Government took full control of Indra and fired five independent directors

Handblowing on Indra’s dome. The government takes control of the tech group, creating a new “hard core” shareholder. and revolutionizing the company’s board of directors, eliminating five of the seven independent directors. The company’s shareholders meeting in Madrid this Thursday was expected to serve to kickstart a new set of mandates in the company, where the State Industry Participation Association (SEPI) is beginning to gain weight in the group government. But the meeting became the gateway to initiating a radical and sudden change.

Public SEPI, which is dependent on the Ministry of Finance and the group’s largest shareholder, relied on activist fund Amber, also led by Prisa group chairman Joseph Oughourlian, and Basque advocacy group SAPA to change Indra’s composition. Board of Directors. Surprisingly, the meeting voted to dismiss four independent directors (although one of them had submitted Alberto Terol’s resignation effective tomorrow) and rejected the renewal of the fifth independent director position.

The group is giving up on independent directors who do not support further involvement of the State in Indra’s oversight and formed a bloc last year to prevent the group’s chairman, Marc Murtra, from assuming executive functions. This Thursday’s move paves the way so Murtra will soon become CEO, as the government supports, promoting a growth plan in the defense business.

Last February, the government announced its intention to increase the stake in SEPI, a subordinate of the Ministry of Finance, from 18.7% to 28%. reached so far A little over 25% and will soon result in the public holding shrinking from two to three in the company. SEPI is counting on two new shareholders of the group to strengthen its commitment to advocacy, in its attempt to strengthen public power over Indra as well as adding a new director directly.

Basque defense group SAPA entered the last weeks with close to 8% participation and its board of directors approved his entry to a board of directors, which includes Jokin Aperribay (president of the Basque company and also of the Royal Society). On the other hand, mutual fund Amber, under the command of Joseph Oughurlian, became a shareholder of Indra with a 4.1 percent stake to increase this stake, seeking its surprise inclusion this Thursday. dismissal of 4 independents on the meeting agenda.

Indra is preparing a change in the direction of its activities with the aim of growing strongly in the defense industry and establishing itself as a major national champion in defense technology as promoted by the Government. Actually, The government justifies broadening participation. SEPI For “The importance of strengthening the participation of the state as a reference shareholder in a strategic company for the country, especially in the field of security and defense”. SEPI itself underlines the “State commitment” to a strategic company and relates the need to strengthen its position of control to encourage Indra’s participation in major European defense projects, particularly in the development of the Future Air System de Combate (FCAS). In which Spain partners with Indra as industrial leader.

Source: Informacion

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