Header Capital d'Air France-KLM

Shareholding structure

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Breakdown of capital as of December 31st, 2023

  • French State - 28%
  • Dutch State - 9.1%
  • CMA CGM - 8.8%
  • China Eastern Airlines - 4.6%
  • Delta Air Lines - 2.8%
  • Employees (FCPE) - 3.2%
  • SPAAK - 0.9%
  • Treasury shares - 0.1%
  • Other (registered and bearer shares) - 42.6%

Summary of the statutory provisions concerning shareholders*

Identification and monitoring of shareholders

Articles 9 and the Company's following bylaws set the conditions under which the Board of Directors can or must decide either to reduce the 5% threshold (the current threshold) above which shares must be held in registered form to 10,000 shares, or to require all shares in the Company to be held in registered form. When the 40% share capital or voting right threshold has been passed by shareholders other than nationals of member states of European Union, the Board of Directors can decide to reduce this 2% threshold to 10,000 shares. 

When the Company has published a notice informing shareholders and the public that shareholders other than nationals of member states of European Union own on a long term basis, directly or indirectly, 45% of the Company's capital or voting rights, the Board of Directors must decide to make it mandatory for all Company shares to be held in registered form. The Company may at any time submit a request to the organization responsible for the compensation of securities to provide full details regarding the identification of holders of Company securities conferring immediate or future entitlements to vote at its shareholder meetings, in addition to information on the quantity of securities held by each one of them.

Article 10 of the bylaws defines the information that must be provided to the Company by shareholders—both private individuals and corporate bodies—subject to the obligation to hold their shares in registered form. This information includes the nationality of the shareholder. Article 11 defines the conditions under which the Board of Directors may exercise its right to approve new shareholders.


Formal notice to sell and mandatory sale of shares

Article 15 of the Company's bylaws stipulates the information that the Company must publish and distribute to inform the public that over 45% of the share capital or voting rights is held by shareholders other than shareholders nationals of member states of European Union. Based on this threshold, the Company will be entitled to launch procedures requiring the sale of shares in order to protect its nationality. Articles 15 and 16 respectively concern formal notices to sell and the mandatory sale of shares held in breach of regulations.

*The information contained herein summarises the main statutory provisions concerning shareholders but does not replace or supersede reading and respect of the company's bylaws, available via the following link:

Articles of incorporation Air France-KLM

Articles of incorporation

pdf, 229.22 Ko

Notification of crossing of statutory shareholding threshold(s)

Pursuant to article 13 of Air France-KLM's articles of association (as amended by Shareholders’ Meeting of May 28 2019), any person (individual or legal entity), acting individually or in concert and holding (directly or indirectly) 0.5% or more of Air France-KLM's share capital or voting rights (or any multiple of this percentage) is required to notify us within 4 trading days of the threshold having been crossed. Such declaration must include all the information that the Company must provide to the Autorité des marchés financiers in the event of crossing legal thresholds, as well as the information provided for in Article 10 of the Articles of Incorporation;


*In accordance with article L. 233-14 of the French Commercial Code and for a period of 2 years from the date of effective notification.


The rights of Air France-KLM shareholders

  • Voting right; whether it is the Ordinary, Extraordinary or Combined Ordinary and Extraordinary General Shareholders’ Meeting, shareholders actively participate in the life of the company by voting on the different draft resolutions. Any shareholder holding at least one share can take part in the General Shareholders’ Meeting.
    Nevertheless, and in the absence of a provision to the contrary in the Air France-KLM Articles of Incorporation, since April 3, 2016, all fully paid-up shares held in registered or direct registered form benefit from a double voting right, provided they have been held by the same shareholder for at least 24 months prior to taking part in the relevant vote, pursuant to Article  L.225-123 of the French Code of Commerce (legislative amendment arising from Article 7 (V) of Act no. 2014-384 of March 29, 2014 "aiming to reconquer the real economy", and known as the "Loi Florange". 

  • Right to information on the company and its results; this right to information applies ahead of the General Shareholders' Meeting but also on a permanent basis thanks to our various communication tools: press, website, Shareholders' Club.

The different ways of holding Air France-KLM shares

Bearer shares

In France and the Netherlands, holding shares in bearer form is the most common method: the purchase and day-to-day management is entrusted to the financial intermediary chosen by the shareholder. This method of holding shares enables the different shares in a portfolio to be regrouped with a single intermediary. The financial intermediary alone knows the identity of the shareholder.

Registered shares

This form of holding shares enables Air France-KLM to identify you and establish a personal relationship.

  • Administered registered
    Air France-KLM shares held in administered registered form are managed by the financial intermediary of your choice. The management of these shares remains assimilated to that of ‘’bearer’’ shares; you can regroup all your shares in the same, single portfolio. With this method of holding shares, your financial intermediary must inform Air France-KLM that your shares are held in administered registered form.
  • Direct registered
    Shares held in direct registered form are recorded in your name in a register maintained by Air France-KLM. This method of holding shares is only available in the French market. For shareholders wishing to hold their shares in direct registered form, Air France-KLM has appointed Société Générale in France to manage this program.

Société Générale contact details:
Société Générale Securities Services
32, rue du Champ de Tir
CS  30812
44 308 Nantes Cedex 3
Contact: 33 (0)

Bearer or registered shares : make the right choice
More informations available on the French Market authority web site

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