It’s time to deprive KLM of its “royal” pedestal

Soon after its founding, KLM was classified as “proprietary,” as the book explains Blue Tale By investigative journalist Ties Joosten. to be with this address conditions Associated, but this company does not comply.

One of the most important conditions is the financial health of the company. There’s a serious lack of this at KLM — equity remains negative at the latest publication of annual numbers. Financial analysts describe companies with negative equity as “technically bankrupt.”

Parent company Air France-KLM has been plagued by negative stock. At the end of 2020 this was €12.70 per share – a value of less than €5 at the time, at the end of 2021 it was minus €6.60 (share value €2.50) and at the latest reference point at the end of fiscal 2022 it was minus €1.17 per share. Despite the injection of billions by the French and Dutch governments.

State aid every 10 years
Moreover, KLM’s financial problems are structural in nature. Journalist Joost’s book shows that on average once every ten years a company gets into serious trouble that requires government support in some way to survive.

But there are more conditions, they can also be read on the website of the Royal House. “The firm must have a reputation for nature, size and reliability.” Recently it turned out to be quite obvious Latest interim report State Agent, Jeroen Cramers, is utterly disappointing with this reliability.

In his report, Kremers stated that KLM does not abide by the agreements and that the annual report submitted is “misleading” on the points. The state attorney also expresses serious concern about the company’s financial viability.

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Impeccable business management is required
Another requirement placed by King Willem-Alexander for companies with original “ownership” is that they must have “impeccable business operations”.

This is not the case at KLM, as the news repeatedly shows. It is clear that the company does not comply with the agreements, it has been known for at least fifteen years that it has employees working in exhaust gases that cause cancer and cause massive noise and pollution, although it has been tolerated for years, it is completely illegal according to laws and regulations, the judge confirmed early last week . With substances of grave concern being emitted – such as lead from the KLM flight school in Eelde – they pose a health risk to people who live and work at airports.

The website states that proprietary corporations must be of “impeccable conduct.” You say so yourself, if you look at the violations, the missed agreements, the near-hysterical reactions to political developments, and the lawsuits against democratic decisions. So, is KLM “impeccable behavior”? To ask a question is to answer it.

Branch of a foreign multinational company
Then we get to the final state where the KLM colors are outside the lines. When the oil producing company Shell moved to the UK, it immediately lost ground. But KLM became part of the French airline Air France-KLM twenty years ago and yet it still has Royal in its name. King’s website reports that “foreign multinational corporations” can never use the predicate.

KLM no longer meets the requirements that apply to the designation in several respects. Allowing the company to continue to carry the seal undermines its value. This has a negative impact on companies that meet the requirements and damages the image of the royal house itself. This is an unwanted situation that can be easily terminated.

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A formal application to deprive KLM of the “royal” predicate is being filed by SchipholWatch with the residents’ association PTV RotterdamAnd Eilde Airport Residents Association (VOLE), f Plinair Maastricht Alliance and resident group SOS Zanstreak Sent to the royal house, the Senate and the House of Representatives.

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Megan Vasquez

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