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Fain aligns with Reyns on Naturgy leadership salaries, reaffirms commitment as long-term investor

Byeditor

Apr 2, 2024

Naturgy successfully held its Shareholders’ Meeting in Madrid today, resolving internal tensions between the four major investors controlling its capital: CriteriaCaixa, CVC, GIP, and IFM. One key focus of the meeting was the group’s remuneration policy, particularly the salary of its president, Francisco Reyns, which had been questioned by international voting advisors. Ultimately, 76% of the capital present supported the Annual Remuneration Report, with CriteriaCaixa, the largest shareholder, standing by Reyns.

CriteriaCaixa, with a 27% stake in the gas company, reiterated its explicit support for Naturgy’s transformation plan and commitment as a long-term investor to Reyns’ management team. This public statement from CriteriaCaixa reinforces its alliance with Reyns, who has faced challenges within the company, including demands for changes in governance and executive leadership.

Despite posting strong financial results in 2023, with profits increasing by over 20%, Naturgy’s stock has faced challenges due to gas and electricity price fluctuations and liquidity issues. The Shareholders’ Meeting saw a high attendance quorum, with broad support for the proposals put forward. The management, annual accounts, and dividend proposal received nearly unanimous approval.

Moving forward, Naturgy will need to navigate these challenges to maintain its position in the market. By securing the support of its major shareholders, like CriteriaCaixa, the company can continue on its path towards growth and sustainability in the energy sector.

By editor

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