Accor : 2023 Mixed General Meeting

3 min reading time

Published on 22/05/23 - Updated on 22/05/23


Accor's Annual General Meeting of Shareholders was held on May 17, 2023 at the Group's headquarters. Sébastien Bazin, Chairman and CEO of Accor, chaired the meeting.

Following the Group's reorganization, Jean-Jacques Morin has delivered his latest financial results. Accor's Deputy CEO presented the key figures for the 2022 fiscal year.

Speaking to shareholders, Jean-Jacques Morin described the Group's financial situation as "healthy". 90% of Accor's total debt is fixed and its total liquidity is at 2.8 billion euros.

The year 2022 marked a turning point for the group after the health crisis. In terms of RevPAR, it increased by 2% dc versus 2019 and Q4 2022 saw a 15% dc increase compared to the same period in 2019.

EBITDA net profit was 675 million euros in 2022, versus 22 million in 2021. In addition, network growth last year was 3.2%, in line with the targets set by Accor.

Jean-Jacques Morin also returned to the results of the first quarter of 2023. RevPAR rebounded strongly (+19% cc vs. Q1 2019), thanks in particular to the solid recovery in Asia-Pacific in early 2023.

The Annual General Meeting of Shareholders has thus decided to allocate a dividend of €1.05 per share, 100% of which will be paid in cash. The ex-dividend date will be May 23 and the dividend will be paid two days later.

Sébastien Bazin spoke about the Group's business and priorities for 2023. The Group has hired 123,590 employees in 2022 and has completed 99,595 hours of training, notably on social and environmental issues.

It has shared its ambition to increase the number of women in Group management. Currently, 39% of the management committees are made up of women and 31% of the network's hotel managers are women. The goal is to reach 50%.

Among the Group's other priorities, Sébastien Bazin cited the continued implementation of a simplified model and his desire to reap the benefits of the business rebound.

The CEO returned to the solidarity initiatives led by the All Heartist Fund. The fund provided financial assistance to 110,000 employees during the health crisis. In the same vein, the Heartist Solidarity program has supported 450 projects in 50 countries.

Brune Poirson, Director of Sustainable Development, presented the CSR actions undertaken by Accor:

Accor's commitment has resulted in a solid 2022 extra-financial performance with the reduction of carbon emissions (-15.8%), the implementation of a carbon measurement tool by 71% of hotels, the reduction of plastic (84% of hotels have eliminated 46 single-use products), the implementation of training (97% of employees have completed a 6-hour ESG "School for change" training course) and diversity within the group (39% women on the group's management committees). These performances have been recognized by extra-financial agencies such as CDP, Moody's and MSCI.

The 2023 strategy is based on three pillars: Stay, Eat, Explore:

  • Stay: zero single-use plastics by 2025, absolute carbon reduction of 25% (Scope 1&2) and 15% (Scope 3) by 2025, deployment of water management actions from 2024 and 100% eco-certified hotels by 2026.
  • Food: reduce food waste by 30% by 2025 and promote regenerative agriculture practices in Accor's bar and restaurant purchases starting in 2024.
  • Explore: prioritize low-emission mobility offerings for guests as soon as possible, embrace a nature-positive approach by accelerating biodiversity conservation, restoration and regeneration initiatives by 2025, and continue to train all employees on the scientific challenges of the transition.

Several hotels have already implemented pioneering sustainable initiatives, such as the Sofitel Baru Casablanca, which was named the first sustainable hotel in Colombia: 90% of the hotel's catering offer is local, vegetarian or vegan.

Brune Poirson concluded, "We have the wind at our backs, because we have managed to do things that are conclusive for all our stakeholders."

28 resolutions were proposed to the shareholders, including the appointment of Anne-Laure Kiechel as an independent director, as well as the renewal of the terms of office of Sébastien Bazin, CEO, Iris Knobloch, Vice-Chairman of the Board and Lead Director, and Bruno Pavlovsky, Chairman of the Nominations and Remuneration Committee. All resolutions submitted to the AGM were adopted.

The quorum was 74.19% of shares.



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