The regulator considers the government crisis to be over without any reprisals, but will propose measures to prevent similar situations
The corporate governance crisis at Indra is already considered resolved and without any form of retaliation. This is the view of the board of directors of the National Securities Market Commission (CNMV), which after six months of in-depth investigation unanimously agreed to close the proceedings initiated at the meeting of the technological multinational held last June , after acknowledging there are no “sufficient indications” of concerted action to take control of the company, as made public in a statement this Friday.
This decision is without prejudice to the possible reopening of the investigation “in light of possible new facts arising from future changes in shareholding, management and decision-making in Indra,” the letter said. The body chaired by Rodrigo Buenaventura naturally points out that it was done outside “the norms of a listed company”, so it will take measures so that this type of act is not repeated again.
Given the particularity of the case and the state nature of one of the shareholders (SEPI), the Chairman of the CNMV will convey his willingness to the Economic Affairs Committee of Congress to appear, if the Committee deems it appropriate, to apply the circumstances. information and the grounds on which the body’s decision is based.
The events date back to June 23, when Indra’s shareholder meeting agreed to fire four independent directors at the off-the-agenda proposal of the shareholder of the company Amber Capital. The meeting rejected the re-election of an independent director and approved the appointment of its own director on the proposal, in addition to the agenda, of another shareholder, Sapa Placencia, SL (SAPA).
In said agreements, three major shareholders of the company, Sociedad Estatal de Participaciones Industriales (SEPI), SAPA and Amber Capital, voted in the same direction, achieving the necessary majority to move them forward.
On June 25, the resignation of another independent director took place and on June 28, the resignation of another independent director was announced with effect no later than October 30, 2022 (the resignation was formalized on October 27, 2022).
As a result of the foregoing, Indra’s board of directors went from thirteen to eight directors, the minimum foreseen in the Articles of Association, drastically reducing the number of independent directors from eight to just two directors.
According to the CNMV, the investigation conducted “proves that the shareholders SEPI, SAPA and Amber” cooperated in the implementation of the redundancies” in Indra, “with the active participation of the president of Indra”, with whom several of the dismissed directors they had persistent disagreements about the board since their appointment.
However, the body indicates that even if such cooperation exists, “there is currently not enough evidence to consider the agreement as a joint action to control Indra’s management”.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
