Abengoa Minorities Manage To Gain Control And Force Resignation Of The President

The minority shareholders of Abengoa, whose titles are syndicated on the AbengoaShares platform, join the board of directors of Abengoa and Abenewco 1. Clemente Fernández González will sit on both boards, while José Joaquín Martínez Sieso will sit on that of the subsidiary company . His entry forces the resignation of José Luis López-Bravo as chairman of the board of the parent company, so the minority take control.

According to a statement sent to the National Securities Market Commission (CNMV), these agreements were taken at the meeting held this Friday, October 1, 2021, of the Abengoa board of directors “in order to guarantee both social peace such as the viability of the integrated group, as of today, by the company and its subsidiaries, claimed by all employees, creditors, clients and shareholders “.

Thus, it indicates that Clemente Fernández González has been appointed as Abengoa director , an appointment that has been agreed by the co-option procedure and until the next General Shareholders’ Meeting of the company – logically different from the one scheduled for this Friday- , to fill the vacancy produced on the board by the resignation of Margarida de la Riva Smith last May.

In addition, Juan Luis Lopez-Bravo Velasco ceases to be chairman of the Board of Directors and member of the Appointments and Remuneration Committee, as well as of the Audit Committee, “resignation that aims to achieve social peace in society.” Subsequently, and to fill the vacancy of López-Bravo, Alfonso Murat Moreno was appointed as a director .

Likewise, the board has forwarded to the bankruptcy administrator of Abengoa, Ernst & Young Abogados, a proposal for the appointment of José Joaquín Martínez-Sieso and Clemente Fernández González as directors of Abengoa Abenewco1, with the aim of bringing two representatives into the aforementioned entity of Abengoashares. Juan Luis Lopez-Bravo Velasco, as non-executive chairman, and Álvaro Polo Guerrero will remain on the Board of Directors.

“With these agreements, the Board of Directors of the company is reconstituted, at the same time that social peace is reached for the company and its group. A general meeting of shareholders will be called immediately to ratify the appointment of the directors. designated by co-option “, indicates the communication of the CNMV.

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