Enagás justifies the signing of Montilla, Blanco and Gallego for their "reinforcement" and "added value" against Covid

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The Enagás group, responsible for managing the country's gas infrastructure, argues with investors that the three recent signings of former ministers José Montilla, José Blanco and the academic close to Podemos Cristóbal Gallego respond to their strategy of reinforcing their defenses against the coronavirus. This is stated in the documentation sent to the CNMV on the points to be discussed at the next shareholders' meeting in late June.

The company warns that the coronavirus has revealed new threats to the supply of gas to Spanish homes and companies . "The worldwide emergency situation caused by the Covid-19 crisis, unpredictable, of unknown dimensions and of still uncertain evolution, has revealed new threats to the guarantee of the essential gas supply service of which Enagás is responsible and against which the company must first react preventively ".

In this sense, the group points out that its board of directors has always had profiles that effectively contribute to reinforcing its activity in the regulatory sphere in which it operates and from which 94% of its income comes. But the coronavirus crisis has turned everything upside down and now it needs to expand the size of its highest control body to 16 members -15 plus the secretary-, above what is established by the codes of good corporate governance.

"This leads to proposing to the board the strengthening of its board of directors by adding to the current profiles of directors, which are still necessary and carry out their mandate with full effectiveness, new ones that provide added value in the management of an emergency situation such as the one we live in, "says the company. It refers, specifically, to Montilla, Calvo and Gallego, all of them appointed as "independent" and after receiving the approval of the recruitment office Seeliger y Conde.

"This need to reinforce the board, in an emergency situation, with new contributions and without disregarding those that are still necessary, leads to proposing an increase to 16, of the maximum number of directors," says the group to request permission from its shareholders on the change of their bylaws. The three new signings will also lead to an increase in the annual expense of the board of directors of 360,000 euros per year , up to 2.6 million euros per year

In accordance with the criteria of The Trust Project

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