Siemens Gamesa Calls off Annual Shareholder Meeting due to COVID-19

Siemens Gamesa has announced that it has decided to call off the General Shareholder’s Meeting, due to the outbreak of coronavirus (COVID-19).

Siemens Gamesa Renewable Energy (SGRE) has announced that in its latest meeting, the Board of Directors of the Company has decided to call off the General Shareholder’s Meeting, which was scheduled to be held on March 26, 2020, due to the outbreak of coronavirus (COVID-19).

The company has stated that the decision of the Board of Directors is motivated by the resolutions adopted by the Council of Ministers of Spain on March 14, 2020, (as amended and supplemented in the last few days), by virtue of which the state of alarm in the Spanish territory has been declared and, among other issues, the movement of people has been largely restricted. Likewise, the evolution of the SARS-CoV-2 coronavirus and the recommendations of the Government and health authorities have been taken into account in order to avoid meetings in closed public spaces trying to limit, as far as possible, the spread of the coronavirus.

“The company has considered, among other things, the right of the shareholders to attend the General Shareholder’s Meeting and participate in the decisions concerning the company, the declaration of the state of alarm and the restrictions imposed on the movement of people which limit the participation in the meeting, and the protection of the health of the shareholders, their representatives and the professionals and suppliers that participate in the celebration of the General Shareholder’s Meeting.

“Likewise, the Company has taken special consideration of article 41.1.b) of Royal Decree Law 8/2020 of 17 March on urgent extraordinary measures to deal with the economic and social impact of COVID-19, which extends the deadline for holding the Ordinary General Shareholder’s Meeting to ten months after the beginning of the fiscal year,” the firm issued in its statement.

Recently, it was reported that the coronavirus outbreak could lead to production delays in China’s wind turbine installations by up to 50 percent in 2020, according to research firm Wood Mackenzie.

“We estimate production delays across the wind turbine supply chain will result in a 10 percent to 50 percent decrease in 2020 wind installations in China, compared to our Q4 2019 wind power outlook, which was at 28 GW capacity,” said Xiaoyang Li, senior consultant, Wood Mackenzie.