Malta International Airport has issued a statement to clarify “certain resolutions” which will be considered at the Annual General Meeting, to be held remotely on 11th November 2020.

With reference to ‘Ordinary Business Resolution 4’, relating to a proposed increase in the aggregate remuneration of Directors from the current cap of €465,875 to a ceiling of €989,160, MIA clarified that this will not result in higher remuneration being paid to the company’s Directors this year, or the next.

The business resolution, being proposed in conformity with requirements of EU Directive 2007/36/EC on Shareholders’ Rights, which was transposed into national law in 2019, “will allow the Company to start disclosing the CEO’s remuneration to shareholders as part of this aggregate, thus increasing the levels of transparency of its communications with shareholders”.

MIA continued to say that “furthermore, the proposed ceiling allows for possible future increases that may be required by the Company to react to changes in the market”.

Moreover, the company underscored that MIA plc’s Board of Directors, including the CEO and the CFO, took a voluntary 30 per cent reduction in their remuneration from April until July - both months included - as part of the Company’s efforts to preserve liquidity in the context of the COVID-19 pandemic.

The Ordinary Business Resolution 2, relating to shareholder dividend, proposes that the interim dividend declared and paid earlier in 2019 be approved as a final dividend.

MIA urged shareholders to note that, as announced earlier this year, the Directors resolved to withdraw their recommendation for the payment of further dividends to shareholders, with a view to manage the company’s cash reserves in a moment of severe curtailment of revenue generation, and of maintaining the company’s organisational set-up and structures in a state that would be able to recover immediately once the situation normalises.

“This is but one of the measures the company has taken in an effort to preserve its liquidity and emerge from the crisis in a stable position, with the other measures being salary reductions affecting all MIA employees and ranging between 20 per cent and 30 per cent, and the immediate suspension of all non-essential projects.”

Shareholders are invited to, by proxy, cast their vote on the upcoming AGM’s resolutions by Monday, 9th November.