Repsol’s leadership faced questions from shareholders about energy policy, production choices, and the company’s governance during a recent shareholders meeting. The chief executive officer, Josu Jon Imaz, addressed the gathering with a clear stance on the role of energy security, the move toward lower emissions, and the practical realities of global energy markets. The dialogue highlighted the tension between pursuing a cleaner energy mix and ensuring reliable, affordable energy for consumers across Europe and other regions. The discussion underscored that policy decisions and corporate strategies are deeply intertwined with supply security and price stability for energy resources.
Shareholders pressed for clarity on the company’s plans to reduce fossil fuel production and the potential implications for the energy system. The Greenpeace representative and a financial ethics foundation representative asked what the company is not doing and why certain steps are not part of its stated strategy. Imaz responded by emphasizing that emissions are only part of the equation; the reliability of supply and the impact on energy prices for households and businesses also demand careful attention. The conversation pointed to the broader issue of how international energy sourcing affects a companys overall carbon footprint, including the emissions associated with transportation and the operation of power generation facilities.
Imaz stressed that meeting global energy demand requires thoughtful decisions about oil and gas production. He argued that producing the crude and gas the world needs could reduce the risks and costs associated with energy shortages. Without a stable supply, industries might face shutdowns, which could threaten jobs and economic stability across regions. His perspective suggested that ethical energy policy should balance responsible production with the need to keep energy accessible for consumers and industries alike.
The discussion also touched on 2022 policy trends and how geopolitics and postpandemic demand influenced crude oil markets. Imaz noted that public policy aimed at restricting oil and gas production can contribute to higher energy prices, a claim presented in the context of recent price movements and market dynamics that shaped the energy landscape. The exchange illustrated how policy choices, market forces, and corporate governance interact to determine energy affordability and security for a broad audience.
The board of directors approved the reappointment of Josu Jon Imaz as chief executive and Anthony Brufau as president for another term. Brufau had announced his intention to step down in 2023, but the board confirmed continued leadership to guide the company through a period of transition and strategic renewal. The decision included ongoing governance arrangements and the strengthening of leadership continuity to navigate evolving energy markets.
Shareholders also voted in favor of the reelection of several board members. Among the directors reaffirmed in their positions were Aranzazu Estefanía Larrañaga, Maria Teresa García-Milá Lloveras, Henri Philippe Reichstul, and John Robinson West. The company also confirmed modifications to its board through co-election arrangements and the reelection of Manuel Manrique. Although Sacyr ceased to be a shareholder last year, the firm would remain represented on the board as part of the governance structure.
In other governance developments, Maria del Pino Velazquez Medina was confirmed as an independent external director. This appointment supports the companys goal of achieving a 40 percent female representation in the top governance layer, a target recommended by the national securities regulator and reflected in governance reforms enacted in recent years. The company noted that 73.33 percent of its board would now be composed of independent members, aligning with ongoing efforts to strengthen board independence and oversight. The revisions mirror broader regulatory expectations and the evolving standards for corporate governance across the energy sector, signaling a commitment to inclusive leadership and robust governance practices [Attribution: company disclosures].