CNMV finds dismissal of Indra’s executives “worrying”

Chairman of the National Securities Market Commission (CNMV), Rodrigo Buenaventura described the United States as “stunning and alarming”. dismissal of five independent directors this Thursday at the Indra shareholder meeting It is controlled by the Ministry of Finance at the request of SEPI. The senior official thus showed fears that such layoffs “may jeopardize the quality of good governance” of the company.

At a conference organized by the Association of Economic Information Journalists (APIE) and Menéndez Pelayo University, Buenaventura acknowledged that shareholder meetings are “sovereign” to change the composition of boards of directors. However, the principle of sovereignty and the democratic decision of the board are not the only things that affect good governance. Within the mechanisms and balances of good governance, The independent director figure is essential to ensure the interests of shareholders who are not on the board of directors.. His role should be pampered and cared for,” he argued.

Buenaventura announced that CNMV contacted Indra this Thursday and will request additional information this Friday. The head of the market inspector accordingly, “Confident” that the company will follow the recommendations of good corporate governance rules which urges him to express his views on the departure of dismissed executives and to facilitate the company’s access to that valuation to shareholders.

However, the CNMV head declined to comment on the fact that it was precisely the Government through SEPI that promoted an initiative that jeopardized Indra’s good governance. “We analyze listed companies regardless of their shareholders. We try to apply the same rules in every situation“, he limited himself to disclosure.

Buenaventura likewise reminded that if a shareholder individually or jointly owns more than 30% of a company or appoints more than half of the directors, the regulations require initiating a takeover bid for 100% of the capital. But SEPI, which has the backing of the Basque defense group SAPA and the Amber investment fund, said it cannot guarantee that this is the case. “Regulations are clear, but casuistry can be too broad. “It would be imprudent to say anything about whether there is a consensus between the shareholders and the information we have,” he said.

Source: Informacion


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