explanation and a summary of the Rights Plan as embodied in the PlanAgreement made as of 14 December 1989, between the Company and CIBC Mellon, asamended to date. A copy of the full text of the Plan Agreement is available onAlcan's Internet site at www.alcan.com.Shareholders requiring the full text of the Plan Agreement may obtain a copyfrom the Corporate Secretary's office, 1188 Sherbrooke Street West, Montreal,Quebec, Canada, H3A 3G2.

The primaryobjective of the Rights Plan is to provide the Board with sufficient time toexplore and develop alternatives for maximizing Shareholder value if a take‐overbid is made for Alcan and to provide every Shareholder with an equalopportunity to participate in such a bid. The Rights Plan encourages apotential acquiror to proceed either by way of a Permitted Bid (as defined inthe Plan Agreement), which requires the take‐over bid to satisfy certainminimum standards designed to promote fairness, or with the concurrence of theBoard.

The Board ofDirectors believes that the current legislation in Canada does not provide theBoard with adequate time to evaluate and respond to a take‐over bid in thebest interests of the Shareholders. The key objective of the Board in a take‐overbid context will be to maximize value for Shareholders. The Rights Plan createsa sufficient opportunity for the Board, in the face of a take‐over bid,to make a proper recommendation to the Shareholders ‐ whether to acceptthe bid, or to negotiate with the bidder for a higher value or to explore anddevelop alternatives for maximizing Shareholder value, such as locating otherpotential bidders or developing a corporate restructuring alternative.

As for theShareholders themselves, the legislated bid period may not provide sufficienttime to consider a take‐over bid and the recommendations of the Board(including alternatives to the bid) and, thus, to make a fully informed decision.The Rights Plan helps address these issues.

A largepercentage of Alcan Shares are currently held outside Canada. The Rights Planis also intended to ensure equal treatment of Shareholders and prevent anacquiror from exploiting differences in securities laws in a way that could bedetrimental to some Shareholders.

While theRights Plan is intended to regulate certain aspects of take‐over bids forAlcan, it is not intended to deter a bona fide attempt to acquire control ofAlcan if the offer is made fairly. The Rights Plan does not diminish orotherwise affect Board duties in relation to the due and proper considerationof any offer that is made.

The RightsPlan may be terminated by the Board with Shareholder approval through aredemption process prior to the accumulation of 20% or more of the Shares byany person or group of persons. The Rights Plan will not interfere with anyamalgamation or other business reorganization approved by the Board. Nor doesthe Rights Plan inhibit any Shareholder from utilizing the proxy mechanism ofthe CBCA to promote a change in the management or direction of Alcan.

If the RightsPlan is re-confirmed as proposed in the resolution in Schedule A, it willcontinue in effect until 1 May 2008, unless terminated earlier in accordancewith its terms.  If the Rights Plan is not re-confirmed, it will terminate atthe Meeting.

*Summary ofthe Rights Plan*

Capitalizedterms used in this summary have the meanings specified in the Rights Plan.

Pursuant tothe Plan Agreement, one Right to purchase additional securities, subject to theterms and conditions of the Plan Agreement, has been issued for each Shareoutstanding and Rights will likewise be issued in respect of Shares issued inthe future until the Separation Time (as defined below) or until thetermination of the Rights Plan. The Rights are not exercisable until theSeparation Time.

 
Proxy Circular 2005
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Alcan Inc.
 

Until theSeparation Time (or earlier termination or expiration of the Rights), theRights are evidenced by the certificates for the Shares to which the Rightsattach. The Rights are transferred with, and only with, the associated Shares.Furthermore, until such time, Share certificates issued will contain a notationincorporating the Plan Agreement by reference.

The Rightswill separate and trade independently of the Shares after the Separation Time.Promptly following the Separation Time, separate Rights Certificates will begiven to holders of record of Shares as of the close of business at theSeparation Time and such separate Rights Certificates alone will evidence theRights.

The SeparationTime is the close of business on the tenth business day after either the firstdate that a person has acquired beneficial ownership of 20% or more of theShares, thereby becoming an Acquiring Person, or the date of commencement orannouncement of a Take‐Over Bid.

A Flip‐In Event occurs when aPerson becomes an Acquiring Person. Upon the occurrence of a Flip‐InEvent, each Right (except for Rights beneficially owned by an Acquiring Person,its affiliates and associates) shall constitute the right to receive, upon theexercise thereof at the then current Exercise Price of the Right, Shares havingan aggregate Market Price on the date of occurrence of such Flip‐In Eventequal to twice the Exercise Price. For example, if at the time of the Flip‐InEvent, the Exercise Price is $200 and the Shares have a Market Price of $50,the holder of each Right will be entitled to receive $400 in market value ofthe Shares (8 Shares) for $200, i.e. at a 50% discount.

The Board ofDirectors may determine to waive the application of the provisions of the Flip‐InEvent section of the Plan Agreement to a particular Flip‐In Event or anyparticular acquisition or other transaction or event that would, but for thewaiver, constitute or result in a Flip‐In Event, provided that suchwaiver shall automatically constitute a waiver of the application of suchprovisions to all contemporaneous Flip-In Events.

The RightsPlan has a Permitted Bid feature which allows a take‐over bid to proceedin the face of the Rights Plan even if the Board does not support the bid,provided that the bid meets certain minimum specified standards of fairness anddisclosure. Specifically, the Permitted Bid procedure allows persons to make atake‐over bid for all or part of the outstanding Shares, provided it ismade to all Shareholders, and is held open for 60 days. The Permitted Bidprocedure provides Shareholders and the Board with this additional time toassess a bid properly and to permit alternative bids to emerge. If more than50% of the Shares held by parties other than the bidder, its affiliates andassociates are tendered and not withdrawn at the end of the specified period,the bid may proceed and must be held open for an additional 10 business days toallow Shareholders who have not tendered their Shares additional time to do soafter having had an opportunity to determine that the bid will otherwise besuccessful. This two-stage requirement, which separates evaluation of the bidfrom the tender process, helps remove any element of coercion that mightotherwise be present in a one‐stage bid process.

Under theterms of the Plan Agreement, at every third annual meeting following the 1999annual meeting, including at the 2005 Meeting, the Board of Directors shall submita resolution to the Shareholders for approval ratifying the continued existenceof the Rights Plan. If a majority of the votes cast on such a resolution isagainst the continued existence of the Rights Plan, then the Plan Agreement,the Rights Plan and any outstanding Rights shall be of no further force oreffect.

*Amendmentsnow Proposed*

The Boardconsidered terms and conditions of current rights plans adopted by othercompanies as well as comments of the investment industry, and has decided thatcertain minor amendments to the Plan Agreement would be made.  These amendmentsare intended to ensure that it is consistent with current rights plans andadequately addresses the concerns of institutional shareholders on a basis thatis consistent with the purposes of the Rights Plan. The amendments consistmainly of the following:

 
Proxy Circular 2005
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Alcan Inc.
 
-  Thedefinition of "acting jointly and in concert" is being modified to make it clearthat only persons actually acting together to acquire Shares should beaggregated for the purpose of the 20% Acquiring Person threshold. 
-  Thedefinition of "lock‐up agreement" is being modified to incorporate recent viewsin relation to appropriate thresholds and related issues relating to when theShares of parties to a lock‐up agreement under a bid should not be countedtowards the 20% Acquiring Person threshold. 
-  Certaintechnical amendments are also being made so that the Rights Plan would conformto current rights plans and to clarify certain provisions. 

All amendmentswill appear in the full text of the Plan Agreement available as stated above.

*TaxConsequences*

For Canadianfederal income tax purposes, Alcan has not received any income as a result ofthe issuance of the Rights. Under the Income Tax Act (Canada)("Act"), the issuance of the Rights may be a taxable benefit whichmust be included in the income of the recipient. However, no amount must beincluded in the income of the recipient if the Rights do not have a monetaryvalue at the date of issue. Alcan views the Rights as currently having negligiblemonetary value. A holder of Rights may have income or be subject to withholdingtax under the Act if the Rights become exercisable, are exercised or areotherwise disposed of. This statement does not address the Canadian income taxconsequences of other events, e.g., separation of the Rights from Shares, aFlip‐In Event, lapse of Alcan's right to redeem the Rights and redemptionof the Rights.

For UnitedStates federal income tax purposes, the adoption and approval of the resolutionreconfirming the Rights Plan should not be a taxable transaction to theShareholders. The United States federal income tax consequences of other eventsin connection with the Rights Plan, e.g., separation of the Rights from theShares, a Flip‐In Event, lapse of Alcan's right to redeem the Rights,redemption of the Rights and exercise of the Rights, are uncertain. The taxconsequences, including the likelihood that an event will be a taxabletransaction (which, in certain cases, is probable) or, if taxable, whether it isa distribution or a sale or exchange of a Right, can vary depending on thefacts and circumstances at the time of the event.

Shareholdersshould consult their own tax advisors regarding the consequences of approval ofthe resolution and of receiving, holding, exercising, exchanging or otherwisedisposing of the Rights.

 

 
Proxy Circular 2005
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Alcan Inc.
 

 

**Schedule C**

Resolution - Adoption of Amendments to the Alcan Executive ShareOption Plan

THAT the amendments to the Alcan ExecutiveShare Option Plan, including the addition of 12,000,000 Common Shares reservedfor issuance under the Alcan Executive Share Option Plan (as described inSchedule D of Proxy Circular dated 2 March 2005), be and arehereby approved.

 

 

 
Proxy Circular 2005
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Alcan Inc.
 

 

**Schedule D**

Summary ofthe Alcan Executive Share Option Plan 

On 24 July 1987, the Board of Directors andShareholders adopted the Alcan Executive Share Option ("Option Plan").  A 1995amendment to the Option Plan established a maximum of 20,500,000 Shares thatcould be issued after 31 December 1995 without further Shareholder approval. From1 January 1996 to 11 March 2005, 7,655,370 Common Shareswere issued pursuant to Options exercised and 12,844,630 Shares remain inreserve for issuance under the Option Plan. As of 11 March 2005, of the 12,844,630Common Shares in reserve, 10,200,860 Shares were outstanding under the OptionPlan in respect of Options already granted but not exercised and 2,643,770Shares were available for future grants under the Option Plan. 

In order for Alcanto continue its long‐term incentive compensation plan for senior executives andto replenish the number of Shares available for option grants, the Companyproposes to implement certain amendments to the Option Plan, in particular toincrease the number of Common Shares available for issuance under the OptionPlan to 24,844,630 CommonShares, representing an increase of 12,000,000 Common Shares.  If approved byShareholders at the Meeting, the increase in the total number of Common Sharesauthorized for issuance pursuant to the exercise of options under the OptionPlan would represent approximately 3% of the total number of the then issuedand outstanding Common Shares of the Company.  The Board of Directors approvedthe implementation of the amendments to the Option Plan on 11 March 2005,subject to Shareholder and regulatory approvals.  The total number of CommonShares reserved for issuance under the Option Plan would representapproximately 6.3% of the total number of the then issued and outstandingCommon Shares of the Company. At the Company's current rate of Option grants,the 12,000,000 Shares reserved for issuance would be sufficient for a furtherfive years. In addition, a small number of administrative amendments have beenmade to the Option Plan.

The amendments to the Option Plan have beenapproved by the Toronto Stock Exchange and New York Stock Exchange, subject toShareholder approval. A copy of the full text of the Option Plan, as proposedto be amended, is available on Alcan's Internet site at www.alcan.com. Shareholders may also obtain acopy of the full text of the Option Plan, as proposed to be amended, from theCorporate Secretary's office, 1188 Sherbrooke Street West, Montreal, Quebec,Canada, H3A 3G2.

*Summary of the Option Plan*

Under the Option Plan, Alcan may issue inany year options in respect of a yearly allotment, in aggregate not exceeding0.75% of the Shares outstanding as at the end of the previous calendar year. In addition, the unused portion of any previous yearly allotment may be carriedforward and, subject to Shareholder approval, the aggregate number of Shares tobe issued after 11 March 2005 may not exceed 24,844,630 Shares. 

The exercise price per Share may not beless than 100% of the average of the high and low prices of the Shares on theToronto Stock Exchange on the effective date of each grant.  Options grantedunder the Option Plan will not be assignable otherwise than by will or by thelaws of descent and distribution.  Options must be exercised during the optionperiod which may not be more than 10 years.  Options may be exercised only forso long as the optionee remains an employee. In the case of death or retirementof the optionee, the option period will not continue for more than five years afterthe event. No repricing of Options is permitted.

The Human ResourcesCommittee of the Board of Directors of the Company will administer the OptionPlan.  The Human Resources Committee may make rules and regulations relating tothe administration of the Option Plan including the determination of executiveseligible, the number of options granted, the exercise price, the vestingperiod, the terms of exercise, the option period and any other rules necessaryor desirable for the administration of the Option Plan. Options grantedunder the Option Plan may have connected stock appreciation rights, if sodetermined by the Human Resources Committee.

 

 
Proxy Circular 2005
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Alcan Inc.
 

 

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