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Minority shareholders reduce their Abengoa board to three members

The shareholders minority groups grouped on the AbengoaShares platform have presented this Friday a new proposal for Abengoa’s board of directors, which now reduces to three members compared to the initial seven it offered.

Marcos de Quinto falls out of this new relationship with the argument of “winning the extraordinary general meeting of shareholders”, convened for December 21 by the advice of administration of Abengoa that resigned in the extraordinary meeting of this Tuesday, and then call a new meeting of this body with the seven original members of its proposal, including the former executive vice president of Coca-Cola and former deputy in Congress.

According to sources from the shareholders minority parties, AbengoaShares presented its proposal to Abengoa this Friday “following the channels established” by the board of directors dismissed for the extraordinary meeting of December 21.

AbengoaShares states that if Marcos de Quinto does not appear in his proposal now, it is because “he does not want to play that match against the” gravediggers “proposed by Abengoa, while they continue to point out that he has not taken” a step backwards “, for which they wield as a symbol of their involvement “The multiple interviews he’s giving.”

The new proposal of minority shareholders is reduced to three Names of directors: Margarida Smith, Jordi Sarrías and Juan Pablo López-Bravo. In addition to these, J. Ignacio Trillo Garrigues is proposed as secretary of the board.

AbengoaShares sources justify the initiative with the argument that “our lawyers have chosen to be conservative”, referring to the Navas & Cusí law firm.

Minority shareholders have indicated that the general meeting extraordinary shareholders of December 21 “allows alternative proposals to the three proposed by the company” and have argued that submitting their original seven-member proposal “could be interpreted as a substitute proposal and we could reject it.”

ABENGOASHARES’S PROPOSAL

AbengoaShares’ initial seven-member proposal for the advice The administration of Abengoa is headed by Marcos de Quinto, who would assume the functions held by the current executive director and president, which would be made up of three women: Verónica Vargas Girón, industrial engineer; Eva Ballesté Morillas, PhD in Economic and Business Sciences; Margarida Smith, graduated in Economics from the Candido Mendes University in Rio de Janeiro.

It would also be formed by four men: Pedro Flores Domínguez-Rodiño, engineer industrial by the University of Seville; Jordi Sarrias, industrial engineer from the Technical School of Barcelona; Juan Pablo López-Bravo, graduated in Law from the Universidad San Pablo CEU; and as non-board secretary J. Ignacio Trillo Garrigues, graduated in Law from the Universidad San Pablo CEU.

THE NAMES OF ABENGOA

Abengoa’s board of directors was dismissed this Tuesday, November 17, proposed the reduction of its board of directors to only three members, compared to the current seven, and to modify the remuneration policy for the board for the extraordinary general meeting of shareholders on December 21.

The names of Abengoa for the organ of government The company is made up of Francisco Prada Gayoso, Joaquín García-Romanillos Valverde and Alejandro Sánchez-Pedreño Kennaird, with consideration of independent directors.

For that extraordinary meeting on December 21, Abengoa proposes to shareholders a modification of the remuneration policy for the 2018-2020 period in light of the impact that the Covid-19 pandemic has had on Abengoa’s business.

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