The Chairman of Telefónica, José María Álvarez-Pallete, has committed, during his speech to the company's general meeting of shareholders, which is held this Friday, to continue meeting Telefónica's objectives and to grow revenues in its four key markets (Spain, United Kingdom, Germany and Brazil).

The executive reviewed the group's strategy and pointed out that it is also expected to grow at double digits with Telefónica Tech, create value with Telefónica Infra and continue modulating exposure to Latin America and transforming its operations.

"We have complied despite the arrival of many black swans. We have complied because Telefónica always complies. It has not been easy, but we have done it, "said the manager.

Álvarez-Pallete stressed that he expects the group to also grow in its operating result before amortization (Oibda), with the stabilization of the Oibda in Spain from the second half of the year, and has highlighted the commitment to maintain "a relevant investment effort, but controlled", as well as an "attractive shareholder remuneration policy".

In addition, he has again demanded a change in the regulation on the company, designed for "a former copper monopoly". "You cannot regulate this company with the rules of a world that no longer exists," he said. In this field, he also recalled the need for a fair contribution by large technology companies to the maintenance of networks.

On the other hand, he highlighted Telefónica's commitment to technological innovation and the transformation of networks into "supercomputers" with initiatives such as the Open Gateway, presented at the Mobile World Congress.

BALANCE OF ITS SEVEN YEARS

The executive has taken stock of his seven years at the helm of the company and has highlighted the growth in customers to 383 million and shareholder remuneration, which has exceeded 17,300 million euros.

In addition, he recalled that the company has closed operations worth close to 81,000 million euros, which have allowed it to reduce its debt to 23,000 million euros, in the same period in which it has invested more than 55,000 million euros, with the construction of four million kilometers of fiber and 115,000 4G and 5G base stations.

Likewise, the firm has completed its transformation into a connectivity and digital services company, since these revenues have gone from weighing 46% on the company's balance sheet in 2015 to 73% today.

On the other hand, Álvarez Pallete has not forgotten the company's climate commitment, which has reduced its emissions by 80% and dismantled 111,000 tons of copper cable, while closing more than 2,200 plants. "It is as important to create the new as to know how to say goodbye to the old," said the manager.

CENTENARY OF THE COMPANY

Álvarez Pallete also alluded during his speech to the next centenary of the company, which will be celebrated in 2024, and for which there are exactly 384 days left, according to the executive.

"There are 384 days left. 384 days for us to celebrate the first 100 years of our company's life. 384 days that we can not miss to celebrate those 100 years as our history deserves, "he reaffirmed. In addition, he stressed that the transformation of the firm leaves a company prepared for "the next 100 years".

Likewise, he also distributed thanks among shareholders, customers and employees of the company and concluded his speech with an invitation to a future in which he hopes that the Ukraine War will soon end and in which he stressed the need for Europe to occupy the space "that corresponds to it" and recover its "digital autonomy".

THE BOARD

The meeting was attended by 30,167 shareholders totaling 3,358 million shares, representing 58.15% of the company's share capital.

Among the items on the agenda are the approval of a new remuneration policy, which ends the possibility of granting extraordinary bonuses to executive directors, the confirmation of the 0.30 euros dividend, or the re-election of PricewaterhouseCoopers Auditors (PwC) as auditor of the company's accounts.

Likewise, the company has also proposed to amortize 0.43% of the capital, which will reduce the company's capital by 24.77 million euros, as well as the power to create new treasury stock programs over the next five years.

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