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Repsol’s board votes for the continuity of Brufau and Imaz at the helm of the company

Date: March 2, 2024 Time: 07:09:03

This Thursday, May 25, Repsol is holding its general meeting of Repsol shareholders, on second call. Among the points of the day, the vote for the re-election of Antonio Brufau in his position as non-executive president of the company stands out, as well as the CEO, Josu Jon Imaz, both terms would be for four more years, despite the fact that Brufau himself he would announce in 2019 that he would step down in 2023.

The energy management board, which has been analyzing a succession plan for Brufau for some time, has considered that, given the current moment in the world economy, marked by the energy crisis derived from the war in Ukraine, the best decision for the company It is the continuity of the veteran manager to guarantee an orderly replacement in the presidency and choose to maintain the experience model that he brings together with Imaz.

Brufau has been a Repsol director since 1996 and has held its presidency since 2004, although in 2015 he already transferred all executive functions to Josu Jon Imaz, the CEO of the oil company. The Mollerusa manager is currently 75 years old, so with this new re-election he would be as president of the energy company until he was 79 years old.

The decision to step aside and cede executive functions in 2015 was accompanied by Brufau’s resignation to compensation for shielding and non-competition of 14.25 million, compensation that corresponded to him for the completion of these executive tasks. Thus, it was agreed that he would only receive a fixed salary, without variables for operating results, for a total of 2.5 million euros. In this way, this new re-election as non-executive president of Brufau will be accompanied by a cut in his fixed salary by 50%, up to 1.25 million euros.

Dividend of 0.375 euros in January

On the other hand, Repsol will continue with the improvement in terms of remuneration to its shareholders and will propose to the meeting, together with the distribution of the final dividend of 0.35 euros gross -which will be paid on July 6- the distribution of another dividend of 0.375 euros gross per share charged to free reserves, the distribution of which is scheduled for January 2024.

In addition, a reduction in share capital will be approved through the amortization of 50,000,000 of the company’s own shares and the general meeting is proposed to delegate to the board of directors the power to execute totally or partially and in the occasions that it deems most convenient, or not to execute, a second reduction of share capital through the redemption of up to a maximum of 132,739,605 treasury shares, equivalent to 10% of the company’s share capital.

Along with the continuity of Brufau and Imaz, the shareholders will also vote for the re-election of directors such as Aránzazu Estefanía Larrañaga, María Teresa García-Milá Lloveras, Henri Philippe Reichstul and John Robinson West, as well as the ratification of the appointment by co-optation and re-election of Manuel Manrique, who will remain in the company’s governing body despite the fact that Sacyr ceased to be a shareholder in the oil company last year.

‘Ficha’ to María del Pino Velázquez for her advice

Likewise, the appointment of María del Pino Velázquez Medina as independent external director will be proposed. With her appointment, the majority of independent directors in the composition of the board of directors will reach 73.33% and the presence of women will increase up to 40%, in line with the best international practices and the recommendations of the Code of Good Governance not for listed companies of the National Stock Market Commission.

Velázquez has a degree in Mathematical Sciences with a specialty in Statistics from the Complutense University of Madrid and an MBA from IESE in Barcelona. After beginning her professional career at Accenture and AT Kearney as a consultant, and working as a member of the President’s Office and the senior Strategic Planning team at Banco Santander, she joined the Airtel (Vodafone) team as Director of Customer Service, where He was responsible for the strategy and execution of the relationship with the client, through all channels.

In 1999, he founded the Unisono Group to serve large corporations in everything related to customer experience, whose development and growth he led to reach 9,000 employees and 7 call-center companies, consulting, automation and outsourcing of digital processes, with a digital transformation division, Business Intelligence, AI and consulting, present in Spain, Chile, Colombia and Scotland.

Velázquez was president of the Unisono board of directors until August 2021, the date on which the company was acquired by the Altice Group and on which she disassociated herself from it.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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