Francisco Reynés will continue as president of Naturgy for four more years. The gas company has convened the general meeting of shareholders on March 28 at 9:00 a.m. at its headquarters in Madrid and among the points of the day, the proposal for the re-election of the manager as director stands out, with the qualification of executive, as notified by the company to the National Securities Market Commission (CNMV).
Reynés, the gas company’s sole executive director, has been president of Naturgy since February 2018. “I would like to continue as president for longer,” he said last week. One of his main objectives is to complete Geminis, the project launched just a year ago to divide the gas company in two and separate the liberalized and regulated businesses.
The split was suspended after Russia’s invasion of Ukraine, but Reynés continues to believe in it. “The analysis carried out to date confirms the suitability and strategic sense of the Geminis project, but its execution schedule must be readjusted to the current market environment and its volatility, to the evolution of the European energy context and to its regulatory uncertainties, many of which which are still in the process of being defined”, stated Naturgy in its annual report for the 2022 financial year.
Increase the salary by 5%
Reynés raised 5% of his salary in 2022, up to 5.85 million euros. Specifically, he received 2.83 million euros as compensation in cash. In addition to his salary as executive president, he received a contribution of 2.95 million euros in his pension plan, compared to 2.73 million the previous year, as well as 71,000 euros for other items. It should be noted that Reynés is the only director with this remuneration formula.
Naturgy’s meeting next March will also address the re-election of Claudi Santiago Ponsa and Pedro Sainz de Baranda as independent directors, and the appointment of José Antonio Torre de Silva López de Letona as proprietary director to replace the company Theatership Director Services Beta . Likewise, the board will examine for its approval the 2022 income statement, the management report of the group and its board of directors, the application of the result obtained last year and there will also be an advisory vote in relation to the annual remuneration report. of the counselors.
In total, Naturgy’s board of directors, made up of 13 members, received in 2022 a remuneration of 8.51 million euros. Jaime Siles stands out here on behalf of the Australian fund IFM, with a remuneration of 194,000 euros. IFM got its seat on the company’s board in February of the course four months after its takeover bid.
Another of the great executives of the sector who is serving his mandate this year and who must be submitted to a referendum is the president of Iberdrola, Ignacio Sánchez Galán. Industry sources practically take it for granted that he will be re-elected at the end of April after the utility has beaten its own profit forecasts in 2022, with a profit of 4,339 million euros, 12% more than the previous year. The last time they approved the re-election of the manager was in 2019 since he entrusted Armando Martinez.