"A good solution has been found" Cantons can now have a say in the salaries of Axpo bosses

As owners of the state-owned energy company Axpo, the cantons can now have a say in the salaries of the Group Executive Board. At the Annual General Meeting on Friday, the shareholders approved a corresponding proposal by the Canton of Aargau, according to a press release.

Keystone-SDA

17.01.2025, 20:02

SDA

Last December, the Aargau cantonal government announced its intention to curb the sharp rise in executive salaries at Axpo. Axpo's articles of association have now been amended accordingly: It is now no longer the Board of Directors but the Annual General Meeting that decides on the remuneration of the Executive Board and the Board of Directors for the following financial year.

This gives Axpo's owners a greater say in determining the remuneration of the Executive Board. "With the amendment to the Articles of Association, an important goal was achieved and a good solution was found that takes into account the needs of the shareholders and the company," Stephan Attiger, shareholder representative and member of the cantonal government of Aargau, is quoted as saying in the press release.

Creation of a profit reserve rejected

Meanwhile, the proposal also submitted by the Canton of Aargau to create a profit reserve instead of distributing a special dividend was rejected, according to the press release. The Annual General Meeting approved the distribution of an ordinary dividend of CHF 241 million and an additional special dividend of CHF 429 million.

In addition, Martin Bäumle, member of the National Council of the GLP in Zurich, was elected as a new member of the Board of Directors. He will succeed Roger Wüthrich-Hasenböhler, who did not stand for re-election after eight years on the Axpo Board of Directors.