December 2020
  • Accor


Feedback on the 2020 Annual General Meeting

Combined Ordinary and Extraordinary Shareholders’ Meeting of June 30, 2020

A closed session linked to the public health situation

The Annual Shareholders’ Meeting, chaired by Sébastien Bazin, Chairman and Chief Executive Officer, took place today behind closed doors due to the public health situation.

Shareholders were able to vote until 3:00pm yesterday, Monday, June 29. The quorum represented 73.604% of the share Capital.

Shareholders were given the option to submit questions in writing both prior to the Meeting and throughout the event via a dedicated platform.

During the Meeting, Sébastien Bazin discussed the challenges that the Covid-19 pandemic had created for the tourism industry since March, the significant impact of the crisis on Accor’s business, and the prospect of a slow and limited recovery that was to be expected.

He also presented initiatives taken by the Group during this period, including the creation of the ALL Heartist Fund to mitigate the impact of the crisis on Group employees and individual partners, partnerships with Bureau Veritas and AXA to enhance the safety of guests in Group hotels, and discussions currently taking place as to whether to streamline the Group’s structure.

In addition, Jean-Jacques Morin, Deputy Chief Executive Officer, reviewed the Group’s strong performance in 2019, particularly in terms of EBITDA, which came to €825 million for the year. He also discussed the severe impact of the pandemic on the Group’s revenue and EBITDA in the first quarter of 2020, as well as the cash preservation measures taken to ensure the Group’s financial independence over the long term.

All resolutions submitted to the Shareholders’ Meeting were approved.