As in previous years, a delegation from the board attended the Air France-KLM AGM (General Meeting of Shareholders). The meeting took place at Paris's Charles de Gaulle Airport, in the Hilton hotel.

The shareholders' meeting followed a familiar pattern. The Air France-KLM directors present took turns addressing various items on the agenda. Accountability for the year 2025 was provided, and directors were (re)appointed. After the Q&A session, votes were cast on various proposals.
The SPAAK board mainly bases its votes on these proposals on the interests of the KLM-pilot.

The overall vibe of the meeting was mostly positive. The focus was mainly on the good results for 2025 and how the margin is developing. There was also, of course, attention given to the negative impact of various geopolitical developments, like the conflict in the Middle East and not being able to fly over Russia. Furthermore, the need for a level playing field was emphasized, especially when it comes to carriers from outside Europe.

In SPAAK's view, there were no controversial proposals in the submitted resolutions, and almost everything could be voted on positively. A large majority of the proposals were also adopted by very wide margins.
When it came to voting on Mr. Smith's compensation package and those of the Board and the chair of the board, there were quite a few votes against. Mr. Smith's compensation package has a relatively small fixed part and a large variable pay. Several shareholders take the stance that the variable pay should only be a small part of the total compensation and therefore vote against it. SPAAK does not have such a limitation and is positive of Mr. Smith's leadership at Air France-KLM.
One of the resolutions concerned approving Ms. Parly's term as chair of the board. Given the chair's role in various important matters, SPAAK finds it important to get better acquainted before taking a position on the appointment. Unfortunately, a meeting can only take place after the AGM. For this reason, SPAAK abstained from voting on this resolution.

The Q&A session is often the moment when environmental activists, who are present at the meeting as shareholders, take the stage. This year, to the relief of many, the meeting was spared that. SPAAK used the Q&A session to draw attention to the various aspects of including SAS in the group. Outside the AGM, SPAAK will continue to raise this topic.

Before and after the meeting, it was possible to get in touch with various key players around Air France-KLM. In particular, we had a pleasant and in-depth discussion with the Dutch Air France-KLM board member Leni Boeren. In addition, the SPAAK board members present also spoke with part of the Air France-KLM top management and representatives of the Dutch government. Based on this, there will be several follow-up conversations 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. This year too, many colleagues have taken the opportunity to authorize SPAAK to vote on their behalf, and these authorizations have been used in line with SPAAK's voting. The strong, unified signal from the many authorizations has certainly been noticed. 

For those interested, all relevant documents from the General Meeting can be found on the Shareholders page of the AF-KLM website, including the questions and answers from the Q&A session and the results of the votes.