In their speeches, both the Chairman Rudolf W. Hug and CEO Monika Ribar acknowledged the solid annual results of the financial year 2008 that had been achieved despite a very challenging market environment. Marco Gadola who assumed the position of Panalpina’s CFO in September 2008 presented the key figures of the financial year 2008 and of the first quarter 2009 providing further insight into the company’s operational performance. Monika Ribar stressed the benefits of Panalpina’s asset-light business model, particularly in the current situation with global demand on the decline.
The Annual General Meeting approved the annual report, the annual financial statements and the consolidated financial statements. It further granted discharge to the members of the Board of Directors as well as the members of the Executive Board for the financial year 2008. The shareholders also followed the proposals for a dividend of CHF 1.90. KPMG AG, Zurich was re-elected as statutory auditor for the year 2009.
Further the extension for another two years of the authorized capital in the amount of maximum CHF 6 million corresponding to 3 million shares was approved in addition to other amendments of the Articles of Association.
The next Annual General Meeting is scheduled for 4 May 2010.