Also this year, a delegation from the board visited the Air France-KLM AGM (General Meeting of Shareholders). The meeting took place at Paris De Gaulle Airport and was once again accompanied by strong security measures due to possible actions by climate activists.

The shareholders' meeting was completed according to the familiar pattern. The Air France-KLM directors present each took care of part of the agenda. For example, accountability for 2023 was provided and directors were (re)appointed. Finally, various proposals were voted on after the survey. The SPAAK board is guided by the continuity of KLM and the interests of the KLM pilot in the votes on these proposals.

The general tenor of the meeting was mostly optimistic. Money is being made despite various challenges. The meeting paid ample attention to improving the margin and to responsibility for the climate and environment. Fleet renewal, SAF and eco-piloting are the key components to achieve significant reductions in noise and emissions.

In the view of SPAAK, there were no controversial proposals for the resolutions submitted and everything could be voted on positively. Almost all proposals were also adopted by very large majorities.
Only in the case of Mr Smith's remuneration package there was a large number of votes against. His remuneration package has a relatively limited fixed part and a large variable remuneration. Various shareholders have taken as their starting point that the variable remuneration may only be a small part of the entire remuneration and therefore vote against it. SPAAK does not have the limitation of such a starting point and is positive about Mr. Smith's leadership at Air France-KLM.

During the survey, the stage was sought by various environmental activists who were present at the meeting as shareholders. Whereas last year the focus was mainly on noise pollution from Schiphol, the focus was now also more on CO2 emissions and the downsides of SAF. Various 'regular' shareholders also appeared to have their doubts about SAF.
On the other hand, there were several Air France employees who discussed the transfer of Air France flights from Orly to Charles de Gaulle.
SPAAK used the survey to address the proposed reduction of Schiphol. From a climate point of view, it makes sense to fly with the most sustainable airline. Air France-KLM has been a frontrunner in the field of sustainability for years. Chasing passengers away to less sustainable airlines does not help the environment at all.
SPAAK also asked about the state of affairs with regard to participation in SAS and drew attention to the risks associated with competing groups of employees within an airline group.

Despite the security measures, it was possible to make contact with various key players around Air France-KLM before and after the meeting. The board members present spoke with a large part of the Air France-KLM top management and representatives of the Dutch government. Based on this, there will be various follow-up discussions that will further strengthen the network.

Since the end of 2023, many colleagues have become shareholders of Air France-KLM through the participation program: Partners For The Future. A number of them took the opportunity to authorize SPAAK to vote for them during the meeting. These permissions have been used in line with voting by SPAAK. In the run-up to the next AGM, it will be examined whether this method of authorization can be given a more structural character.

For those interested, all relevant documents of the AGM can be found on the Shareholders' page on the AF-KLM website, including the questions and answers of the survey and the results of the votes.