Hapimag GV 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 quite contested its position on the future of Hapimag.
We do not want to hide the fact that, as far as dealing with shareholders through Hapimag is concerned, we must again face strong headwinds. Only the President drew attention to Hapimag's current difficult situation. However, no strategies, solutions and recipes for the future were again considered or presented. Constantly new products do not bring new shareholders and increasingly unsettle existing shareholders.
Hapimag could still rely on the relative majority of the votes given to the "independent proxy" without any instructions. Although there were numerous reports on 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 exonerated and reelected with the votes of almost 18% of all shares in circulation.
Specific answers to the questions asked by shareholders were rarely given, and there were often only evasive or no answers at all. What does the group want to achieve in this way? What is there to hide?
Also our questions asked during the AGM were hardly answered in concrete terms, very often only evasively. The questions posed in advance were mostly reformulated and answered only 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 extract the relevant figures from this annual report. We requested the long 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 largest in existence) was in the last year and how much wealth the investors had to be used to cover. We are talking about a financing loss of € 63 million!
Although the administrative costs in Switzerland have increased enormously, Hapimag continues to build the new administration building. To think about whether savings could be achieved 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 and more complicated every year. The management report is a semantic masterpiece of selective presentation of calming facts. "
It will take months before there is a protocol to the 2016 AGM. You will therefore find our notes in advance here.