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In December, at an extraordinary general meeting, shareholders agreed to conduct an external audit in conjunction with an application for a federal line of credit last fall. This was done by the auditing company Deloitte.
Citing the report, Axpo writes that the processes surrounding loan application last fall following the energy crisis were “professional.” The application for the line of credit was driven by the high liquidity requirement to secure Swiss electricity generation due to unusually strong price movements.
But the report also cites “potential for improvement.” Axpo will review such recommendations and implement them appropriately. No mention of possible improvements.
At the beginning of September, the federal government provided Axpo with an emergency line of credit of CHF 4 billion. Given the enormous price fluctuations in the energy markets, this should prevent the largest Swiss energy company from going bankrupt and other companies from drifting.
Meanwhile, Axpo shareholders approved all the proposals of the Board of Directors at the ordinary general assembly meeting held on Monday (yesterday). Based on the report’s findings, they would acquit management, among other things.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
