Naturgy Overcomes Internal Tensions in Shareholders’ Meeting, Securing Support for Remuneration Policy and Transformation Plan

Fain aligns with Reyns on Naturgy leadership salaries, reaffirms commitment as long-term investor

Today, Naturgy held a successful Shareholders’ Meeting in Madrid, resolving internal tensions between its four major investors: CriteriaCaixa, CVC, GIP, and IFM. A key focus of the meeting was the group’s remuneration policy, particularly the salary of its president, Francisco Reyns. Despite questioning from international voting advisors regarding Reyns’ compensation package, 76% of the capital present supported Naturgy’s Annual Remuneration Report.

CriteriaCaixa, with a 27% stake in the gas company, reiterated its explicit support for Naturgy’s transformation plan and commitment as a long-term investor to Reyns’ management team. This public statement reinforced CriteriaCaixa’s alliance with Reyns, who has faced challenges within the company due to 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. The Shareholders’ Meeting saw a high attendance quorum, with broad support for the proposals put forward. The management proposal received nearly unanimous approval.

Moving forward, 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.

Leave a Reply