• Mon. Apr 15th, 2024

Naturgy: Overcoming Internal Tensions and External Challenges with Strong Support from Key Shareholders

BySamantha Jones

Apr 2, 2024
Fain and Reyns unite: Criteria backs Naturgy leadership salaries, reaffirms commitment as long-term investor

In Madrid today, Naturgy held a successful Shareholders’ Meeting without any signs of discord, despite months of internal tensions among its four major investors: CriteriaCaixa, CVC, GIP, and IFM. Despite questioning from major international voting advisors regarding the salary of its president, Francisco Reyns, 76% of the capital present at the event supported the Annual Remuneration Report, indicating solidarity with the company’s management team.

The largest shareholder in Naturgy, CriteriaCaixa released a statement expressing explicit support for the company’s transformation plan and reaffirming its commitment as a long-term investor to Reyns and his management team. This support was reflected in the positive vote on various agenda items at the Shareholders’ Meeting.

Reyns has maintained a close bond with CriteriaCaixa since taking over management of Naturgy in 2018. The public statements from CriteriaCaixa have played a significant role in solidifying Reyns’ position as leader of the company. Despite calls for changes in Naturgy’s governance model and challenges to Reyns’ leadership, CriteriaCaixa has consistently backed him, emphasizing the company’s positive results and strategic direction.

Despite facing external factors such as gas and electricity prices and liquidity issues resulting from a takeover bid, Naturgy received strong support at the Shareholders’ Meeting with an attendance quorum of 90% and overwhelming approval of key proposals. The success of this meeting showcases Naturaly’s resilience in the face of internal tensions and external challenges.

By Samantha Jones

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