The company’s shares fall more than 15% after the government’s move to take control
Investors did not like that the government took control of Indra by surprise and that the company’s shares have plunged by more than 15%. This move also doesn’t look good for the National Securities Market Commission (CNMV), and its chairman, Rodrigo Buenaventura, has described the decision of the State Society of Industrial Participations (SEPI), SAPA and Amber as “striking” and “worrying”. dismiss five independent directors of Indra and thus favor the control of the company by the public holding company.
This was stated on Friday at the XXXIX APIE Seminar ‘Sustainability and Digitization: the Levers of Recovery’, after SEPI, SAPA Placencia and Amber Capital turned the board of Indra upside down following the appointment of Jokin Aperribay as Proprietary Director by the Basque Group. and the resignation of four independent directors at yesterday’s shareholders’ meeting.
Buenaventura has recalled that the companies are sovereign for the dismissal or appointment of directors and that the shareholders’ meetings have the power to decide on these matters, although he has emphasized that the principle of sovereignty and democratic decision-making in the board is not the only thing this applies to best corporate governance practices, but a different set of elements and counterbalances is needed, such as the presence of independent directors, whose figure is “essential” insofar as they represent the company’s interests and those of minority shareholders.
Indra’s shares plunged by more than 15% around 9:30 am after the Sociedad Estatal de Participaciones Industriales (SEPI), SAPA Placencia and Amber Capital turned Indra’s governance upside down following the appointment of Jokin Aperribay as its own director for the Basque group and the resignation of four promoted independent directors at yesterday’s shareholders’ meeting.
Notably, the company’s titles, which started the session down more than 7%, fell 13.82% at 9:25 AM, trading at a price of 8.73 euros.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
