The arrival of the State to 10% of the shareholding forces Telefnica to publish its agreements with Navantia, RTVE and the remainder of the Sepi Group | EUROtoday

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The entry of the State Society of Industrial Participations (Sepi) with 10% of the capital could have a collateral impact: Telefónica's operations with the general public sector could have a brand new diploma of transparency, since being a major shareholder they should undergo the Board of Directors of the operator and will likely be revealed as soon as the 12 months has concluded within the annual reviews of the telecommunications operator.

This is as a result of the Capital Companies Law establishes obligations and mechanisms to keep away from conflicts of curiosity between corporations and their administrators and shareholders, in what are referred to as “related transactions” and that search to ensure transparency in one of these transactions.

Thus, within the case of Telefónica, the corporate's rules require that the Audit and Control Committee prepares a optimistic report that should subsequently be permitted by the Board for these operations with shareholders. This kind of process, nonetheless, will not be international to the Telefónica Board, which, having quite a few companies with two of its fundamental shareholders with a seat on the Board of Directors (BBVA and CaixaBank), is accustomed to approving one of these operations, which had been greater than 50 within the final 12 months and for which there are some exceptions for unusual companies, such because the contracting of phone strains.

In the case of Sepi, nonetheless, the amount of entities represented is increased, since solely the holding has majority stakes in fifteen corporations, a lot of them with million-dollar companies with Telefnica. It is the case of Correos that has Telefónica as one of many fundamental suppliers of Correos Telecom, its cellular operator, or Navantiawith which Telefnica signed an essential settlement in 2021 to develop cybersecurity and cyber protection options.

The listing of entities topic to the reporting of those ties additionally contains publicly owned media comparable to RTVE and EFE and different corporations like Tragsa and Hunosa. Likewise, the group could also be pressured to summarize in its annual report the amount of enterprise it has had in 2023 with the General Administration of the State, since Sepi is 100% managed by it, one thing that for instance Indra and Redeia doand that may make it a lot simpler to judge the amount of earnings that the corporate receives from the general public sector.


However, till Telefónica's annual outcomes are revealed in February 2025, will probably be tough to know the diploma of element that the knowledge supplied to shareholders will obtain, since there’s a nice selection amongst Ibex corporations in the best way of reporting this kind. of transactions.

Precisely, the scandal in Grifols' accounting is because of the lack of element when reporting the operations that the group had with the Scranton firm, invested by members of the founding household of the blood merchandise firm.

Within these participated by Sepi within the Ibex 35, these variations can be seen within the thoroughness of the reviews. Yes okay Redeia particulars every public establishment with which it has reached some kind of settlement through the 12 months, Indra, with a a lot increased quantity of public contracting alternatively, limits itself to creating a abstract in its annual report.