head National Exchange CommissionRodrigo BuenaventuraIn an appearance in Congress, he pointed to questions about the Ferrovial case. María Muñoz from Ciudadanos“I do not endorse that first-time listing from Spain to the United States is easy or urgent, or that difficulties may arise that we are not aware of”, but insisted that there were “no obstacles” for Ferrovial to do so. For this reason. Buenaventura states that the option to be listed directly in the United States was “never considered, even CNMV nor Exchanges and Markets (BME)This is not an unmet demand,” he commented. “The company confirms the impossibility of something without explaining why.”
good luck He also commented that “if there are difficulties” for a Spanish company to be listed. United States of America“from CNMV We will give our full support to every issuer who wants to follow this path.” Also, the president CNMV announced that it would hand over three proposals for reform to the Government. Capital Companies Law As with the June 23 Indra meeting, it aims to protect independent directors from proposed impeachment at the shareholders meeting.
Buenaventura, revealed this Wednesday, Economic Affairs and Digital Transformation Committee between Congress of Deputies Indra argues at the shareholders meeting that there is insufficient evidence to prove their cooperation to explain the results of the investigation into the dismissal of five independent directors. SEPI, SAPA And Amber. The supervisor did not find sufficient evidence to prove the existence of joint action between these three shareholders in support of the layoffs, although Buenaventura stated that there were facts. they are moving away from the standards that an Ibex 35 company should have..
Buenaventura said: “The CNMV sees nothing illegal, but does not think it is anything to be praised or flattered. It shows a chapter and a path that is far from what would be expected of an Ibex 35 company or a listed company to do so. should be removed from companies”.
Bonaventure made special Emphasize that layoffs occur among independent managersbecause they are the ones who should specifically protect the interests of minority shareholders. Therefore, one of the reforms proposed by the supervisor is that the removal of independent directors cannot be proposed at the shareholders’ meeting, as approximately 80% of the shareholders voted early and did not attend the event. opinions about it.
In parallel, the top manager of the market supervisor asked: lower the 3% threshold of shareholding required to include an item of the day at the meetingbecause this only prevents major shareholders from getting their points for the event.
Finally, Buenaventura pointed out that a mechanism needs to be established. Such that, if one of the shareholders brings up an item on the agenda regarding the dismissal of the chairman of the board of directors, the chairman of the board of directors, the assignment committee and the chairman of the independents coordinator.
Independence
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CNMV chief defended independence for which the six-month investigation was conducted by the organization’s technical teams. Buenaventura cited an audit executive with more than 30 years of experience to ensure this is the “most comprehensive” investigation the organization has ever conducted on these issues.
completely, CNMV made 14 information requests to organizations and individuals, collected 30 hours Comments and review from 17 people 4,000 pages of documentation of all types. Additionally, it enabled the CNMV to take further action if evidence emerged or demonstrated concerted action over time. However, he reminded that the balance between independent and registered companies was re-established shortly after this meeting. CNMV found no breaches of rules in the dismissal of the two Indra executives by Amber Capital. Indra has not done anything illegal, has not done anything against corporate law or good governance rules.