The shareholders of Hapimag AG approved all proposals of the Board of Directors at the 56th Annual General Meeting, which took place at the company’s headquarters in Steinhausen. The event was held under exceptional circumstances, as shareholders were not permitted to attend in person, in accordance with the provisions of the Federal Council’s Ordinance 2 on Measures to Combat the Coronavirus (COVID-19).
Shareholders had the opportunity to instruct an independent proxy in advance to exercise their voting rights. Many shareholders took advantage of this opportunity, and the number of votes was even higher as in the previous year. The independent proxy represented all the shareholder votes received.
Management report, annual accounts and consolidated financial statements for 2019, and the report of the statutory auditor
The Annual General Meeting approved the management report, the consolidated financial statements of the Hapimag Group, the annual financial statements of the parent company Hapimag AG, and the report of the statutory auditor.
Resolution on the appropriation of profit of the 2019 annual accounts of Hapimag AG
The shareholders agreed that Hapimag AG’s 2019 net profit of CHF 10,808,785 be allocated to voluntary retained earnings. This allocation of profit to retained earnings is in line with Hapimag’s business model and Articles of Association. Hapimag does not pay a dividend and is not primarily profit-oriented. Profits strengthen the capital base and enable Hapimag to invest further in the refurbishment of the resorts or remain on a sound footing in extraordinary times like now.
Hassan Kadbi, CEO of Hapimag AG, commented: “Thank you to our loyal shareholders for this solid result. With their vital backing and support, we can focus on the current challenges. Our sharing concept will help us to weather the coronavirus crisis, which is having a major impact on the industry as a whole.”
Discharge of members of the Board of Directors
The shareholders approved the discharge of all members of the Board of Directors for the financial year 2019.
Election of replacement members of the Board of Directors
Elections were held to replace members of the Board of Directors. Former members of the Board of Directors Kurt Scholl and Andreas Winiarski as well as the former President of the Board of Directors Dr. Giatgen Peder Fontana stepped down.
The Annual General Meeting elected three new members to the Board of Directors until the next Annual General Meeting:
Ruth Steimann (previously a member of the audit advisory board)
Hassan Kadbi (CEO of Hapimag, now also on the Board of Directors)
Lukas Kreienbühl (CFO at Kuoni Global Travel Services)
The personal details of the Hapimag Board members can be found here.
Google Manager Philipp Ries was elected as the new President of the Board of Directors. Philipp Ries has been a member of the Board of Directors of Hapimag for three years, most recently as President of the Board of Directors ad interim.
Philipp Ries on his election: “I look forward to continuing our 57-year success story together with my colleagues on the Board of Directors, our employees and our shareholders. Our community of around 125,000 shareholders and members is showing great solidarity and gratitude at the moment. This will help us overcome the challenges of the current coronavirus crisis.”
Re-election of the auditor
The shareholders confirmed the appointment of BDO AG as auditor for 2020.
Election of replacement members of the audit advisory board
Elections were held to replace two members of the Hapimag audit advisory board. Karl-Heinz Buckel stood down last autumn for personal reasons. Ruth Steimann was elected as a new member of the Board of Directors.
The Annual General Meeting elected two new members to the audit advisory board until the next Annual General Meeting:
Prof. Dr. Valentin Weislämle for the area of “Tourism & Hospitality and/or Hotel Industry”
Welmoed Clous for the area of “Corporate Governance & Compliance”
More information on the members of the audit advisory board can be found here.
Audit of specific areas of management by an independent expert
The Annual General Meeting approved a voluntary audit of specific areas of management by an independent expert (PricewaterhouseCoopers AG, PwC). This was preceded on 13 February 2020 by the decision of the Cantonal Court of Zug to dismiss a special audit procedure. The voluntary business audit is supported by the Board of Directors. Further information can be found here (German).
Philipp Ries: “We have reached an agreement with the ‘Hapimag Ferienclub für Aktionäre’ (HFA), which had requested the special audit, whereby it waives its right to appeal against the decision of the Zug Cantonal Court and withdraws the proceedings before the Zug Cantonal Court of Appeal; in return, we support its motion at this year’s Annual General Meeting to conduct a voluntary, independent audit on specific issues and propose the motion to the shareholders. The results of this audit will be presented at the 2021 Annual General Meeting.”
Hapimag is a Swiss holiday provider with around 58 resorts in 16 countries, mainly in Europe but also in the USA (Florida), North Africa (Morocco) and Turkey. Hapimag offers its approximately 125,000 shareholders and members fully equipped holiday apartments and a cross-generational and sustainable holiday concept. To become a part of the community, you buy shares and gain access to the Hapimag holiday world. Prospective customers can try out Hapimag without obligation via a trial membership.