Michelin shareholders to meet ‘behind closed doors’, 2019 dividend cut

Paris – Due to the global health crisis, Michelin Group has announced that its annual shareholders meeting will take place behind closed doors on 23 June.

Instead of physical attendance, shareholders will be able to follow the meeting via video conference and vote remotely ahead of the meeting, the group said 1 April. 

In the same statement, the French tire maker said it had decided to reduce the amount of the proposed 2019 dividend to €2, instead of the initially announced €3.85.

Since the start of the crisis, Michelin said it had “taken all of the initiatives required to attenuate as much as possible the negative impact of the crisis on segment operating income and free cash flow.” 

The group added that it “has the financing sources and mechanisms in place to deal with the uncertainty surrounding the crisis.”