Just like last 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, due to possible actions by climate activists, was accompanied by significant security measures. Despite these measures, the meeting had a positive atmosphere.

The shareholders' meeting was completed according to the fixed pattern. The Air France-KLM directors present each took care of part of the agenda. For example, accountability for 2022 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. In general, on this basis, it was possible to vote positively with a single abstention.

The overall tenor of the meeting was positive. The corona crisis is now definitively behind us, the government loans have been repaid in full with interest at an accelerated pace and money is being made again. The focus can be turned back to the future in which responsibility for the climate and environment will play a very important role. Fleet renewal is an important part of this, which will result in significant reductions in noise and emissions in the short term. In addition, equity will be further strengthened and the aim is to achieve a profit margin for the group that should be 6-8% within two years.

During the votes on the proposals, SPAAK abstained from voting on the reappointment of Mr. 't Hart as a member of the Supervisory Board due to ambiguities about his role in the discussion on the terms of employment in 2020. The proposal concerned an extension of his term of 1 year, in which the successor of Mr. 't Hart will be sought. Although the majority of votes was considerably lower than usual for this type of (re)appointment, Mr. 't Hart has been given a new term of one year. Other proposals, such as the reappointment of Mr. Smith, CEO of AF/KL, his remuneration package and various technical proposals regarding capital structure, were voted in favor of by SPAAK. We are pleased with the direction that AF/KL is taking under the leadership of Mr. Smith, which in our view is a direction that is in line with the long-term interests of the company and the pilots. SPAAK's objectives focus on these elements.

During the survey, the stage was sought by various environmental activists who were present at the meeting as shareholders. Remarkably, these turned out to be only Dutch activists and the arrows were only aimed at KLM. The board has answered all these questions. SPAAK highlighted the opposite in the survey, because future-proof and responsible aviation is possible. The demand for air transport will continue to increase, as evidenced by the orders of hundreds of aircraft by other airlines elsewhere, and 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. It is important to ensure that the group can continue to do this constructively from a sound economic basis. In addition, it is important to create support for and with this. This last aspect certainly also applies to the Dutch government, which with its policy is actually driving travellers to less sustainable alternatives.

Based on the report of the KLM state agent, a shareholder also asked a question about the alleged privileged position of pilots within the company, especially KLM. It was striking that the AF/KL board stood firm for the pilots and not only characterized them as an important and loyal group of employees, but also denied that the pilots of the group would be out of place in an international context in terms of working conditions.

Due to the security measures, it was difficult to make contact with various key players around Air-France-KLM prior to the meeting. Fortunately, after the meeting, that opportunity was there and the board members present spoke with almost the entire Air France-KLM top management and representatives of the Dutch government. This will lead to various follow-up conversations that will further strengthen the network.

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.