The board of the Federation of Migros Cooperatives (Migros-Genossenschafts-Bund - MGB) has decided to reduce the number of its members from 23 to 13 as of 1 July 2024.
In addition to the president of the board of directors and two employee representatives, the committee will comprise five external members and five members from the regional cooperatives, the company noted.
The president of the MGB executive board will take part in the meetings in an advisory capacity.
Marianne Meyer, president of the assembly of delegates at MGB said, "The assembly of delegates welcomes and supports the endeavours of the board of directors to become leaner and more efficient and thus be able to adapt more quickly to market developments."
In the future, each regional cooperative will either have a representative on the board of directors of the MGB or the board of directors of the proposed Migros Supermarket Ltd.
Ursula Nold, president of the MGB board of directors, added, "The reduction in the size of the MGB board of directors reflects the clear vision that a focused body can contribute more effectively to the future development of the Migros Gruppe."
Migros Supermarkt AG
The assembly of delegates of MGB approved the foundations for the establishment of the new Migros Supermarkt AG.
This decision will require amendments to the contracts between the MGB, the cooperatives and the future MSM AG.
With the new company, Migros aims to offer its products and services more effectively across the entire value chain.
"The delegates were convinced that Migros Supermarkt AG is the right and important step to strengthen Migros' core business for the benefit of customers," added Meyer.
Retirement Age
The delegates also agreed to gradually raise the retirement age to the new reference age of 65 in line with the AHV 21 pension reform. However, the decision is subject to further committee approval, Migros noted.
As a result, from 2028, the previous bridging pension in the form of a Migros AHV replacement pension will no longer apply, and all retired employees will receive an AHV pension directly upon reaching the statutory reference age.
The company's 'second pillar' benefits will remain unchanged.
A flexible retirement age applies to all employees in the Migros pension fund, with the option to retire from the age of 58.
