SFS' Board of Directors is proposing a reduction in the dividend as a sign of solidarity
News – 17 April 2020
The Board of Directors of SFS Group has reduced its dividend proposal by 14% compared to its original proposal as a sign of solidarity. The Board of Directors and the Group Executive Board will also take a temporary 10% cut in pay.
Thanks to its well-balanced portfolio of activities, good market positions and robust financial strength, SFS Group is well-positioned to cope with the impacts of the COVID-19 pandemic. Nevertheless, customer and employee needs during this extraordinary situation must be taken into consideration and the uncertainties caused by the COVID-19 crisis must be addressed in a sensible and responsible manner.
Besides introducing short-time work and cutting the base pay of the Board of Directors and the Group Executive Board, further measures have been swiftly taken to reduce costs and investment spending. In addition, the Board of Directors of SFS Group is now proposing a dividend of CHF 1.80 per registered share at the pending 27th Annual General Meeting (AGM). Compared to its initial dividend proposal, this represents a reduction of CHF 0.30 or 14%; compared to last year's payout, this represents a reduction of CHF 0.20 or 10%.
The board's proposed reduction in the dividend represents an amendment to the agenda for the AGM. Approval of this proposal will therefore be determined by the voting instructions given with respect to “Additional or amended proposals”. Voting instructions can be issued to the independent proxy electronically and also changed until the period for submitting instructions ends (17 April 2020, 11.59 p.m. CET).
The Board of Directors encourages shareholders to support this amendment to the AGM agenda and thanks them for their solidarity.