Hapimag AGM 2016: The “independent” had enough votes!
The Hapimag general assembly (AGM) took place on April 20, 2016 in Baar, Switzerland. With seven representatives and almost 16.000 voting rights, the HFA represented its position on the future of Hapimag in dispute.
We do not want to hide the fact that we had to reckon with strong headwinds overall when it came to dealing with shareholders at Hapimag. Only the President drew attention to Hapimag's current difficult situation. But again no strategies, solutions and recipes for the future were considered or presented. Constantly new products do not bring new shareholders and are increasingly unsettling the existing shareholders.
Hapimag could still rely on the relative majority of votes given to the “independent proxy” without any instructions. Although there were numerous reports about the rising costs and the dissatisfaction of the partners with the handling of shareholder property and the information obligation on the part of Hapimag, the Board of Directors as a whole was approved and re-elected with the votes of almost 18% of all shares in circulation.
Specific answers were rarely given to the questions posed by shareholders, and often there were only evasive or no answers at all. What does the group want to achieve in this way? What is there to hide?
The questions we asked during the AGM were hardly answered specifically, very often only evasively. The questions asked in writing in advance were mostly reformulated and only answered evasively. The written questions and the answers given at the AGM can be found here:
was sent out in short form. It is almost impossible to read the relevant figures from this annual report. We requested the full report and, as always, had it analyzed by our experts. Even if this analysis becomes more difficult from year to year, a detailed look at the balance sheet only really shows how big the financial gap (the biggest in its history) was last year and how much investor assets had to be used for cover. We are talking about a financing shortfall of € 63 million!
Although the administrative costs in Switzerland have increased enormously, Hapimag continues to build the new administration building. Thinking about whether it is possible to achieve savings by outsourcing various activities to the EU is too much to ask?
The statements in the short report on the profit or loss of the group of companies are only a small (misleadingly optimistic) aspect of the overall financial situation. What does a finance specialist say:
In the meantime, it has become much more reluctant to disclose important facts and goes for very creative bookkeeping to hide the negative tendencies. The number puzzle gets more complicated every year. The management report is a semantic masterpiece of selective presentation of reassuring facts. "
It will be months before there will be minutes for the 2016 General Meeting. You will find our notes here beforehand.