Notice to MIA shareholders
Further to the documents sent to shareholders listed on Malta International Airport plc’s register as at close of business on Monday 12 October, the company would like to underscore that its 28th Annual General Meeting will be held remotely on Wednesday, 11 November, as permitted by Legal Notice 288 issued in the context of the COVID-19 pandemic.
Having received a number of comments from shareholders, the company would like to provide a further clarification to certain resolutions which will be considered during Malta International Airport plc’s forthcoming Annual General Meeting, and on which shareholders have been invited to cast their vote by proxy by Monday, 9 November.
The Ordinary Business Resolution 4 relating to the increase in the aggregate remuneration of directors from the current cap of €465,875 to a ceiling of €989,160 is being proposed in conformity with the requirements of EU Directive 2007/36/EC on Shareholders’ Rights, which was transposed into national law in 2019.
The proposed increase does not provide for a higher remuneration being paid to the company’s directors this year or over the coming year, but will allow the company to start disclosing the CEO’s remuneration to shareholders as part of this aggregate, thus increasing the levels of transparency of its communications with shareholders.
Furthermore, the proposed ceiling allows for possible future increases that may be required by the company to react to changes in the market. Moreover, the company would like to underscore that Malta International Airport plc’s Board of Directors, including the CEO and the CFO, took a voluntary 30% reduction in their remuneration from April until July, both months included, as part of the company’s efforts to preserve liquidity in the context of the COVID-19 pandemic.
The Ordinary Business Resolution 2 relating to shareholder dividend proposes that the interim dividend declared and paid earlier in 2019 be approved as a final dividend. Shareholders ought to note that, as announced earlier this year, (see announcement 324/2020), the directors resolved to withdraw their recommendation for the payment of further dividends to shareholders, with a view to manage the company’s cash reserves in a moment of severe curtailment of revenue generation, and of maintaining the company’s organisational set-up and structures in a state that would be able to recover immediately once the situation normalises.
This is but one of the measures the company has taken in an effort to preserve its liquidity and emerge from the crisis in a stable position, with the other measures being salary reductions affecting all MIA employees, ranging between 20% and 30%, and the immediate suspension of all non-essential projects.
As communicated to shareholders, the company’s forthcoming AGM will be held virtually on www.maltairport.com/agm. Should shareholders have further questions they are requested to send an email on info@maltairport.com