Independent proxy advisor Glass Lewis supports all of the voting recommendations of Euronav’s Supervisory Board

10 Mar 2023 07:30 CET

INDEPENDENT PROXY ADVISOR GLASS LEWIS SUPPORTS ALL OF THE VOTING RECOMMENDATIONS
OF EURONAV’S SUPERVISORY BOARD

ANTWERP, Belgium, 10 March, 2023 – Euronav NV (“EURN” or “Euronav”) (NYSE: EURN
& Euronext: EURN) today announced that independent proxy advisor Glass Lewis &
Co.
(“Glass Lewis”) has recommended that the company’s shareholders vote IN LINE
with
the Euronav Supervisory Board’s recommendations at the Special General Meeting
to be held on 23 March 2023.

The recommendation from Glass Lewis endorses the Euronav Supervisory Board’s
decision
to adapt its composition to reflect the current shareholding structure of
Euronav, in line
with the Supervisory Board’s commitment to the highest standards of governance.

Commenting on the Glass Lewis report, Euronav’s Supervisory Board said: "We
appreciate
the support of Glass Lewis in backing the Supervisory Board’s position to
maintain the
current independent Supervisory Board while adapting its composition to increase

shareholder representation.”

Both leading independent proxy advisory firms – Glass Lewis and ISS – have now
recommended that shareholders SUPPORT ALL the Supervisory Board’s voting
recommendations.

In its report, Glass Lewis states: “It is worth emphasizing CMB's materials
continue to
remain very light on detail, with no substantive, analytically critical
operational, financial
or governance commentary, and only broadly framed strategic and operational
signposts
indicating its intentions for the Company in the event its current effort to
heavily reshuffle
the board is successful.” It adds that “[CMB] has offered unaffiliated Euronav
investors
very little cause to endorse the landslide change sought here.”

In reaching its conclusion to support the Euronav Supervisory Board's
recommendations,
Glass Lewis further notes that “Euronav has indeed extended what we believe to
be an
entirely reasonable olive branch […] we believe the board's promoted position
represents
a balanced resolution which does not confer disproportionate influence or
implicitly reduce
the range of key strategic alternatives likely to be considered going forward.”

Euronav’s Supervisory Board strongly reiterates the following voting guidance
for the
upcoming special general shareholders’ meeting to:

CMB’s Resolution Euronav Supervisory Board’s Recommendation Glass Lewis
Recommendation
1 Dismissal of members of the Supervisory Board
1.1 Termination of Mrs. Anne-Hélène Monsellato’s mandate AGAINST Euronav has
appropriate Supervisory Board to oversee the Company’s strategy AGAINST
1.2 Termination of Dr. Grace Reksten Skaugen’s mandate AGAINST AGAINST
1.3 Termination of Mr. Steven Smith’s mandate AGAINST AGAINST
1.4 Termination of Dr. Anita Odedra’s mandate AGAINST AGAINST
1.5 Termination of Mr. Carl Trowell’s mandate AGAINST AGAINST

2 Appointment of members of the Supervisory Board
2.1 Appointment of Mr. Marc Saverys (as representative of CMB) FOR Proportionate
representation in the boardroom FOR
2.2 Appointment of Mr. Patrick De Brabandere (as representative of CMB) FOR FOR
2.3 Appointment of Mrs. Julie De Nul (non-independent candidate) AGAINST Not
meeting independence criteria and candidates not additive to Euronav’s diverse
and experienced Supervisory Board AGAINST
2.4 Appointment of Mrs. Catharina Scheers (non-independent
candidate) AGAINST AGAINST
2.5 Appointment of Mr. Patrick Molis (non-independent
candidate) AGAINST AGAINST

3 Proxy for administrative formalities FOR FOR

Famatown’s Resolution Euronav Supervisory Board’s Recommendation Glass Lewis
Recommendation
4 Appointment of members of the Supervisory Board
4.1 Appointment of Mr. John Fredriksen (as representative of
Famatown) FOR Proportionate representation in the boardroom FOR
4.2 Appointment of Mr. Cato H. Stonex (as representative of Famatown) FOR FOR

In view of the record date of Thursday 09 March 2023, shareholders may not
reposition
shares between the Belgian Register and the U.S. Register during the period from

Wednesday 08 March 2023 at 8.00 a.m. (Belgian time) until Friday 10 March 2023
at 8.00
a.m. (Belgian time) (“Freeze Period”).

Further information related to the special general shareholders’ meeting on 23
March 2023,
including a revised proxy form and voting instructions are available on the
company’s
website at https://www.euronav.com/en/investors/legal-information/agm/2023/. The

practical formalities for participation in this meeting are described in the
revised convening
notice.

*
* *
Contact:
Brian Gallagher – Head of IR, Research and Communications & Management Board
member
Tel: +44 20 78 70 04 36
Email: IR@euronav.com

Special General meeting: Thursday 23 March 2023

About Euronav NV
Euronav is an independent tanker company engaged in the ocean transportation and
storage of crude oil. The
company is headquartered in Antwerp, Belgium, and has offices throughout Europe
and Asia. Euronav is listed
on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its
fleet both on the spot and
period market. VLCCs on the spot market are traded in the Tankers International
pool of which Euronav is one of
the major partners. Euronav’s owned and operated fleet consists of 1 V-Plus
vessel, 41 VLCCs (with further under
construction), 21 Suezmaxes (with a further five under construction) and 2 FSO
vessels under long term contract.

Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for
forward-looking statements in order to encourage companies to provide
prospective
information about their business. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or performance,
and
underlying assumptions and other statements, which are other than statements of
historical facts. The Company desires to take advantage of the safe harbor
provisions of
the Private Securities Litigation Reform Act of 1995 and is including this
cautionary
statement in connection with this safe harbor legislation. The words "believe",
"anticipate",
"intends", "estimate", "forecast", "project", "plan", "potential", "may",
"should", "expect",
"pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions,
many of which are based, in turn, upon further assumptions, including without
limitation,
our management's examination of historical operating trends, data contained in
our
records and other data available from third parties. Although we believe that
these
assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or
impossible to
predict and are beyond our control, we cannot assure you that we will achieve or

accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could
cause actual results to differ materially from those discussed in the
forward-looking
statements include the failure of counterparties to fully perform their
contracts with us,
the strength of world economies and currencies, general market conditions,
including
fluctuations in charter rates and vessel vales, changes in demand for tanker
vessel
capacity, changes in our operating expenses, including bunker prices,
dry-docking and
insurance costs, the market for our vessels, availability of financing and
refinancing,
charter counterparty performance, ability to obtain financing and comply with
covenants
in such financing arrangements, changes in governmental rules and regulations or
actions
taken by regulatory authorities, potential liability from pending or future
litigation, general
domestic and international political conditions, potential disruption of
shipping routes due
to accidents or political events, vessels breakdowns and instances of off-hires
and other
factors. Please see our filings with the United States Securities and Exchange
Commission
for a more complete discussion of these and other risks and uncertainties.

More information:
Access the news on Oslo Bors NewsWeb site

584842_Glass Lewis Supports All Euronav Board Recommendations.pdf