Due to the unprecedented turmoil on the European energy markets, the federal government granted Axpo a subordinated and unsecured credit line of up to CHF 4 billion at the beginning of September 2022.
At the extraordinary General Meeting on December 20, 2022, the owners decided to audit Axpo's management in accordance with Art. 731a Para. 3 of the Swiss Code of Obligations in order to understand the reasons for applying for the credit line and to answer further questions from shareholders. The audit was carried out by the auditing company Deloitte.
At the Axpo Annual General Meeting on March 27, 2023, the shareholders expressed their confidence in the management.
Axpo will use the findings from the management audit and, moreover, the experiences from last year in the midst of one of the largest European energy crises, to further develop the company, create sustainable value for our owners and continue to make our important contribution to a secure supply of electricity in Switzerland guarantee.
The shareholders unanimously approved both the Annual Report and the annual financial statements for 2021/22 and discharged the Board of Directors in accordance with Art. 758 CO – an expression of confidence. They officially acknowledged the report on the management audit.
The management audit was ordered by the extraordinary General Meeting on 20 December 2022 and was designed primarily to establish the reasons that led to the credit facility application. It also contained general questions on issues such as the risk strategy, liquidity management and the trading business.
The audit was carried out by the specialist audit company Deloitte.
Over two months, from 9 January to 9 March 2023.
‘The findings of the report validate the shareholders’ trust in the company.’ (from the press release issued by the owners of Axpo).
The report gave only suggestions for improvement. Axpo will take these on board, review them and implement them as appropriate.
The Axpo owners’ management audit is the fourth audit following the regular audit by KPMG, the due diligence audit carried out by the Federal Council in September 2022, and the assessment by PricewaterhouseCoopers on behalf of the Board of Directors in late 2022. All came to the same conclusions.
Axpo’s diversified strategy has proved itself in the crisis, as Deloitte confirmed. Axpo’s diversified business model generates significant synergies and reduces commercial risk. Trading, which is independent of electricity prices, provides significant revenues that to a large degree make the investment in security of supply and energy future of Switzerland possible in the first place.