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SPEECH TO THE GENERAL ASSEMBLY OF
AMADEUS SHAREHOLDERS MADRID, JUNE 25
TH 2015
Each year, the general assembly of Amadeus shareholders takes
place in Madrid. On Thursday 25th June around 30 people attended.
Luis Maroto made a presentation. We seized this opportunity to talk
to the
Board and Top Management. Our contribution was the unique
speaking of the meeting and was closely listened to by both Luis
Maroto and the chairman, Jose Antonio Tazn, who, in his answer,
mentioned his interest and requested our paper. We delivered them
by hand our contribution and the results of the
Great Place to Work survey that you can consult here: English:
https://intranet.amadeus.com/sites/NCE/news-centre/Documents/Trust%20index%20results%20EN.pdf
French:
https://intranet.amadeus.com/sites/NCE/news-centre/Documents/Trust%20index%20results%20FR.pdf
Good morning,
I speak here on behalf of a shareholder and French Amadeus staff
representative of the CGT union. My name is Stphane Jouteux, I am a
software engineer.
In the past years, we have shared with this assembly many
concerns and proposals so that Amadeus can better invest in
employees, improve our products and processes and better serve our
clients. We mentioned carrier opportunities and on-call
compensations and we have seen some progress in such
areas. We believe open and constructive discussions may yield in
win-win results if a fair balance can be found between human,
industrial and financial investments.
The agenda includes several items on the Shareholder, Board and
Top Management remuneration:
1. The allocation of last year profit and distribution of
dividends, whose amount has grown by 16 % compared to last year and
240 % in 5 years.
2. The reduction in share capital by a share buyback of 320 M
with the aim to deliver a substantial increase in total
remuneration of shareholders.
3. The raise of the remuneration of the Board members.
4. The allocation of 90 M of free shares to the associate
directors and above Top Management members.
Amadeus employees, whose professionalism, dedication and efforts
should be given a fair recognition, do not receive any free
shares.
NEWSLETTER CGT AMADEUS
JUNE 2015 / N16
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They face cost savings and, in many areas, outsourcing of
projects and internal support functions, every
day.
Why does Management prefer externalisation and acquisitions of
companies instead of investing in Amadeus employees?
Why do we have so much difficulties in recruiting, for instance,
professional web designers or upskilling motivated people?
Amadeus employees are required to be more productive, agile and
sell more with equivalent or less means and resources while, in the
meantime:
We are missing budget agility to facilitate the internal
mobility to better assign and coordinate
people.
The salary increases are unfairly distributed among employees,
as for instance in Distribution.
Many Amadeus employees lose money, as a consequence of increased
transportation costs to our new building and Top Management refusal
for social contribution compensation.
The profit sharing of the Amadeus employees in Nice is expected,
once again, to decrease for pure fiscal and financial optimisation
objectives, lowering the recognition of the employees
contribution.
In fact, according to the Great Place to Work survey conducted
by Management and whose results have just been disclosed, only 19 %
of the Amadeus people consider that they receive a fair share of
the
profit made by the company.
The huge remuneration gap between Top Management and Staff /
Middle Management favours both internal competition between
individuals and incremental improvements of our products, while
preventing
the real horizontality, collaborative and innovation initiatives
that our company needs today to take up the challenges ahead of
us.
Why does Management prefer to incite and favour a limited number
of people, instead of supporting and encouraging all employees? Do
you know that, according to the Great Place to Work survey:
only 46 % of Amadeus employees consider that we are all in this
together;
60 % consider favouritism as usual practices in our company;
36 % consider that Amadeus is not a psychologically and
emotionally healthy place to work?
This situation should alert our Management.
Furthermore as we face a number of major challenges:
Our business model is clearly questioned, as shown recently by
Lufthansa.
Our competitors are back with very aggressive approaches,
especially in our main and most
profitable markets.
Our diversification strategy is not yet mature and requires a
number a major breakthrough.
We are facing strategic choices.
To our opinion, focusing on always higher margins and financial
objectives not only risk to exasperate our
clients who often struggle for survival, but also risk to
jeopardise our core business and efforts.
If you believe that the Amadeus people are the main and the most
valuable asset of the company, then you should promote more
collaboration and therefore more equity in remuneration with
appropriate salary
increases and common incentives, as free shares for all, because
the employees are the engine that can move the company towards a
successful future.
Thank you for your attention.
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