• Sat. Apr 20th, 2024

Naturgy’s Shareholders’ Meeting Sends Strong Signal of Support for Management Team and Transformation Plan

BySamantha Jones

Apr 2, 2024
Fain and Reyns unite: Criteria backs Naturgy leadership salaries, reaffirms commitment as long-term investor

Naturgy held a successful Shareholders’ Meeting in Madrid today, despite months of internal tensions among its major investors. The key topic of discussion was the group’s remuneration policy, particularly the salary of President Francisco Reyns, which had been questioned by international voting advisors before the meeting. In the end, 76% of the capital present at the event supported Naturgy’s Annual Remuneration Report, indicating solidarity with its management team.

Despite challenges to Reyns’ leadership and calls for a change in Naturgy’s governance model, CriteriaCaixa, the largest shareholder and investment arm of FundaciĆ³n La Caixa, closed ranks with Reyns at the meeting. With 27% ownership of the gas company, CriteriaCaixa released a statement expressing explicit support for Naturgy’s transformation plan and reaffirming its commitment as a long-term investor to Reyns. This support was reflected in positive votes on various agenda items at the Shareholders’ Meeting.

Reyns and Isidro Fain have maintained a close bond since Reyns took over management of Naturgy in 2018, and CriteriaCaixa’s public statements in support of Reyns have played a significant role in solidifying his position. Despite facing external challenges such as gas and electricity prices and liquidity issues resulting from a takeover bid, Naturgy’s management received strong support at the Shareholders’ Meeting with a 90% attendance quorum and overwhelming approval of key proposals.

In conclusion, Naturgy showcased its resilience in the face of internal tensions and external challenges during its Shareholders’ Meeting. The unwavering support for Reyns by CriteriaCaixa underscored confidence in his strategic direction and management team

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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