Axpo shareholders wave through dividend waiver
Published: Friday, Jan 19th 2024, 18:40
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The shareholders of the Axpo energy group have approved all the proposals of the Board of Directors at the Annual General Meeting. As proposed, Samuel Leupold was elected to the Board, as Axpo announced on Friday. However, there will be no dividend.
The application for Leupold's election was already announced in December. The consultant and energy expert replaces Hanspeter Fässler, who is stepping down and was also Vice Chairman. The new Vice Chairman is Stephan Kuhn, who has been a member of the Board of Directors for many years.
The Annual General Meeting also decided not to approve a dividend for the 2022/23 reporting year, which ended in September. This was due to the credit line granted by the federal government.
Federal government dividend ban
In the fall of 2022, the federal government granted Axpo Holding a credit line of CHF 4 billion. At Axpo's request, the Department of Energy revoked this order in full as of 1 December 2023 because Axpo was no longer reliant on the credit line.
With the lifting of the rescue package, Axpo was also released from the ban on dividends and bonuses for the Board of Directors and the Executive Board. According to the press release on Friday, Axpo also assumes that an "appropriate" dividend can be distributed again in the future.
The shareholders - Axpo is owned by the cantons and cantonal utilities of north-eastern Switzerland - had received a dividend of CHF 80 million in the previous year.
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