Issue 35 - June 2020
Dufry 2020 Ordinary General Meeting
On 18th May 2020 Dufry held it´s Ordinary General Meeting. This event is typically held in an external venue and with the attendance of shareholders, but on this occasion the meeting took place in Dufry´s headquarter office in Basel, Switzerland, following the special provisions issued by the Swiss Federal Council on measures to combat the Coronavirus (COVID-19).
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The Annual General Meeting (AGM) –a Shareholders´ meeting – is always the most important corporate event. Beyond being a legal requirement for all companies, it is also a key moment to engage with the owners of the company (the shareholders) and share with them the job done – with the approval of the annual accounts. Typically, there are other items on the event agenda, including the renovation of the mandate of the Board of Directors´ members, their remuneration, or modifications of the company by-laws for example.
However, the Shareholder´s Meeting is also the event at which to present, discuss and eventually approve the most strategic decisions a company can adopt. And this year the forum of the Shareholder’s Meeting was especially important. The effect of Covid-19 on our business required urgent and important decisions to protect the business and some of those decisions, such as the creation of additional share capital, were subject to the approval of shareholders during this meeting. A press release with the results of the voting on these and other points of the agenda was distributed and can be seen here.
Changes in the Board of Directors
Mary J. Steele Guilfoile was appointed as new member of the Board of Director of Dufry. Mary J. served the Dufry´s subsidiary Hudson Board of Directors until her appointment to Dufry´s and brings vast experience and deep insight into the travel industry, logistics services, marketing and finance. With her appointment, 80% of the Board members are independent, and 45% are female, hence, further increasing diversity within our seniordecision making body.
Mary J. replaces Andrés Holzer Neumann, who decided not to stand for re-election. Andrés, one of the early investors and founders of the Dufry, steps down from Dufry´s Board after long years of service and will continue to serve as member of the Board of Directors of Dufry´s subsidiary, Hudson.
