For the first time since the corona pandemic, the Air France-KLM AGM (General Meeting of Shareholders) could be attended physically again. Due to the share issue that was also announced on this day, two SPAAK board members attended the AGM, so that the other board members could focus on the issue.
Naturally, the share issue was also an important topic of discussion in the corridors. The agenda of the meeting itself had been adjusted on several points as a result of the issue. Of course, the regular agenda also had to be completed on this day, with the Air France-KLM directors each taking care of a part. For example, accountability for 2021 was provided and directors were (re)appointed. Finally, various proposals were voted on. The SPAAK board is guided by the continuity of KLM and the interests of the KLM pilot in the votes on these proposals. In a number of proposals, this has led to a vote against or abstaining.
The Board believes that employee compensation is a matter between the employee and the company, as is Mr. Smith's compensation. This is agreed between him and the Board and approved by the shareholders. At the same time, the board sees again this year that the chosen form, a large part variable and in shares, under the heading of 'bonus' leads to commotion in the Netherlands time and again. The outcome of the votes shows that this fuss is not limited to the Netherlands alone. This is detrimental to the company. For this reason, the SPAAK board considers it desirable that a different form of remuneration is chosen that does not repeatedly create negative images. Because the situation repeats itself year after year, SPAAK voted against the relevant proposals for 2021 and 2022. Furthermore, SPAAK has asked an extensive survey on this subject.
Due to the fact that, contrary to an agreement made by KLM in which this seat was promised, no permanent seat on the Board has yet been realized for a candidate of the VNV, SPAAK abstained from voting on the various (re)appointments to the Board, with the exception of the vote on the candidate of Air France ALPA. SPAAK asked a question about the curious way in which former KLM Works Council member Tilgenkamp squeezed himself into the Air France-KLM board via the European Works Council.
Except for the vote on Mr. Smith's remuneration, all proposals were adopted unanimously.
After two years with corona, Air France-KLM is finally doing better on all fronts. Both the French and the Dutch branches show clear growth and revenues also show an upward trend. Transavia is the biggest riser in the post-pandemic period.
Fleet renewal is something that is being invested in because of the reduction of the carbon footprint. In addition, both Air France and KLM will modernize the various cabin parts. For KLM, this means that the economy, premium comfort and business class on both the 777 and the 787 will be identical. Other major expenses, including a new lounge at CDG, have been put on hold for the time being until the (government) loans have been repaid for the most part.
Questions could be submitted in writing in advance for the survey. Some of the questions were answered during the meeting; the rest in writing. In addition to the topics already mentioned, the SPAAK board has taken this opportunity to ask for a response on the course of events in the provision of loans by the Dutch government in response to the ILO report and on the role of the State Agent at KLM.
What had already happened at other listed companies now also became visible at Air France-KLM: environmental activists who, as shareholders at the meeting, seek publicity in the survey.
For the first time since the corona pandemic, there was an opportunity around the meeting to reconnect, to further maintain existing contacts and to exchange ideas in the corridors. The board members present have used this to strengthen and expand the network.
For those interested, the AGM can be viewed via the Shareholders page on the AF-KLM website. Here you can also read the questions and answers of the survey and the results of the votes.