The Shareholders’ Meeting of Naturgy took place in Madrid today, where the company resolved internal tensions between its four major investors: CriteriaCaixa, CVC, GIP and IFM. One of the key topics discussed was Naturgy’s remuneration policy, particularly the salary of its president, Francisco Reyns. Despite being questioned by international voting advisors, 76% of the present capital supported the Annual Remuneration Report.
Among those present at the meeting was CriteriaCaixa, which 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. However, the Shareholders’ Meeting saw a high attendance quorum and broad support for the proposals put forward. The management, annual accounts, and dividend proposal received nearly unanimous approval.
Looking ahead, 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.
