Sunday, August 14

Telefónica reduces its board and Caixabank and BBVA lose weight

The new structure raises the proportion of independent workers to 60% and the rate of women to 33%

Telefónica reduce its board of directors to 15 members after Ignacio Moreno Martínez and Jordi Gual voluntarily resign their seat on the council, where they represented BBVA and Caixabank, respectively, as reported by the company.

The operator explains that, in this way, the company will be able to continue evolving in the implementation of “best practices and recommendations on corporate governance”, since in addition to reducing members, the new board will have a higher proportion of independent (60%) and women (33%).

The decision not to replace the outgoing directors has been taken unanimously and Gual and Moreno will cease to be members of the board committees of which they were part. The former was chairman of the Regulation and Institutional Affairs Commission, and a member of the Audit and Control Commission, and of the Sustainability and Quality Commission. For his part, Gual was a member of the Regulation and Institutional Affairs Commission, and of the Strategy and Innovation Commission.

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However, both will become part of the advisory council of Telefónica Spain and the board of directors of Telefonica Brazil, thereby maintaining their relationship with the company. What’s more, Caixabank and BBVA they will continue to count on a dominical director each one on the organ (Isidro Fainé and José María Abril Pérez).

The independent director María Luisa García Blanco will chair the Sustainability and Quality Commission, replacing Francisco Javier de Paz, who will continue as a member. De Paz will go on to head the Regulation and Institutional Affairs Commission, which will be joined by two other independent directors: Juan Ignacio Cirac Sasturain and Carmen García de Andrés. Likewise, the independent director María Rotondo Urcola joins the Audit and Control Committee as a member.

Reference-www.elperiodico.com

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