Covid-19: HeidelbergCement decides on further measures
Short-time work agreed for employees in Germany
Waiver of salary for supervisory board, executive board and management
Virtual Annual General Meeting scheduled for 4 June 2020
In response to the profound effects of the Corona virus, HeidelbergCement has agreed with the works council and employee representatives to introduce short-time work for its employees in Germany. Initially, the short-time working regulations primarily affect employees from the Group's head office in Heidelberg. The extent of short-time work is determined for employees depending on the loss of work and can be up to 100 percent.
In addition, the Supervisory Board and the Management Board of HeidelbergCement have decided to voluntarily waive 20 percent of their fixed salaries in the second quarter of 2020. Dr. Dominik von Achten, CEO of HeidelbergCement AG, said: “In addition to the necessary cost savings, this is a clear sign of solidarity in the company, especially with our foreign subsidiaries. We all have to do our part to cope with the difficult situation around Covid-19 as good as possible. The aim is to extend this voluntary sign of solidarity to the next management level in the company."
In the corporate headquarters as well as in many national affiliates of HeidelbergCement, the management has called on managers to take a similar, voluntary solidarity action and has received broad commitment. In countries where comparable instruments for short-time work are available, the company also uses them.
In mid-March, the board had already agreed with the works council on company holidays for the head office in Heidelberg until the end of April 2020. Many foreign subsidiaries had already started reducing working hours and adjusting the number of employees as needed at the beginning of March.
Annual General Meeting scheduled for 4 June 2020
HeidelbergCement plans to hold the company's Annual General Meeting on 4 June 2020 as a purely virtual event without the physical presence of shareholders and shareholder representatives. The HeidelbergCement Annual General Meeting was originally scheduled for May 7, 2020. Thanks to the virtual format made possible by the legislator this year, the company's general meeting can now take place with only a slight delay.
The entire Annual General Meeting is to be broadcast online for the shareholders. Shareholders should be able to exercise their voting rights by postal vote or by proxy to the company's proxies, with instructions to be possible online shortly before voting begins. Registered shareholders can submit questions on the agenda at least two days before the Annual General Meeting. The exact rules will be found in the invitation to the Annual General Meeting.
About HeidelbergCement
HeidelbergCement is one of the world’s largest integrated manufacturers of building materials, with leading market positions in aggregates, cement and ready-mixed concrete. The company employs some 55,000 people at more than 3,000 locations in over 50 countries.
