April 14, 2024 1:28 pm
Fain and Reyns unite: Criteria backs Naturgy leadership salaries, reaffirms commitment as long-term investor

Naturgy successfully held its Shareholders’ Meeting in Madrid today without any signs of discord, despite months of internal tensions among the four major investors who control its capital: CriteriaCaixa, CVC, GIP, and IFM. One of the key topics of discussion was the group’s remuneration policy, particularly the salary of its president, Francisco Reyns, which had been questioned by major international voting advisors leading up to the meeting. Ultimately, 76% of the capital present at the event supported the Annual Remuneration Report, indicating solidarity with the company’s management team.

Despite challenges to Reyns’ leadership, including calls for a change in the company’s governance model, CriteriaCaixa has consistently backed him. The investment arm of Fundación La Caixa closed ranks with Reyns at the meeting and released a statement expressing explicit support for Naturgy’s transformation plan and reaffirming its commitment as a long-term investor to the management team led by Reyns. This support was reflected in positive votes on various agenda items at the Shareholders’ Meeting.

CriteriaCaixa and Reyns have maintained a close bond since Reyns took over management of Naturgy in 2018. The company’s performance on the stock market has been influenced by external factors such as gas and electricity prices and liquidity issues resulting from a takeover bid. Despite facing these challenges, Naturgy’s management received strong support at the Shareholders’ Meeting, with a 90% attendance quorum and overwhelming approval of key proposals.

In conclusion, Naturgy’s Shareholders’ Meeting showcased the company’s resilience in the face of internal tensions and external challenges. The unwavering support for Reyns by CriteriaCaixa underscores confidence in his strategic direction and management team.

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