As in previous years, a delegation from the SPAAK board attended the Air France-KLM AGM (General Meeting of Shareholders). The meeting took place at the airport in Paris. This time, a Van der Valk hotel at the airport was chosen as the venue. Previously, it was a Hyatt hotel, known to pilots flying within Europe when overnight stays still took place in Paris.

The shareholders' meeting followed the familiar pattern. The Air France-KLM directors present took turns addressing various items on the agenda. Accountability for the year 2024 was provided, and directors were (re)appointed. After the Q&A session, votes were cast on various proposals.

The tone of the meeting was predominantly positive. Despite various challenging circumstances in the past financial year, a positive result was achieved. In the meeting, the desired margin of 8% for the period 2026-2028 was reaffirmed, and there was ample attention for the responsibility towards climate and environment. The different regulations in this area between European airlines and those from elsewhere were noted as a concern, as well as the various taxes and tariffs from the French and Dutch governments and rising airport charges at Schiphol.

The SPAAK board is guided by the interests of the KLM-pilot in the votes on the various proposals. In SPAAK's view, there were no controversial proposals among the submitted resolutions, and all could be voted on positively. All proposals were also adopted with very large majorities, although differences were visible. During the votes on the compensation packages of Mr. Smith, the Board and the chair there were relatively many opposing votes. Some shareholders were not in favor of the relatively high variable compensation and various increases.

The Q&A session is often the moment when environmental activists, present as shareholders at the meeting, seek the podium. This year, only a single representative from Milieudefensie was present with a number of critical questions. Additionally, also this year there were several Air France-employees who, as shareholders, discussed the transfer of Air France-flights from Orly to Charles de Gaulle.

SPAAK used the Q&A session to draw attention to the lagging production and profitability of KLM due to the lack of technical staff and pilots. Through the shareholders' meeting and the management of Air France-KLM, pressure can arise on KLM's executive board to take the right steps in this regard.

Despite the safety 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, various follow-up discussions will take place that will further strengthen our informal network.

Since the end of 2023, many colleagues have become shareholders of Air France-KLM through the participation program 'Partners For The Future'. In the run-up to the meeting, SPAAK called on these shareholders to authorize SPAAK to vote on their behalf during the meeting. Almost 100 colleagues took advantage of this opportunity. The votes were cast in line with SPAAK's position. Especially the powerful, united signal from the many authorizations has a significant impact and has certainly been noticed.

For Anne-Marie Couderc, chair of the Board, this was her last meeting. She will be succeeded by Florence Parly. Mrs. Couderc has led the Board for quite some time and has guided Air France-KLM into calmer waters after turbulent times. Her commitment was appreciated with a strong applause.

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.

https://www.airfranceklm.com/en/finance/shareholders/shareholders-meeting