Repsol’s board of directors, following a recommendation from the Nominating Committee, will present a proposal to the next general shareholders meeting scheduled for the second call on May 25. The plan calls for Anthony Brufau to be re-elected as the company’s non executive chairman and chief executive, with Josu Jon Imaz continuing as a key partner in leading the group for another term.
In 2019 Brufau announced his intention to depart the top role in 2023, but now he plans to extend his tenure through 2027. He and Imaz have formed a strong leadership duet at the helm of the energy company.
The board, which has been examining a succession plan for Brufau for some time, believes the present global economic climate and the energy crisis driven by the conflict in Ukraine warrant a stable transition strategy. Sources close to the company told Europa Press that the decision favors a smooth presidential handoff while preserving the successful leadership model that Brufau and Imaz have built together.
Brufau has served as a director of Repsol since 1996 and has led as chairman since 2004. In 2015 he stepped back from day to day executive duties, transferring them to the company’s chief executive, Josu Jon Imaz.
The board member from Mollerussa is now 75 years old, and with the proposed re-election, Brufau would lead the energy company at the age of 79. His decision to step aside in 2015 and resign from the protection and non compete compensation was accompanied by a fixed annual salary of two and a half million euros, with no pay linked to operating results. The forthcoming re-election as non executive chairman will be accompanied by a 50 percent reduction in fixed salary to a maximum of 1.25 million euros, according to sources familiar with the matter.
Dividend update for January
Repsol will continue to enhance shareholder remuneration and will put forward a proposal at the meeting for a supplementary dividend distribution of 0.35 euros gross, payable on July 6. Another dividend of 0.375 euros gross per share charged to free reserves is scheduled for January 2024.
Additionally, 50 million of the company’s own shares are being amortized, and a capital reduction is planned with the board granted partial or full executive authority to decide, as deemed appropriate by the general assembly. A second capital reduction will be evaluated and may not be carried out by redeeming up to 132,739,605 treasury shares representing 10 percent of the company’s capital.
With Brufau and Imaz continuing, shareholders will also vote on other governance matters. Aránzazu Estefanía Larrañaga has been re-elected as director, along with María Teresa García-Milá Lloveras, Henri Philippe Reichstul, and John Robinson West, while Manuel Manrique’s appointment and re-election are confirmed by co-election. Although Sacyr ceased being an oil company shareholder last year, it will maintain its position on the board.
María del Pino Velázquez named as independent external director
The board has approved the appointment of María del Pino Velázquez Medina as an independent external director upon the Nomination Committee’s recommendation. The appointment brings independence on the board to 73.33 percent and increases female representation to 40 percent, aligning with leading international governance practices and recommendations from the Principles of Good Governance for listed companies, as observed by the National Stock Market Commission.
Velázquez holds a degree in Mathematical Sciences with a specialization in Statistics from the Complutense University of Madrid and an MBA from IESE in Barcelona. She began her career as a consultant at Accenture and AT Kearney, later joining Banco Santander in the Presidents Office and the senior Strategic Planning team. She then joined Airtel, now Vodafone, leading as Director of Customer Service and overseeing customer strategy across all channels.
In 1999 she founded the Unisono Group to provide services across customer experience transformation, business intelligence, AI, and consulting in Spain, Chile, Colombia, and Scotland. Velázquez served as chairman of Unisono until August 2021, the date when the company was acquired by Grupo Altice and she exited the group.