Handblowing on Indra’s dome. The government seizes control of the tech group, creating a new “hard core” shareholder and reshaping the board by removing five of the seven independent directors. The shareholders meeting in Madrid this Thursday was anticipated to spark a fresh mandate for the company, with the State Industry Participation Association (SEPI) gaining influence within the group governance. Yet the session became a rapid catalyst for radical change.
Public SEPI, which reports to the Ministry of Finance and stands as the group’s largest shareholder, relied on activist fund Amber, led by Prisa group chairman Joseph Oughourlian, and the Basque advocacy group SAPA to influence Indra’s leadership. The board of directors underwent a surprise shakeup as four independent directors were dismissed, though one had already submitted Alberto Terol’s resignation effective the following day, and the renewal of the fifth independent seat was rejected.
The group has shown a willingness to sideline independent directors who resist deeper government involvement in Indra’s oversight. A coalition formed last year to block the chairman, Marc Murtra, from taking on executive duties now paves the way for his eventual role as CEO, with government backing for a growth plan centered on the defense sector.
Back in February, the government announced plans to raise SEPI’s stake from 18.7% to 28%. The level hovered a little above 25% and is expected to push public ownership from two to three seats on the board. SEPI aims to recruit two additional group shareholders to reinforce state commitment and to provide an extra director who directly aligns with public interests.
Basque defense group SAPA entered the scene recently with nearly an 8% stake, and its board approved entry to Indra’s board, including Jokin Aperribay, president of the Basque company and also of the Royal Society. Amber, controlled by Joseph Oughourlian, became a shareholder with a 4.1% stake and pursued stronger influence, prompting expectations of the Thursday meeting to extend its reach by pushing out four independents.
Indra is preparing to steer its activities toward a robust defense posture and to establish itself as a leading national champion in defense technology, as advocated by the government. The government argues that expanding state participation is essential to safeguard strategic national interests. SEPI emphasizes the state’s commitment to a strategic company and connects this to Indra’s role in major European defense programs, notably the Future Combat Air System project (FCAS), where Spain and Indra could occupy a leading industrial position [Source: Government communications, 2025].
Related posts:
The goalscorers of Lionel Scaloni’s cycle in the Argentina national team Indra pivots on leadership transition amid market volatility Indra’s Governance Pivot: A Shift Toward National Champion Status Indra Unveils Future Growth Plan Centered on Defense and Strategic Technologies CNMV Finds No Clear Conspiracy Behind Indra Governance Changes Independent Directors and Governance at Indra: CNMV’s Perspective Indra to Acquire Park Air, Expanding Civil and Military Communications Capabilities Girona overpower Mallorca in a 5-3 La Liga thriller to top the table Indra impulsa un plan de futuro en defensa y tecnología Indra: Share moves, strategic plan, and government signals in a rising defense-tech narrative CNMV Proposals and Independence in Ibex 35 Governance Real Betis edges Mallorca in a tense LaLiga clash