LUND, Sweden, April 20, 2020 /PRNewswire/ -- Alligator Bioscience (Nasdaq Stockholm: ATORX), today announced that the company's Nomination Committee, following an initiative from all members of the Board of Directors, proposes that the fees to board-members are reduced with 20 percent compared to the Nomination Committee's original proposal to the Annual General Meeting to be held on May 5.
"In the strenuous situation created by the Covid-19 pandemic, cost reductions are important precautionary measures in all parts of the business community. With Alligator now distinctly focusing on its clinical portfolio, great efforts are being made to reduce costs in other parts of the business, but also in general in the company. In that context it is only natural that the board of directors makes its contribution," said Peter Benson, Chairman of the board of Alligator Bioscience.
After the adjustment, the Nomination Committee propose the following for decision regarding remuneration for the board members (item 11 on the agenda):
The board and its committees' remuneration shall be paid with SEK 440,000 to the Chairman of the board (SEK 550,000 previous year) and with SEK 240,000 to each of the other board members who are not employed by the company (SEK 300,000 previous year). Furthermore, remuneration for committee work is proposed with SEK 100,000 to be paid to the Chairman of the Audit Committee (SEK 125,000 previous year), SEK 24,000 to each of the other members of the Audit Committee (SEK 30,000 previous year) and SEK 20,000 to the Chairman of the Remuneration Committee (SEK 25,000 previous year). For other members of the Remuneration Committee, it is proposed that no remuneration shall be paid going forward.
In order to make it easier for shareholders to exercise their voting rights at the meeting, the board has decided to offer postal voting at the annual general meeting on May 5. A form for postal voting and instructions on how postal voting shall be performed are available on the company's website www.alligatorbioscience.com. The ballot must reach the company no later than April 28, 2020.
For further information, please contact:
Cecilia Hofvander, Director Investor Relations & Communications
E-mail: [email protected]
The information was submitted for publication, through the agency of the contact persons set out above, at 1:00 p.m. CEST on April 20, 2020.
About Alligator Bioscience
Alligator Bioscience AB is a clinical-stage biotechnology company developing tumor-directed immuno-oncology antibody drugs. Alligator's growing pipeline includes six lead clinical and preclinical drug candidates: mitazalimab, ATOR-1015, ATOR-1017,
ALG.APV-527 (co-developed with Aptevo Therapeutics Inc.) and AC101 (in clinical development by Shanghai Henlius Biotech Inc.). Alligator's shares are listed on Nasdaq Stockholm (ATORX). The Company is headquartered in Lund, Sweden, and has approximately 55 employees. For more information, please visit www.alligatorbioscience.com.
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Alligator Bioscience's Board of Directors reduces its fees and offers possibility for postal voting in front of the Annual General Meeting
SOURCE Alligator Bioscience