The Government and its allies bless that President Murtra loses the quality vote to try to close the internal governance crisis
Indra’s Shareholders’ Meeting, dominated by the Government and its allies, has approved in just half an hour this Friday the incorporation of six directors classified as “independent” to calm the National Securities Market Commission (CNMV), which is keeping open an investigation for the expulsion of the previous ones. The Government, through Sepi and its allies, the Amber fund, of the president of Prisa, Joseph Oughourlian, and the Basque group Sapa, hold the majority of the capital and have had no difficulties in carrying out the recomposition of the board of directors. There have also been no significant votes against private funds and hardly any interventions.
The agreement that received the most votes, with 99.9% of the quorum present (75% of the capital), was that the president of Indra, Marc Murtra, give up your casting vote to prevent independent directors from being easily defeated in future votes. The government, which promoted Murtra with great controversy last year, will no longer have a casting vote. The council is left with 14 members, seven of whom are labeled “independent.” The president of the CNMV, Rodrigo Bonaventurepublicly requested that a broad presence of councilors with that condition be restored after the government assault.
Murtra, who maintains that he himself has promoted giving up the quality vote, has shown confidence in the closure of the governance crisis of this Spanish technological multinational. “I believe that the proposals presented to this general meeting allow the company to once again have a board of directors that has a balanced and aligned composition largely with good governance practicesand with the necessary experience and capacity to face the future in the best interest of shareholders and stakeholders”. voted together with the Government.
A minority shareholder, Peter of the neighborhoodhas protested in the meeting, because after the expulsion before the summer of the independents who did not bow to the Government’s guidelines, “the price has lost 25%”, but Murtra has not responded and has given the floor to the CEO, Ignatius Mataixwhich has limited itself to commenting that Indra will try to raise the dividend in the future.
The proposed independent directors have all received support of over 99%. The one who has received the lowest support has been the advisor proposed by the State Industrial Participation Company (Sepi), the former socialist economic spokesman John Moscoso, which came out with 76.73% of the votes present, equivalent to those of the Government and its allies. ste joins Michael Sebastian Y Antonio Cuevas as a director representing the arm of the Executive. Together with them, they are already new directors of Indra with an independent label Beln Amatriain, Virginia Arce Peralta, Axel Arendt, Coloma Armero Montes, Olga San Jacinto Martnez, and Bernardo Jos Villazn. All of them present a professional profile and outside of politics.
Their selection, as Murtra explained, is made with advice from the firms Korn Ferry and EY. Indra’s usual consultant, Spencer Stuart, refused to participate after the government assault before the summer and other firms also declined to advise on the replacement of independents.