December 6, 2021

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KLM CEO takes 20% salary cut until end of 2020

3 min read

“The corona crisis is possessing unprecedented affect on KLM.”

At the annual basic meeting of shareholders of KLM Royal Dutch Airways, Pieter Elbers, the airline’s president & CEO, knowledgeable shareholders that he will acquire a twenty% salary minimize for the remainder of the 12 months.

“The corona crisis is possessing unprecedented affect on KLM. No just one could ever have foreseen the present situation, with developments presenting on their own at a rapid price in recent weeks. It is now clear that the affect of this crisis is not only immense, but will continue for some time. This will demand from customers better focus on fees and added attempts from everyone. Today I knowledgeable the Supervisory Board and the annual basic meeting of shareholders that I will acquire a twenty% minimize in mounted salary right up until the conclude of the 12 months. I am assured that KLM will weather this storm and I am very pleased of the overall flexibility and determination of the full KLM workforce below these hard situation. I am also grateful for the loyalty we are nonetheless looking at from our shoppers and for the support being available to companies by the Dutch governing administration. Jointly, we will continue concentrating on retaining as many employment as achievable for KLM staff members and on utilising our route community optimally in the interests of broader Dutch modern society.” Pieter Elbers – KLM President & CEO

KLM previously resolved and introduced the following in reaction to the corona crisis: the mounted salaries of the Board of Taking care of Administrators will not be greater in 2020, spend-out of variable remuneration for 2019 has been postponed, and board members have waived their proper to variable remuneration for 2020. Moreover, the previously proposed amendment of long run executive remuneration coverage, initially scheduled for discussion at today’s shareholder meeting, was scrapped from the agenda.

“The Supervisory Board is grateful for the great manner in which the KLM management has teamed up with all KLM staff members to tackle this unprecedented crisis. We also value Pieter’s initiative to acquire a minimize in his mounted salary. Previously, the KLM Supervisory Board and Board of Taking care of Administrators agreed to waive their proper to variable remuneration and salary increases in 2020. The proposal to amend long run remuneration coverage ought to not have been put on the agenda.” Cees ’t Hart, chairman of the KLM Supervisory Board

Appointments to the KLM Supervisory Board

The shareholders right now voted in favour of appointing Christian Nibourel to the KLM Supervisory Board. Mr Nibourel is at the moment chairman of the consultancy OneUp. He was previously CEO of Accenture for the Benelux and France. He succeeds Philippe Calavia, who will phase down right after eight years on the KLM Supervisory Board.

The shareholders also voted in favour of the reappointment of François Enaud and Pierre-François Riolacci for a second four-12 months term on the KLM Supervisory Board.

Allocation of results

For the duration of the meeting, the allocation of results was also described. Of the EUR 449 million in internet money earned in 2019, EUR 429 million will be added to the KLM reserves. A sum of EUR twenty.6 million will be paid out to the holders of everyday shares, precedence shares, cumulative preferential A shares, and cumulative preferential C shares. It has been agreed that the sum earmarked for AIR FRANCE KLM as a shareholder (EUR twenty million) will not be paid out at existing.

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