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

Naturgy Holds Successful Shareholders’ Meeting, Defying Criticism of Remuneration Policy and Reinforcing Management Bond

Despite months of internal tensions among the four major investors who control Naturgy’s capital, the company held a successful Shareholders’ Meeting in Madrid today. The meeting saw no signs of discord, with 76% of the capital present supporting Naturgy’s Annual Remuneration Report and solidarity with its management team.

The remuneration policy, particularly Francisco Reyns’ salary, was a key topic of discussion at the meeting. While major international voting advisors had questioned his salary in the lead-up to the meeting, 76% of shareholders voted in favor of the Annual Remuneration Report.

One investor that showed explicit support for Reyns was CriteriaCaixa, which released a statement expressing their commitment as a long-term investor to Naturgy and its management team led by Reyns. With 27% ownership of the gas company, CriteriaCaixa closed ranks with Reyns at the meeting and voted positively on various agenda items.

Reyns and Isidro Fain have maintained a close bond since Reyns took over management of Naturgy in 2018. This bond has been strengthened by CriteriaCaixa’s public statements in support of Reyns, which have played a significant role in solidifying his position within the company. Despite challenges to Reyns’ leadership, including calls for a change in Naturalgy’s governance model, CriteriaCaixa has consistently backed him, emphasizing the company’s positive results and strategic direction.

Naturgy’s performance on the stock market has been influenced by external factors such as gas and electricity prices and liquidity issues resulting from a takeover bid. However, despite facing these challenges, Naturgy’s management received strong support at the Shareholders’ Meeting, with an attendance quorum rate of 90% and overwhelming approval of key proposals.

In conclusion, Naturgy’s Shareholders’ Meeting showcased the company’s resilience in the face of internal tensions and external challenges

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