Shareholders of Motor Oilare being asked to approve, along with the final dividend of €1.40 per share.
The distribution of €9 million to Motor Oil employees and €6.4 million to senior executives and executive board members is a reward for the effective management of the damage resulting from the September 2024 fire at one of the two refineries.
Specifically, Motor Oil managed to implement an alternative operating plan by adjusting the feedstock and operation of the refinery’s conversion units, using alternative fuels such as fuel oil, naphtha, and vacuum gasoil instead of crude oil. For the final dividend of €1.40 per share, June 26 is proposed as the ex-dividend date and June 29 as the record date.
The lion’s share of the management team’s bonus goes to Chairman and CEO Ioannis Vardinoyannis, who will receive total variable compensation of €6.15 million. Next are the two deputy managing directors (Petros Tzannetakis and Ioannis Kosmadakis), who will each receive a bonus of €260,000.
Shareholders are also being asked to approve a new share buyback program, following a decision to terminate early the buyback program adopted in June 2025. Last year’s program has become inactive without ever being used (i.e., no treasury shares have been acquired under the program) as it set a maximum purchase price of 34 euros.
Since the beginning of this year, the share price has traded above €34 in approximately 80% of trading sessions.
The proposed new two-year buyback program sets a maximum purchase price of €45 and a minimum of €15. The maximum number of shares to be repurchased is 5,000,000. The shares acquired will be allocated to employee and senior executive incentive programs, while the remaining shares may be sold.