The Shareholders’ Meeting of Naturgy was held in Madrid today, where the company successfully resolved internal tensions between its four major investors: CriteriaCaixa, CVC, GIP, and IFM. The remuneration policy of the company, particularly the salary of President Francisco Reyns, was a key focus of the meeting. Despite criticism from international voting advisors, 76% of the capital present supported the Annual Remuneration Report.
One significant development that emerged from the meeting is CriteriaCaixa’s public statement supporting Naturgy’s transformation plan and committing to Reyns’ management team as a long-term investor. This support reinforces their alliance with Reyns who has faced challenges within the company, including demands for changes in governance and executive leadership.
Naturgy posted strong financial results in 2023 with profits increasing by over 20%. However, despite this success, gas and electricity price fluctuations and liquidity issues have challenged its stock performance. The Shareholders’ Meeting saw high attendance and broad support for proposals put forward. Nearly unanimous approval was received for the management proposal, annual accounts, and dividend proposal.
Moving forward, Naturgy must navigate these challenges to maintain its position in the market. Securing support from its major shareholders like CriteriaCaixa is crucial to achieving growth and sustainability in the energy sector.
