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The Azkoyen Group cancels the distribution of interim dividends from the 2019 results

Grupo Azkoyen | The Azkoyen Group cancels the distribution of interim dividends from the 2019 results
artículo Azkoyen
13 May 2020
  • The 4.8 million euros will be allocated to voluntary reserves
  • The Board of Directors has agreed to reduce the gross fixed remuneration of the Managing Director by 20% and to reduce the gross fixed remuneration and allowances for attendance at Board meetings by 15%

The Board of Directors of the Azkoyen Group, the Spanish technology multinational with headquarters in Navarra, which specialises in the design and manufacture of advanced technological solutions, has agreed to revise the proposal for the distribution of profits from the annual accounts ended on 31 December 2019, according to which there was to be a distribution of dividends and, instead, to allocate that amount to voluntary reserves.

The Board of Directors of the Azkoyen Group had proposed to the company’s General Shareholders’ Meeting to allocate to dividends an amount equivalent to 30% of the consolidated profit from the 2019 financial year, in other words, around 4.8 million euros.

The Board also agreed, based on a criterion of prudence and the conservation of liquidity, in view of the situation of uncertainty generated by the international COVID-19 pandemic, a 15% reduction in the gross fixed remuneration and allowances for attendance at Board meetings or at its meetings of the non-executive directors, and a 20% reduction in the gross fixed remuneration of the managing director. These reductions have been accompanied by others applied to management and will be effective until the end of 2020 or, if earlier, until sales recover to levels similar to those obtained in the previous year.