The National Securities Market Commission (CNMV) gives Indra a breather by ruling out that there was agreement between shareholders in the takeover of the company but points out that it was done outside “the standards of a listed company”, so it will take measures so that episodes like this do not happen again.
Last October, the technology affected the appointment of seven directors who ceased last June as a result of the proposal of the representative of the Amber Capital group -fund controlled by Joseph Oughourlian, president of Prisa-, six independent and one proprietary, to relieve to those dismissed in June, who represented 50% of its board of directors.
In a note, the stock market supervisor explains that he has carried out an analysis of the operation, after which he has concluded that although it does not contravene current regulations, “this episode is totally far from the standards expected of a listed company.”
Although the investigation has found “signs of agreement”, there are also others that indicate that there was none, so “it cannot be concluded that these elements point to a situation of cooperation between shareholders to obtain control.”
Disagreements over governance in their collegiate bodies must seek to be resolved without curtailing the continuity of independent directors, adds the CNMV, whose mission is to ensure the interests of all shareholders, especially minority ones.
For this reason, the CNMV will propose “legislative measures” and will address modifications in the corporate governance recommendations to prevent the repetition of similar episodes from undermining the soundness of the corporate governance of the Spanish listed companies.
In addition, the president of the organization, Rodrigo Buenaventura, will ask to appear voluntarily in the Congress of Deputies to explain the circumstances and the grounds on which the CNMV’s decision has been based.
