Lufthansa Annual General Meeting approves all agenda items
Some 10,000 shareholders followed today’s Annual General Meeting of Deutsche Lufthansa AG online, around ten times as many as last year attended the AGM in Bonn. A total of 33.19 percent of the share capital was represented. At peak times, up to 4,000 shareholders followed the transmission of the virtual AGM on the internet. By a large majority, they discharged the members of the Executive Board and the Supervisory Board from their responsibility for the conduct of business in 2019 by sizeable majorities.
The shareholders approved the proposal of the Board of Management and Supervisory Board to use the net retained profits for the 2019 financial year of 298 million euros in full to transfer them to other revenue reserves and not to distribute them as a dividend.
At the same time, the shareholders elected Astrid Stange (Group Chief Operating Officer, AXA SA), Erich Clementi (Deputy Chairman of the Supervisory Board of E.ON SE), Dr. Thomas Enders (President of the German Council on Foreign Relations) and Harald Krüger (member of the Supervisory Board of Deutsche Telekom AG) to the Supervisory Board. Supervisory Board members Martina Merz, Herbert Hainer, Michael Nilles and Matthias Wissmann had resigned from their Supervisory Board mandates with effect from the end of today’s Annual General Meeting. Stephan Sturm was also re-elected to the Supervisory Board.
The change to the remuneration system for the Management Board with retroactive effect from 1 January 2020, as resolved by the Supervisory Board, was also accepted by the majority of shareholders.
In addition, the shareholders elected Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft as the auditor of the financial statements and consolidated financial statements for fiscal year 2020. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft thus replaces PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft as group auditor.
The majority of shareholders also approved the new authorization to issue convertible bonds, bonds with warrants, profit participation rights and/or participating bonds (or combinations of these instruments). It replaces an authorization that expires in April 2021.
Finally, they approved a minor adjustment to Authorized Capital A and a corresponding amendment to the Articles of Association.
A total of nine agenda items were put to the vote at the Annual General Meeting. The company’s shareholders approved all items by a large majority.