Michelin is to hold its Annual Shareholders Meeting behind closed doors on 23 June and reduce its 2019 dividend in response to the coronavirus pandemic.

Shareholders will be able to follow the meeting, which will be broadcast via video conference.

“In a commitment to optimally balance the interests of all its stakeholders, the Group has decided to reduce the amount of the proposed 2019 dividend to EUR2 (US$2.2) compared with the initially-announced EUR3.85,” said a Michelin statement.

“Since the beginning of the crisis, the Group has taken all of the initiatives required to attenuate as much as possible the negative impact of the crisis on segment operating income and free cash flow. The Group has the financing sources and mechanisms in place to deal with the uncertainty surrounding the crisis.

“This decision has been made in response to the current health crisis, in light of stepped up government measures requiring residents to stay indoors and public places to close. It is consistent with Article 4 of French government order No. 2020-321 dated 25 March, 2020 on the adaptation of rules of assembly and deliberation.”