Fain and Reyns unite: Criteria backs Naturgy leadership salaries, reaffirms commitment as long-term investor

Against All Odds: Naturgy’s Shareholders’ Meeting Showcases Resilience and Support for Management

Naturgy held a successful Shareholders’ Meeting in Madrid, with no signs of discord despite months of internal tensions among its major investors. Despite questioning the company’s remuneration policy, particularly the salary of President Francisco Reyns, by international voting advisors, 76% of the capital present at the event supported the Annual Remuneration Report.

Despite challenges to Reyns’ leadership, including calls for a change in the company’s governance model, CriteriaCaixa has consistently backed him. The largest shareholder of the company and investment arm of Fundación La Caixa released a statement expressing explicit support for Naturgy’s transformation plan and reaffirming its commitment as a long-term investor to Reyns. This support was reflected in the positive vote on various agenda items at the Shareholders’ Meeting.

Reyns and Isidro Fain have maintained a close bond since Reyns took over management of Naturgy in 2018, and CriteriaCaixa’s public statements in support of Reyns have played a significant role in solidifying his position. Despite facing external factors such as gas and electricity prices and liquidity issues resulting from a takeover bid, Naturgy’s management received strong support at the Shareholders’ Meeting, with a 90% attendance quorum and overwhelming approval of key proposals.

In conclusion, Naturgy showcased its resilience in the face of internal tensions and external challenges during its Shareholders’ Meeting. The unwavering support for Reyns by CriteriaCaixa underscored confidence in the company’s strategic direction and management team.

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