14 Jul

Annual General Meeting report May 26, 2020

Due to the Corona crisis, the AF-KLM AGM (General Meeting of Shareholders) could not be physically attended this year. Instead, a webcast was held. The SPAAK board prepared and followed this webcast together.

The top of the AF-KLM board sat in front of the cameras with a good distance between them and took turns in putting their money where their mouth is. Although the meeting of course took place under the shadow of the Corona crisis, a more or less regular agenda was completed. Accountability for 2019 was given, directors were (re)appointed and the existing possibilities to expand the capital were extended. The Corona crisis became somewhat visible during the votes on the latter subject. Where resolutions on this subject are normally adopted unanimously, there was now a significant number of votes against. The same applied to the votes on the rewards of the summit. Although here, too, the relevant resolutions were adopted as expected, the inconvenience about the (variable) remuneration was clearly visible in the results.

Of course, the current Corona crisis also came up for discussion in terms of content, both in the presentations of the board of directors and in the questionnaire. It was indicated how the crisis has gone so far and what steps have been taken to deal with it. How the situation will eventually develop remains uncertain for the time being. However, the AF-KLM board expressed the conviction that the company will survive the crisis and eventually come back stronger.

This time, questions could be submitted in writing in advance. Some of the questions were answered during the webcast; the rest in writing. The SPAAK board asked for clarity about the possible conversion of the loans of the French government to AF-KLM into shares and about the consequences of this on the (relative) control within the holding company.

The shareholders' meeting is in normal times a very good opportunity to establish and maintain contacts and to gather information in the corridors. With a meeting via webcast this possibility was unfortunately not available this year. All the more reason, when the situation allows, to work with fresh energy in the coming period to strengthen and expand the network.

For those interested, the webcast of the AGM can be viewed via the shareholder page on the AF-KLM website. Here you can also read the questions and answers of the questionnaire.