Inside Caixabank this group tends to speak publicly only in select moments when they feel a need to clarify an issue. It did so during the announcement of a partial takeover offer for Australian fund IFM, signaling a rare moment of improvisation. And with talk of possibly restoring a figurehead CEO or similar role, they once again stepped forward as an early shareholder through CriteriaCaixa.
This investment division, led by Isidre Faine, acts as the controlling base of Caixabank and publicly defended the leadership of the energy company, headed by Francisco Reynés. In his statement, the group reaffirmed its confidence in the management team led by Reynés and confirmed its support for the president’s plans to help the company tackle the key challenges ahead.
The aim is to make crystal clear to the Caixabank community that recognizing the return of a CEO-like figure, a role that had been effectively sidelined when Reynés became president in 2018 in line with good governance, does not imply a lack of support for the current president. In other words, they do not intend to advocate handing power to a successor. As one market source noted, this is the message they want to convey. The move is intended to dispel any notion that Reynés has lost the backing of the original shareholder base.
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In this backdrop, tomorrow the Naturgy board of directors will convene, where discussions about restoring a CEO figure or any other role compatible with the company charter are possible upon referenced sources. The consideration of a CEO-type figure has not been overlooked.
Who is Ignacio Gutierrez-Orrantia? He has steered Citigroup’s European, Middle Eastern and African investment banking division since May 2021. The offer forms part of a mutual funds initiative involving CVC, GIP and IFM, and has in principle the backing of the main shareholder, CriteriaCaixa, in line with recommendations from the National Securities Market Commission (CNMV) Good Governance Act, which holds a substantial stake near 55% of the capital. International practice regards a CEO with duties beyond the presidency as a counterweight to prevent the concentration of power in a single person. (CNMV governance framework, market observers, cited sources)