FUNCTIONING OF THE SUPERVISORY BOARD AND SHAREHOLDER RELATIONS

Board attendance at meetings

The Supervisory Board met 5 times in 2019.

 

2019

 

2018

 

2017

Number of meetings of the Governance body (Supervisory Board)

Meetings

 

5.00

 

4.00

 

4.00

Compensation of administrators

No attendance honorarium is paid to TAQA Morocco administrators

 

2019

 

2018

 

2017

Net amount paid to natural and legal persons Resident in Morocco

MAD

 

0.00

 

0.00

 

0.00

Net amount paid to natural and legal persons non-resident in Morocco

MAD

 

0.00

 

0.00

 

0.00

Compensation of managers (stock options, non-cash benefits)

Compensation to members of the TAQA Morocco Management Board is provided by a company that is not part of the consolidation perimeter of the TAQA Morocco Group. Compensation to members of the Management Board is determined as part of the decisions made by the Nomination and Compensation Committee.

Shareholder relations: information communicated to shareholders

The majority of shares in TAQA Morocco are held by Abu Dhabi National Energy Company PJSC (TAQA) (85.79%), and the remaining 14.21% are in public float. This shareholder structure facilitates the Administrators’ task of formulating direct recommendations and instructions to the Management Board, during Supervisory Board meetings. This Board met 5 times in 2019.

Performance evaluation process for governance body with respect to economic, environmental and social themes

Starting in 2020, the Management Board will propose including an annual discussion of ESG themes (Environmental, Social and Governance) in the meetings of the Supervisory Board. This discussion will be part of the publication of the ESG Report and will enable the Supervisory Board to take charge of the ESG roadmap, the stakeholder consultation process, and the vigilance approach to be implemented.

TAQA Morocco anticipates that over the course of 2020, it will finalize its ESG strategy and will hold meetings with collaborators and suppliers relating to ESG issues.