The president of Naturgy renounces a millionaire 'bonus' to have “independence” within the takeover bid finalized by Criteria and Taqa | EUROtoday

The president of Naturgy, Francisco Reynshas renounced the controversial further remuneration that he was going to obtain after the Public Offer for the Acquisition of shares (OPA) that Criteria Caixa and the Emirati group Taqa are finalizing.

According to an announcement from the vitality firm to the National Securities Market Commission (CNMV), Reyns renounces the Long-Term Incentives car established in 2018 that enables a brand new million-dollar bonus in conditions such because the one produced by the takeover bid. This resolution causes him to lose cash, nevertheless it permits him to not must inhibit himself and to have the ability to communicate out within the foreseeable takeover of the corporate. Knowledgeable sources guarantee EL MUNDO that the president of Criteria Caixa, Isidro Fain, I anticipated this gesture from Reyns after supporting his remuneration bundle up to now in opposition to the standards of different shareholders such because the Australian fund IFM.

With this initiative, Reyns avoids having to inhibit himself and assist, if crucial, the supply from Criteria and Taqa. To maintain your bonusmight enter right into a battle of curiosity by supporting a motion that not directly elevated his personal private compensation.

According to the assertion, “the Executive President, with the objective of being able to continue acting with absolute independence and neutrality in the face of any potential offerand thus continue to defend the interest of the company and all shareholders, avoiding any possible conflict of interest linked to the result of any potential offer, has proposed to the Appointments and Remuneration Committee to return its remuneration scheme to the initial model provided for in its contract of February 2018 and in the Remuneration Policy approved by the General Meeting of Shareholders of June 2018″.

“The Board of Directors unanimously and at the proposal of the Appointments and Remuneration Committee, this modification has been agreed upon under the current Remuneration Policy approved by the General Meeting of March 2022. This means that the CEO stops participating in the economic benefits of any possible liquidation of the ILP vehicle due to any potential current or future offer or for any other cause.

Naturgy does not detail the amount that Reyns is giving up, but in the company's latest remuneration report it is said that the incentive could be collected “if the preset minimal profitability threshold that suggests a share worth of 19.15 euros on the time of maturity of the ILP and assuming that every one the dividends supplied for within the strategic plan are distributed. This Monday the worth of Naturgy closed at 23.3 euros after a brand new revaluation of 1.48%. The worth is rising because of the foreseeable takeover bid that Criteria Caixa and the Emirat group are negotiating with the shareholder funds and which, in line with educated sources, will include a premium over the present worth in order that it might exceed 27 euros per share. The Government isn’t displaying the identical concern that it confirmed final September with the Saudi STC's incursion into Telefónica.