The company must find five independents by October 30 to meet the standards of good corporate governance
The crisis that has erupted in Indra’s board in recent days with the departure of six independents is exacerbated by the decision of Ignacio Martín San Vicente to also offer his resignation as director on October 30. According to Indra in a statement sent to the National Securities Market Commission, the CEO has decided to leave the company on that date in order to avoid a total shutdown of the company, and to give the current management time to prepare a new board. form and meet proper business obligations. governance standards.
The company started this process on Monday afternoon during an important meeting where the first step was taken to find new directors, with the appointment of the members and chairmen of the various committees so that the Board “as soon as possible” on at least 50% independent directors, preferably women.
After the rosary of departure in recent days, Indra’s board has been practically empty, with only 8 members: the chairman of the board, Marc Murtra, Ignacio Mataix and Luis Abril as executives, Antonio Cuevas Delgado and Miguel Sebastián as owned and , finally, only two independents with Francisco Javier García Sanz and Martín San Vicente who, as indicated, will leave his post on October 30.
Martín’s will be the seventh departure of an independent director in less than a week, following the resignation of Alberto Terol, Ana de Pro, Enrique de Leyva, Carmen Aquerreta and the non-renewal of Isabel Torremocha at the company’s latest shareholders’ meeting. That Thursday, June 23, the government, through SEPI and with the support of Sapa and the Ambar Capital Fund (controlled by Joseph María Oughourlian, President of Prisa), took control of the board of Indra after the appointment of Jokin Aperribay as property and the vote for the resignation of the said directors. They were later joined by the resignation of Silvia Iranzo.
The situation has led to a strong reputational crisis for the company, which in its statement to the CNMV on Tuesday defended that it will “scrupulously” meet the standards required by the code of good corporate governance. Market regulator’s president Rodrigo Buenaventura described the attack on Indra these days as “disturbing” and calls on the company to restore the number of independent directors as soon as possible.
In order to meet the requirements of good governance, and in its current composition, Indra would need to appoint four independent directors to achieve at least six and a total of twelve directors. However, with the departure announced by Martín San Vicente before the end of October, a fifth name will have to join that search and that would leave Francisco Javier García Sanz as the only independent if the nominations do not go through.
According to the document sent to the CNMV, Martín has been appointed chairman of the nomination committee, with which he will be responsible for the selection process, together with García Sanz and the advice of a specialized advisor, so that “the board is at least 50% independent, women preferred”, as the remaining 8 directors are all men.
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.
