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

Naturgy successfully held its Shareholders’ Meeting in Madrid today, despite months of internal tensions among the four major investors who control its capital: CriteriaCaixa, CVC, GIP, and IFM. One of the key topics of discussion was the group’s remuneration policy, particularly the salary of its president, Francisco Reyns, which had been questioned by major international voting advisors leading up to the meeting. However, 76% of the capital present at the event supported the Annual Remuneration Report, indicating solidarity with the company’s management team.

Despite challenges to Reyns’ leadership and calls for a change in Naturgy’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 and his team. This support was reflected in positive votes on various agenda items at the Shareholders’ Meeting.

Reyns has maintained a close bond with Isidro Fain since he took over management in 2018. CriteriaCaixa’s public statements in support of Reyns have played a significant role in solidifying his position as CEO. 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 an attendance quorum of 90% and overwhelming approval of key proposals.

In conclusion, Naturgy’s Shareholders’ Meeting showcased resilience in the face of internal tensions and external challenges. With unwavering support from CriteriaCaixa for Reyns as CEO and his team’s strategic direction for future growth, confidence remains high for this energy giant.

By Samantha Johnson

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