La Caixa blinda su poder en el consejo de Naturgy
Naturgy comunica al registro y la CNMV cambios clave en el sistema de votación dentro del consejo. Leer
La Caixa has been diminishing its influence in Naturgy's board of directors. The Spanish utility giant, which is the third largest in electricity, has updated the register and the CNMV about crucial changes in the voting system within the board. These modifications, approved before the summer, became fully valid once communicated to the CNMV and filed with the commercial registry.
One significant change is the elimination of the previous scheme of reinforced majorities, which was in place since 2016. This means that decisions will now be adopted by a simple majority instead. As a result, CriteriaCaixa, the holding company of the La Caixa Foundation, could potentially consolidate its power within the board.
CriteriaCaixa holds around 26% of Naturgy's capital and has three directors who act on its behalf, except for Francisco Reynés, who is both the president of Naturgy and the vice-president of Criteria and a member of La Caixa's patronage.
Following the June adjustments, the board reduced from 13 to 11 members (after CVC and BlackRock-GIP exited their ownership). With fewer directors, CriteriaCaixa would only need the support of some independent directors to achieve a simple majority in Naturgy's board. Although IFM, the second-largest shareholder, also has three directors, it might be more challenging for them to gather the necessary support from independents if CriteriaCaixa does not agree.
Written by urgent.news from Expansion ES's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
